ROLLUP: Elon Musk Buys Twitter?! | 8.5% Inflation | Tax Week | Epic Games Building the Metaverse

Transcript

question for you ryan just like just gut take how do you feel about the market just general sentiment no no charts no numbers general sentiment can i be honest for a minute sure i'm feeling real good about the market yeah hey bankless nation happy second week of april we got a hot week for you really excited about what we're doing today and david what is this episode called tell him oh ryan it's the friday bankless weekly rollup where we recap the entire week in crypto which like i say ryan is always an ambitious endeavor yet we persevere nonetheless through the gamut of the news we pack it apart we pull it apart we distill it for you digest it for you and download the entire week of

crypto all in one episode some nice uh digestion for you some pre-chewed meat for you am i being gross hey look welcome to the east coast as a subject change how's the east coast time zone for you enjoy this i've it's been a little bit of a shock all of my west coast friends aren't up in the morning so i want to like get up and start posting and discord and they're like not awake yet but then like you know we get to start the the weekly roll up a lot earlier this is the earliest weekly roll up you've ever done ryan yeah it is yeah i can't believe this is like the crack of dawn uh i guess in comparison but um i it's i love being on the east coast because i feel like we get a jump start on all of the west

coasters right so by the time you've woken up i'm like i'm already in work mode and i'm like just although you do wake up really early so you're pretty close but like i uh it's nice you got you get kind of a jump start on the day yeah what i've noticed about brooklyn is like coffee shops don't open until like 7 30 or 8. and so i go out in the morning and then like i'm waiting for the coffee store to open so this is ridiculous yeah i'm not sure why that's going on but anyway guys we've got a hot week for you on the recap we're gonna get it back to crypto topics of the week first of all inflation 8.5 wtf this is the highest like in 40 years or something david and when it's reported at 8.5 you know it's a little

higher than that ryan oh yeah you know it's uh double digits already we're going to talk about that also elon musk last week we told you he was going to be on twitter's board this week no he's not apparently but now he wants to buy all of twitter 100 okay we'll talk about that uh also uh the merge the ethereum merge sad face not happening in june so we're gonna talk about that some people are calling this a delay i think we have a different take on this uh also zuckerberg's metaverse you know he's working on this metaverse thing renamed his company uh you will be shocked at what markup he is charging on nfts no i don't think i will i think i won't be shocked at all well uh

yes probably listeners will not be shocked but it is uh it is surprising also uh tax memes okay just to make you feel good look yeah i know because this is coming out in the 15th and like taxes are due either today or the 18th uh i can't remember so uh we want to just make you feel good about the pain that you just suffered compiling your crypto taxes so we got some memes in store for you uh we're gonna get right to it uh before we do though guys we should talk about the thing that we said would happen which is these keith herring nfts you know it was national hiv aids awareness week and mac and consensus nft partnered up to issue these fantastic nfts a whole

bunch of them are sold they're sold already david i managed to snag this red one there might still be some red ones left i'm not sure and uh the experience of buying it yeah okay so the experience of buying it was really cool so all i had to do this is it in my open c wallet one of my open c wallets all i had to do was put in my credit card so no transaction fees i didn't even have to spend fiat on this or excuse me uh eth on this i could spend fiat right so you did not have a taxable event yes exactly now you're thinking like me i got him this is the only time of year i'm gonna be into these like tax memes that's the second thing you've said to me today that i'm like god damn david is

tax savvy now uh anyway so you pay with fiat uh and there's no transaction fees it's issued on polygon they send you an email you click it you you get it minted and you're all set so pretty cool and of course as we reminded you uh the last week 100 of the proceeds even resale value goes to um support youth affected by hiv and aids so you want to check this out yeah there's a 5 000 total red nfts left they are the the common tier if you will uh but you'll notice that they're they're going for 25 each with your credit card but the floor price is 82 uh and so as soon as those sell out you know that's you know what happens next i don't know i don't know nft is for

charity but maybe also some alpha kind of cool um let's talk about markets though david let's see oh by the way link in the show notes to that if you want the easy button uh markets though bitcoin price we up we down we sideways uh we're down we're down ryan we started 43 000 43 and a half thousand dollars uh we fell down to a low of 39.5 000 so broke through that 40 000 number which is the a good number to not break through but we are back above it we're back above it at where we are now at basically forty thousand one hundred dollars um defending that forty thousand dollar number if we could keep on defending that uh pretty well that'd be nice you know dangerously close to below forty thousand it's an interesting

week to look at crypto prices right because we're going to get to it the 8.5 inflation we were talking about that happened this week and so it's been interesting to see how bitcoin and ether and other crypto assets respond to this but how about eth how has it responded to some of this news and i think the news came out like what's up monday-ish yeah inflation worries monday tuesday tuesday i think something like that yeah you can see down we're down but what's eat for the week is down two and a half percent this week bitcoin was down it's down five percent east is down two and a half percent i wrote these numbers and they actually might be down a little bit more than that so it might be something like five point five and three percent of um bitcoin and eth e start of the week at

thirty two hundred dollars hit a low just below three thousand dollars just like bitcoin is defending forty thousand ether is defending 3 000 we are currently at three thousand and twenty dollars keeping our head right above water um not terribly comfortable but defended nonetheless that's a good day for above 3k i'm going to say every time david uh eat bitcoin ratio what's the ratio looking like yeah eat bitcoin ratio up two and a half percent yeah so we are at point zero five five five or excuse me what did i have to say point zero seven five five five um okay up two and a half percent i'm not like you know bull market appetite still on the table um yeah it's definitely on the table i'm gonna i'm

gonna look at the six month year what are we looking at in the sixth month uh go to go to the one year go to the one year not the year to date because it's still so early go to the one year yeah like you know well like we're trending higher trending higher we're cool with it interesting all right so the market's not saying bear territory right now the market's kind of undecided which is super interesting how about uh a question for you ryan just like just gut take how do you feel about the market the general sentiment no no charge no numbers general sentiment can i be honest for a minute sure i'm feeling real good about the market yeah i'm feeling really like maybe like maybe i'm too bullish and that that that worries me a little bit like the fact

that the fact that inflation and kind of these these fed shocks right like the news has sunk in i mean the fed is going to take some pretty drastic action here in the coming months they're going to have to raising rates they're going to start selling their bonds we got into a whole episode uh with us about crypto with um with dan moorhead where we talk about this that episode is coming out not next monday but the monday after right because vitalik's coming out next monday so yeah yeah yeah you know metallic gets the spot first but uh the episode with dan was fantastic as well anyway um i think that i would have exp with crane with all of the all of the macro things happening

this year i would have extra expected it to tank hard and it's not it's actually becoming a little less correlated with the stock market right so look there could be some other shocks in store for us this year right um you know a big a big uh hit on some event something could happen with the stock market and the bottom falls out of that who knows i think it will take crypto down with it but i think our recovery might be stronger and faster and it's not certain that all of those things will happen either so i'm feeling pretty good about it and i don't know if i trust my uh my instinct or feeling on that but like look don't listen to me i just i'm a long-term holder about these things so i get less worried about what happens in the week to week in the month to month

what's your take yeah i i would agree like the longer post uh post you know the market has definitely internalized and accepted the fed's actions from from what i've gathered like we we've had like basically the whole entire year to come to terms with the fed is going to raise interest rates and offload their balance sheet and so even like and the news this week was that like oh inflation was even hotter the fed was is going to um even more aggressively offload their balance sheet and so we went from like where we were at like 3500 down to 3000 more or less or something like that in the last two weeks and so like you know if that's what it's going to be when we find out that it's going to be even faster than it is then yeah fine like we'll take it

like is that all you got yeah like i'll i'll take a gut punch of 3500 down to 3 000. like if if this is how we are reacting to an acceleration of the bearishness then like that's fine like 3000 is is cool because here's the here's the other thing macro is the only thing holding crypto down at the moment i firmly believe that right that's why we are kind of in this crap territory if everything was going swimmingly from a macro perspective i think we would be hitting higher highs over all-time highs right now yeah i i definitely agree with that for sure um actually it's uh the episode that we did with dan moorehead is just really timely because dan moorhead was a macro

investor before he became a crypto investor and he realized in 2013 how macro of a conversation crypto is going to be so he he pivoted pantera from a macro fund to a crypto fund the timing for that episode couldn't be better um and so we but we got to put out vitalik first but if so for those who subscribe to the premium feed who are paid subscribers of bank list you'll get that early access earlier in the week yeah let's see if we can do that earlier like uh earlier in the week next year monday tuesday wednesday yeah thank you bank with senators uh well let's take a look at the cryptocurrency global chart we don't usually do this but i think we should start doing it from now on david so uh what is the crypto market cap total this week yeah yeah we started the week

at 2.08 trillion and we are currently at 1.96 trillion uh so quick math we lost a little bit over 0.1 trillion dollars yeah we lost a little over 100 billion is that a quarter of an elon we lost one quarter of an eli oh my god oh that is a quarter oh he's so am i right oh my god i think it's close i don't know i think it's pretty close i wrote down these numbers right before like we lost another like one percent in the market so i think the markets are down the total crypto market cap is down a little bit over four percent uh do writing how fast these markets move like the numbers get inaccurate from when i write them down 40 minutes ago to where they are should we start uh deny like uh

