ROLLUP: Shadowy Super Coders vs Elizabeth Warren | Uniswap Front-End Drama | Bitcoin & Ethereum

Transcript

[Music] hey bankless nation this is the fourth week of july and it is time friday morning for your weekly roll up david i am super excited about this weekly roll up we've got so much to unpack here we always do and this is always like i say my favorite piece of crypto content to produce in this weekly roll up just like every other weekly rollup we go through the markets what is the market saying then we go through the releases what got released in the last week of crypto then we go through the news cycle events uh and then we go into some ecosystem takes who has some interesting opinions in the week of crypto then we go to what david and ryan are excited about and we finish things off with the meme of the week ah the meme of the week can't wait man

this is going to be a great episode david before we get in we've got some psas man the first let's talk about the first public service announcement you have kovit dude i'm looking at your background it's looking like you have coveted right now i i have the covet yeah i got it i got it at yeah eath cece in paris took a negative test which allowed me to get out of the country because you have to take a negative test and so i took got my negative result back i'm like oh great i made it through ecc without without uh covid uh came back home and then had started having allergy symptoms which were very normal for me in in seattle so didn't really think anything of it but then on tuesday i got really really achy so i went and got a test came back positive uh probably like

did my did my responsible thing of tweeting that out to like uh let make sure everyone knew that if they got in contact with me and ecc that i had coveted uh i don't know where i got it from obviously there's a bunch of people around ecc who also got covid so i'm not not the only one but there's a very interesting a theme of a bunch of people who all got vaccinated i'm vaccinated a bunch of people who uh got covered we're all vaccinated uh and so we're all we all have like relatively mild symptoms i'm not if i'm not like dead or anything i'm still doing the weekly roll up as normal i'm pretty i feel pretty achy but it's just like a relatively normal cold then there's a bunch of people who also have all these same symptoms but

when they got there nega they got a test and it came back negative so that's kind of weird that is super weird yeah and i i can attest to that david because we recorded podcasts the last two days well you've also had covid and you've seemed like uh like you're not feeling great but still okay enough to to do podcasting still okay enough to like do some work you know that kind of thing so it's it's not been as bad as some other cases and you think that's because likely your vaccine mitigated that huh a hundred percent a hundred percent and one of the reasons why i wanted to put this psa in there is because like well now that i have my first hand experience with kovid and also having a vaccine and then also tweeting about it as like a public figure in the space you actually realize

how many people are out there who are like the never vaxxer anti-vaxxer camp and it is like kind of sobering and frustrating uh and so uh i cannot imagine what this would feel like without a vaccine uh it would be way i'm generally really achy like sitting in this chair is not even like a comfortable thing and that's with the vaccine i cannot imagine what it'd be like without a vaccine and i want to go to all the one of the ironic things about the my market monday this post this week in bank list was talking about like the importance uh the importance of being in person and how much i value being in person at these events and then i come back with coping but i didn't totally intend on going to all the other like in real life crypto events and one of the reasons why like we haven't been

able to return to normal in society is because people are refusing to take the vaccine and and or wear a mask when they should and so like it's they are those in my mind those people are getting in the way of having all these like beautiful awesome crypto ethereum events that i want to have and so if you want to go to those events you got to get a vaccine because you're making it bad for the rest of us there's your psa guys all right let's talk about another psa this is uh this is another conference that's coming up you actually don't have to attend in person would be great if we had more conferences in person but not all of those are practical but that this is called smart con we've been talking about it the last couple of weeks on the roll-up uh this is sort of your last

chance to sign up guys so if you're listening to this on friday go click the link in the show notes the smart contract summit dot io this is a free conference put on by the chain link folks tons of defy researchers tons of d5 developers tons of people with projects david you and i will be there with a d5 with a panel on eip1559 actually um we just secured guests for that panel who's gonna be on that panel with us yeah we got some guests that have not been on the bank list program yet and then one who has we have james wang who recently put out a report on ethereum talking about the combination of eip1559 and proof of stake we brought on squish chaos who coined the term the triple halvening and also to how

ethereum people should dream bigger dreams about what could be with regards to the value of ether under the ultrasound money paradigm more bullish than us more bullish than us wow that's hard and then uh familiar territory uh dc investor coming in uh to fill up the panel and so we got those three absolute rock stars joining us on an eip1559 and overall bullish ether panel so check that out guys get some tickets come come check out that panel all of the other educational events it's like a two to three day conference and make sure you're there david psa number three next week is actually eip 1559 week this is the week eip 1559 is scheduled to launch it looks like we're

all on track to launch that could happen uh as early as august 4th but it might bleed into august 5th and that seems a bit more likely because it's based on um the uh an actual block block time not a period of time and there's something called the ice age which is slowing down block time uh here lately so it's difficult to pinpoint exactly when that will launch but it's probably going to be between the 4th or the 5th of august and what are we doing next week to celebrate eip 1559 week i know we have a ton of events scheduled yeah we have three different things that we are doing on tuesday we are doing our regular state of the nation but it's also not a regular state of the nation we are bringing on tim baco to

help us moderate a eip-155 uh how would you call this like lee most forefront expert panel all-star panel right so we've done we did our eip1559 episode with hazu which was absolutely great and again if you need to get up to speed with eip1559 go listen to that podcast episode it's titled eip1559 because it is the full entire subject matter of what eip1559 is from zero to 100 a really great episode has going to be there on that panel but in joining him there's also going to be uh barnaby from the ethereum foundation matt garnett from consensus mesh and then mika zoltu who's a just a major eip1559 contributor these are not your 101 201 level eip1559 people this is the leading

forefront experts as to what eip1559 is along with uh tim baker who's going to help us moderate to ask us some of the questions that like ryan and i aren't even smart enough to ask and so this is going to be if you are trying to become god status in terms of eip155i knowledge who doesn't want that who doesn't want that god status eip1559 panel uh hopefully i'm hyping it up appropriately and that is just one event that's just the first event that's on tuesday on wednesday which is in theory maybe when eip159 goes live we are going to be teaming up with the boys over at eathub eric connor anthony cesano for our live stream many of you have joined us for the proof of stake beacon chain

uh kickoff uh live stream which we did at i think like four in the morning my roommate got very mad at me that day um for having that live stream go and i woke him up uh but uh we're doing it again uh four for eip1559 when that gets uh when as we get closer and closer we will be live streaming that with the guys from eathub so join us for that that'll be on the youtube and then as we just discussed thursday the fifth is the smartcon panel with james wang squish chaos and dc investor all about ethereum in a post eip1559 world and overall what's next for the role of ether as it relates to eip1559 so get stoked for eip1559 week that is next week and a good way not to miss all of that

of course is if you are watching this on youtube subscribe to this youtube channel all of this will be published there so you could check that out david another psa we've got a live stream that is happening tonight so this is a friday when folks are watching that that is a daily great live stream i don't know if you guys are celebrating the next psa which is it's ethereum's sixth birthday as you guys are listening to this as you guys are watching it or what but tell us about that live stream tonight yeah anthony and i we try and do these every now and then but it's been getting harder and harder and harder as covid has uh gone further and further into the you know people are going and back and doing their daily lives and so the friday evening time has been harder to

get a live stream scheduled but since i'm in quarantine mode uh anthony and i and so and anthony's in lockdown mode because australia is like super duper locked down we will be doing the the bankless daily great live stream tomorrow evening excuse me friday evening tonight for the listener so if you guys are also in quarantine mode for whatever reason or just want to tune in to me and anthony talk about what's going on in the world of ethereum tune into that which again like rand said uh a significant part it will be dedicated to the fact that it is ethereum's sixth birthday today friday ethereum july 30th uh the first block ever for ethereum was mined on july 30th 2015 and it is ethereum's sixth birthday today so happy birthday ethereum happy birthday

ethereum you know six years old 250 billion dollar network not too bad for a six-year-old i can't believe uh it's still so young you know half the age of of bitcoin at this point we've come a long way so definitely something to celebrate wow guys a lot of psas today before we go any further ryan yeah here's that here's an ethereum birthday pop quiz trivia moment for you what block are we on right now dude i don't know i don't measure thing in things in block time i'll never forget the time when um wait was it vitalik who told us like a block time when uh we're gonna schedule like a conversation or something i i i don't speak in block time so why don't you tell me i'm gonna

fail this quiz uh roughly 13 million block number is is what'll but it'll be out tomorrow at the time of recording yeah 13 million okay there you go that's a lot of blocks every six seconds impressive all right david do you want to get to markets let's do it all right markets where are we going where have we come from with bitcoin this week bitcoin we started the week at thirty two thousand and a half thirty to five hundred and we hit a high of forty one thousand dollars and we are currently just below forty thousand dollars at thirty nine eight hundred uh so bitcoin pretty good week up and to the right for basically the whole entire week uh interesting interestingly there was this price drama going on about this rumor

that amazon would be accepting crypto and bitcoin as payment and that turned out to be a false rumor but that rumor jacked up the price specifically on the 26th is what that huge spike is yeah so bitcoin on the 26 that jack it went from 35 000 and then like just a few moments later it was at 38 and a half thousand and this actually caused a significant number of short liquidations usually you only see long liquidations come when people were over leveraged and then the price goes down but we actually saw short liquidations which caused the price to jump up so that's what happened in the last week of bitcoin price yeah that's funny i i tweeted out that uh it seemed like um jeff bez somebody

told jeff bezos that elon bot had bitcoin you know so he's like he's like uh fomoing in with billionaire stuff but turned out none of that is true i don't even know if bezos is interested in crypto at all i've never heard him never heard a comment on it yeah so uh i guess that remains true so what's the story behind a whole bunch of the the shorters who are liquidated with this price drop yeah i would say so crypto markets they have momentum to them significant momentum and that's why bear markets can just be super prolonged irregardless of like strong fundamental positive catalysts and vice versa while bull markets can go on for way too long even though prices get out way too far ahead of his ski tips crypto markets have

momentum and i think people have been trying to position themselves using that frame of reference right oh like you know ether capped out at 4 000 bitcoin capped out at 60 000 and now we had those those that big wreckage moment where everyone got liquidated and then and now it turned it went from time for number to go up into time for number number to go down and i think a lot of people piled into the number go down trade and too many people piled into that trade and also i think the four year cycles are broken in my opinion and so too many people got short too quickly and they were betting on a down market but instead they got a crab market and in a crab market things also go up like at least for the short term and so a lot of the hopping crab yeah so hopping

popping crab jumps yeah i remember i was out there last week or two weeks ago ryan we were talking about how the market was uh crabs with uh bear arms to this week it's a crab with bull horns yeah with uh with strong legs able to able to leap and jump and do all sorts of tricks so one billion of bitcoin futures was liquidated in in a 12-hour period of time this is on july 26th that's what you're talking about all right what's the story with eth so we are happy because we are above 2k that is a good sign but uh where were we and where we come this week yeah ether started at 2300 hit a low of at 50. if the high for the week is 23.50 and the current price is 2

