ROLLUP: 1st Week of February (ATH for $ETH & $DPI, Logan Paul NFTs, HashMasks, Saylor Conference)

Transcript

[Music] all right bankless nation welcome to the first week of february what are we doing today david we are rolling up the news which is an ambitious exercise these days because the news in this crypto industry just does not stop we are going through five different sections to make sure that you can stay up to date with this crazy world of crypto first we're talking about the markets what are the markets saying then we're talking about releases what got released then we go into news what is in the news cycle and then we finish up with some takes that we find interesting around the ecosystem and then we finish up with what we are excited about me and ryan but actually

we have a special new section this week in this weekly roll up which is the meme of the week which is something that we are going to finish up on moving forward meme of the week i'm super excited to see what you selected this week as usual guys this comes out friday morning so you can enjoy it with your morning coffee uh we used to have this down to like 30 minutes but now it's it's taking a little bit longer but this is the most digestible way to get the crypto news into your brains every week so we're glad you're with us david are you ready i am ready all right let's roll them up we're starting with markets today so we always have to start with bitcoin what's going on in bitcoin land bitcoin 37 000 is continuing to range between 40 and 30

000 if you are interested in an alt season or a defy season this is what you want to see bitcoin ranging staying in saying between that range of 30 to 40 000 consolidating there letting people buy into bitcoin and slowly fill their bags without pumping the price too much and then some of that extra value can flow downstream to the low cap tokens that's what i see happening in the in this market right now yeah rumor has it david you own no bitcoin maybe we'll get to that later that's uh that's the rumor going around on the interwebs these days all right a little bit more than a rumor there is more going on in eath price this week though bitcoin had sort of a flat ish week but eath price did not i hope if you you're an eatholder you like

all-time highs because we're seeing them on the daily i remember the 1500s like it was yesterday and in fact it only lasted a day now we're in 1600s and beyond what's going on here yeah a hundred dollars a day added to the eath price keeps the bears away that's what we like actually eath price has broken all-time highs uh every single week for the past three weeks uh but this week was a little bit different previous weeks it only broke it by 20 first it broke it by it broke for the 14 20 mark by 20 at 1440 then 1460 then 1480. but now we smashed through that record we touched 1700 yesterday uh and now we are at 1630. we've arranged between 17 and 1600

dollars for the past 24 hours um nice job eth showing a really strong momentum right now you know some people will say this is like too much too soon but i i honestly find it fitting david because we are about like one week exactly ethic all-time highs one week exactly from the gamestop fiasco and i'm not sure if that's like uh an accident like i think there's there's evidence here that people started to fund exchanges and start getting interested in get interested in crypto as a result of what was going on with gamestop and robin robinhood and amc and everything that's going on in wall

street bets do you think that is a safe link to make i think that's absolutely right and i think some of the evidence for that is that it takes three to four days to get your deposits cleared into coinbase and if you wanted to extend three to four days back in or in front of or after the gamestop you know drama that was wednesday and thursday where we really saw eth moving on on on convoy coinbase and other exchanges but also importantly a lot of defy tokens on coinbase as well ave we're going to talk about ave in a second but ave kind of like the brand of defy along with uniswap jumped an insane amount from 300 to 560. dollars earlier today i think that's a sign that retail investors are

here on coinbase and their deposits are finally clearing well let's look at it from a d5 pulse index perspective david it seemed like just a few weeks ago this was hovering around 100 it's jumped up to 413 the dpi uh the d5 pulse index has and total locked value in d5 has also exploded to about 32 billion uh pretty impressive here like these d5 stats yeah last week there was 26 and a half billion locked in d5 so we're up 6 billion on that and then last week dpi was 290 and it's at 413 now really strong weeks the best the best week ever for d5 prices yeah this is uh this is

kind of the d5 pulse index over time and this is an all-time high according to this index of around 400. so d5 is it d5 season then david uh i i think d5 season is just getting started but yeah i think we are in d5 season well something we looked at last week and i think we'll continue to do it on the roll ups is this ratio this dpi to you eath price ratio tell us about this and what it's doing right now and why it's important yeah this is something i'm keeping a close eye on dpi the d5 pulse index of course is an index for all of d5 and it's uh it's breaking out versus ether so we're looking at a versus ether chart and so you know dpi versus us dollar

tells you one story but i think dpi versus ether tells you a much more interesting story when d5 tokens start outperforming ether the base asset of ethereum that is indication of defy season you know quote unquote defy season and uh the dpi index it's a relatively young asset it started in september i believe and so it's six months old but we're already pushing up near to the all-time highs that we saw in the d5 summer where dpi was born uh i'm and as the the crazy thing is you know ether did its absolute insane run from like thirteen hundred dollars to seventeen hundred dollars yet dpi was green versus ether in outperforming outperformed ether and

that hasn't happened since d5 summer but it has been happening outperformance of of ether on the dpi has been happening since uh early january up until now and you think that's going to continue in the near term well so the the cycle the tweet that i put out the cycle is you know first bitcoin then ether then defy season then d5 tokens uh and we already saw bitcoin you know it's 2x all-time high ether is like two to three hundred dollars above its all-time high um and so like it there could be room for it still being ether's turn but defy tokens look like they are ready to go uh and so i i think the jury's still out rather it's it's still ether's turn or defy season um but you know things are trending towards

defy season right now very interesting all right let's talk ave because that has been an explosive asset this week um actually before we touch on ave you know that another metric we should talk about david is the eth to bitcoin ratio that's another ratio that we monitor what's going on with that yeah this is chris burniske who i know pays attention to the eth btc ratio he has similar theses that i do perhaps i'm actually just kind of absorbing his knowledge i like chris and i think he's a smart guy so i think it's a smart thing to do but the eth btc ratio is approaching um a two and a half year high we haven't seen these levels since 2017 and of course the last time we saw a quote-unquote alt season which is now defy season as a brand by the way uh and

so like two and a half years um and so you know eth hasn't been higher than bitcoin at this level for two and a half years and what chris is saying is that you know when ether breaks these levels this channel that eth has been in for two and a half years it's really indicative of people going risk on and looking down the market cap for you know more and more speculative bets this is kind of how we anticipated this bull run would would play out first first bitcoin as you said and then ether would outperform bitcoin we've seen that now it now it's happening it's gaining on the ratio and then d5 would further outperform ether so d5 would outperform both ether and bitcoin it's kind of exactly it's playing out exactly as we expected it would so far and i'm like i'm wondering