talking about these in terms of how many elons we lost well the us dollar is becoming a terrible frame of reference oh elon come on the show though seriously uh anyway uh eath gas that's gone down a little bit this week am i right yeah last last week the average gas price was 45 grand we are down to 38 way again always correlated with prices prices go up gas goes up prices go down gas goes down price at the pump going down uh well let's talk about what that means here's here's some market insight from from dom have you ever thought about what gas price would make eth actually deflationary in a post-merge world uh i hope you understood what i just said there in the post merge

because dave and i have been talking about it for so long if you don't go check out a youtube video that we released on kind of what the merge is but anyway dom says there is an easy way to calculate when at what gas price gas price eath is deflationary and to do that you take the number of active validators in the beacon chain you calculate the square root multiply that by a number 0.023939 those don't matter what's really interesting is is these numbers right here which is depending on the number of validators you have the more validators you have i guess the like the higher gas fees need to be to make it deflationary but

they're all still super low and i think we're at about uh 3600 validators on the three 360 000 ballots oh 360 000 validators excuse me 13 000 validators more coming in the queue as well which means about uh anytime gas fees are yeah 14 15 gray mm-hmm um above 14 or 15 gwei we're burning eth that's the threshold in post-merge merge world not current state so that means any time gas fees are above 15 way we're burning if they're ever below 15 way then we're not burning eath in a post-emergent world but my god they're

always going to be above 15 sway aren't they yeah for sure and according to the ethereum researchers they all feel comfortable with about 20 to 30 million ether staked for maximum ethereum security and it's like final form like 30 30 million e-stakes it's gonna be really nice when we have a very large layer two ecosystem because they're all going to need that security so it's like twenty percent-ish of all supplies yeah exactly like 30 30 million eath is going to be about what you see on the screen at 1 million validators right like 1 million validators times 32 3 like 3.2 million ethers or yeah 3.2 million ether staked no 32 million ether state excuse me which is like like uh 25-ish percent of all ether and so and as for just for people that

don't know the more ether that is staked to the proof-of-stake network uh the ethereum protocol issues a little bit more in total aggregate yield goes down because that that what is issued gets spread out by more people but the ethereum protocol ramps up a little bit the total amount of issuance just to have a balance just have an equilibrium so at maturity what this means is that we're looking about 24 way perhaps for that threshold for in the long-term equilibrium of ethereum 24 gway is the burn ratio over the long term it's always going to be over 24 away we're going to be burning we're going to burn time although sometimes we're going to be burning massive amounts because we predict gas fees on the ethereum main chain to go up and up and up and up because we are on this progress of first

gas is being consumed by users then gas starts getting consumed more by smart contracts eventually gas will be entirely consumed ethereum block space will be consumed by layer twos as the model here is we won't actually have users individuals like like you and i on the ethereum main chain unless we're like super whales we'll be doing our stuff on layer two and posting the layer twos will be posting purchasing gas from ethereum so gas fees are just gonna go up so always gonna be burning in the future even if the ethereum whales probably won't be on the ethereum l1 because all the utility is going to be on the layer twos totally totally exactly we're gonna be moving to brooklyn away from manhattan right there

nice nice okay uh itchy token there's an itchy token collapse like i don't know why we're talking about this other than it's just a big like ninety-nine percent uh d5 debacle maybe there's some lessons here what are the lessons here it went from 650 million market cap to 10 million in 12 hours that's pretty painful what happened yeah over a half a billion dollars just got deleted in 12 hours uh so this was a brand new token that was coming out which was going to help uh produce a bunch of new stable coins um kind of just like kind of democratizing the ability to produce new stable coins um and what happened is that there was a rari fuse pool fuse pool number 136 that was made for the ichi token

and the issue token the team that was managing this fuse bowl because as this ichi token was like mooning basically it went from like zero to 600 million plus in market cap in like a month or so maybe a little bit less um since since march so yeah yeah about a month actually very strong price action up until the time it went to zero but basically okay the the team with the royal fuse pool they made a fuse pool so they could borrow against the ichi token kind of like being able to use it in compound right but for fuse um but compound doesn't allow you to do this because of risks and this is going to be a great example as to why compound doesn't allow any asset to come on to its collateral they increased the loan to value limit on the itchy fuse pool to 85

so if you put in 1 million dollars worth of ichi token you could get 850 000 in stable coins back which is a very large loan to loan to value ratio which is largely reserved for only the most liquid of assets bitcoin and ether basically that's it and even with ether i'd say 85 and still a large amount even with bitcoin kind of reserves only for stables really if you want to be hyper secure but this very illiquid very brand new token that has just recently had a very large run up in price was given an 85 loan to value ratio so some users were making significant loans uh and allowing them to borrow stables buy ichi tokens put eg tokens in the fuse pool to buy more stables basically leveraging up

on ichi tokens and so there was a ton of leverage of ichi tokens with outstanding us dollars being borrowed and it's really important to note that just because you are leveraging up on issue tokens doesn't mean that there's a significant amount of liquidity there uh so there's very little ability for if they're a sell event were to happen for that price to stay stable there's no liquidity on the ichi tokens uh and so as soon as there was a blip in the downwards price movement of the ichi tokens a a massive cascading liquidation happened uh and so uh as soon as the price of eg moved by 15 from the highs the protocol liquid liquidated basically every single ichi token that it had in its results

which is how it went to zero right there was not enough liquidity to repay the pools and so the ichi token went down to zero and so like this there's a lesson here no there's a lesson in don't take too much collateral or don't take too much leverage especially on an illiquid brand new token with very little price discovery but also like in theory like this itchy token this democratization of the ability to mint stable coins that could that's a viable product that could have worked just fine but what happened was that there was a very irresponsible team and a d gen community that caused the token price to implode causing the project to implode so on one hand we have this viable project and then the on the other hand we have these the irresponsible team and dj and traders

that that blew up the project and so my lesson i love this lesson the lesson here is culture matters ryan like if you have a fundamentals of a project but it's that fun and the fundamentals of the project are strong but you have an irresponsible team and a dj community it'll wreck the project culture matters and that is my takeaway oh look man they basically burnt down their own house right what's interesting about fuse is different than compound is like fuse is really a power tool like there is no risk to the fuse protocol for for these shenanigans right i'm stealing that word now but like uh because it sort of isolates the risk to individual pools so any community can spin up their own pool with whatever risk parameters they want and this community just created this

extreme over leveraged uh terrible pool and uh that this was the outcome and uh it probably destroyed the project no it's trading a little bit higher now but um this is definitely uh definitely shaking the face so fuel's fused is a power tool you know like be very careful how you can use it yeah definitely it's just like you know shop class uh again um all right let's get to inflation that's a big story this week so we said 8.5 inflation this is the white house this is a spokesperson for the white house calling extraordinary inflation extraordinarily elevated extraordinarily elevated that was hitting headlines this week um i guess a

few stats for us so inflation apparently was uh a 40-year high this is a 40-year high so we haven't seen this since i guess 1981 this is after a decade of inflation in the 70s it's kind of the high-water mark and the uh really the energy and food costs are spiking up they're hitting consumers the most it's likely that the fed is going to meet in three weeks time they're going to increase rates interest rates by probably about 50 basis points so half a percent um i it's absolutely crazy what's going on like these are some of the these are some of the inflation stats individually gasoline gas is not not eat gas regular

gas is up uh 48 used cars up 35 percent meat fish eggs up 13 read read protein because that's like meat fish and eggs that's protein so energy good quality food yeah yeah absolutely um food at home is up ten percent like i i don't know man uh went to uh costco this week and our grocery bill has never been higher that is all-time highs yeah absolutely and it's i think everyone's feeling this like everyone is noticing it's very visible i mean you're not like two to three percent inflation per year you don't barely notice right but 8.5 then it's like on a monthly basis you're just like wow

everything is spiking in price right who could have seen this coming gosh i don't know i mean they used to call it transitory inflation that was last summer and we were kind of making fun of that but look at this look at this chart david this is um this is kind of a data's beautiful sort of thing where you can kind of see rates from 1995 on and we've just had decades literally of low inflation you know 1.4 is the lowest number that i see the highest number that i see is four uh 2009 it was inverse the dollar was deflationary 2009 and i see a negative 2.4 percent inflation rate wow yup you're not seeing like i 2008 was kind of a tricky year of course well that

makes sense because that's right before the housing bubble that was the peak of the housing bubble when there was so much capital flowing around so that actually makes sense and then we and then we retraced it right like oh the how like five percent inflation rate happened too much and then and then the housing bubble crashed and we and we recorrected that healthy ish at least cpi no asset price inflation different story not healthy but like healthy healthy healthy now look at this right like six point two percent bam seven point five point nine april of 2021 is when you really start to see it and it starts to really change the parameters which makes sense because that is the first summer post covid when people decided that they were done and they were getting out and gonna enjoy their lives again it was all this is all

coped man it's a dark square oh man so there's many many more unfilled months for the remainder of 2022 and that's really going to be the story like how dark are those squares going to get or are they going to return to normalcy um that is the i think the the big story of the remainder of 2022 how bad will inflation get i think we're headed to double digits uh you had to take here what was your take on this yeah my take was inflation and distrust in government are highly correlated when they break our money they break our faith uh and this is why in the crypto industry we like to talk about the separation between government and money the separation between money and state because the government is responsible