325 dollars pretty flat week for eth if you keep on zooming out ryan it didn't really do too much not a lot of volatility in the last like seven days or so uh but you know generally pretty pretty flat with a slight up into the right trend i would say it kind of uh followed that bitcoin jump with the amazon news and then sort of you know track similar to bitcoin um but let's talk about that so how about the ratio what are we looking at this week yeah the ratio is in this what i would call a falling wedge pattern uh again not a trader but this is the pattern that i'm seeing we are at uh kind of a low price of 0.058 a local low still a historical historically high price um i would like

to see that number come up above 0.06 but still in that crab season territory so nothing's too significant to the report here there's generally a theme of people kind of piling into a bitcoin trade right now uh bitcoin tends to lead the market and so while we are in crab season people are kind of looking for bitcoin to be the first thing to break that crab season trend and so there's just a little bit of rumors going around of people just kind of rotating into bitcoin be thinking that it's going to be the first mover to break out of the trade we will see yeah definitely we'll see um how about d5 pulse what is the total locked value of d5 this week yeah if i remember correctly last week it was something like 56 or 57 billion dollars and we are up to 66 billion

dollars locked in defy so it definitely broke out of a local trading or local it's funny to call it trading range but still kind of works the chart it's higher than it has been in the last like month or so coming in at 66.6 billion dollars locked in d5 more getting locked up and then how about the d5 pulse index so this is a measure of course of the health of defy tokens uh where are we on the week yeah same story slight up into the right trend coming in at just roughly 300 per dpi token uh higher than it was i believe it was like 285 285-ish last week as well so same story as ether not as up as much as bitcoin is but still up and to the right

yeah it seems like they're all kind of correlated together to like uh d5 bitcoin and ethan in this last week's move in the crab market in general it's been sort of the case how about uh the dpi to eth chart i know this is a ratio we've been tracking for a while to see if we are in the precipice of another defy summer season hasn't come we're in july going into august and we still haven't seen d5 summer is that the story is the story continuing there yeah the the d5 tokens are definitely not going to be the first ones to move in my opinion uh if people are waiting for bitcoin people are going to be waiting for ether before they're waiting for uh the defy token so coming in at point one two eight

five dpi per each which is below my 0.13 bottom call but still an approximate area so i'm still pretty happy about it yeah so has it been two weeks that we've been below david no we were at point point zero three five one three three five we know we're fine okay we're fine we'll check next week we'll check we'll be checking back on those bankless listeners we're going to hold david accountable for his calls here um all right let's talk about this the bankless bed index so this is a new index put together by the bankless dow of which we are a huge proponents of super exciting because it is an opportunity to get a third bitcoin a third eth and a third defied so that's through the deep dpi

index so it's like an index within an index but you just kind of buy it set it and forget it a nice asset i think we're going to be looking at this on a weekly basis um this is kind of a proxy i guess for crypto success in general for crypto monies and also defy and uh we are up on the week from it looks like what 100 to about 115 on this um and we did make a promise i think or you did on twitter david that uh you know somebody who what's going on here is this a pancake is this an olympic experience so people people make pancake art right and uh yeah there's a lot of memory jokes with the whole bed index like you know get get in bed with bank list getting breakfast in bed

yeah yeah you know eat all your three food groups bitcoin ether dpi uh and so there was an olympic pancake of art made and then we tweeted out saying if somebody makes this for the bed index we'll feature in the roll up so here it is somebody's making the bank list and this is also bankless dow this is an index out of the dow bankless dow the bad index pancake here it is for all the viewers on the youtube so make sure you eat all your food groups and also your yummy pancakes as well got the color scheme right too which is impressive so like you know not just the design but the color do who do we have to thank for that uh looks like uh x ophe3 uh with the ultrasound money meme uh emojis in the twitter handle so so thank you for that uh ryan if you go

back to the uh to the bed page bankless listeners who are religious listeners of the the weekly rollup they will know that we go through bitcoin and then ether and then dpi well what is the bed index other than bitcoin and ether and dpi and so while we talk about bitcoin and ether and dpi separately when we want to really summarize the market section we're just going to turn to the bed index and that is what it's for and so while we'll talk about bitcoin was up this much ether was up this much and dpi was up this much when we summarize it all together and show that uh the the bet index was up 11 of the week there is your weekly average defined by the bed index and that's why the bed index is so cool it is literally all like i said the

food groups of crypto assets and i put out this twitter thread last year it's only three food groups yeah yeah that's that's exactly right um bitcoin ether and dpi cover everything so i put out this tweet thread that kind of goes into why i think the bet index is going to be the best performing crypto asset index ever and that's because it it hits all of the major groups it hits the crypto monies and the crypto finances and it does it in my opinion in a 50 50 ratio right so bitcoin and ether these are crypto monies and dpi is crypto finance but ether itself is also an index of ethereum itself thanks to the power of eip1559 because eip1559 it links the

ethereum application layer the ethereum economy to the value and scarcity of eth so as finance on ethereum grows ethereum goes grows more scarce this is the ultrasound money thesis and so ether the asset which is why we all love it so much is one part money one part exposure to ethereum the economy and so it's it's a little bit of both it's fifty percent money it's fifty percent finance bitcoin is a hundred percent money and dpi is a hundred percent finance and so this is in my mind the most balanced perfected index of all time and while you think it's such a simple index because it's only three tokens bitcoin ether dpi dpi has 14 tokens inside of it and while bitcoin and ether are forever and they're never going to change dpi has the ability to update and iterate and

evolve as the ethereum app player does and so you get the balance of monies that should not change should not be tinkered with and then finance which always changes and always updates and so it's both it's both the long-term hold and the flexible uh token that updates along with the growth of the industry i just think it's super elegant and that's why i'm super bullish in bed yeah i think it's a great mix here too david and you know largely super positive feedback but you know some people have ping me been like well you know we've been listening to bank list it's clear you guys are a bit more bullish eth than you are maybe bitcoin or though we are bullish both and i would have loved to see maybe a ratio of 50 percent to some lower percentage of bitcoin but

like you know what the response to that is buy some additional eath sure you could buy bed and then buy some additional eath or maybe bitcoin and then lbp it and get those yes exactly you can lp it in into a unit swap and so take advantage of the success of um bed index trading transaction fees so there's lots of ways to play this guys really cool new primitive i think that's been added to the stack we'll be talking about that uh in the future too but there's also a statement to be made there about the credible neutrality that is part of the bankless thesis bankless we like credible neutrality and that one-third one-third one-third allows us to be unopinionated as to what's going to do well and the indices are supposed to rebalance right so as one outperforms

the other the indices rebalances and so that one third split between all three is a credibly neutral way to do this and that's what bank the bankless thesis is all about you know the only thing i would love to see if if there was some sort of a completely trustless version of bitcoin on ethereum which we don't have now this uses wrapped btc which is still somewhat banked when you have bitco as a custodian but perhaps in the future i think this index could change it could add staking assets of each um it could it could add different variations of bitcoin as well um david let's talk about this axi continues to grow and uh some people thought it was like just a blow off the top but it is still crushing it in terms of market cap um let me let me switch to market cap

actually here so we had almost we hit 3 billion almost 3 billion market cap for axi infinity we're down a little bit on that but is that really the story here is like axi hasn't stopped right like it's just continuing to uh to pump in terms of price yeah for bankless listeners that watch the state of the nation with axi that first peak 1.5 billion that's where we had jiho on from state of the nation and like i kind of facetiously behind the scenes said like oh yeah this is when bankless is getting the axi guys on on the show this is probably a local top i was completely wrong about that there have been two more tops even after that show and so the just magnitude of this run by axs has been absolutely

insane and just does it has no signs of of really stopping anytime soon yeah i just want to i want to zoom out more because uh let me check that you want to check this date so this date 2020 time in 2020 is when we first uh profiled the like you know like the first bankless article came out about um axi infinity and how crypto games were going to be absolutely massive and how axs was a really interesting um asset and game in that space at the time like market cap was under 10 million dollars now here we are 2.3 billion guys it pays to stay attention in the space but did you buy any of it ryan at the time i

don't i'm not i'm not i'm not talking about my bags david it's not a show for bag talk because you'll never know like you don't know the full extent of my nft connect collection i'm not doctor oh is it you that i'm trying to get my crypto punk [Laughter] no i don't sell i only buy all right so that's uh guys that is the axi story um you know another cool story is layer two summer optimism optimistic roll-ups just launched with optimism launching uh uniswap on it and this is their daily protocol revenue david so they've they've cleared some days converging on 10k in terms of daily revenue which is really cool to see uh any takes here