if if that model is going to continue to hold or if we should expect something unexpected because this is crypto yeah it's definitely something to pay attention to this is how i have my portfolio position positioned uh obviously i'm bullish i do want to make a note that like people that go too far down the the market cap stack that could go too far into the speculation of defy tokens especially if they do it too late in the game that can be too risky so understand that when people go risk on they are taking a lot of risk and if the market decides to turn against you you are exposed so don't go crazy speculating on defy tokens you know keep your foundations keep your crypto monies i think that the big question is uh

where are we in this cycle from a high level if you were to compare this to 2017 is this more march of 2017 or is this more july or november of 2017 i would err on the side of of this being more like march 2017 in that this bull run is just getting started but it is hard to tell it's hard to time these things that's why you dollar cost average in have some discipline with respect to your portfolio uh and uh and be careful don't fall into the the fomo traps um david speaking of a fomo trap oh my god ave what are you doing the ave token wow where did it start this weekend and where is it now well how just give us the last two days actually yeah last two days ave two days

ago was three hundred dollars at the time of speaking it like an hour ago it touched 550 dollars so uh rivaling ether in in unit price gains from from 300 to 550 that is absolutely insane in two days that's almost doubling the ave market cap insane uh worth it's worth six billion at this point right now six billion market cap yeah and this is why i think like d5 season is is on and especially because we're seeing uh the coinbase ave price outstrip the the binance ave price or the uniswap ave price because that is where cash is getting injected into the ecosystem you know ave is kind of like a bellwether for the rest of defy i think you know

same thing with uniswap i would also put uniswap in that category that's a great point so uh people are fresh fiat is coming on you know coinbase rails and directing and injecting itself directly into some of these defy tokens that's what we're seeing with uniswap that's what we're seeing on ave they're both listed on coinbase really fascinating here david we let's just change topics for a minute i think this is a super interesting metric that i haven't looked at in a while this website money hyphen movers dot info shows it this is the settlement value per day of bitcoin versus ethereum and you can see right now that that ethereum is settling 20 billion dollars a day in value that includes all of its stable coins that includes ether the asset as well it includes rap bitcoin

bitcoin is settling 9 billion a day in in value so this cycle ethereum is like outstripping bitcoin's daily settlement value by 2x and i think this will only increase because uh ethereum has all of like all of these additional additional assets beside eth built on top of it what's your take on this yeah so it's awesome to see that value being settled just going super high up and to the right it's also worth noting that the 20 billion a day for settled on ethereum is only east stablecoins and wptc it is not any defy token no obviously no unit swap no no other of these like if those were included the number would be astronomical and i think

the reason why that isn't included is because it's really hard to calculate it's really hard to gain truth about this this is one of the things that the industry is is i would say behind on or lacking in in definite demand for is more metrics around token settlements and token values it's just a hard very hard problem to solve and so it's crazy to think that ethereum is 2x bitcoin and settled value in just ether wbtc and stablecoin terms you know it's you know what else is crazy because someone might say justifiably so well usdc that is is really it's settled in the legal system right in a coinbase uh bank because it's all backed by dollars somewhere so what happens if you strip out usdc uh usdt that that's tether and wrapped eath um

that has some well rap deep doesn't have dependencies rap bitcoin yeah i'll keep well i'll keep dye um wrapped eath and ether and all the things that are using ether economic bandwidth that's the point exactly so these are all the the trustless it's the trustless uh settlement value there's there's no external dependency i guess die has some external dependency and some of its collateral sources but um for for the sake of this exercise we remove that and ether ethereum is still ah ahead of bitcoin and settlement value so it's actually settling more trustless value per day at 12 billion versus bitcoins 9 billion of course every bitcoin uh transacted on on bitcoin is trustless right the only dependency is the bitcoin

network itself that stat to me is exceptional as well it shows that we're not only scaling economic bandwidth we're scaling trustless economic bandwidth and that's key for the decentralized world that we all want to live in that's the whole point of why we're here and also included that could be included in that are tokens like uni and ave which i would include as trustless assets totally yeah those cash flows settle on chain it's all at um as well so they are crypto native capital assets uh very cool to see that all right another thing that's cool tell us about the dex wars the layer two wars maybe that's the big story here david yeah we are getting into the conversation of layer two liquidity and layer two wallets on the bankless

program we had vitalik on to talk about his uh blog post about l2 uh wallets and social recovery wallets so if you haven't watched that definitely check that out um podcast coming out next monday but it's already available on the bankless youtube we're looking at a tweet here that shows uh five different l2 dexes so liquidity on layer twos loopering leading the pack with 10 million dollars settled in in trading volume in the last uh last 24 hours nas social which i'm actually not familiar with 1.7 million dollars leverage number three at 0.9 million diversify 0.7 million dollars and idecs at 0.3 million dollars l2 trading volume heating up heating up yes it's heating

up and these numbers are larger than the like all of the dex trading volumes from 2017 right the indexes hadn't even caught up until until like the last couple of years and now our l2s are bigger dexes are bigger this cycle than regular dexes were last cycle it's pretty crazy to think about this is also crazy alpha finance which is a new protocol we wrote about this uh recently it's a way to take out leverage and do some yield farming interesting protocol it has now originated over 1 billion dollars worth of loans since and they just launched three months ago they're doing more volume than ave at this point what's crazy about this david is this

project is three months old right like you talk about no barriers to entry for d5 and for ethereum like you can spin up a bank protocol essentially that does one billion worth of loans if you construct it right and you and you do it well and you could spin that up in three months time like that's absolutely crazy to me to think about and it shows you how fast this market can move right like quickly a brand new project that's three months old can rise to the top of the ranks in terms of the amount of economic throughput it's transacting we saw that with sushi swap that protocol is like five months old six months old and it is crushing it in

terms of volume what's your take on this yeah i think the biggest takeaway message is how much room there is for development in in d5 right like this the defy ecosystem is not settled like there is room for a new projects to come in and build and capture a ton of value ave ave feels like a gargantuan in the space and even it is a pretty young it's only three years old you know uh and and alpha is coming in with their brand new product clearly finding product market fit with leveraged yield farming d-gen yield farming um and the and there's no no questions asked as to why value locked in defy is going through the roof not only are the assets in d5 like doubling in price but also we are

getting more uh applications to receive deposits all right david uh that that's markets guys you're getting a feel for everything is is kind of up and to the right um everything is everything is bullish these days ave is a borrowing and lending protocol on ethereum and just recently released ave version 2 which has a ton of cool new features that makes using ave even more powerful with ave you can leverage the full power of defy money legos yield and composability all in one application on ave there are a ton of assets that you can deposit in order to gain yield and all of those same assets can also be borrowed from the protocol if you have deposited collateral here you can see me