for the money and because money works because we all believe in it when our faith in the money breaks our faith in government also breaks these are the same size of two different coins no the same two different sides of the same coin thank you yeah yeah absolutely and i think that um inflation is the thing that everyone notices i i would argue that um markets have been broken for a while just the last like 15 years asset price inflation has been absolutely insane but now everyone's noticing it because everyone pays for things denominated in dollars and now that's going off uh the rails and it's not clear that the fed has a plan that's workable to to correct this like it's kind of you know we use that

term powell is just it's the jesus take the wheel approach i don't think they know what they're doing i mean uh a year ago less than a year ago they were calling all of this transitory does this look very transitory to you we have a we have a clear escalation in inflation rates it's getting worse not better and how do you dial this down they're barely taking action right now and it's it's unclear that they'll be able to get this genie back in the bottle so tbd on that um it's hard to see inflation getting worse than 8.5 but also what do i know i was born in the 90s i don't know anything well yeah it did get worse and it can get worse and what's what's

different than the 1970s is that the fed has far more like the balance sheets far more leverage i mean they weren't like buying bonds uh in in the 1970s and they have been if there's a massive amount of bonds on the balance sheet so um and our you know debt is higher than ever anyway again dan moorhead episode if you want to hear more about this yeah the reason why ryan just skipped to the 70s was because that's what we talked about in dan moore ahead so let's contrast that all right uh we've called ether ethereum either the asset an internet bond before uh and we think that this is especially true of course we're staking out in a post-merge environment you know bloomberg has been really increasing their coverage on ether as an

asset and you know getting increasingly bullish on it they have a few analysts over there that that are doing this this is a bloomberg estimate bloomberg is estimating post-merge a nine percent each staking yield and a negative two percent issuance reduction annually they're actually estimating ether's yield as an internet bond and its supply this is the type of stuff that we were hoping financial analysts would start to do on wall street that only like crypto people were doing the only like guests on the bankless show and the bankless newsletter were doing and now we have bloomberg doing it not just bankless these

estimates are pretty good right i mean it's based on some stuff they've done their they've done their research they've done their due diligence i'm not sure if it's going to be like nine percent i actually would err on on something higher maybe yeah and it's probably like with mev and such you're probably like maybe 12 to 15 is what i would say this two percent issuance reduction sounds about right but it's just so cool to see bloomberg covering this and also contrast that with what's going on in the yield markets you are making like if you buy a a treasury a government bond right now in real terms how much are you losing per year like two percent three percent losing per year what a contrast in buying ether as in

like an internet bond versus the sovereign bonds that you can get in in fiat economies that's dude that i mean think of what it like how magical this must look like and honestly why people probably look at this with skepticism how can there be a net issuance reduction of two percent negative two percent deflation in the monetary supply rather than inflation of the monetary supply and investors be getting yield that has to just boggle people's brains until they understand the relationship between blocks blocks base sales eip159 all that stuff okay so on one hand you have a currency that is inflating in supply so your real terms are going down and the yield that you get on the on in the bond

market is because of treasuries and and issuance from the united states government is less than the actual real terms of value so you have uh inflating supply of the currency base and the yield for your bonds is less than the actual inflation on the other side of things you have a deflating currency base but the yield that you're getting on that deflating currency is higher than the yield that you would get in the bonds it's insane it's also look the narrative is too good here too right it's just forget digital gold like we're going after the bond market right the sovereign bond market right not eight trillion dollars in market cap it's like

50 to 70 trillion dollars in market cap peter thiel when he was talking at uh the the bitcoin conference he he'd made the comparison between bitcoin and ethereum and he compared ethereum to visa he was like all right well here's visas market cap as a payments network but then bitcoin is going after the much larger market cap of gold and like gold has got a seven trillion dollar market cap and visa is only like i don't know half a half i don't know whatever visa is and i'm just watching peter thiel talk about how comparing ethereum to visa i'm like yeah bro we are you guys are taking the smaller market cap is going after gold we're going after the bond market bro i don't even like i didn't even understand

like uh ether is just as much a non-sovereign store of value as bitcoin is at this point and and to to compare it in that way just feels like you're living back in 2017. right whatever look at this chart man uh fiat issuance 12 right and we have uh ethereum over here post merged at a negative two percent negative two point two percent so it's it's almost like apple stock buybacks right right it's like apple stock you get a negative three to four percent uh issuance rate in in kind of buybacks that's essentially what you're getting with uh with ethereum anyway i don't think the the bond market's gonna know what hits it once this narrative comes out okay it's just like realize it's just come from kind of

the ethereum community bankless is very like um bottom layer of the tier here right so like we basically uh we we learn from researchers and we try to understand the protocol as best we can we get a direct from the source and then we bring it a level higher to we help more people understand it but like mainstream does not tune into bankless in the way they tune in but but bloomberg tunes into bankless so then bloomberg gets a hold of it and then pretty soon other analysts take a look at this thing they're like what is this what is happening models concentrating exactly of information this is this is what's happening if you're listening to bank list the good news is you're still early like no one knows about this david no one

knows about this right even half of the crypto more than half of the crypto industry is not appreciating this i know i'm sure that the bitcoiners at the the anti-ethereum skeptics would love to say like but you guys the merge just got delayed okay fine like more time to more time to stack eath that's great yeah let's talk about that we'll talk about that coming up but guys we want to get to a few more things some releases first before we do all of that we want to thank the sponsors that made this episode possible garbage drum is an ethereum layer two's scaling solution that's going to completely change how we use device and nfts over 300 projects have already deployed to arbitrarium and the d5 and nft ecosystems are growing rapidly some of the coolest and newest nft collections have chosen arbitrarum as their home all the wild d-fire

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trade without tax headaches open an alto crypto ira to invest in crypto tax free just go to altoira dot com slash bankless that's a l t o i r a dot com bank list and start investing in crypto today all right guys the releases of the week robin hood you know them big fintech platform a lot of the meme stocks trading there they just enabled crypto wallet transfers so on robin hood you for a long time you've had the ability to buy like crypto assets right but robinhood was always custodying them and this annoyed us to no end because that is the antithesis of of the bankless vision which is you should have the option to take sovereignty of your keys if you want to robin hood would never

previously had not enabled withdrawals to private keys well now they are so they are enabling the withdrawal from the robin hood platform to uh crypto wallets which is fantastic well done robin hood i think they are also adding some other crypto features this is sort of what we've been told that are even more kind of you know self-sovereign and bankless in the future too so i think this is a sign of robin hood getting on board what's your take here yeah they say from the article the rollout began in september to a select group of users as reported at the time and it's in december the company inked a deal with blockchain analytics from chain analysis to prepare for the offerings wider rollout so they probably didn't want to

if i'm reading reading the writing on the wall they probably didn't want to allow users to have complete self-sovereignty over their uh being able to take custody of their own funds because like securities regulations is different than crypto asset regulations and so like giving them the ability to freely exit uh is like concerning for them uh but that is the way the industry is moving the we have the power to take over our money so we will um but they've onboarded chain analysis like the iaf sauron of the government the the tech extension of the government to surveil the incomings and outcomings of going out of out of robin hood to help protect them um and so do be aware if you are using uh using robinhood the chain analysis which has way better data about blockchain

analytics than you do is watching you they're probably watching you anyways so there's that um but like this is robin hood trying to keep up with the rest of the industry and allowing us to do all the things that crypto allows us to do so thank you robin hood for for getting to this point and i'm looking forward to the further increased innovations that coming out of you guys i think layer two is next look they're adding the bitcoin lightning network apparently uh and i expect other ethereum layer twos will come after that so very good also uh polygon this is maybe uh they're doing some more liquidity mining just to incent use of their protocol what's going on here yeah this isn't just like another liquidity mining program they're actually i think really pioneering innovating trying to make liquidity mining get the kpis that they're really

looking for they actually are literally calling it kpi liquidity mining first ever kpi liquidity mining 2.0 so rather than just like eating out spraying out matic tokens to incentivize the adoption protocols they're doing things that are more surgical more targeted to make sure that those issuance rewards are actually producing the outcomes that they're looking for rather than just being like liquidity mined to death rather than just being farmed and dumped so there's two parameters that they're really looking for in this 2.0 version of liquidity mining total value locked and weekly average users total total value locked really benefits the whales which is good because you need liquidity but weekly average users also uh benefits the small guy like the

little fry uh the individuals um and so i i like this model if they can get this right i think this is a great just like experiment for the industry to understand uh even anon teams can apply for the the campaign every single month distribution is manually evaluated which i think is actually a great just tool just manual evaluation it's a little bit harder but you get a lot more bang for your buck and applications that have worked harder to get the kpis out the door get more and more allocation for the next month so long as they proved it projects get to the individual projects get to choose where they send the funds of course uh and then there's this graph that ryan's got on screen which is showing all the eligible applications on matic on polygon that are receiving distributions things like avegachi