yeah uh the the comment here is that so it begins uh this is just even more data for ryan and i to talk about in the market section it's lovely to see these l2s generate fees because that is crypto economic sustainability and i expect there to be just be so much data about fees generated on l2 from the economic activity that they host there you know what i'm going to go to website while we're here at crypto fees.info let's take a quick look um i don't know if david's updated updated it that fast you know it doesn't have it but i'm just throwing this out there look um cardeno the l1 thousand dollars yeah the l one eight thousand dollars in uh one day fee that is about the same

that optimism is doing right now in a club in a beta yeah like this it's kind of out there i don't know like cardeno doesn't have its smart contracts this is not a section about cardano it's this is what we're talking about is the way you know that a blockchain has product market fit is if it has full blocks that people are paying for that's how you know right so really good metric to see later two doing that i think uh it's gonna catch some layer ones by surprise who actually don't have that demand um let's talk about this headline too david in the market section more than one in ten americans invested in crypto this year so it's ten percent i don't know if that's higher or lower than what you

think but what i found was really interesting is kind of who they are like the demographics um it's actually more women than traditional stocks if you compare investing cryptocurrency to traditional stocks more investors of color more lower income investors less fewer college educated investors but the big one here for me was the average age of a crypto investor 38 compared to 47 for stocks so definitely skewing younger although 38 to me it's like that's a little older than i thought crypto might be i guess does skew in that direction though right yeah i've always been if you actually pile into the data you'll actually find that the just like this i remember when i was uh working at a startup before before

bankless we were trying to get an average profile of the typical customer and the the average age i think was something like 48 uh yeah if you actually look into the data of like who uses these platforms and who crypto people are see i feel a little bit older than what you would think yeah which is yeah it's pretty crazy it's not just like 20 somethings and like you know kids using this stuff there's definitely um you know the average is 38 that feels about right maybe excuse a little bit younger for d5 but probably not much to your point the the data that the chart showed tells me a story about how crypto is more inclusive yeah i i hope that's the case and i hope it continues to be the case i think we have a lot more work to do there but i

think it will continue to be the case guys we're going to be back with the releases of the week but before we do we want to thank the sponsors that made this episode possible living a bankless life requires taking control of your own private keys not your keys not your crypto that's why so many in the bankless nation already have their ledger hardware wallets which makes proper private key management a breeze but the ledger ecosystem is more than just a secure hardware wallet ledger is the combination of the ledger hardware wallet and the ledger live app and if you're used to seeing all of your crypto services and favorite d apps all in one place ledger is where you want to be not only does ledger let you buy crypto assets straight from the app but it also hooks into decentralized

exchange aggregators like paraswap which makes sure that you are getting the best prices on your trades without your assets ever leaving your control defy never stops growing and the ledger live app grows alongside with it so click the link in the show notes to see all the defy apps that ledger live has and stay tuned as more and more apps come online and if you don't have a ledger hardware wallet what are you even waiting for go to ledger.com grab your ledger download ledger live and get all of your d-apps all in one place bankless is proud to be supported by uniswap uniswap is a new paradigm in asset exchange infrastructure instead of a cumbersome order book system where trades are matched with other humans

uniswap is an autonomous piece of software on ethereum which is what ryan and i call a money robot no human counterparties or centralized intermediaries just autonomous code on ethereum input the token you want to sell and receive the token you want to buy something brand new in the uni-swap ecosystem is the uniswap grants program is now accepting applications for grants we have been saying this for a while and we'll say it again dows have money and they are in need of labor if you think that you have something to contribute to the uni-swapped out apply for a grant to uni-swap just look at the size of the uniswap treasury it's almost 3 billion this mountain of capital is looking for labor do you have something of value to

contribute to the uni swap dow no matter how big or small your idea is you can apply for a uni grant at unigrants.org and help steer unit swap in the direction that you think it should go that's exactly what we did to get uniswop to be a sponsor for bankless and you can do the same for your project thank you uniswap for sponsoring bankless hey guys we are back talking about the releases of the week david we have to start here this is a hot apparel drama i'm super excited about this i was so excited i already bought some of this ultrasound summer set includes ultrasound summer t-shirt ultrasound summer shorts these shorts swim shorts am i right so you wear these in the pool run around the sprinkler do your slip

and slide whatever you're doing this summer just in time for eip 1559 for this drop and this was uh created by the bankless dao and somebody in the bagless dow shinjin who is incredibly talented designer um yeah man i'm super excited about this drop i i bought mine i don't know if you bought yours yet but um oh i bought two sets you did just well i'm gonna wear it so much i'm gonna wear one out okay yeah you want to you want to have one for a few like a couple days of the week right you know like yeah i guess but i guess plus if i ever get fat i got a i got a medium and i also got a large just in case i oh that's smart right yeah it's just one somebody on twitter jokes

is like yeah one for cutting season one for bulking season and you're goddamn right that's exactly it's kind of true yeah when you add the shorts and the trunks together the price is and 155.90 cents i wonder how that happened perfect fantastic calculation um you know what also came with this too david well it didn't come with it but it is also part of this drop is the bankless nation puzzle by percy which is just fantastic um a thousand pieces i think but yeah just a great piece of art i think uh you know talks about all of the themes we talked about on bank lists so where can people pick where can people pick this up david yeah if you're on twitter just go to the bankless dow twitter page but

you can also go go to shop.metafactory.ai and you'll be able to navigate your way there you can also type in slash collections slash bankless you will see all the previously sold out stuff hopefully you've got some of that stuff too this is going to be a seven day sale and so if you do not buy in the next seven days from the time of recording then uh so that they'll end i believe like next wednesday if you do not buy by wednesday that is it that is it that's all you got uh and so you can buy as much as you want between now and then that's why i bought two because i knew i wouldn't be able to buy another one later uh and so uh if you have seven days from the time of of course so really six days if you're

hearing this on friday to buy this drop uh and that is always going to be true for all future drops and this is how a meta factory and bangladel work we like scarcity in the world of crypto we like the prestige we like the status of being some of the few people that have some of these really cool drops and so you can only you only have one opportunity and if you are hearing this you got to get it right now and so there will be a link in the show notes and or you can go to bankless dow twitter page it'll probably also be on the bankless twitter page as well crypto culture you could wear guys that's what bankless dao is up to all right man let's talk about this a polygon doubling down on gaming good time to double down on crypto gaming and

nfts they just launched a 100 million dollar fund i think with atari do you remember the old you know atari system they're back in action they publish some games and they're partnering with atari and creating this fund i think to continue uh funding and doubling down on this new play to earn crypto gaming model that we've seen be so successful with uh with axi and in particular david um side chains and layer twos where gas fees are low to nothing and blocks place block space is plentiful that's the place to do it absolutely you need that you need that instant finality and those cheap transactions otherwise just gaming is not a thing

and it's really advantageous for polygon and their poly token which or excuse me their matic token which has done really really well to start to turn themselves into a fund to invest on their own l2 their own side chain and so that's exactly what they're doing there is while it is kind of cool news that uh they are working with atari i do have information that uh uh when i fun fact my first job in crypto was with an ico advisory company back in 2018 and atari was one of our clients our the atari name is actually kind of just a shell company that has been the name has just been passed around so it's no longer the atari of old it's the same companies og's from the 1970s who created the company still the same system but it's not it's not

filled by the people that made the og game the brand that is it's the brand right and so while it is exciting that atari is working with with you know people in crypto they've been trying to do this for ages now uh and so that unfortunately is not really the cool part of the news the cool part of the news is that polygon is investing with a hundred million dollars into gaming on top of polygon that's the news that you guys should take away um should take away with this from uh and so uh i i love games i play games all the time i would love to play games with combinations of crypto assets so i'm excited to see what happens what comes out the end of this 100 million gaming fund on polygon me too i think it's going to be boom time i mean people have seen the success

of axi now we've got the funding taken care of so it's all going to be a lot of experience uh playing out here in the future all right um let's talk about uh this david um ave arc we've talked about it a few times i think in the theme of institutional defy compound of course released a treasury app targeted towards uh institutions and now ave is doing the same they have released ave art i know you were with stani actually last week talking a little bit about this but but what is it and did stony give any indication on when it's coming david yeah it is just like you said it's the uh the ave's version of compound treasury uh called

avery arc love the name love the branding uh and is just basically a uh fractal off of ave itself that has it that is the permissioned fractal right so it's built on top of the ave protocol or bill um built excuse me not on top of but in adjacent two uh also governed by the ave token holders so that's interesting and it's just a it's just a case it's a kyc aml compliant version of ave that allows some of these institutions to be more comfortable with who they are engaging with uh and so it's basically a protocol protocol version of ave for institutions uh and uh the the main question that i asked stani when i interviewed him at ecc is why did you build this did you build this because you think you can entice

institutions with it or did you build this because institutions are asking for it and uh stani unequivocally said that it is the latter it is because uh institutions have come to ave and said ave we love what you're doing we want some of these stuffs but we can't compliantly use it without this this and this and so ave went and went ahead and built this this and this uh and now uh there is ave arc which is ave for institutions uh he said uh that they will be launching sometime towards the end of this month but it is currently the end of this month so maybe it's now in the uh soon tm category yeah absolutely uh and shared liquidity with the rest of the ave protocol is that correct so will this be a separate liquidity pool or does it share the rest

of the liquidity with everything that's non aml kyc i i do not know i i don't know for certain so do your own research on this i think it has to be separate liquidity because the liquidity has to come from kyc individuals and if you're using ave you are not kyc and so institutions can't touch you by that rule interesting i think uh yeah i definitely think there's a sub theme here in d5 that we want to continue to explore this institutional access to d5 um david let's talk about this though a fractional is a way to take a piece of art that you have an nft that you have say a crypto punk and sell pieces of it you could keep the majority but you could sell say