getting a 200 usdc loan against my portfolio of a number of different defy tokens and eth i'll choose a variable interest rate because it's a lower rate than the stable interest rate option but i could choose the stable interest rate option if i wanted to lock that interest rate in permanently one of ave's v2 features is the ability to swap collateral without having to withdraw your assets trade them on unit swap and then deposit them back into ave ave does all of this for you all in one seamless transaction so you don't have to repay loans in order to change the collateral you have backing them check out the power of ave at ave.com that's aave.com if you want to live a bankless life you need to get a monolith defy

visa card monolith is a one-two punch of both an ethereum smart contract wallet and an accompanying visa card that lets you spend the money that you have in your ethereum wallet everywhere where visa is accepted when you swipe your monolith visa card at the grocery store or at a restaurant it actually makes a transaction on the ethereum blockchain that spends some of the money you hold in your monolith wallet it's insanely cool and it's one of the best tools out there for living a bankless but still normal life monolith also offers on-ramp services for getting your fiat money into the world of defy so it's trivial to top up your monolith card if you ever need to and your deposited money goes straight into your non-custodial wallet so your money is never held by a

centralized intermediary because monolith is native ethereum infrastructure the money you hold in your monolith wallet still has the power of d5 behind it swapping assets on uniswap or earning yield in defy is at your fingertips go to monolith.xyz and sign up to get your monolith visa card today let's talk about releases so what's going on with uh releases you want to start with hash masks okay they just came on my radar this this week what are hash masks hash masks the new nft craze hash masks are i think i think these procedurally generated uh art i could be wrong about the procedural generation but a bunch of new are kind of like those old pixelated i can't remember the

name of them uh the pixelated avatars that people purchase and and speculate oh the punks crypto pucks crypto punks which which can be valued at anywhere between one and one hundred east at per crypto punk which is absolutely crazy we have a new one a new version of crypto punks i really like the art behind these and these are some of the art here is really really cool uh some of them have unique features that people that you know that perceive to be valuable and and awesome and and that's how people are just subjectively valuing this art and trading them uh and it's just blown up in the energy dude this okay so i'm looking at this tweet here somebody spent uh 650 000 dollars in ether by the way ethan's money on a hash mask yeah what

dude nfcs are hot people like nfts that's crazy i i like the amount of um like artists around the world have got to be looking at this space and being like hey i want to produce art for the crypto nft world because it pays really well mm-hmm yeah no it's it's insane it's absolutely insane i've never i've always been no i'm no longer skeptical on nfts but i used to be because i was always like you know digital art like how does that work but like people kept on buying them and like to the point of like you know point six million dollars like i'm no longer skeptical because people are doing it like you know the the money's there to prove it absolutely a very cool project very interesting we continue to monitor the nft space i think it's going

to have a big year in 2021 metaversal is a great newsletter from bankless that you can stay tuned to to follow up uh follow that market all right another hot release this week david is balancer v2 can you tell us about that yeah balancer v2 is something i've been long awaited for really happy to see it out the gate there's just a bunch of new features as you would expect in v2 uh there's just more more gas efficiency different types of asset management tools different types of oracles also a protocol fee for the battle token uh and there is a fantastic tweet thread that ryan is showing on screen if you want to learn more about it um just a long-awaited update to the balancer protocol so congratulations to the balancer team for getting it out the

door yeah it feels like uh balancers balancers i think killer feature is the amount of customization you could do with it and what this what balancer v2 really allows is for people to essentially create their own automated market maker right so like you can you can you can tune this in all sorts of different ways you could create your own uh curves like like like curve the the stable coin automated market maker or you could spin up something else so um balancer is is really a a suite of power tools now for creating these automated market makers and they've created a like a whole way uh for people to do that i think that's gonna bring a ton of innovation in the space and there's this kind of this debate david as to whether we'll end up having one

automated market maker to rule them all kind of like a uniswap to roll them all or whether we'll have all sorts of different curves and a world of many different automated market makers and i think balancer is more bet on the the second world we'll see how that plays out yeah i think we could even use a barbell theory behind this the types of amms out there where unit swap is the maximally reductive maximally simple uh version and balancer is the maximally tinkerable maximum with maximum optionality and maximum expressivity with how you want your amm to to be designed um there's extreme amounts of value i think in both designs yup every money protocol that can be designed on

ethereum will be designed on ethereum maybe that's put through the defy crucible everything that can be designed will be put through the d5 crucible and only the things that are valuable will come out the other end there you go i'm calling that hoffman's law for now there you go all right love it um parsec what is going on with parsec this looks pretty cool i've got a user interface tell me about this david yeah parsec is a new like information terminal kind of like a defined native bloomberg reading information i bet this is unconfirmed but i bet you the graph protocol is behind some of this information uh behind parsec if you just want to get a one-stop shop for all of your define information and just get a feed of trades and a feed just feeds into your eyeballs it's a great great

website to go to app.parsec.finance that's p-a-r-s-e-c and so it taps right into uni-swap trade so big unit swap trades big unit swap liquidity deposits or withdrawals um and you know the typical buying and selling features and then also charting features you know just a place to get to view all of your portfolios pretty cool so it's so cool man this is kind of the dream it's basically a bloomberg terminal overlay on top of everything that's built out in in d5 pretty crazy someone could put this together so quickly and for to have the functionality that it has speaking of functionality let's talk layer twos again for a minute arbitrarium just put out a fantastic demo

where this is so arbitrary if you're not familiar with it um go check out our roll ups episode with vitalik we talk a lot about this type of roll-up which is called the optimistic relapses roll up so that's a layer two built on ethereum this this is kind of the promise of um near-term scalability for the ethereum network and arbitrarum just put out a demo where all of these crypto native wallets and applications uh work out of the box except they're not running on mainnet they're running on this arbitram roll-up that is ultimately secured by mainnet this is sort of a a playground sandbox demo environment but it's definitely a promise of things to

come and it's super cool that your native metamask or whatever you know wallet you use just works out of the box with a roll-up like arbor drum super exciting to see layer two coming in this way in like a very real tangible way yeah i think the uh santa monica pier metaphor is really really useful here for the for the international listeners who don't know what the santa monica pier is it's a famous pier off the coast of california and this is kind of how i envision l2s where uh you have the highway the pacific coast highway famous highway in america and it's very busy very congested lots of traffic but then you park in the parking lot you take that long walk out the dock down to the santa monica pier and so it's like a