stakedow and then a bunch of other things that i'm actually not familiar with yeah this is really cool so less gameable and the bottom line is more tokens if you are using these layer 2 protocols uh and so be aware of that and get involved we encourage you to just like use all of these protocols guys you got to get there um what is this this is uh umbra oh yeah this is a privacy payments type of protocol what's going on yeah privacy payments on both optimism and arbitrage they call them stealth payments i don't know if that's a technical difference from like privacy payments like aztec or or what stealth payments are but i would imagine it's not the same so yeah privacy payments on layer two coming with umbra

that's really cool uh good to see that privacy is also expensive because it's computationally expensive but when you put it on a layer two it becomes a lot more viable uh which we need man so the eye of sauron can't uh invade everywhere we still are able to preserve our privacy as we are in the physical world um you just swap labs they just announced and they just launched excuse me a swap widget this looks really cool what is this yeah so uh as we know the front ends for for applications are centralized especially like you app.uniswap.finance or whatever whatever it is i don't know it auto loads into my browser uh that's the swap labs operated front end uh that's the thing that like you know restricts based off certain

geolocations uh they're building a widget to put different uniswap labs front ends wherever they there needs to be exchanges uh so maybe it's like an iframe if i'm remembering my web dev history correctly um but like you can basically inject a unit added to your website add it to your website like yeah like and just click click button deploy allow for your tokens right so i don't know maybe you have like a token gated website and somebody comes to your website and wants to access your whatever is behind your token gate but they don't have your token you can just put your uniswap widget on your website so that people can get your token it's basically like you have to have 10 tokens to become a member you know you embed the uniswap widget click here bam you're you're a member right because you're just buying a new swap or any use

case or any that needs a swap right like so like oh i gotta go do buy the token to do the things well i gotta go load up unit swap well if you just put the widget into the website it's easier yeah it's super cool it's going to become a pretty persuasive per uh pervasive and all of that liquidity of course that uniswap has bring you know bring to bear decreases the price on that stuff so it's cool um avalanche mempool what do you want to tell us about this are they opening up what's what's happening yeah so this was something i was actually talking with david meehau who runs the crypto like crypto fees moneyprinter.info we use his websites a bunch to display metrics and i was talking to him about how the avalanche mempool is actually not available for public view this is

something that they have closed and only available to people who stake avax tokens um which i i have concerns with because mev is something that makes the defy ecosystem for your chain extremely efficient and extremely solid right very rapid liquidations it prevents cascading liquidations when there shouldn't have to be having a very there might be some people don't even know what that mempool is though right oh yeah wow you're right yeah what is that that's like a holding tank area right right where transactions are cued so yeah if you're on ethereum the way that i'm familiar with mempool is like you go submit your transactions and then you go click the link to ether scan and it shows like oh your transaction is pending and it's got you've got the loading screen and then boom it's confirmed before it's confirmed it's in

the mempool so the mempool stands for memory pool it's like a memory bank of transactions uh and so like uh while your transaction is pending and not yet in the blockchain it's in the mempool and the mempool is where mev arbitragers people that are reordering transactions to benefit themselves are taking all these transactions and ordering them so they can extract some sort of value like some arbitrage on uniswap or or they can get first to liquidations avalanche does not give that mempool out to the public it keeps it contained for the avalanche dakers because that makes ave the avax token if you want to access the rewards of mev you have to own avax right it's a little bit reminiscent of order deal flow from

robin hood to citadel which got people very very upset earlier in the days and it's always been a very big concern of mine that they don't open up the mempool to the public the mempool is a public good it's a public resource and having a publicly available mempool just makes the whole system very very strong and anti-fragile because as we saw in the robinhood case the ability to order transactions or process them you know uh in whatever order you wish is a very powerful feature especially when you're dealing with large amounts you know anything financial it's a very powerful superpower oh it's arguably the biggest power in d5 if you have god mode basically over that one block because you're the validator you have you have

momentary guard god mode for that one block so you can order the transactions as you see fit to best benefit yourselves okay so it's previously and actually still the avalanche mempool is not available to the public but this chainsite chainsight labs organization has they put out a tweet announcing that they are opening up the avalanche mempool because they are an avalanche staker and so on avalanche's behalf they are broadcasting the mempool because they have access to that data so they tweet out for too long mev on avalanche has been gatekept and siloed from the masses due to avax not gossiping the mempool but no longer today we release the web app to snow site an avax mempool service so you can access finally the

avalanche mempool at avax.chainsight.dev and that you can you can now tap into the mempool and so what should be a public good has actually now been captured by chainsight because avalanche hasn't released it and so now chainsaw is like the broadcaster of the uh of the mempool i mean in my mind avalyn should just open it up anyways this is going to this is the logical conclusion for the avalanche mempool but between now and then chainsight has complete monopoly over the broadcasting of the avalanche mempool um but also thank you to train site for opening that thing up again the mempool is a public good it should not be privatized absolutely uh let's switch to raises epic games they just got two billion dollars to do what to build an avatar

filled metaverse all right so the makers of fortnite now get two billion dollars to go create a whole bunch of avatars in whatever the metaverse means to epic games which you know is going to involve nfts of some form or fashion uh that's that's pretty big news man this is like a major gaming studio entering in a big way what are your thoughts yeah there's also lego is involved yeah lego i i guess lego's kind of always been like a metaverse type of type of organize um uh type of like brand um two billion in raw funding uh that's pretty insane uh this kind of it feels very similar to uh the microsoft acquisition of activision blizzard um you know game

game companies being acquired by uh or just funding and other things of this nature so like you know trad fi web 2 trad organizations coming into the metaverse in their own particular way okay all right let's talk about uniswap labs ventures we're just talking about uniswap in general but it looks like they've spun out a vc firm or a vc agency i guess and they are going to invest in web 3 organizations i imagine web 3 projects here's a list of the projects they started with tenderly layer 0 bridge protocol maker dow apparently ave uh compound protocol whole bunch of others what do you make of this sort of

d5 projects d5 protocols now launching their own capital pools as becoming venture capitalists i i think it it's a logical conclusion it's not like they are making a particular strategy or they are doing anything unique when they they just need they have capital and you if you are a somebody who owns capital you need to put your capital to work for you uh and so this is the logical conclusion this is the theme of this base is like all dows have turned into vcs all d5 projects have turned into vcs like coinbase ventures started up forever ago coinbase is in exchange but you know the the industry's so ripe and young and fertile that they should take some of their capital because it and because it's logical too and invested in things

so any defy app with a token that has a significant treasury you're going to see them turn into vcs they're also investing in things that kind of benefit the unit swap protocol i would imagine the same way that uh you know ftx and sbf is investing in things that that benefit ftx so i imagine we see more of that um it's interesting yeah i don't know quite how i feel about it but spencer dune has an interesting take about vcs in general in the entire model he says this protocols are launching funds and ons are angel investing dows are raising millions per day some projects don't even raise private dollars anymore bc as we know it is probably dead by 2030.

it's so funny because do you remember when icos uh were going crazy in 2017 that's what people were saying it's like oh the vc model is dead it's dead and the vcs would fight back and be like what are you talking about these these ico tokens are nothing they're futility tokens this isn't real and they proved to be right but i bet they are not going to be right over the longer time horizon i think we have a massive disruption force in the typical vc model we're never going back to like the 1990s and the 2000 era of uh of vcs i think this crypto is going to completely disrupt um what's happening what are your thoughts yeah just one nuance and i think spencer got it right like v says and you said it too vcs as

we know it and so you you talked about how the mod the vcs of the 90s and 20s are dead and i think the crypto industry has already shifted the overturned window of what a vc means what vc is is changing but i do think there the the one thing that will never ever go away from whatever you call a vc uh is always legitimacy and brand and trust right like that is what a vc is uh we when i did my episode with haseeb qureshi from dragonfly we dove into these subjects um and he made a very strong case as to why vcs will never go away because like you know the opposite of vcs is retail right and so when you say retail what you're really talking about what you want to be

talking about is just like the average obvious hobbyists who care and have the shared values and and legitimacy but it's hard to target those people so what vcs do is they like like centralize and collapse all the legitimacy into one organization and that and they have their network right you're never going to get away from that no there is a need for the function that that vcs provide it's sort of like uh we're not trying to get rid of banking there's a need for banking but we're trying to get rid of banks like that's that's what's happening so you still need to lend borrow and you know pay for things you just don't need the you know 150 000 wells fargo employees to go help you do those things in the bank branches and physical locations so

right yeah i think that's what's happening here for sure plus plenty of toxic individuals out there and those toxic individuals definitely don't become part of vc firms right uh circle just announced 400 million dollar funding rounds so they're getting funding i think the big news is it's blackrock fidelity like some really big institutional finance names now coming into circle circle of course creators of uh usdc the biggest not the biggest but the biggest i guess most legitimate stable coin in the us also avalanche uh developer just raised 350 million dollars so avalanche developer does this just mean avalanche the ecosystem is raising 350 million dollars what is this david yeah that

title is is certainly odd this is definitely the avalanche ecosystem ava labs the main development okay here's what they mean the developer of avalanche ava labs they can basically say avalanche not an individual developer it's the studio behind it yeah okay so report raised 350 million dollars in a new founding ground valued at 5.25 billion dollars in valuation the way that that works because the avalanche token is actually liquid right so what they did is uh they probably just like discounted it so the wow the actual the market cap of of avalanche is 20 billion dollars does that mean that they got a 20 a 75 percent discount on the token that doesn't mean that no no i mean there's so there's the there's the market cap of