5 10 of it you know 50 60 however much you want you can fractionalize your nfts and sell it if you are a buyer you can also purchase a fractional nft i know we had the founder of this on the podcast earlier this week with a and ask me anything to talk a bit about it was a really cool story you want to give the tl dr of um like the rest of this what i didn't cover yeah there's two parts one you covered which is you put the erc 721 into a contract and then many many erc20s come out of that allows you to get liquidity allows you to do things you couldn't normally do and then there's the other half of it which is after you put the erc721 into the contract and then you break it apart

into you know thousands of different tokens how do you get the thing to come back together and so there is this reserve price sort of auction type mechanism that allows there to hot swap or atomically swap ether wherever the erc20 versions of this nft are out and about perhaps they're collateral in ave they can be collateral in ave but then these tokens can be sold and atomically swapped for e for ether dictated by the price that it was sold at and so this is how it can maintain collateral in these applications because ave or or any any application that needs collateral doesn't like it when collateral just gets a joint from the applicant from the from the protocol

that would be terrible that would be that would be completely broken but that's that's what needs to happen in order for these fractionalized tokens to come back together to back into a whole unit but the way that fractional uh fixes this is that it joins the nft collateral in ave but it replaces it with this stale proceeds which are ether which is already a collateral in all these uh lending and borrowing applications so really compelling application i i'm looking forward to seeing what the d5 builders can do with it yeah we use really technical terms on the bankless like yoinks this is a really cool protocol david i was like stunned and what i think that this does is it makes the entire every single nft that's out there more

valuable why because you get a liquidity premium on it now you're not just logged in yeah exactly now you're not just locked into a very expensive nft you can sell portions of it so it becomes much more liquid like other erc20 tokens very cool primitive i can't wait to find out what happens with this in the future um david uh we should talk about this i think this is a big piece of news binance is now a lot allowing deposits and withdrawals to and from uh the poly chain chain the polygon chain excuse me uh which is super cool this is something we predicted would happen right maybe the idea that um the gateway to defy users won't actually

be from exchange directly to ethereum mainnet it could start to be from exchange to side chain or exchange to layer two we might live our entire d5 lives in the future on layer twos in fact that are secured by ethereum so this is the start of this and if binance does it you know coinbase is going to do it you know gemini is going to do it you know kraken is going to do it if they're doing it with polygon you know they're going to be doing it with layer twos like optimism zk roll ups that are coming in the future arbitrum this is just fantastic for the user experience and adoption of ethereum's layer 2 ecosystem and sidechain ecosystem so it's super cool to see absolutely binance actually does have a

stronger relationship with matic and polygon than uh most other tokens because matic actually did their ieo on binance years and years ago and so binance is really really friendly to the polygon network and so that's probably why they got them out the door first and this is just another story of overall l2 development now you don't have to go to ethereum to get your money on on polygon so it's pretty cool congratulations me hollow and the polygon team yeah very cool all right let's talk about this ether scan look where would we be without ether scan the most like the most unappreciated project in the space and i just mean like they don't get enough credit for everything that they do this space everyone uses ether scan for something in their

bankless d5 journey they've just added a really cool feature what is this feature can you describe it david right so if you are if you've ever moved on your assets on to polygon or optimism or any other layer 2 you move your assets to your same address because your private keys are your private keys for your address no matter what chain you're on the fact that you're on a different chain doesn't change what address you use which means that your address can be traced and tracked by by ether scan no matter what chain you're on and so your address is the same automatic it's the same on optimism it's the same on armpit from as it all is on ethereum and as it is on binance marching for that matter right like the whole thing of about private public keys is actually agnostic from the blockchain

your private keys work across all different chains and so you can see what an address now this update from ether scan is that you can go see what your address is doing on ethereum but then you can go and just like click a button and see what that same address is doing on all the other chains because it's the same address and so that's pretty cool that's a nice little feature so if people people like i remember when i started first using polygon i would go and send my money there but there wasn't really a block explorer like i kind of i kind of felt like i was feeling around in the dark uh and now ether scan has the all of the infrastructure up and running for it and now it's just got this easy button to see like okay like see what this address

is up to on the other chains which is a really nice feature this is all part of the story of i think ethereum and d5 uh re-architecting towards a multi-chain more scalable world not just the ethereum main chain which is super cool to see this this also you know follows that through line um rabbi release announcement so rabi is a browser extension wallet so it's like metamask um it was put together by the folks at d bank and their claim to fame is a smooth multi-chain user experience so you can use this across ethereum you can also use this across poly j uh a polygon and the other layer twos as well and other layer twos as well and i

haven't used this yet david um you know definitely a huge metamask fan i love what they've done you know wouldn't couldn't do anything in d5 without a combination of like metamask and maybe ledger and some other some other tools in the space but it's also good to see some competition in the browser extension wallet market i know there's another uh segment of of wallets i'm super bullish on which is smart contract wallets as well of the kind that like arjun is creating but this category aside from metamask doesn't really have a ton of competition on ethereum so competition breeds better user experience better consumer choice that's a good thing and i'm hopeful they bring this like i said i haven't tried this yet i don't know if you have but um

you know it's good to see some new entrants into the space what's your take yeah i've got it downloaded and it seems to be very similar to a user experience as metamask maybe with a little bit of an improvement on the ui maybe um i haven't haven't created an address yet but i'll probably do that relatively soon uh like like just like you said competition really really good for the consumer the one hurdle that ravi is going to have to get over is that now all of our favorite apps of a compound you know gnosis safe all the things that integrate with metamask they're also going to need to also integrate with rabby and so that is going to be the challenge for the rabbit team is to promote their own integrations into all the other defy apps that we all know and love because

while it's fantastic that there is a second uh browser extension wallet that we can all now use it doesn't mean anything if we can't connect it to compound or ave or all the other defy apps that we use i also think that the uh the hair because ravi stands for rabbit means rabbit the hair versus the fox meme is going to be kind of fun i didn't even i didn't even catch that yep absolutely clever um let's talk about this in the releases lira the doubt raised 3.3 million dollars this is an options protocol that's going to be native to l2 so options are the biggest financial options derivatives the biggest financial markets in the world and they've certainly caught on in crypto but they've just been centralized up to this

point so the bitmexes and binance and the ftx they have massive options massive derivatives markets right now um but the d5 markets aren't of comparable size right like unit swap almost like surpassed coinbase uh for some days like last year it's getting to coinbase size and cert in terms of um trading volume but the d5 derivative space and option space is just just tiny compared to what's going on centralized exchange so everyone's asking like why why hasn't why haven't derivatives and options taken off on uh in d5 yet and the reason i think that um some companies are saying is is basically because we haven't had cheap

gas space the computation required to create some of these products has not been available it's been too expensive up to now and so that's what um lira is doing they're basically deploying i think on the optimism network they'll probably do arbitram as well and they're starting there they're not even starting on main chain in order to make a product that uh is is competitive and we'll see what happens with this next generation of d5 options and derivatives products yeah i fully expect options to be a fully built out financial paradigm in d5 by the end of this year and it's going to be on l2 like you said this couldn't even have worked out on the l1 like this is not an l1 product that could happen uh you need

scale you need scalability uh to be able to make this work uh and so now that we have l2 we are now going to see options and so that's i'm excited to be able to finally tap into a very very important financial primitive on ethereum directly on ethereum security other derivatives products to look out for in the d5 space of course dydx which is fully migrated to a layer two a zk roll up later too and also uh take a look at perpetual protocol they are on xdi as sort of their their side chain type experience so it's all happening on layer twos and side chains up to this point um david let's talk about this the blockchain unicorn another blockchain unicorn

project fire blocks just raised uh 310 million dollars backed by sequoia stripe spark capital a bunch of vcs including thailand's oldest bank i think we should have fire blocks on the podcast in the future because it's a really interesting story around institutional defy i think they're providing so they're providing like staking services it's it seems to me like a a bit go that's a bit more forward-thinking and forward-leaning in terms of protocols that they're supporting so it's meant for institutions who can't custody their own assets but want to get involved in staking d5 some of these other things and seems like a big market these vcs are anticipating a really large market

for this that's why fire blocks is getting the funding and gearing up to scale even more like 310 million dollars dude i mean how do you even spend all of that that's definitely a like a bull market raise here um so i think that's it as far as we have for raises david we should also talk about jobs man you know i've been getting pinged uh here a lot recently from folks in the bankless community who were like hey i just made the leap i was in the traditional job i just made the leap into crypto it was partially because of the bankless program if you are in bankless if you're absorbing this content chances are you might be looking for a job in crypto in the near future we put together a jobs board just for

that purpose there's close to 40 jobs on here one was just posted this week is a senior product manager from immutable mutablex these are the folks behind god's unchained they're they're building some really cool gaming scalability technology we've got a full stack engineer from pallet those are the folks actually that that helped create this job board so thanks to pallet for that senior solidity engineer from quant finance chief investment officer yield app software engineer from arbitram a senior designer from pool together guys there are a ton of opportunities right now in crypto now is the time to get plugged in start looking see where you can add value in this ecosystem and take the next step on the bankless journey

and don't think that these jobs aren't for you uh these jobs are for you um so depending on your skill set depending on what you can do and also just the the magic of working with other crypto people inside of crypto is completely different than just like consuming bankless podcasts for the rest of your life like get a job in the industry and you'll get ahead even faster than listening to bank lists which is something to say yeah you're telling us to get a job huh david yeah i'm telling you get a job get a job get a job guys all right let's go to news uh man a lot of news this week we hopefully will have time to cover it all the first is this paypal's crypto division wants to roll out a super app so not

just paypal's crypto division but i think all of crypto wants to evolve their app into uh something that's a bit more complete like a super app this kind of reminds me of the conversation the recording we just had with uh richard turin who was talking about china's central bank digital currency in china's fintech infrastructure where they have real super apps like alipay and wechat where you're doing your social media and also all of your banking inside of one super app experience it's your life it's your whole thing right like i text you to pay you and it's all inside of wechat um it seems like paypal is trying to get there too and maybe just maybe david they're gonna rely on some crypto features to help