mile long walk on the dock and then you're in the santa monica pier where there's a ferris wheel there's roller coasters there's like carnival games there's all these fun things to do in the santa monica pier and that's like my version of like an l2 and that's what this like arbitram uh l2 is where like it's some l2s are very specific in what they do but this arbitrary l2 looks like it's just a place to do very like many many things and that's what the power of optimistic rollups brings and and it looks like that there's going to be just a lot of fun things to do on our patreon speaking of hoffman's law david if it can be built it will be built goldfinch so this is something that needs to be built on top of decentralized finance loans without collateral need to be

built on top of decentralized finance we have ave we have compound of course those require collateral in order to get a loan but we need the idea of credit in d5 there's a lot of projects doing that here's one goldfinch what would you say about this yeah it's this is just the crypto is always is the the the meme is that it's speed running the his the history of finance and money right and at some point that that progress runs into uncollateralized loans as we know of just like oh credit when people call like oh i got a loan from my bank this is what they're talking about we need to be able to offer people loans without asking them to lock up more than their loans worth of value i mean to your point like historically that's kind of

collateralized loans was sort of how it worked in like the 1800s you know like no one there was no notion of credit you didn't have a fico score there's no credit card for you it's just like oh yeah i'll give you a loan but how are you going to collateralize that loan right mm-hmm yeah and so like when we talk about like financial freedom and financial tools it's kind of kind of unfortunate that like in order to get a loan from this space you actually have to have more collateral like this kind of antithetical to the idea of the loan so having access to loans that you don't actually need capital for i think is a really really important tool and so the way that this works is that it's actually based on trust this is based on reputation this is how loans work so

there are underwriters in this system there are people vetting your ability to pay that's i don't think there's any way around uncollateralized loans in in defy without that trust or you know risk tolerance to the to the system importantly they are starting with emerging markets you know some sometimes in like d5 degeneration in degens and and yield farming and all this speculation we kind of forget about we forget about the plot but the plot is financial tools for all and that includes emerging markets so very happy to see goldfinch uh starting their their platform starting their growth in emerging markets getting loans out to people that don't have financial tools and also don't have capital to lock up in ave or the ether to pay for gas prices yep we're going to see a lot of

uncollateralized loan solutions i think uh in 2021 it's definitely going to be a theme uh david speaking of a theme of 2021 this is michael uh sonnenstein from grayscale he came on the show not too long ago he says many of you asked and we delivered grayscale released its valuing ethereum report what does the report say david you know this for short is this report is short and punchy and i can give you the tl dr of it it's ethan's money ethan has a store value asset and defy it's and then this the second part is eth as a capital asset and then the third is each as a consumable transformable transformable commodity i think i think

i've heard this one yeah i was gonna say uh we've tended to talk about that it sounds exactly like the triple point asset thesis which is our value proposition the bankless value proposition for uh for ether the asset we've been talking about this for a long time in fact it kind of came the genesis was a presentation you gave about a year and a half ago something uh about ether as a the best money as a triple point asset how it has these three different properties um what's happening david is we we've said before is like you and i kind of operate on the like layer zero sort of the mean layer the the narrative layer and helping to like create mental models for

this and not just us the entire like group of of people who are investing these protocols and members of the community who are developing content here operate on that level and what happens is it tends to leak out and now what we're seeing is it's leaked out to the the next rung which is crypto establishment institutions and suits the suits right or they're suit friendly at least they're kind of a bridge to the suits but they also hang in our world in crypto and now they are propagating the same narrative and the same meme and we think of course all memes are more than just like like fairy tales and ideas they they have to be um forged through the fires right they have to hold truth and i think we're seeing the triple

point asset does hold truth and that's why it's getting propagated to the next layer after this layer david it's all the institutions so next you see uh stanley drunkenville druckenmiller talking about ether as a triple point asset right and like eventually we see all of the institutions uh speaking the same thing as they did with bitcoin as a digital gold so this thesis david that uh i'm going on about this because it's so freaking exciting i think i was gonna leave it for my like what what's exciting this week's segment but i'm jumping the gun here um like this is how the narrative propagates and we're just seeing the narrative leak into the institutions and from there it's just going to go wild and then like pretty soon the ray dalios of the world are going to buy into it

too as they are starting to buy into bitcoin as it as digital gold ether the asset is really just one cycle behind and maybe just a half cycle because it's catching up faster it's catching up yeah this is this is not something i don't think we could have done at bankless there i i like to joke how there are no ties in the bankless nation like we don't really wear suits we're very informal we make jokes but people like michael sonnenshine you know they they they rub elbows with the people like stanley druckenmill you're absolutely right and so getting the triple point asset thesis uh into something more digestible and tangible for people that you know have billions of dollars of net worth under their under their control we i don't think we could have done that but that's exactly what our role is in

the first place like you said to be the m0 of memes uh of mental models and thoughts and theses about how to understand this space and you know i think it's just validation that we kind of got it right when uh michael sunshine is is putting out the official grayscale valuing ether piece and it's basically the triple point asset someone wise once said the most bullish thing for ethereum is to be understood this is ether as an asset being understood super bullish very exciting all right gotta end releases right there we might come back to this topic um let's talk the news what's going on in the news tell us about another i guess institutional friendly um company that has an index called the bitwise index

what is that index and what's the news here yeah the bitwise uh top cap in crypto indices takes the top 10 crypto assets and makes an index out of it so it's very much a centralized version of the dpi except for all of crypto not just defy but the cool thing is is d5 tokens are getting into the top 10 crypto assets ever right and so this is this is the great repricing event like this is how i kind of think about our our industry as a whole every four years the whole entire world remembers about this crypto thing it turns its attention to crypto it reprices the whole industry and then it forgets about it for four more years but this is defy getting priced into where it belongs with the rest of crypto ave both ave and uni are getting included in the bitwise top 10

crypto assets port the index portfolio well deserved and i only expect them to continue their march up that that crypto top 10 and the important thing is is that there as a result of this there is a ton of buying pressure on any of these assets that get included because these indices have to buy them i know a guy that works for a crypto trading uh firm and they have certain rules and regulations that they can only ask access assets specifically in the bitwise top ten and so now that ave and uni are a part of that they are allowed to trade and put uni and ave on their balance sheet because they are included and so this is just super bullish for d5 yeah you're so right and the the bitwise top 10 used to make me so sad in 2017

because so a lot of institutional investors approach this space and they're like i've heard of bitcoin right but what about ether and all of these other assets i don't necessarily want to pick winners therefore i want to invest in the top 10 projects right so because i know there's more than bitcoin i'm just not sure what else there is and an index helps me capture it but i used to be so sad in 2017 because if you went and purchased this index you're buying a bunch of actually like people like xrp litecoin eos all of this junk that quite clearly uh if you're in this space you know that these projects have no staying power and yet somebody who's purchasing the index is forced to buy these alongside good assets like bitcoin