the token right and then there's ava labs the entity that likely owns a whole bunch of the token on their balance sheet but it's the develop this is like this would be akin to like the ethereum foundation getting funded for example because they have a balance sheet of ether on the table yeah and because they're producing ethereum type stuff it's really interesting i don't know the structure of ava labs but i imagine it's you know it's got to be a commercial entity right it's got to be like a private entity which is very different than the ef which has always been non-profit doesn't can't get funding like that and uh plans to dissolve over time right this is much more uh much more commercial definitely different than the the vision that uh vitalik had when he had this fork in the road of do we go

non-profit and become sort of a public good or do we go like raise money from vcs and go the charles hoskinson route uh that he was advising and he decided to stick with the nonprofit foundation which is the ef but many other layer ones are going in the complete opposite direction yeah the cultural difference i think could be could be more clear here the the idea of dissolving the the thing that helped birth ethereum rather than making that entity larger over time uh has significant impacts to the ecosystem as a whole and the money that came from this was from three hours capital and poly chain interesting some people see this as a strength others see it as a weakness it uh depends what side of the spectrum you're on i uh i have my own takes david

i know you did as well i don't think the listeners need to guess ignite formerly tendermint they just launched 150 million dollar accelerator for web3 projects so this is from the the cosmos ecosystem really and tendermint is being used everywhere that's the consensus um uh the consensus you know platform structure behind uh luna also behind matic like tendermint is is being used in so many different places so i've started getting so much praise for the actual technology of tendermint yeah people people have said that it's been rock solid for years yeah it's it's open source and you can take it use it in their project fork it's definitely a net net accretion to the industry actually we're getting ethan

who's one of the original creators of tendermint on bankless to come on tell us a few things about it and the cosmos ecosystem might be sort of a back and forth um debate structure we'll have to see uh goldman sachs they are investing in blockchain security firm certik an 88 million dollar funding ramp certificate are they like um auditing smart contract auditing type stuff uh yes yeah so they they certain queues from what they claim ai technology to monitor blockchain protocols and provide security audits for smart contracts so like i think one part chain analysis but then also a little bit of just like automated auditing um uh they also have launched kyc in front of investigation services so a combo of

smart contract auditing but also chain analysis type stuff as well yeah nice uh nomad as well 22 million dollars the seed round for security first interoperability so another bridge type interoperability play really cool all that money going into the space or speaking of all that money that's pouring into crypto a lot of job opportunities pouring into crypto as well we got a ton of them listed on the bankless jobs board this is our time of the week to remind you to get a job in crypto if you already haven't it's the best place to work it's fantastic uh let me read out some jobs i don't know what david's doing he's leaving his desk i think he's afraid to dance no he's doing the background dance there we go jobs bankless newsletter editor number one content manager tally a director of developer relations at

vallis a solidity architect alu a marketing manager at misha a ux designer prometheus research labs community manager of dgen dogs club god that sounds cool co-founder for an innovative omnichain d5 protocol tbd mystery project blockchain engineer asari software engineer missouri operations manager cynica senior product designer smart defy senior girl russ engineer syndicate senior full stack engineer seneca senior software uh engineer air airdrop labs oh my god there's so many product manager crypto nori a bankless web developer at bankless go check him out man that was a lot david you come back now we got through all the jobs we can move on now people getting hired in crypto it's

beautiful thing all right you want to get to the news here's here's the sad face news i should have been expecting it i get optimistic every single time uh but the merge according to tim baiko won't be in june but will likely be a few months after of course no firm date yet there never was uh you can't call it a delay because there was never a date in the first place people will call it a delay though just because there are expectations people like ooh june june june and then tim's like nope still not june and then get kicked out a couple more months uh and so august august i'll do it again you're saying dates because you have to i mean there is no date right it's gonna

happen this year though isn't it 2022 2022 this year right tim i got the the gandalf meme here ethereum devs right now with gandalf phase the merge is never late it arrives precisely when it means to i think that's what always has been like that's what the devs are communicating it's like hey guys don't ever say a date again okay don't and i i feel like um dates work through social consensus as well is somebody says oh these things lead me to believe the date is x it never it never comes from developers who are saying these dates unless unless it's like imminent and then the community rallies around that date and it's like yeah it must be date x and then someone gets a hold of it and it

gets projected out further and further like and then everyone's saying june before long but to be fair developers never said june in the first place they do not give dates um but of course we always like to ask and uh i don't know it feels like what did tim say what are the exact words let's parse through this after on pal thing no firm date yet but we're definitely in the final chapter it won't be june but likely in the few months after a few months what's few to you is that three two three yeah three at best you probably gotta lean you gotta you've gotta add so it's not two it's gotta be at least three four yeah october october

so much time to stack gonna launch on halloween guys anyway is what it is keep moving forward more time to stack youth uh all right maker and maple a partnership to scale the digital economy what is this partnership david two d5 protocols teaming up yeah this is super simple the maker dao's d3m the die direct module allows maker to mint die in specific liquidity pools they have this with ave so ave has the power to mint die directly as needed uh that is this ability is now being extended to maple finance maple finance is a under collateralized institution uh lending uh defy app so money like liquidity for institutions trusted

institutions who use their reputation as collateral and that was being hooked into maker so they can go and stray and mint die straight from the maker protocol nice good critical mashup good team up uh nft news let's start here do you know mark zuckerberg he's creating this metaverse thing he wants to charge people 50 commission on nfts sold in the metaverse is actually like 47 20 something percent and this is basically the uh kind of the app store model you know apple charges 30 and everything i it seems like meta and mark and the team over there think they can just port this model over to the metaverse and over to nfts and i don't know how he can think that

we definitely do not pay 50 commission to an intermediary on the things we use in crypto and nfts i mean granted we do pay 2 to open c 2.5 right so that's that's something on purchases and that's probably worth it but can you command a 50 margin and even open c you got to anticipate as competition enters its prices will erode because openc doesn't actually own the nfts right it's all like registered on chains so it's going to erode over time as well what do you think of this do they just not understand the business model of this web 3 thing maybe there's part of the story that like we're not familiar with but also like maybe just people like oh yeah like

i'll pay 50 to not get scammed by web 3. uh maybe that's the take here but like at the same time like all this whole like web web 2 doing web 3 things is going to as people get more and more comfortable with it they're going to realize like why am i paying mark zuckerberg such high rent i'm going to go do it for free in web 3 and maybe this is going to be a positive pr move for web 3 over time maybe yeah we'll have to see how that plays out it just feels like uh that is so incongruous to yeah yeah egregious it just doesn't it doesn't match it's a mystery 50 rent fee on anything is egregious yeah absolutely i can't believe we still pay 30 in the app store um this is cool a board ape yacht club restaurant is

just launched you know what's cool about this so this is the this is the restaurant itself you know what's cool about this is this guy i presume owns the board ape himself right sure and what i was thinking about is the license uh guarantees to the to the board ape owners basically they get to profit on use of their ape in whatever they choose you could put it on a t-shirt and profit that way you could open up a restaurant and profit that way you could sell like sell license to it a movie so what's cool about this is a kind of an entrepreneur gets use of the nft that he purchased for some sort of commercial gain and this is different than the creative

common license right because if you have creative commons anyone can do this like your mfers my mfers anyone can launch a store put your mf or in a movie without asking your permission that's creative commons please do the board but board apes are more restrictive and they they provide like the owner of the nft themselves with the actual license ability and rights uh so it's different it's just like i like how these two experiments are playing out like i have probably preferences and i think some models will be more successful than others but you gotta admit that this is kind of a cool use of an nft uh yes i guess but also at the same time

uh what does the ape have anything to do with a restaurant right oh i don't i have no idea if there is a customer if you're looking at like all right where do i want to get lunch i'm hungry for cheeseburgers does go into the aspect thing have anything to do with your decision making like it doesn't look crazy actually boosts the value of the restaurant though yeah it's probably this is like the the restaurant itself is maybe a sort of a strange pick for this but like i don't know plush toys i don't know something could hit i don't know i guess so um let's talk about this the story is something here yeah so what's happening yeah coinbase uh is creating an interactive three-part film featuring the board ape yacht club and apecoin communities uh so a film

about apes and the cop universe with coinbase called the d-gen trilogy uh interactive film maybe that's like the whole choose your own adventure type film that um netflix did not too long ago uh and also shimbuya from people pleasers building you know maybe that's what's going on here um but yeah again the ape brand uh like that's what people should i i really think should take away is that you know basically nfts are just brands that's what they are the ape brand is really really strong so now there's a restaurant ate brand and now there is a movie eight brand it's basically a brand brand manager a community and some capital that's to me what an nft is like an nfc community is but also like

my bare case for that is this like for anyone that doesn't own an ape nft they're not incentivized to go watch the movie they're actually kind of disincentivized a little bit because they're kind of cringed out by it a little bit a little bit cringed out but i don't have an ape yeah right like i don't care about your community like i'm not gonna go watch your stupid movie that's true i i do think that uh some of these things could actually flop in weird way like i don't know it all depends on the brand management of it there's a lot of dependencies here i it's gonna be really interesting to see these things play out here here's an experiment that didn't play out so well so this guy a crypto entrepreneur uh purchased jack dorsey's first ever tweet so the first time jack dorsey