them get there maybe not relying so much on the traditional banking system i don't know that's a hope we'll have to see what's your take here yeah i have i honestly have no idea what's coming those terms super app definitely jogs my mind into exactly what you just said but the other place that my my mind goes is that like uh we were joking with jim bianco when he came on the podcast and all of his friends were like all right i downloaded coinbase where's the defy uh and i think maybe maybe paypal is trying to make like the d5 page it's like oh yeah here's like borrowing and lending maybe maybe they do the obfuscation as in they they have compound of a you know all these apps in the background you know swap you know matcha they have they're all in the background and then paypal

just does all the interface like kind of like instadap right maybe ins and maybe maybe it's like the instadot model is where they just kind of obfuscate everything i'm not too sure what's going on maybe they're also doing identity who knows well here's here's the thing david is like from our conversation with with richard turin right so uh the banks in china and you guys will hear this podcast it comes out not next week but the week after this is all about chinese central bank digital currency it's a must listen to your episode guys you're going to be hearing about us and me and ryan talk about it in the future yeah it's it's going to blow your mind right but so um but in in china they basically allowed their fintech companies their big tech companies to eat the banks right in the us in in western countries we didn't do

that so like if paypal wants to build a super app with like social media and also the super advanced banking and payment infrastructure i don't see how they're going to be able to do it the closest they can get is not with the traditional banking system but like they almost have to build on crypto rails right so your point like the maybe they're thinking about an instant app i have no idea if they're thinking about that i have no idea if they're there yet if they understand d5 enough to start to do that but they're almost going to be forced to in the future because they can't build a super app on traditional banking infrastructure from the 1970s can they right yeah you're absolutely right they cannot do some of the banking stuff that

they want to do but they can do d5 right they can grow the d5 mullet uh and so maybe that's kind of maybe the super app maybe the super app branding and marketing isn't for you and me ryan maybe it's for like the legacy people who are who don't know what defy is and then paypal and this has always been the promise of the d5 mullet uh from from day one is paypal can hook into uniswap hook into compound hook into maker hook into whatever and then they can just present that as their own finance product to the in the front end like oh hey here's paypal paypal's like exchange feature here's paypal's you know in low interest loans like they don't have to advertise it as ave or compound they can advertise it as as paypal there's

nothing wrong with that yeah yeah exactly how do you get a four percent savings account okay don't don't about that don't ask paypal's brand new product yeah and we'll insure it and it'll be fine you know exactly yeah exactly all right let's talk about this uh this is maybe partially why bitcoin price eath price went up and then kind of fell back down uh amazon jobs just released a digital currency and blockchain product lead job description so they're trying to hire someone for digital currency and blockchain products i wonder what this means i i can only think that this means that crypto's taking over the world and now it's finally trying to take over amazon so

if you are in the local seattle area go and apply to amazon for for getting this job and also amazon come post this on the banknotes board oh definitely they should uh you're you're in seattle david are you currently in seattle only temporarily while i'm in quarantine yeah all right you would apply for this i'm sure i'm sure this would be i think i could be a product lead i don't think i think you'd do anything i believe in you damon you could do anything all right definitely be we're gonna get somebody else for the for the next week's banquets weekly roll up see me at amazon all right um let's talk about this uh jack jack dorsey the eath troll i don't know man what's up with this tweet yeah so it's the olympics and so all all the three

letter country codes are now have flags associated with them and jack decided to tweet out hashtag eth for ethiopia with the ethiopian flag but granted there are many many many countries that have the the flag with them and jack decided to tweet out specifically hashtag eth everyone kind of everyone kind of interpreted as a troll to the ethereum community because we all know what it means we all know what it means jack he's a known bitcoinmaxi uh and so yeah and so you know twitter if you do hashtag btc you get the bitcoin logo if you get if you get like uh or dollar sign bnb you get the binance coin logo and and if you do the dollar sign eth

you don't get anything um and to some degree the ethereum people don't really want it but it definitely shows uh by jack's colors as like very much a non-eat person who's trying to troll eath uh and i kind of got upset about this because and you're not supposed to get upset about this because you don't want to feed the trolls but what did upset me is that i am a big proponent of mindfulness and maybe that's ironic that i just said i got upset about it but i'm a big proponent of mindfulness and so is jack and so is jack yeah he is so goddamn biased about about bitcoin versus ether and he just wanted to troll the entire ethereum community and so it bugs me that a guy who's like a proponent of mindfulness is also just like unable to get out of his own

maximalist shell yeah i i do think that's going on now you could interpret this troll as like just a lighthearted jab you know like i like this sports team you like that sports team and i'm just going to be like just a jab at you although i will say look man jack has just come out recently talking about building defy right jack's version of d5 at square on what on bitcoin like psy heat big psy his his his value system that he purports is very much like open source protocol centric decentralization right that's what he preaches right and then we have this whole defy ecosystem that we built out in ethereum and it's jack totally ignores it i

just don't understand why at this point but one explanation is like all in bitcoin right you know you know maximalism but let's talk about the the cool story here which i think that's only the first part but like what did the ethereum community do as a reaction to this oh they just completely owned it they were like oh yeah i guess we're friends with ethiopia now like oh ethiopia is eth we're eth ethereum now best friends with ethiopia so yeah you saw all these great memes of like uh ethiopia and flag and like ethereum together and like ethiopian foods and all sorts of things anyway it was a it was just a fun meme i think for the internet and good thing to do if you are being trolled in this way is don't

fight back just own it it's a lesson for everyone on the internet and even coin gecko got in on the fun so if you go to uh ether or ethereum on coingecko it now has the ethiopian flag on it and then and then this tweet got 4.6 000 likes how many likes did jack streets get did a bit more there oh 28 000 all right well he's the founder of twitter so okay yeah at 28 000. that's home field territory yeah he's got a lot of followers i'd say um all right let's talk about this david because this was alarming i think to summon the crypto space token access on app.uniswap.org that is the front end of the website that is officially hosted by the uniswap labs team they delisted at least in the

application layer some assets particularly synthetic type assets the types of assets that centralize exchanges have been de-listing you know like the synthetic tesla and the synthetic stocks this sort of thing uh and this appears and i think that they say explicitly in the post this is as a result of um increased regulatory scrutiny on the space so a whole bunch of people in crypto of course like uh you know bitcoin maximus jumped on this and said unit swap was never decentralized in the first place right and other folks who have not been in the space as long also um started saying hey i'm like this is really concerning right what happened to this permissionless open decentralization thing if uniswap

can just de-list assets david says you know what what actually happened here what's the what's the real story here okay so there's two uniswaps there's the unit swap the protocol and then there's the uniswap application front end that uniswap labs operates and the uniswap labs has an exchange they think they have their own exchange think it's like it's a it's a binance it's a coin base it's a gemini it's a uniswap and that uniswap instead of having their own order book on their centralized data data layer in a database instead like all the other ones i just listed instead they just tap into unit swap the protocol and so unit swap the front end run by uniswap labs taps into uniswap the protocol the unisoft protocol and

this is not about that at all nothing changed about unit swap the protocol unit swap labs their front end you can no longer get these synthetic assets to appear and that's what they mean by delisting but the tokens themselves still have liquidity still our assets on the unisop exchange and you can go to the unispot protocol and trade them as you see fit that has not changed at all and so treating uniswap labs front end as an exchange they want to not get involved with any regulators whatsoever they're just a front-end and so they compliantly de-listed all these synthetic assets so that they wouldn't have to deal with any regulation issues that's not even it's not even what they're trying to do anyways they're not even they don't even make money from providing a front end to the unit swap

protocol now uh just like you said uh two cohorts of people i noticed made a bunch of noise about this like the bitcoin maxis or the people who generally just don't want ethereum to succeed and so they said oh yeah uniswap's always been like completely centralized completely like censorable we knew it all along and to me that's just like they're just broadcasting how incredibly naive and biased they are because they're just dude i got called i got called scammer oh people dug up i'm sure you did i said unit swap yeah i'm sure daily i get called scammer but but like specifically in this event people right bitcoin or maximus were very angry and they they felt like this was a in ethereum's d5 armor they're refusing

to learn why we're so excited about these this whole d5 thing in the first place like it's so incredibly ironic they come to you and they say ryan you're a scammer you said unit swap was decentralized and if they are telling you that you're a scammer because of this they're the scammer because they're trying to create a false narrative about you i don't know what to try and get them to buy bitcoin and it's like oh yeah defy could have never worked yeah it gets so frustrating and the thing is right so that's the one group right that's the one group and then there's like the the newer people who come into the space and say oh unit swap d listed uh a tokens i thought the whole thing about this was censorship positions and you're totally right and it absolutely is and that's why it's

important to understand the difference between the front end and the back end and the back end is a censorship resistant protocol built on ethereum doing all the things that ethereum's supposed to let them do and the crazy thing is the most frustrating thing is we've done this before like we did this two years ago it was the same story uh and so ryan you wrote this in december 9th 2019 titled unstoppable liquidity tell us why you're scamming people i was just scared people left and right why did you like this article i wanted to scam everyone no i it was because a similar incident happened in 2019 where there was a regulatory scare uh around um if these ofac countries so these are countries on basically like the international ban list or like the

us is bandless so iran north korea some other countries that the us has like legal uh trade embargoes against and so um what happened was uh uniswap was unavailable the official uniswap site became unavailable to specific countries right it was like kind of like if you have an ip address coming from iran you can't access the official uniswap interface right and so what did that mean at the time in 2019 well it actually does the opposite of everything the critics are proclaiming because it actually demonstrated how unstoppable the unit swap protocol is because within minutes this is what

happened in 2019 as what happened in in 2021 last week within minutes all of these other new uniswap interfaces surfaced right so like anyone can build a uniswap interface they could just fork the uniswap interface code as well and like deploy it somewhere else they don't even have to deploy it on amazon servers or centralized servers you can even deploy it in something like ipfs if you don't want a com domain name that's also kind of a you know centralized domain name you can host it on ens or some sort of decentralized domain name service and so this is what you found in 2019 you had uniswap exchange.eth you had uniswap exchange.ethe.link