and ether right made me so sad but now d5 projects are rising into the top 10 and it's a much healthier index this cycle that's what you're talking about david the great repricing we're seeing it happen it's also happening in grayscale that's the next bit of news grayscale may have laid the ground work for more potential crypto trusts and two of those trusts if this filing is correct one is potentially a trust around uni that's the uniswap token and the other is ave that is ave's token of course so defy assets in a grayscale like trust that means you could purchase defy assets in a brokerage account just like you're purchasing e we've talked about e3 it's upside and downside has a lot of

downside and better to go crypto native but availability in a retirement account in a us brokerage account is valuable uh in in some ways that's pretty bullish for d5 these these these assets are breaking into the institutions and it just makes total sense as to why ave went from 300 to 550 in two days like someone is doing a bunch of buying probably because they need to put it on the balance sheet in grayscale in-bit wise and then also people are buying on that on that same speculation like bullish just bullish it cracks me up david because this is like this kind of opportunity doesn't come around a lot where retail actually gets

to front run the institutions but because of the mechanics because of the way this this uh industry was born um that's exactly what's happening so first you could outrun the institutions with bitcoin and then ether now they're starting to catch on with ether and then d5 retail has had an opportunity at each of these asset classes to front run the institutions and they've been able to do that and it's super exciting institutions are still trying to catch up yeah absolutely and this is why it's important to be a defy user because ave and snx those only got added to coinbase i think four weeks ago and so like if you bought you you had to have bought them on unit swap there's no other place to get them uh and in when they were

only on unit swap ave was under a hundred dollars like uni was under or or snx was under like ten dollars or seven dollars right and so like front running the opportunity uh from running the the institutions means that you need to be a defy native person right you need to understand how to use uniswap and that's that's just trying what we uh teach on the bankless program absolutely it is definitely the the working bank that's kind of like paying off and your work you have to if you're if you're serious about the space front-running the opportunity no one's going to tell you exactly how to do it right it takes time every like every week sometimes every day to actually understand the space uh and i i think those who have been doing that have been well rewarded and will continue to be visa q1 earnings call

review review financial rails and building on top of crypto rails in particular stable coins this reminds me of our jeremy alaire uh podcast we just did earlier in the week just came out this week um visa in their quarterly earnings report is talking about how they can use their payment network make it crypto friendly and essentially um you know like use the same gateways with stable coins rather than traditional bank coins

pretty bullish on the space i think visa is going to play a big role in the advent of crypto here yeah we don't have too much details about this the specific details of what's going on here we just know that visa is talking about it talking and it has plans to include it but like at the end of the day it's the protocol sync thesis like usdc transfers on ethereum are faster and uh have much stronger assurances than any other ach or wire transfer on the payment networks on on the banking rails and that is just a quality of life improvement for companies that work with asset transfers it's so fascinating i don't know what they're going to do here david whether they're going to roll their own staple coin whether they're going to adopt something like usdc or maybe they like buy a circle you know visa is certainly

big enough to to buy one of these existing more crypto native uh groups and and get into the space in a big way and i think they will david do you want to take this next one michael saylor what's he doing this time michael saylor pumping bitcoin as as a good bitcoiner does he michael saylor and microstrategy hosted an online conference an online webinar to teach other institutions all about bitcoin and what it means to put bitcoin on the balance sheet teaching about legal burdens you know tax burdens like compliance issues rationale and reasoning and apparently it was an absolute hit apparently over a thousand firms attended michael saylor's in microstrategy's webinar and i just think this is absolutely awesome like this is this is just how

the bitcoiner culture works like you you you get red pilled or orange pill to bitcoin you understand it you put it on your balance sheet you put more on your balance sheet and then you put more on your balance sheet and then you start shilling it to the rest of the world this is why this this industry works it just bootstraps itself yeah absolutely i think it's a really bullish news for for bitcoin for the rest of crypto as well but i think what it means is like this trade has worked so well for michael saylor every single ceo of every corporation in the us and globally is going to be asking the question huh i've got a lot of cash i don't know what to invest in right now i wonder if this crypto bitcoin strategy

could work for our organization as well right like i think this is there's going to be a cascading effect what happens here dude michael saylor has done more for bitcoin than anyone has i think in the last like three or four years yeah definitely it's definitely a narrative of 2021 to watch um speaking of doing things india is doing things that's a terrible transition all right let me try that again no i say keep it i say keep it we're keeping it we're keeping it india is doing things doing bad things uh the government that is is talking about a a potential ban of private currency cryptocurrencies by private they don't mean like private privately

privately owned privately owned uh is what they need to do one individual ether no sovereign cryptocurrencies um uh legally available in the country of india um this is like man i i have so many thoughts on this but why don't why don't you start what do you think about this this is this is classic you know nation estate grasping for straws to keep control over their money supply right this is what every this is this is what we call like the final boss but you know india is not really the final boss it's like a warm-up boss because it's not the united states dollar it's not the federal reserve um but they're trying to ban bitcoin and public blockchains in order to promote the sovereignty of their own

native currency uh ryan over or under on uh india rolling back this ban by uh halfway into 2021. oh i don't know about 2021 they like governments are notoriously like slow to change right but they will realize in the next five years that this is a a terrible decision imagine imagine being a country and like banning the internet in the early 1990s imagine the economic opportunity that you would lose in doing that now if if all of the nation states group together and did it like we're gonna ban the internet in the 1990s no such thing as an internet maybe there would be some success in in doing that but if india bans

public blockchains bans crypto bans bitcoin and ethereum and the rest of the world doesn't right they've got a real problem because the rest of the world is front running their opportunities putting their citizens ahead has the opportunity to build their protocols the silicon valley of crypto in their nation states um the only thing that the government of india would do with this action is hurt its own people so that that's kind of the real tragedy here um but i don't know that's why that's why i think they're that's why exactly why i think they're rolling it back quickly i think they're going to discover that it's actually much harder than they think to ban bitcoin and that's actually futile and they're actually causing more harm than than good um that's that's maybe that's

optimistic but i think that's why i'm optimistic on them rolling this back in the short term future yeah definitely they will at some point if not in the short run all right david i am staring at a picture of logan paul why am i looking at logan paul and who is this guy yeah for for those that don't know logan paul is perhaps the biggest youtuber as in like the number one sub youtuber so he's a big deal big uh it has a ton of following with zoomers and millennials uh and he's issuing nfts which is absolutely crazy i i watched this video of logan paul advertising they're like like pokemon like things some are gold some are silver and then they're i think there's perhaps one or very few that are like holographic and colored uh and so that's that's pretty cool he's issuing them with a bondly