logged onto twitter 2006 he tweeted something he purchased it as an nft for 2.9 million jpeg of the tweet i wonder if you could see what it looks like uh actually let me pull it up was from sent and the tweet was something along the lines of uh just trying out my twitter account tweeted from jack it was the first tweet ever just trying out my twitter account anyway he paid 2.9 million dollars for it and then david he went to go sell it so he's like oh i kind of want to sell it i'm gonna auction it out i'm gonna give some proceeds to uh charity he thought he'd be able to sell maybe 25 million dollars nft space i bought it for 2.9 it's got to appreciate new value i guess the closing bid the last bid he

got 280 dollars for an nft he paid two point two point nine million dollars for what's the what's the multiplier or the the oh god that's like down point nine nine point nine nine percent that is some tax loss harvesting my friend that's a that's a down bad right there that's real down bad now he's probably not going to sell it for that but it just goes to show you like man you can really get wrecked by nfts and i think a lot of the the success that we read about nfts for every success you see of somebody making millions of dollars there has to be like 99 at least failures probably 999 it's just the survival bias where we always hear about

the guy who just made you know five million dollars on an nft flip right ah yeah well i had a take about this uh remember when somebody bought the beeple nft for 69 million dollars yes how do you how do you think that's what do you think that's doing on the secondary market oh no yeah i have no idea i have no idea or under over or under one million dollars i'm gonna say i would not have departed with my eth for that purchase okay i would just kept my eat for that purchase because i think it's it's an asset that's gonna appreciate more than the the people but you know who knows right that's right okay people sold zeath from that too a whole big chunk of it yeah at what price

like three thousand like three thousand i think yeah i guess maybe it's okay i don't know i'm sure people i think people's doing judges yeah i'm sure he's gonna be okay what's this uh there is people taking loans on their nfts now we've talked about that for a while it looks like it's happening this is the biggest one i've seen somebody borrowed 8.3 million dollars on their crypto punk the value of their crypto punk yeah remember that story of the crypto punk lot that was going to souther bees 104 of them and the guy like the like hours before the lot because the crypto punk floor was like plummeting at that time and they he was going to sell 104 crypto punks and then he just changed he changed his mind last minute well he got liquidity in a different way by borrowing 8.3 million

dollars on his against his 104 crypto punk uh uh cryptopunk loan collateral you know that's tax-free liquidity my friend another pro tip for you it's the tax edition of bankless don't get liquidated yeah i just don't get liquidated i'm sure he's fine so that was a batch of 104 crypto punks uh not not just one obviously which is why he's getting so much and died denominated which is kind of cool all right let's get to uh the musk watch elon musk he was gonna join the board of twitter last week now this week he's quitting that he's not joining the board any longer something happened do you know what happened uh yeah uh elon this morning i believe yeah this morning thursday morning uh tweets out i made an offer and then links to an sec file document which is

an offer to buy twitter not not by shares of twitter by twitter the whole thing the whole thing for an average for a share price of 54.20 um and which is a 54 percent premium over the january 28th closing price i don't i'm sure why the january 20th closing price matters but um yeah valuation of 43 billion dollars made an offer to buy twitter how crazy would that be if that happened so how much is this total do we know how much this is i don't know oh 43 billion dollars david it's 43 billion dollars so it's only like an eighth of a musk

that's not very much uh can't he like i i'd really like him to stick to the whole rockets and electric cars thing i don't i don't some people think he's going to be really good some people think he's going to be really good for twitter david like you know promoting i think elon musk has the potential to be really good for planet earth and twitter doesn't really have that same potential interesting as a twitter power user yourself are you like not not bullish on uh on twitter i i would like the planet to not dive climate change and also for humans to become an interstellar species and twitter's not doing anything in those regards stay stick to what you know elon that's what david's saying like you're really good at some things go go focus

yeah but he'd have to outbid justin's son so apparently justin's son is offering sixty dollars per share is this real is this a real tweet yeah this is a real tweet for justin's son is a one-upping elon musk uh i tweeted out justin sun the me too founder of the world just like oh notice me offering 60 a share i don't know if justin son has that much money pretty sure he doesn't if he does it makes me very sad because i know so um yeah but that that's uh a please notice me type take um anyway we'll see we'll see if that happens next week it could totally change you know next week maybe elon's buying facebook or something well to see all right switching gears for a minute we got to update you guys on the axi infinity hacker remember the hacker that stole

hundreds of millions of dollars worth of eth from the axi infinity bridge to the ronin side chain well we're curious what he's doing with all of that money uh how this hacker he she they are exiting the system uh this is a tweet from watcher.guru somebody watching all of these accounts axe infiniti hacker has so far laundered 7.5 of the stolen ethereum using tornado cash tornado cash to launder it which is of course a sort of a privacy coin mixer i might say tumblr on ethereum so what does this mean david yeah so uh when you put your ether into tornado cache you can do it i think in

like i think in lots of 1 10 and 100 ether and then all of those get bundled up together and then you sit and just like let it steep and stew because people are putting in ether people are pulling out ether so like you wait some period of time and then you pull it out the other side and no one really knows you get lost in the crowd basically exactly lost in the crowd right uh 7.5 of that one of the largest hacks in deep i ever is a significant amount of ether and so i i asked the question to twitter it's like well like imagine for example you put in like 50 of all the ether inside of tornado cache we know exactly how much ether is in tornado cast we just don't know whose it is so i tweeted out can some dune

analytics wizard tell me what percent of ethan tornado cash this is because like if the hacker puts all their ethan into tornado cash and then your wallet withdraws each from toward from tornado cache you could be like pins like oh maybe that's maybe you're the hacker right because so much of the ether is tainted uh but as it turns out the ronin hack was 173 000 ether 13 7.5 percent of that the deposited ether from the hacker is 13 000 ether total ether in tornado cast ryan 180 000. so that's about 7.5 ish percent of all tornado cash ether so actually like seven percent seven point five percent of that hack is actually pretty like below the threshold

there's a nice graph that actually shows the very large deposit into into tornado cache you might have it pulled it up in the next tab so yeah you can see all the inputs and outputs right the red spikes the the green spikes going into tornado cache and turns out tornado cache has enough liquidity to hide a pretty sizable amount of ether and so tornado cache is averaging 6.6 000 ether per day in withdrawals uh which is up significantly from according to this tweet from where it was a couple weeks ago um but uh yeah well what do you think about this do you think like i'm surprised we haven't heard the elizabeth warren's of the world's you know talking about this maybe ethereum bucking ethereum the whole mix as basically uh a money laundering protocol and see this is how

criminals you know can escape with cash right and uh you know pri like privacy on chain privacy is bad and the chain analysis of the world maybe they can see into this thing but maybe they can't uh what do you think about that oh it's um privacy is a human right um but this is also a money laundering tool so there's that mixed right mixed reviews here technology is inherently neutral it's about how it's used um but privacy as a human right comes before anti-money laundering efforts you kind of have to if if you choose to prioritize privacy then you kind of have to take the good

with the bad isn't isn't there just a fundamental trade-off here that society has like and by the way this is not a crazy trade-off we've had this in cash forever right and this hasn't caused the downfall collapse of society right there's still the ability to find these criminals via other means without eroding the privacy of every individual citizen and knowing exactly what they own and exactly who they are so it's something i feel like the crypto industry has to get stronger on but i do also feel like it's a it's a losing battle in the political sound bite game where somebody would be like oh yeah and then they just laundered all this money through tornado cash the money laundering tool and then pretty soon everyone who's ever used tornado cash just to obfuscate

their identity for like legitimate reasons non-criminal reasons they're painting the same brush so if you're using a privacy uh protocol at all well you must be a criminal rather than you just want to preserve your actual on-chain privacy and uh yeah this is a slippery slope because then then exchanges start blacklisting any address that's interacted with tornado cache you can imagine something like this happening and then the only outlet for you is decentralized defy type protocols that have no ability to uh to blacklist right so this is why all of these things are very important i think but it's a complex subject yeah bitcoin has proof of work as its big achilles heel and its narrative i think privacy on ethereum because

tornado cache is actually a pretty inferior form of privacy aztec technologies ek roll uh which is not just not a sdk rollup but zero knowledge proof technology like the aztec layer 2 is going to be a completely private layer too like the technology or the privacy tools on ethereum are only going to get orders of magnitude better more secure more private and more usable this is going to be our narrative achilles heel like this is going to be the attack vector for ethereum is privacy it's i think it's privacy in general and yes and bitcoin has no privacy in fact i there's there's a whole really interesting discussion which i don't think crypto could have gotten as far as it it has gotten to this point without like nation state kind of choking the

the baby in the crib if it had privacy on the base layer there's a reason why monero's not on any exchange um but also lightning network ryan is private that's a private technology anyway it's uh that's definitely a trade-off and it and it's something that we're going to have to discuss with the regulators in the future all right guys we're going to burn through a few more things uh near they're launching an algo stable coin on the 20th of april called usn this is going to be like ust for tara so other alternative layer ones joining the space there to compete for tara david what's this uh a higher center an organization consortium or a between circle between with usd and also coinbase has hired two executives to oversee regulation