unsays and unsensible accessible anywhere in the world all the assets listed it's because all of the good stuff the logic the liquidity the assets everything that's all unchained on chain that's all uncensored uh unstoppable on native ethereum and so like the interface isn't even the thing here and this is exactly what happened you can access uniswap uh in all of those synthetics that were delisted on the official app in any of these other um you know third-party websites and anyone can spin these up you can even run it yourself david if you want to get super geeky you like download the git code you know repositories and just run the interface on your local machine and trade that way right and this is what it means to be an

anti-fragile decentralized system if you cut off the head then 10 more show up like i don't even go to uniswap to trade my assets i go to like matcha or any other number of uniswap front ends uh and so like this if you just go somewhere else like it's just an interface it's just the front end uh and so ryan i'm looking forward to doing this again in 2023 when like when something happens and then the bitcoin maxis once again like throw up their arms and be like oh yeah we knew ethereum was centralized like here's the other thing i don't know why people like what's your solution if you're a bitcoiner like god bless you what's your solution to this problem

right you guys don't even have a uniswap right go to coinbase right i guess the solution is don't trade any other assets there's only bitcoin yeah but like that's not a satisfactory answer it's not where it is if you're a bitcoiner bitcoin max excuse me all right all right let's talk about this this is super exciting i feel like this still went under the radar even though it was big news last week is reddit's community point system is scaling on ethereum using arbitrum so layer 2 technology and that's just huge because reddit has been talking about uh a community point scaling system like tokenizing it's you know how reddit has subreddits david all sorts of different subreddits out there each subreddit can

have a notion of of community points that are rewarded for different behaviors in the subreddit and um they created like a pilot project of this and they just knew the ethereum net wouldn't scale anyway they finally come up with their scalability solution for uh achieving this project and it's on arbitrary and thing about reddit is 450 million active monthly users like that's insane i mean we have probably 1 million maybe 2 million people in d5 right now right this is potentially adding 450 million like a total addressable market when you include social media into the dfi ecosystem of the future and they're doing it on ethereum's layer 2 and the reason they selected layer 2

specifically for ethereum is decentralization that's what they said in their post so this is the protocol sync thesis at work right where organizations don't want to build on binance chain that's controlled by cz they want to build on something that is credibly neutral at the base layer and it's really cool that reddit is seeing that and i think this is going to be a big story of how web web 2 social media starts to interact more and more with you know web 3 um d5 and and this you know internet of value that that's being built out right now yeah that last take that you just had how reddit is going from a web 2 to a defy world like this is ready getting

a huge upgrade and stepping into the world of web 3 and there's a decent amount web3 is kind of largely undefined no one really knows what it is everyone has their own kind of definition for it but i think as soon as you integrate financial assets with community engagement like uh hubs which is what reddit is then we start to drift into the world of web3 incentivize communities incentivize participation incentivize content curation and like think of the magnitude of how many users reddit has and how many uh how they're all going to be introduced to ethereum maybe not directly and and kind of the point in the long term like bullishness of ethereum is that it actually just is an invisible operating

system in the background that no one really thinks about anymore and this is kind of this instantiation of that reddit is going to use optimism optimism is so fast and instant that it just feels like a normal website yet it's secured by ethereum and now reddit's like you know millions and millions of users are now touching ethereum at at least at the in a with maybe a couple degrees of separation you know first there's reddit built on top of optimism which is built on top of ethereum but it comes back all roads lead back to ethereum at the end of the day and so ethereum is about to touch so many more lives and that's gonna be really cool to see and they're gonna figure this out david there's like 30 000 different subreddits right i'm at like what is a subreddit it's it's a community isn't it right

right like 30 000 subreddits all of these could potentially become daos right if you if you have sort of some if you expand the definition of a dao it could just become a subreddit who knows i just have no idea what like the experimentation is coming but it is coming and i think this is made possible by some of the layer 2 tech uh super cool to see um david let's talk about eip 1559 for just a minute because this is like an embarrassing take by uh cnbc i'm glad they're talking about eth and eip 1559 on cnbc but they don't they still don't really know what they're talking about so this is uh michael juan wong with the tweet um from brian kelly on cnbc what what happened here yeah let's just go ahead and play this

video for the listener there there it's an upgrade it's called eip 1559 for those tech savvy folks that want to look at it but basically what it does is it switches the algorithm from a proof of work to a proof of stake so it uses less electricity to mine but the more important thing is they're actually changing their monetary policy so ethereum actually could be a deflationary currency and in terms of cryptocurrencies deflationary in terms of cap supply is generally good yeah so brian kelly thinks eip1559 means proof of stake i mean i remember when i was trying to learn about crypto and ethereum and i was making state like statements like this um and so like to

some degree maybe brian is just like learning but also if you're learning don't present this on cnbc like become a little bit more educated and then also the ethereum classic on the the ethereum classic graph on the screen while talking about ethereum it's frustrating like to some degree i'm like just not convinced that our legacy like media institutions are actually ever going to do it for us and so uh there's always been the conversation of like are we when are the institutions coming versus like oh are we just gonna make our own new institutions and like this is evidence for the fact that oh we're just gonna make our own new ones oh that's uh that's a great take and i think i definitely think it's the second in all sorts of categories not just media but definitely media as well um david let's talk about this bitcoin index co-op have

turned uh have have um partnered up which is super cool we just had index co-op on the state of the nation earlier this week and we're talking about institutional defy now they have teamed up with bitco it seems like bitco provides crypto custody service because a lot of these institutions david like they can't hold their own private keys in an institutional structure right so they can't have you know millions and millions of dollars on metamask or like somebody's ledger or something like that so they have to use custodians like bitco and now i think what's happening is bitco is providing access to all the index co-op products so that's the bed index that's dpi that's their their

metaverse investment product that's ethyli it's all of their their products uh exposing that to institutions that's a super big move because of course there's a lot of there's a lot of money flowing out there in retail um but uh there's even more on the institutional side giving them access to these d5 products is kind of neat yeah having that having especially with the bed index which is really meant to be a buy and hold having that go straight into like custody cold storage really really useful institutions by the bed get into bed with us you think we have institutions listening oh yeah well members of institutions absolutely all right nft stuff david shopify is allowing merchants to sell

nfts directly through their store they are using um the flow blockchain to do that to to sell nfts directly to customers so we have a shopify store right and this is where like you could sell merch this sort of thing you spin up a shopify store and i guess now they've just integrated an extension to allow um flow nfts to be sold on top of shopify this is mainstreaming nfts what other takes are there here yeah flow nfts are not actually nfts they're fraudulent illegitimate nfts because flow isn't actually a crypto economic system it's a centralized database but wow foot in the door for nfts to become integrated to the

rest of the world shopify owes no homage to flow and as soon as it wakes up and realizes that nfts on flow are illegitimate then maybe they will wake up and uh maybe they just need to scale uh and so maybe we maybe they should uh we should introduce them to um uh immutable because immutable is a starkware l2 that is specific built for nfts and so if they need nfts on a scaled platform they should be talking to the guys over at immutablex not the guys this is strong this i want to hear what you said though this is strong language i think nfts on flow are you'd say illegitimate yes what do you mean by that so nfts and tokens and the whole concept of the metaverse is defined by user ownership which means that any nft that is not deployed on a

decentralized permissionless blockchain is not an nft it is something else that they have sold to you as the scarce asset that they're never going to reproduce but do you actually own it if they can either shut down the blockchain or permit like censor your ability to touch it and just can like overall dictate control over what assets that you own it's kind of like if you were to go into a game like you know fortnight or any other game uh you know hearthstone and you purchase items in the game but then they can just revoke your account or like cut you off or revoke your items are they really nfts no nfts are synonymous with

maximal settlement assurances about ownership over the asset and flow does not give you that in the same way that like any sensors any you know centralized databases what about uh nfts on a side chain something like xdi or even something like polygon right are they nfts are they not nfcs uh they are they are ca they can be i mean it depends on they can become tokens on ethereum right so if you have a token on x die or on polygon it is a token also on ethereum uh and so you can make that trust assumption as the user to put your tokens on polygon and that's your choice you are taking that choice so even if

like you go and you mint that token on polygon you have the ability to go back to ethereum and then you always get your maximum settlement assurances flow is a completely different blockchain you can't go from flow to ethereum so you can never access the maximum security of ethereum so what i think the flow people would say is they are a layer one blockchain and they have some trade-offs with ethereum on the decentralization spectrum but um and they're not as decentralized as ethereum but they would say this may maybe a case they would make or somebody would make um but you don't have to be maximally decentralized for nfts for instance like the use case doesn't require that or

maybe you might say um like flow is a property rights system but it is not it doesn't provide as strong security guarantees as something like ethereum but it does provide some security guarantees that are not quite fortnite level centralization database like there's a spectrum there and maybe they're not all the way left to ethereum but they're also not all the way right to fortnite they're kind of somewhere in between don't know how far in between but somewhere in between what's your take on that yeah that the place that that that spectrum that you're talking about the place where it should be expressed is that the layer two is of ethereum if you want to um compromise on decentralization you go

to an l2 where you actually don't have to compromise on it that's the whole point of the l2 so optimism and arbitrum they have speed and low latent latency because of the uh innovations in in optimistic roll-ups or zk roll-ups if you're talking about zk sync uh and so i no denied because like we have better solutions as l2s on ethereum where you don't have to make those compromises how about let's say there's a bridge from flow to ethereum right there's so there's a bridge from flow to ethereum and so flow just becomes like the l2 if you will not an l2 sorry like a side chain with that bridge that connection back to ethereum so they get people in the nft