which is a platform uh that i actually haven't hadn't heard of but an nft issuing platform built on ethereum it looks like bondly it's building on other platforms as well uh as well as polka dot but according to all the news articles that i'm that i'm reading these specific uh nfts issued by logan paul are on ethereum is that is that what i'm looking at here are these no i don't i don't think that's what you're looking at it's actually a picture of logan paul um uh and so that that is just super bowl i i'm super bullish i was watching the video and i was like is this a top signal and then i was like no this is so bullish but logan paul has an insane following like the big one of the biggest followings on the internet okay advertising his nfts it was a top signal

in 2017 when celebrities started issuing their own like uh erc20 tokens but that ran them a foul of securities law with nfts you don't quite have that issue i think we're getting right like this is something we've we've talked about for a while think that um this cycle all celebrities anyone with an audience or community to capture like many of them are going to issue these types of collectibles and we're seeing it already we saw we saw mike mcdermott i think when soldier boy asked like yo he asked me he just tweeted this out like yo should i should i mint my own like soldier boy coin and like everyone especially mike mcdermott so a tip of the hats of mike mcdermott was like oh no don't don't do that that's a terrible idea mint and that's idea nfts are products they are goods they are not

securities like you're going to be way better off like if you ever want to forget about the nfts in the long term like you can but if you make a currency you can't like it's just a much better deal uh and so like yeah no no securities frauds uh or or illegal securities this hype cycle that's a good thing more surface area as as we say so often for getting people into crypto you come to nft route because your favorite celebrity is selling something interesting all right um also we don't have time to get to this which is unbelievable but like there are two other big names in crypto this week one is ray dalio he put out a piece on bitcoin it seems like he is his temperature is is changing a bit on the on the positive side he's getting a bit warmer to bitcoin he put out a

really interesting paper about it um basically saying like hey this could be a new store of value this could be a digital gold previously has not been warmed to that idea so that's sort of a flip from him also mark cuban did an ama on reddit i caught some of it but uh he disclosed part of his d5 portfolio so it contained bitcoin and ether but it also contains some interesting things like ave and sushi so like he is going down the rabbit hole as well i think david we're gonna see a lot of big names in this bull cycle coming into crypto for the first time and sort of revealing their thoughts on it and uh and dabbling in it as well yeah and i think this is just an indication of people coming into this space and being a blank slate they are

not coming in with like preconceived notions of bitcoin maximalism and so they aren't being tainted by this concept of bitcoin maximalism so they are they are looking at what's all the cool fun activity that's happening on ethereum which there is a lot of and they are getting captured by it all right david that's that's been the the news let's talk about some hot takes let's start with with this one david uh on the nft note uh this is uh julian coe actually don't know this individual but i loved this tweet d fires we prefer wealth nf tears we prefer status and i i added uh i retweeted this and i added jake burkman and andrew uh steinwald who we had on our nft podcast forever ago saying like as like the canonical nft

experts in my mind i said like hey guys what's your take on this like do you agree with this and they both generally gave a thumbs up like d fires like money and currency and nf tiers like you know art and status and i think that's a nice and interesting mental model to kind of figure out like what these things mean to you yeah i do i do too naval talks about those two types of games that people play um you know many are actually uh status games disguised as wealth games people think that it's about like the the wealth or the amount of money but really wealth at a certain point for for many people becomes just a point system for for status and this clear delineation of like if you're buying nft crypto art you're not buying it necessarily for the investment you're doing it as a status

symbol and it's going to be interesting to see uh the different ways the digital world will have to start projecting these status symbols in like uh the metaverse maybe right in virtual reality as as avatars you know um i think that's going to be a really interesting space space to watch because now that you have the thing that is high status how do you show it to the world david i i think what you do is you put your 25 000 nft printout behind you on your wall i think that's i think that's what you do twenty five thousand that low i thought it was a hundred thousand oh well i'm i'm referencing your ether poster you have on your website oh so am i sir so am i it's just forexed in value during the course of this roll-up conversation

guys i put some uh new background imagery and everyone's playing kind of guess the price of what this uh this picture of ether is worth uh and i'm not telling you know value is in the eye of the beholder that's what we just learned it's a status thing if you want to put a bid tweet us at on on twitter i'm not selling i hate selling sorry guys all right let's get to the second one um michael wong eat's future is with eth holders eats futures with eth holders it's a tweet out what's uh what's what's this take about yeah michael wong is actually one of my friends in real life i went to college with him uh and he what he's saying is uh well what i think he's saying is that the control over the ethereum ecosystem is determined by eath

holders now there's a question of governance because ether is not a governance token it's just a staking asset but the security of ethereum and the long-term direction of ethereum is determined by eastholders because of proof of stake and so i think that solves really the the agency problem where the well-being of the protocol is uh upholded or stewarded by the people that have upside exposure to it which i think is uh that's one of my um one of the reasons why i think proof of stake is such a fantastic mechanism for securing a blockchain because if it if it doesn't work well the people that made it fail are the ones that suffer all the losses and likewise the the inverse of that is that if it does work well the people that made it work well are the ones the

ones that receive all the upside ethers ethereum's future is with east holders i actually think bitcoiners kind of got this right right they've always held their holders in high status and ethereum has not always done that but eth holders are incredible incredibly important community members and stakeholders uh toward the security of the network right um and they they all have a vested interest in seeing it succeed so i like that take the emphasis on heath holders is important um all right david let's talk about this one oh my god i own zero bitcoin that's david hoffman saying that you tweeted that out wow lots of courage yeah so so why is this a take i think is a really good question i just said i own

zero bitcoin which is true and this is i also said that this is not a new event i just thought i'd say it the reason why i think this is a take is because like why why is a tweet of me saying i own zero bitcoin getting almost a thousand likes like why is that happening and the reason is because people think that this is a brave tweet which i think is absolutely like there's this like stockholm syndrome that bitcoin maximalists have the rest of the industry in like bullying us into believing that you have to own bitcoin it's it's acceptable to not own bitcoin it's okay to not own an asset you don't need to get bullied by it and so what i what i meant to do when i made this tweet is like indicate and signal to people is like hey you don't

have to believe the bitcoin maxis it's okay to not own bitcoin you don't have to fall for their tricks i like that i like that signal it's interesting that you know these are such social movements and 2018 2019 and lots of 2020 definitely felt like an era of bitcoin maximalism that's like there shall only be one money there shall only be crypto and that crypto is bitcoin and um what we're seeing is is this sort of thing is is really flipping the script on that no there are multiple store value assets and bitcoin might not be your entrance to the space you might even decide not to hold it versus other interesting crypto assets so yeah that's a take man it's a good take i wonder if we'll uh you're starting a movement there of um non non bitcoin crypto