operations uh these are kind of one of our our our spearheading uh entities helping us fight the fight in regulation so we like to see that more regulatory firepower um also celsius so this is a centralized um lending and borrowing project exchange i guess crypto bank you might call them yeah app um similar to block fi they have now made it such that non-accredited investors in the us will not be able to deposit new assets into their own accounts so this happened with block fi in february this is the sec coming down on these custodial crypto lending and borrowing protocols and saying nope can't do that not here not in the u.s not to unaccredited investors not to

people who have less than one million dollars in assets so where do we go from here we move to d5 and also the celsiuses and the block files of the world seek to become regulated entities so they can start doing this sort of thing david let's talk about some more regulatory pressure and this is coming from an interesting place a series of class action lawsuits and this is a new one that dropped to our attention this week this is a class action lawsuit from a uniswap user are you a uniswap user if you're listening to bankless you probably are right you may have been in the past this is a uniswap user that is accusing uniswap labs of allowing fraudulent activity

on its protocol okay and non-registered securities other fraudulent uh activity apparently this user you can read the entire plaintiff and the the complaint the class action complaint here this user bought a whole bunch of uniswap gems right some might call these coins in last year last summer so like you know june uh may of last summer like stuff like you know the classics like good old ethereum max matrix samurai and uh rocket bunny and boom baby dot io okay uh and if you read the the the complaint about 10k was invested in these things

and uh almost all of them went to zero near zero right and so the the complaint is that uniswap allowed this to happen and so named in the lawsuit is uniswap hayden adams investors in uniswap labs like a16z basically everyone they could think of uh this is so crazy to me david i'm i have some reactions to this but i want to hear your yours first what do you think about this this feels malicious uh this feels like they were doing this with intent uh in order to like smear uniswap right this is not just in my opinion there's perhaps a case to be made that this is not just some you know innocent person

who got some uber driver tips to buy ethereum maps max or rocket bunny but instead are using this as a way to uh and get into start targeting d5 legally it's not the first time we've seen this ryan you'll remember a number of months ago somebody deposited ten dollars into pool together and started uh suing so and then class action lawsuit had pulled together uh for losing money because of the gas fee ryan not being are you kidding me the gas fee they get because they lost money because they paid the gas fee class action lawsuit against uni uh pulled together this effort is still going on uh now this happens same thing class action lawsuit against some obvious like personally ryan if i lost

all my money in rocket bunny and i think about my life choices i wouldn't publicize that i would not i would not go publicly with that and so i think that there's something in insipid insidious what's the word insidious yeah insidious yeah going on behind the scenes and i think this story is going to unh have to be unfolded a little bit more do you think this is a takedown an organized takedown possibly i i think this is there's something bad going on here because like how how can you possibly blame uniswap which is a permissionless decentralized exchange that does not control asset listings at all individuals do how can you possibly exchange blame smart contract code the developers of smart contract code this is to me this is like you know

uh blaming the developers of tcp for what just happened here i mean like you may as well who who originally created the tcpip protocol that all of the rest of the internet transacts on maybe we can hold them responsible because i lost money on uniswap like or i was scammed from a nigerian prince email or something or somebody made me mad on twitter [Laughter] it's just absolutely ludicrous and what i'm worried about is that there might be some i guess court precedent that negatively impacts d5 and like i guess even best case scenario man these d5 projects get tied up in these class action lawsuits anyway that's why we do what we do we got to

talk about these protocols more and the value of them guys we're going to get into some hot takes of the week but before we do we want to thank the sponsors that made this episode possible 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 two 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

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all right guys we're back with the takes of the week this is one from dan price about taxes that's the theme of this episode david what's this say yeah dan price uh says every other country here are your taxes does this look okay america version turbo tax and h r block lobbied congress so you have to pay them hundreds of dollars and pull together all the paperwork the government already has on you to file your taxes manually we're a reminder that this is the state that we are in yes it's sad everyone that is stressing out over taxes you can thank turbo tax and h r block thank you [Laughter] as well as the irs and congress i suppose um this is a question i've had in my mind david i'm gonna just ask but it's uh it's really this question we've

talked about in some bankless shows but are there going to be local or global winners for d5 right and a global winner is like one kind of lending and borrowing protocol that establishes some sort of power law network effect like say ave and gets deployed across you know all of the chains for example avalanche phantom all of the chains right it'd be ave this is the the winner of uh lending and borrowing for example or compound or something like this the local version of things is no every single chain ecosystem will have its own uh its own automated market maker and lending and borrowing protocols so like on avalanche you'll have trader joe and on ethereum you might have uniswap and on polygon you might have like a quick swap or something like this this

has been a big question in my mind because it's like a question of how do you invest do you invest with the big ones or do you have to look for like winners across every single chain so i asked this question do you guys think there will be local winners or global winners a few good responses here the majority the majority seem to indicate that like global global winners would win which was kind of my inclination but this guy um hildabi actually provided some data behind this you want to read this tweet out yeah stats following uni-swap's arrival on polygon leads me to believe that user stickiness will lead to global winners in my opinion the average user sticks to what he or she is familiar with but it will be interesting to see how things develop and then he gives a graph

that shows how much how dominant uniswap is across all the dexes on polygon one core uh one asterisks on this is that if you're using polygon you're more likely to be an ethereum user and if you're an ethereum user you're likely to be a uniswap user going across a different ecosystem to solana or avalanche especially solana because islam is not evm avalanche is the uevm like maybe there's a different taste because it's a different a very different user base rather than just a slightly different user base so how do you think this shakes out i think you're right i think i think the uniform branding is very very strong also that technology is very very strong as well like you know v3 is robust right like it's hard to compete with that uh and so i think that lends itself to global winners i think we might have

like a combo too i think we'll have some certain major but you know how like in in countries right there's like sort of the um you know the the google of china for example for various reasons um like some countries have their own flavors of this i think you'll see some of that too but then you'll also see some big global power law winners like there might be some geographic boundaries in these chains here that we don't see like maybe evm versus non-evm is one of them i think that's right it will be interesting leaning towards global winners yeah uh this is the area i can see like there being global winners amongst all evm chains and all non-evm chains having their own local winners yeah that's one possibility for sure uh there's an eric wall tweet

what's he saying here uh he's taking a screenshot and the screenshot is of other tweets and the first person says the gas vessel and avalanche are getting ridiculous somebody follows that up saying yes a transaction previously cost me six cents and now six dollars and fifty cents that's a ten thousand percent increase i'm not sure in the math on that one uh and then eric wall retweets this saying obviously the solution is an evm fork which poses the question what is the model of scaling that the that the crypto industry is going to have every time a layer one blockchain gets full are we going to gets expensive gets it gets expensive get full same same um are we going to a one to spin up another layer one block chain that's an evm fork like another geth fork spin that out it's blockchain raise a bunch

of ec cash or when a layer one blockchain gets full do you just spin up another layer too which model of scaling is the industry going to go in and lots of people in this and this is i feel like the question of 2021 and now going into 2022 how will the crypto industry scale will we put out more layer ones or will we put out more layer twos um yeah i do think that these are the two models david and uh you know i want to get to your your post that you published this week about one of the models um but basically the two models are are we going to live in this world of interconnected side chains with their own validator set so none that are really like market dominant just a whole bunch of new side chains that we keep spinning up all with their own

uh defense and security spend or are we going to live more in a world of like something like ethereum where there's one modular chain that kind of provides economic security for a whole bunch of other layer layer twos and the dichotomy here that i've heard which is kind of an analog to the real world is will we live in a world of like many nation states with providing their own security or will we live in a world with empires and maybe some dominant empires some modular blockchains that kind of provide security for like spheres of influence if you will territories states and provinces and alliances with other countries so you

wrote about this i think in your in your post the empire model for blockchains and what's the argument that you're making yeah the argument i'm making is that if you are not playing to be the number one spot then you are not playing and i think the evidence for why this is going to be an empire model of a blockchain network rather than you said nation states ryan but i think the alternative model is like many many city states um and so like oh yes that's what i meant city states not nations states yeah so like rather like one dominant like nation that blankets the whole like world with their blockchain right like i think the ethereum empire model the many many layer two's model is going to be the dominant one and the the interoperable side chains a network of side chains where avalanche is the side

chain to ethereum which is a side chain to solana which is a side chain to avalanche and there's a mesh network of side chains like that doesn't make sense and people know this subconsciously in the tribalism and the fighting that happens on crypto twitter the reason why we fight the reason why crypto twitter is tribal is because we all at least subconsciously some people consciously know this and i'm trying to get people to consciously know it which is why i wrote the article we subconsciously know this is true and that's why we are tribal because we all want to be the number one spot we all want our blockchain to be the number one thing we all know we're playing the empire game we are all playing the empire game liquidity begins liquidity capital begets capital network effects begets network network effects and the