world they get them excited about it it's not a maybe a pure real nft but then it has the ability to bridge across to to something like ethereum what's your take there now it's like i'll separate something because i think part of what you're reacting to is some marketing around flow and quite frankly other layer ones that says we're just as decentralized right as ethereum and you have the exact same um your services right assurances trust assurances settlement guarantees is ethereum and like that's a lie and like i think partially what you're reacting to is that i just see a world where this brings in a whole bunch of new nft users right into the ecosystem and it's kind of like you have to start

with gemini and coinbase first before you get into d5 maybe you start with flow first maybe flow is just actually a a side chain to to something like ethereum thoughts on that it's important as to where the token lives where does the nft live so if you have an nft on flow and you can bridge it over to ethereum if that nft still lives on flow then you still have compromised trust assurances if once you get that empty over to ethereum and then that token then lives on ethereum then we're good then it's an nft because then you have the assurances that ethereum it's all about assurances it's all about user sovereignty and if an nfc on flow if flow accidentally like had a hiccup in the in

the blockchain or they just went away because of regulation do you still have your asset and intimate in my mind if it's on flow the answer is no and if you move that token from flow to ethereum but all the data still lives on flow right where ethereum is checking flow as to whether the nfc exists or not then it's still compromised ethereum needs to check ethereum to let's see whether that nft is real or not so it's a matter of where does that nft live and in order to be a legitimate nft it has to live on whatever is maximally decentralized maximally censorship resistant maximally permissionless and whatever is the most maximal is the most legitimate place to issue nfts and that place is ethereum there you go guys i didn't know we were

going to have that conversation there was a full episode all right david let's let's talk about this this is uh this is still in nft world uh stoner cats mila kunis she has a new animated nft show cats again shutting down the ethereum blockchain i don't know i was uh i was actually trying to mint one of these just because i thought it'd be fun and uh i couldn't get my transaction through i didn't make it because there was such high demand for this i think there are a lot of reasons for this but like uh tell us about the story and what happened earlier this week yeah mila kunis ashton kutcher vitalik buterin and a few other big names out of the hollywood space all they produce like these animated short videos and if you want to watch these

you have to own a stoner cat and stoner cat i think there's like 13 000 of them or something uh you know generative uh uh uh cats uh and no you know pretty typical nfc project except the fact that it's backed by these big big name celebrities uh two people out of that 70s show which was one of my favorite shows uh and gas spiked to like 600 way because everyone was aping in all at the same time uh the this uh the the sale was delayed by 24 hours because they had a bug in getting the sale contract out the door so they delayed it by 24 hours and then because everyone was aping in at all the same time there was so many failed transactions so there was something like i think like uh

over a hundred thousand dollars in cumulative like i saw a report where it was like 750 thousand dollars david 350 failed transactions yeah 750k that's a that's a large number of literally burnt money that went straight to the miners so the miners are really happy that kind of makes me concerned about like the genesis of this nft like event because of like it had a bug in the in in the day and for one day so they kicked the sail out a day and then a lot of people got burnt trying to buy these things so like not really starting off with a good impression but i mean we'll see these we now have actually same demand though right sorry like insane insane i mean insane demand like that's that's a story in itself

that was one of two nft drops that had insane demand they were not even covering the second one but but that day there were two days there were two events two nft drops that spiked gas like 600 great i was just like can we start doing nft launches on layer two please like when can we start doing that right let's just do that right listen to bankless come on mila this is a bank list come on bankless yeah we'd love to talk to you mila coca-cola creates its first collection of brand inspired nfts coca-cola like that is an american classic brand that's a warren buffett stock now they're doing nfts probably not buffet approved probably not what what's the big deal about this is it just coca-cola yeah it's just coca-cola coca-cola is

now making nfts on ethereum picking the right blockchain so so that's nice uh and i mean when coca-cola like one of america's biggest brands ever issues nfts is really legitimizing of the infrastructure so cool we just got a little bit more legitimate today guys also the auction is donated to the special olympics international so kind of cool that they're doing that as well um david people pleaser and you remember we had people play you had people pleaser on the podcast wrote an article about uh her uniswap art now her digital art is on the front page of fortune magazine this is the digital version and it's really bringing crypto culture i think into mainstream acceptance i see a crypto punk i see some other things

unicorns and stuff oh hang on that's not that's not uh just a normal crypto punk that's a santiago santos that's his crypto punk uh we also got the banteg bunny right here uh we got crypto dog as well uh we got i think that's loom dart in the uh that you can't see with the pepe with the the orange cap we got tetranode on on the dj station we got the um the kobe bitcoin glasses and there's gonna be a few other people maybe that's chain link god maybe is that who that is it's a greek frog i know i know that then we got the people these are stars on the wall yeah there's just a bunch of little easter eggs here oh look there's the fractional uh logo from even earlier in the show uh there's a ledger right there uh there's a

compound logo because shout out robert robert lesner so yeah there's a bunch of little uh hidden gems and so we have actual crypto twitter cryptoculture people on the front page of fortune magazine uh so nice job and congrats to people pleaser that's super cool guys not too much bitcoin stuff but i think all of the bitcoin information is probably tied up in the regular regulatory discussion that we want to have um there's a lot of regulatory discussion in in washington this week so let's start with this elizabeth warren she called crypto coders shadowy super coders shadowy super coders that would think of us like that huh i just i was like

why do you have to make it sound so cool elizabeth you're just going to get more people to do it so did you say uh did you see some crypto companies david they started like uh changing the job their job post descriptions to shadowy supercoder no this is this is perfect for your culture just taking lemons and turning it into lemonade can i read her quote here i'm gonna read her quote instead of leaving our financial system at the whims of giant banks crypto puts the system at the whims of some shadowy faceless group of super coders and minors which doesn't sound better to me she's making the case against crypto in this hearing um a lot of that a lot of that this week and then also crypto twitter turned it into one gigantic meme

yeah um she also sent this letter to janet yellen so treasury secretary and i i won't read the whole letter obviously right it will be available for you in the show notes but i want to highlight this risks from decentralized finance okay um she she also tweeted this letter out and uh she she called it defy refers to a fast-growing and highly opaque corner of the cryptocurrency if i had my sound board i'd be hitting the buzzer right now sir highly opaque this whole thing is called open finance the traditional banking system is highly opaque that's why we have open finance that's why we are building a new system she says given the participants and project

developers may remain anonymous defy could present severe financial state stability risks so making the case that crypto could destabilize the traditional financial markets and wreck everything i'm just kind of like who's asking for this i i don't i don't understand if this is a narrative that uh some politicians are grabbing on and like there's like anti-crypto is is um i don't know there must be some contingent of the population just likes it just like likes hearing about this because it's not actually going to deliver any results for the things the american people care about to be anti-crypto in this way i do not understand it and it's also coming from a very misinformed view right i mean we

just had index index co-op on they have their entire financial statement everything they do it's on chain right visible live updated transparent this is not opaque live updating like a 10k every every six seconds you get a 10k report you could query it from anywhere like this is a regulator's um this is a regulator's dream i don't understand right like they should want to build the entire american financial system on open finance so they have access to see everything and individual investors have access to see everything i don't understand david what's going on this is it's just so easy to just refute all of this and it like you should scroll up just a little bit

so i can see the rest of that paragraph uh it just it just shows elizabeth warren's cards right an opaque financial market uh which leads to uh stability risks we are living in the we have the most volatile crypto assets of all time and it's the most and everything works regardless of that we are built for stability it's the whole point of over collateralization we are built for transparency and so this is how you know that elizabeth warren doesn't give a flying f about what is true about this industry but she's trying to paint it into an image she's trying to give it a branding which it does not have and is completely and fundamentally the opposite of what is actually true and

all like all of my family loves live warren i didn't vote for her i was a bernie bro and then i was a young guy but i would have she would it would have been she would have been third except every time she opens her mouth about a crypto it's just dead wrong and so like i finally feel resonance with like these ultra libertarians who just get frustrated about politicians coming into their industry tinkering around about they don't know about like get out of my industry you don't know i know more than you elizabeth warren i know more than you get out stop sorry we have some more takes on that by the way because i think uh regulatory is definitely a uh like there's a lot of fun over the past few weeks about this so some more takes in

the take section but before we get there some other news for the week the white house says crypto tax enforcement will help pay for this new massive bipartisan infrastructure bill david the biggest infrastructure bill in u.s history i mean the biggest ever that's been proposed the world uh there's a lot of support for this in congress and crypto tax enforcement could pay for a portion of it but unfortunately do you know what this means it means they are potentially slipping in some reporting obligations into this infrastructure tax bill so reporting obligations above and beyond what we have today so if you sell crypto in the u.s of course that is a capital gain and you have to

treat that as you would any property you know stock bond real estate whatever it may be right they want to go above and beyond this and potentially the wording of the legislation right now again it's not passed this is like draft legislation still is that even wallets david might have to report out the tax obligations of wallet users potentially even maybe defy exchanges would need to report this stuff out like some of this is the way it's worded it's not even practical it's not it's nonsensical it's nonsensical no one can do it but there's definitely a target to pay for this infrastructure build and they think

they could raise 28 billion dollars from the crypto industry with some of this like it's not even the taxes that are so much the issue it's the nonsensical reporting methodology nonsensical reporting obligations um i thought anthony cesano had a had a good take here explain this to me oh yeah so it's the classic scooby-doo uh who's under the mask uh uh meme and so the first panel uh we have i don't know who this guy's name is but he's is the blonde guy oh no yeah the preppy blonde guy he's about to rip the mask off and and before he does it's labeled infrastructure bill and then he rips the mask off and under it is insane crypto regulations implying that's how it's going to get paid for it

that's not what we wanted regulators elizabeth warren i know you're listening to this podcast if you want to tax this industry and actually want to get the money out of it you have to do it in ways that make sense otherwise you're actually going to get even less taxes because you're just going to piss people off about how you can't you the way that you are asking them to report and be taxed is nonsensical and so you're going to incentivize people to avoid doing the things you want them to do you've got to make it easy for people to pay their taxes you got to do it the right way totally agree totally agree thank god we have some people in washington like coin center who are pushing back in this so the coin center is like i'd call them just a crypto lobby grip right and