people wow what what's that like what was interesting to me is like after i tweeted this anthony cesano also retweeted me and quote tweeted and said i also own zero btc and then like 10 people uh quote tweeted him saying i also own zero btc it's like this great coming out of the closet moments like people realizing or waking up that like hey we actually it's actually okay to say this like it's it's not it's not controversial to say that we don't own bitcoin yeah it's it's f it's very funny uh and i think definitely worthy of um of a social movement there um let's talk about another social movement david you liking these segways by the way i'm just like i'm not gonna know uh gme drama so this is the gamestop

drama was like a 20 billion dollar ad for bitcoin i would also add crypto in general but like this is the first time we talked about gamestop during this roll up but that man that was just like such a massive thing that just happened last week and it is drawing the entire world's attention to crypto a massive advertisement for the potential of this industry what's your take here yeah this this is exactly right like it's i've saw so many posts on our cryptocurrency and our bitcoin saying like uh bitcoin never made sense to me until gamestop uh and like yeah right like elon musk that's he got he put bitcoin in his bio right after this gamestop debacle like this

people need real world examples for why bitcoin matters not just theoretical ones because if bitcoin or crypto or ethereum if they only offer theoretical answers and not practical answers they're never going to get adopted like they actually need to solve real world problems and the gamestop craze is a 20 billion dollar ad for bitcoin absolutely good it helps it helps the world understand crypto right which is the most bullish thing as we've said elsewhere in this episode already um also defy decentralized finance already exists like this question of how do we solve the robin hood problem zirion put out this fantastic image you can see if you're watching on on youtube of all of the different areas of traditional finance

so you've got money you've got central banking you've got commercial banking exchanges brokerages insurance these are all of the actors in traditional finance and did a direct mapping of all of the decentralized finance um uh corollaries essentially saying like hey guys you know you want money we've got die we've got ether we've got bitcoin you want some sort of a banking commercial banking structure well there's ave there's compound you want exchanges we have uniswap we have dydx so there's this whole ecosystem that has literally been developed from the ground up to solve the robin hood problem to solve the centralized finance problem uh and i thought this was a great image to

just to just show that and i think that message is starting to get out into the world those though people seem a little intimidated by d5 still at this point i mean we all we all were intimidated by d5 when we started getting into it but this this picture is is worth a thousand words right like seeing that like hey we have the old version old fi i think i also like the old fi meme uh and then we also have d5 which is this new thing and we like are you used to your old fire well we actually have similar solutions in defy that's what this picture communicates in picture form and you know picture forms are just more digestible yeah all right absolutely hey uh i've got one last take and then we'll get to what excites us that is this this is um something i read from ryan

selkis's newsletter missouri newsletter and it was really titled kill envy so what's happening now david is we are at the point of the bull market maybe an early bull market where you're looking around and you're like oh my god what what defy asset just popped last week wow you know uni swap did a you needed a 3x last week uh ave did a 2x last week and you're you're facing a barrage of constant fomo right so like this fear of missing out what's the next token going to be and you're seeing all of these people get rich on something right and uh what that causes ryan sulcus is saying is like this this feeling of of envy but the the message here is hey

don't feel like that ignore the fomo because if you're in crypto in this moment if you're listening to bankless and you're invested in some of these assets we're going to talk about you already won you don't have to compete for the ultimate highest score you'd like right you know i used to play tons of video games i don't play as many video games nowadays but the thing about playing online anything is there's always going to be someone who's better than you like always there's there's somebody who's grinding harder in world of warcraft there's somebody who could like snipe you faster and counter strike there's always someone better right and if you're playing a game of competing for that scoreboard that that status game almost of top slot you're gonna lose a lot of

the i think uh fun of what a bull market could be we're all gonna do okay it's gonna be fine we're in a bull run just enjoy it you are part of the less than one percent who understands crypto at this moment in time you are so massively early don't fall for don't fall into the envy trap don't fall into the the fomo game because what can happen is you start chasing things when you start chasing things you you wreck your taxes right like at least in the u.s you got short-term uh gains and losses to deal with um you're chasing things based on narrative rather than fundamentals like uh it's just not a game that that you want to play so i thought that was helpful from ryan and

would definitely echo that that sentiment um get out of the fomo game you're here you already won just relax enjoy the ride um like time like everything we talk about just in general and backless and this is just following the bank list the number one bankless rule for surviving a bull market where you always position yourself in a way where if you lose you can still play the game and fomoing too hard and like getting those dollar signs in your eyeballs when you see a chart pumping like and that that's all recipes for potential disasters right like you know and fomowing isn't necessarily bad i would say but like it's really important to understand where you are in the market cycle and your own emotional reactions to why you are fomoing fomoing in the early part of

the market is safer than fomoing in the latter part of the market but no one knows where we are in that curve like no one knows where we are in the market and so you really have to keep control of your emotions and and understand and appreciate that like this is a once in a lifetime opportunity like there have been four crypto bull markets and only two of them have been with ethereum and this is the second right this is ethereum number two and so like imagine if you fo mode in at the top of the market you took too much leverage you got wrecked you're gonna have to wait another four years for another life-changing opportunity right like you just burned that one and like just like you said there's no point in trying to uh we're already on like a life-changing opportunity there's no point in trying

to get like three life-changing amounts of money don't be greedy don't be greedy just don't be greedy guys don't be greedy you can only spend one life-changing amounts of money like you don't need multiple life-changing amounts of money you just need one and you already got it if you're listening to this episode gemiini is the world's most trusted cryptocurrency exchange i've been a customer of gemini since i first got back into crypto back in 2017 and it has been my main exchange of choice to make my crypto buys and sells gemini is available in all 50 states and over 50 countries worldwide and on gemini there are markets for over 30 various crypto assets including many of the hot d5 tokens like wi-fi ave uni and also they are one of the few exchanges