number one blockchain claims all of these things and so like and there's this is also just completely rational when in game theory because if you aren't if you're fighting to be a good side chain for to be interoperable with other good side chains you're going to lose to the blockchain that's fighting to be the empire and there's a and we in the last six months over a billion dollars has been hacked ryan in what in cross chain bridges insecure bridges bridges are going to be the next big attack vector and layer two cryptographic bridges are always going to be more secure than cross-chain multi-sig bridges and so a a empire model where there's one layer one with many many many many layer twos that come

to blanket the earth is fundamentally more secure than a poly cross train layer one model i think you know so first of all i would say um bitcoiners acknowledge this and realize about bitcoin this is why they fight hard i think the ethereum community doesn't so much and i don't think that i think they might like um cringe a little bit in the framing of this and i think that spicy wood i think i think the reason they do though david is because they're used to empires the the nation-state analog of like empire by conquest like that's how you go build an empire in the nation-state world you have to go like conquer another set of peoples and take from them uh but this is not empire by conquest this is empire by opt-in

conquest opt-in right and so basically the model is oh rather than spending if i'm a side chain you know a question rather than spending for my own economic security and spending by the way i just i have to inflate my my token supply like it's really expensive people don't look at this very often but i know you and i look at this a lot which is how much are chains actually spending in blockchain issuance for their security and it's a whole lot of money to maintain that level of security instead of doing that why don't i just outsource my security i want to opt into the ethereum federation yeah just i'll just have ethereum protect me yeah and and and you know i like that ecosystem anyway i'm evm whatever like uh there's a lot of

network effects so let me just build that bridge and i'll become a roll up rather than a side chain right it seems to me and again it's not opt-in no no one in ethereum like went and like conquered that side chain it was just basically like oh i'm looking at the economics of this and i'm trying to make the most rational decision and so i'm going to become a subsidiary of of ethereum now i do think that that model has got to be like that's sort of the model that we've seen play play out in the conquest world of nation states where we don't have a whole bunch of singapore's and hong kongs right it's like former hong kong like we don't have a bunch of city-states we have some pretty dominant uh nation-state empires maybe we have multiple that could also be the case and

it is the case now but there will probably be some eras and power law winners and more like dominant empires and i do think that is the quiet part that the ethereum community doesn't say out loud when you enter the we're fighting for monetary premium game you necessarily enter that game of like i guess opt-in empire building and there's so much evidence as to why this is the right model because this is the model of coordination ever since humans stopped being hunter-gatherers and we started being settlers and we actually created civilizations with property we started this coordination game of who pays taxes to who right like who who can have the monopoly on violence and in the

in the blockchain world it's who can have the strongest security but like you know in the in the physical world the monopoly on violence is like all right whoever has the largest military gets to control the global reserve currency in the blockchain world it's whoever's whichever blockchain has the best security has the best money money properties of that layer one okay i would just also say to that though um what you just said and what i just said nine out of ten vcs disagree with that yes yes maybe ten because they're incentivized for as many layer 1 block chains as possible because it's vc surface areas maybe so yes that's what that's what we might say but like let's let's flip that around like i think i think it's worth steel manning their argument and they basically more the

steel man is they don't believe that security and like defense economic security of the chain is kind of the number one property like they would prioritize uh user experience for example far higher and user experience is associated with low gas fees as well like and if you have to make lots of trade-offs on security decentralization security you know people forget what decentralization is like it's good to remind people it's in anti-corruption technology so it helps preserve it helps keep the cancer at bay it's like the white blood cells fighting the cancer in the spread in the body of the system okay and like they'll make some trade-offs there where

they'll introduce more potential for future corruption in exchange for usability and they'll say that like that's what users actually care about it's the user experience it's not the security and so it's not the highest like people don't care you know one vc put it this way um people don't care about like what chain they're interacting with for security reasons they care about risk more it's like what's the risk and so risk and security are related but it's not one-to-one there could be you know secure chains that have risks in other ways and so they want to minimize risk over the long run so i think a vc would push back on that and be like hey it's not actually a battle for maximum security david it's actually a battle for network effect and utility

and user experience because that's going to drive the most users in the most liquidity over the long run yep and i highly highly encourage people please go read this article it's one of my favorites i've written in a long time link in the shout outs that's cool all right man those are the takes but what are you excited about this week you liking brooklyn is that exciting dude i'm loving brooklyn um there's a doll meetup that i'm going to later today uh with just like seeing just a list of the invitees like oh these are all my friends this is great oh gosh like i never had this in san diego or really any other time ever uh and so just going to be in where dows are being built where the metaverse is being built here at the epicenter of it all which is brooklyn

williamsburg is really really exciting uh there's a boys club meetup that i'm going to later today ryan which is also going to be lovely and they're at the same time so i have to like party hop and it's a thursday so that's going to be really exciting i'm still like walking around brooklyn deciding what part of it i'm trying to find an apartment in but apparently you're definitely doing it oh i'm doing it yeah yeah unless look next week though you're going to amsterdam what if you fall in love with a different city oh gosh i don't know i could fall in love with amsterdam i still love america uh there i mean amsterdam's got got web three people too but nothing like brooklyn and williamsburg right like williamsburg is the epicenter of the metaverse it's like where the metaverse find has it's like linked to the real

world because everyone that's building the metaverse lives here uh and so it's like the metaverse instantiate in in williamsburg david's starting to sound like a brooklyn maximalist here i never ever ryan thought i'd ever live on the east coast uh but here i am that's funny again but then you also yeah off to amsterdam on saturday for devconnect i saw this couple like i last rolled up probably the nerdiest conference that i'm ever going to go to we're going to talk about like um then um what's it called am i thinking of ethereum conference ether no no defcon oh well i've never been to a def con so oh you haven't no i've never been to a def con yeah are you going this year yeah yeah in colombia in october uh i'm will be excited for that one on a future

roll up um but this roll up is as devconnect in amsterdam going to be modular blockchain talk there's going to be eth staking talk there's going to be a shared secret validator from obel network talk oh my god there's this going to be i'm just going to just geek out it's going to be great a lot of geek energy lots of energy bigly and also good to see anthony cesano it's going to be great to see him uh that's good and ryan what are you excited about uh okay so bankless registered for a trademark of the bankless name about a year ago we finally got that back and we have the trademark i don't have my soundboard but boop i know it's pretty cool so uh what's neat about this is i'm i'm actually when we get some time i'm excited to try some like

on-chain experiments with this thing right so what is a trademark it's just a registration in a country in a nation state or a set of countries that no one else can use this mark for a particular purpose like no one else can use the bankless brand for a particular purpose um bagless has always been somewhat of a headless brand you know you and i are kind of spearheading the movement a little bit i'm really excited about how we could like bring this trademark maybe on chain and set the dow loose on it right so what if uh you could you know basically create a non-revocable license for the dow and participants of the dow to use this trademark so for example what if you could create a smart contract

that was controlled by a snapshot vote and the snapshot vote could vote on which new entity would get rights to the trademark and be able to use the bankless brand or not you could like revoke that or approve that via a bank dow token snapshot vote like how cool would that be or what if uh you had to hold a certain amount of bank tokens and stake them or do something like this in order to use that use that mark use that trademark i don't know there's a lot of cool things and i'm i'm excited to like because what is what is a a trademark it's just a it's just like a nation state uh smart contract it's a contract like with the nation state and so can we tie that into yeah it's an nft so we can can we create that instantiate

that on chain create kind of a an integration layer here so anyway that's kind of nerdy stuff but i'm excited to talk to some crypto smart contract experts and see what we could do there yeah there's a lot of potential there for those who who don't know like go to instagram and type in bank lists bankless hq will show up but so will like 50 other flavors of bank list banks bank brazil those guys are killing it bank russia like bankless like uh romania like even some relatively small countries have like a bank list like podcasts in portuguese like bank under the bankless name all sorts of things and i would love to kind of usher them into the bankless family like even more officially free through use of this so yeah totally so

nice nice find nice enough to find it's cool stuff nft thank you us government cheers uh but you know what meme of the week i guess thank you us government again or maybe not so much uh taxes were brutal man it's tax week so we gotta end with these what's this uh tweet that we're looking at this is a relatively niche tweet but it's uh one boxer standing up ready to go we're like okay uh all right i'm gonna file these taxes let's do this and then the next scene is him sitting down drinking water goes damn filing that extension was easy you can get an extension to october you can file those but but if only for filing taxes you still got to pay yeah you still got to pay you

can't file extension to pay later that's awesome david like you were schooled up on all this stuff man this is another uh it's amazing how do you think i know these things you've yeah you've uh you've been hanging out with me a little bit i think i've come a long way all right this this next meme is coming from the rug news it's the onion for crypto you should be following it because the twitter account is hilarious uh irs web3 community employs tracks tax strategy we're finally getting guidance from the irs their guidance is you'll figure it out so true all right guys this has been the weekly roll up this somehow turned into tax week i don't know how but we won't be talking about taxes for at least another year right david one more year yeah

all right we're gonna leave you with uh one final moment of zen but before we do got to tell you this none of this has been financial advice it never is eth and bitcoin are both risky so is defy you could lose what you put in but we are headed west this is the frontier it's not for everyone but we're glad you're with us on the bangladesh journey thanks a lot i wish my taxes paid my health care house taxes paid my college education taxes went to projects i wish my taxes funded public transportation my crypto taxes [Music] hey we hope you enjoyed the video if you

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