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free 15 bonus check them out gemini.com go bankless synthetics is ethereum's decentralized derivatives liquidity protocol what does that mean synthetics is a platform for creating and trading synthetic assets which are assets that are priced via an oracle rather than bids or asks traders can use the quenta exchange which hosts and trades all of the synthetic assets created by synthetics traders on cuenta can trade synthetic tokens like sbtc s oil or sd5 because quenta is powered by synthetics traders experience zero slippage on their trades no i didn't mean low slippage i meant no slippage

because that is the power of the synthetics platform no slippage on your trades you can also easily short assets with isynths which are synthetic assets that move inversely to their target asset synthetics isn't just for traders developers can build on synthetics to access the infinite liquidity offered by synthetic assets or investors can stake collateral to the protocol and earn fees that the protocol collects if you're a trader and you're looking for a trading platform and not found in the legacy world check out cuenta.io if you're a developer or you just want to earn yield on your collateral go to www.synthetics.io where you can stake your snx or ethe and earn fees from synthetics all right david what are you excited

about this week all right two things i'm i'm excited about the future of dpi and specifically the the index co-op uh i i've gotten a ton of friends texting me because i i'm a degenerate with my instagram stories putting i put the the winklevoss tweets about how they support bank list on my instagram and now everyone everyone everyone's asking me is like all right like now i gotta get in what should i do yeah let's get some social life there yeah so like you know i'm usually not in the realm of giving financial advice but like these people are looking for just like actionable statements and so they say hey like they say what's what should i buy and here's what i tell them here's what i usually am not in the realm of giving them advice but i tell them one-third bitcoin 130th and one-third

dpi and that should just settle them for forever right the d5 the d5 is the hot thing this season and thank god we have dpi as an index for defy to be able to give people exposure to what makes this industry so like awesome and optimistic and what i think is going to be the upside this cycle yeah i don't have to like tell them it's like well here's my thesis behind sushi swap or uniswap or ave because like that's just going to bombard them with information dpi is where you get access to d5 it's such a simple tool i'm really optimistic about the future of dpi it only has a 100 100 million dollar market cap uh i mean it's weird to say that the dpi is undervalued because it's actually just an index but

like the the index deserves to be at least a billion dollars and so buy buy dpi if you want exposure to d5 yeah it's it's really simple and then like after that after they've constructed that that portfolio then comes the hard part right they have to resist what we're just talking about david which is foaming into all of these other things or like being taken by the crypto markets the ups and downs of volatility selling too early that's another hazard so what they have to do is once they construct that portfolios have the discipline to hold and hold for the long term that's where a lot of people fall off the bandwagon even after they they follow advice like the type that uh that you're giving um what else you excited about man yeah number number

two is uh as vitalik got me really bullish on this one which is the the world of layer two smart contract wallets layer two while it's with social recovery and i think one of the pioneers in this space is loopering uh i've gotten a privileged rumor that loopering the uh the ios app just got approved and is working on getting out into people's uh to people's iphones uh and i think that's going to be the injection point for especially all of this like wall street bets gamestop energy where people come into defy and they're like okay all these people are surely defy to me let's check this out dokina unit swap gas fees like what the hell is this 30 dollars to exchange an asset i was just on robin hood and that

was free right yep and so the loopering is both an l2 with a mobile smart contract wallet that has liquidity right so we are talking very low or zero gap it even has an automated market maker like a swap of loop ring it's that carnival over the pier that you were talking about earlier that's exactly right it's got the uniswap style amms on its l2 which is something that you can provide liquidity to by the way that's a market opportunity if you think that people are coming into loop rings l2 they're going to need liquidity there and that could be you you could be taking those liquidity fees if that's if you are interested in that um all of that just like energy around gamestop people need a a robin hood like experience and i think the loopering uh

via the loopering smart contract wallet on mobile is going to offer that to them yeah very cool i'm also excited to see what arjun does soon to you but you're absolutely right smart contract wallets are going to be the future here ryan what are you excited about um you know i already i already said mine dude it was the grayscale thing grayscale is is doing triple point asset thesis but here's the thing i will say as something i'm excited about ethan's at all time highs dude yeah 1700 like we barely spent any time in the 1 500 range um it's just it's just crazy after going through a really long arduous uh bear market where no one believed anything we were saying

um to be on the other side of that it feels kind of good so eat all-time highs that's that's what's exciting this week david congratulations to eth right 15 we just blew by the 1500 you're totally right like just hardly knew it and i maybe this is too bullish but i think those the dollar levels that we are blowing by might turn into a thousand dollar levels at work oh my god too much too much too much sorry rolling it back if that starts to happen that i might be calling the top there but uh maybe it happens once we'll see how it goes all right uh david let's try this new segment meme of the week what's your segment week news segment time we tried it out meme of the week okay so this was this was my meme that i created created after

i tweeted out i don't own any bitcoin because 10 000 bitcoiners told me to have fun staying poor uh so i'm going to do my best to describe wait they said that you got that reaction i oh like a million of them are these real people are these like bots like are these real people saying hey david i think they're real people i think they're real people which is absolutely crazy okay all right i think this is a meme that sailor made that have fun staying poor is like somebody that says anything negative about bitcoin like the bitcoin cyber hornets come in and flood your dms and like one of them says h and then the second one says a and this next one says v and then they all spell out together have fun staying poor which i actually think is really cool because that

indicates the coordination of the bitcoin community the coordination of the me it's great meme coordination it's it's fanta it's actually really bullish for bitcoin but it also proves my point about what i was trying to signal when i said i own zero bitcoin all right so so here's the meme uh i'm gonna try and describe it for the listeners this is the meme where there uh there is like these two soldiers on top of a hill and then they're in yellow and there's a bunch of soldiers on the ground laying down in red and they're they're they look like they're dead and the two soldiers on the top of the hill saying how do we know if they're actually dead or if they're just pretending and the second soldier says i own zero bitcoin and then all the all the red soldiers on the ground start cracking up and they go

hahaha have fun staying poor and then the yellow soldiers are able to identify which ones are still alive so they stab them i don't i don't mean to caught like indicate any violence is not it's just not what the meme is i thought it was it's funny because even though they know they're about to die they can't resist saying it they just gotta say it have some have fun sing poor it's just something about the culture man all right good well we should continue to do these uh look for the meme of the week can people tweet us memes bankless hq on twitter has become and instagram by the way has become a meme generation engine um and like we're trying to capture the best and and tweet them out make our own that sort of thing so what should people do tweet at us if

they've got a good meme for next week yeah if you think that you got a meme that deserves to be meme of the week at banklesshq either on twitter or on instagram and you should also be following us on instagram because that's where uh we have the meme sandbox growing we're testing out our memes the best the best memes that do really really well on instagram make it to the bankless twitter and all the other ones uh that are just you know fun to send around on instagram are on bankless instagram bankless hq so you guys should all be following that all right david that's been rollups guys i hope you enjoyed it i'm gonna do risks and disclaimers this week because it almost sounded like you were giving financial advice which i know you weren't doing never ever not do that so ethan's risky

crypto is risky so is defy guys you could lose what you put in but we're headed west this is the frontier it's not for everyone but we're glad you're with us on the bankless journey thanks a lot