uh this is how we all like them everyone likes them we're friends with you this is how this is how the the the bill making process like works in in washington is basically like there'll be a section that pertains to a certain industry and the industry will will get that section and they'll essentially advise legislators on how to change things how to edit it how to how to make it more i guess palatable for the industry right this is what lobbying really is and so coin center is up in the mix and they are trying to make sure that nonsensical crypto tax regulations don't get embedded in the bowels of this bill because this is an infrastructure bill okay you could either support that or not but the infrastructure bill it does

not have anything to do with reporting requirements uh for crypto or it shouldn't and it certainly shouldn't create you know nonsensical obligations so we have folks like jerry britto from coin center pushing back on this and thank god we do all right david we're going to burn through the rest of these really quick uh the first is the binance squeeze is ongoing so ftx and binance just removed their highest leverage ability they used to have like 100x leverage you could get on these exchanges to a maximum of 20x feels very much like they are trying to get on the good side of regulators with this move uh binance is also decreasing the daily withdrawal limits so used to significant kyc yeah you could you could withdraw

two bitcoin up to two bitcoin now it's like point zero six bitcoin per day and they didn't even give a two week notice which they usually did which you know is how you is how you know the regulators are constricting on them and to me this means binance is largely dead like that's kind of why binance was used in the first place as an anti-care ic exchange they're a yes yes and they're definitely a bank now right yeah i mean 100 percent they've been so head in that direction end of an era uh binance u.s uh ipo this is also seems to be like another defensive posture binance is uh shrinking their non-kyc withdrawal limits as we mentioned and maybe it's because they want to ipo in the u.s which would be interesting um

also this david in china there's a regulatory squeeze huobi which was the largest chinese exchange as far as i know they just dissolved all their chinese entities so they're no longer a chinese company i don't know where they're going but um this is as a result of the chinese regulatory squeeze so again that theme back again um do you want to talk about this what's robinhood doing david robin hood is trying to get into maybe defy like all the d5 products and services that we know borrowing lending and swapping uh robin hood's trying to get into that not too many details but they said they are uh eyeing crypto lending and staking services so cool ahead of his ipa as well yeah ahead of their ipo i think this is

they expect this to be a revenue generator for them speaking of ipos blockfy is also pursuing plans to go public even as regulators close in so we mentioned that last week regulators kind of closing in new jersey um you know called blockfy interest accounts a security now they're planning to go to ipo maybe in a defensive posture in some way i'm not i'm not sure exactly why um let's talk about this last one david goldman sacks they just applied for a defy etf goldman sachs they're getting into defy good news yeah let's let's find out what's in it oh wait absolutely nothing like there's zero crypto tokens in this defy etf uh and so fail big fail what is what is in it i i

heard that the highest at the the largest asset like seven percent of the etf was actually nokia followed by like facebook and then google it's basically they attach some intern with finding any traditional equities company that has any sort of surface area to like crypto and and blockchain ethereum and the intern did it and he still effed it up and then now goldman sachs is marketing this defy product like in the same week that index co-op and bankless dow launches the bet index in my opinion the best going to be the best performing crypto index of all time uh goldman sachs just completely flops with this device etf who do you think is going to build out the future to be fair one thing i will say is they're actually using this this um defy index right here from a company called

um seoul active i suppose and this this these are the companies we mentioned they could change who it's from and they it up they'll maybe change it they'll maybe change it though okay uh they might not go to market with this they made it somewhat vague in their scc filing so i will say that but yeah absolutely embarrassing if they go to market with that right guys we're going to be back with the takes of the week and don't forget the meme of the week right after our sponsors when you shop for plane tickets you probably use kayak expedia or google to compare ticket prices so why would you limit yourself to just one exchange when you trade crypto when you make your trades you want to make sure that you're getting the best possible price on your trade and that you aren't paying high

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what we are used to paying when interacting with arbitrary you can get the performance of a centralized exchange while tapping into ethereum's level of security and decentralization this is why people are calling this ethereum's broadband moment where we get to add performance onto decentralization and security if you're a developer and you want to save on gas costs and make an overall better experience for your users go to developer.offchainlabs.com to get started building on arbitrum if you're a user keep an eye out for your favorite defy apps building on arbitrage arbitrary has been working with over 300 teams including ethereum's top infrastructure projects and will be opening up to all users shortly there are so many apps coming online to arbitrarium so you may want to pack your

bags in preparation for the great migration to the arbitrary layer 2. to keep up to speed with arbitrary follow them on twitter at arbitrum and join their discord all right guys we are back with some of the hot takes of the week david let's start here this was uh from a comment mark zuckerberg made facebook he says is becoming a metaverse company that's interesting in and of itself but what's this take from claire silver yeah in 2014 facebook acquires oculus vr in 2020 facebook released a beta for facebook horizon a world creation system for oculus and in 2021 facebook says they are transitioning into a metaverse company now the word metaverse i think is and it depends on who you ask they'll

define it differently i think mediversk in this context is being more closely associated with like ready player one type type of a world but that very world is very much like synonymous with like owning assets and digital assets and so it's very very proximate to a lot of the nft conversations that we have in this industry uh and so there's a take here it's like oh how do we want like our metaverse to be constructed do we want it constructed on open source permissionless software or do we want it constructed by mark zuckerberg um well you you've yeah i mean i know you've seen ready player one right right like they're they're all of these like tokens money collectibles in ready player one items all of these things and so they have to be registered somewhere

because they're digital property with real value and so you only have like i guess maybe three places that you could register this one with some sort of a digital version of a nation state right or or two it's the property of the companies it's like facebook is the you know the property management system essentially the property registry or it's a credibly neutral permissionless system right like i don't think the nation state is going to come up with a digital property rights system on the internet um facebook certainly would and and can but like do we want them to my god zuckerberg already knows everything about us like do we want him holding the keys to

all of the assets right all the digital assets the world that are like it does um i think those are the choices though good take all right let's go to this one d5 regulation this is from rune christensen on the topic we were just talking about earlier this week in the news section why don't you take this david yeah he says uh if the u.s bans or seriously interferes with the innovation happening in d5 it will be an own goal 10 times worse than china cracking down on didi which paralyzed innovation do you know what the idi is i don't actually no i don't okay uh room continues defy today is the most rapidly innovating sector in tech and most of that innovation is us centric what roon

is basically saying is that defy is like the last bastion of permissionless innovation for the u.s financial system in stark contrast with what's going on with the chinese bank digital currency i'm going to write an article about this because my brain's been chewing on it but there's a conversation to be had about how many just light years ahead the chinese cbdc is ahead of anything the u.s is doing or even understands itself to be doing well china marches ahead with this super innovative new product and so is defy the united states is just floundering like doing status quo it's doing nothing it's not it's not even doing nothing it's going backwards like hindering the hindering its biggest ally and that is

why roone is calling this uh bad innova or bad regulation around defy could be the united states own gold they need d5 to combat the chinese bank's digital currency yet they are trying to like tax it in these weird nonsensical ways it's absolutely insane and i couldn't agree more with this take david and you absolutely should write that article because it maddens me i like the us has a real shot here and free open permissionless systems have a real shot here to pull ahead and like runes right a lot of this has been built in the u.s there's a hotbed for d5 innovation and if the u.s regulators and those in government start to strangle like choke out this industry what are they doing squandered opportunity missed

opportunity just completely hijacking um you know basically our generation future generations so i i totally agree david crypto economies are booming right now crypto gaming economies i should say and this is take from token terminal that only crypto enables in-game economies so revenue for axe infinity was 1.2 billion that's annualized for the last 30 days um remember candy crush 1.2 billion that was first realized in 2020. so the users for axi are six hundred thousand users for candy crushed are 230 um seven million revenue per user for axi is 2 000 per user revenue per user for

candy crush 4.4 dollars you know where the difference in those numbers comes from is because the axe of users gets that revenue where they get their price gdp it goes economies have gdp exactly right uh where a candy crush that just goes to the corporate holdings yeah it's super cool i can i can't wait to see what's gonna happen in cryptic game in the future uh david this is a take from anthony cesano eth is digital oil and then he lists a table with the market cap of all of these commodities the bottom line is if price were the same market cap of oil eath price would be nine thousand uh yeah nine hundred and thirty two thousand dollars uh which is quite impressive um i just overall enjoy the comparison of

ether to other commodities you know one of three ways to value ether is of as of a commodity and even that's only one of three ways it's still so incredibly undervalued compared to other commodities at least in ethereum's current form so uh you know a lot like we got a long way to go before ether starts to get up there with the rest of the commodities yeah i i like that take and i don't want to take it too seriously because that's probably just the take is what you said but i also think that um like ether is more the money and block space ethereum block space is more the commodity right so i get the analogy but also like eth is not oil ethan's money ethereum block space is oil but the value of all

soft space is instantiated in ether though all right david it's that time man what are you excited about this week hey i'm like trying to make lemons out of lemonade i guess i've said that three times in the show but like hey i got coronavirus but i got the coronavirus after i got the vaccine and so like once i come out of this and once i come out of quarantine i'm gonna have the vaccine and the antibodies i'm basically gonna be superman and so once i'm done once with my quarantine time uh i'm gonna be stoked to travel the world to the real life and travel the world even more protected there you go yes specifically in that order is the right order to do things first the vaccine and then getting the antibodies i don't recommend the alternative order i'm just glad you're feeling okay yeah

they could have been brutal yeah ryan what are you excited about i'm excited about eip 1559 shocker look we are a week away look it's by the time people are listening to this we'll be like six days away from eip 1559 maybe five days away from eip 1559 and it's finally happening so we are burning eth we are entering the ultrasound money era this is the first part of that era where we start to burn eath the one thing i've i've thought was missing from ethereum this entire time was not like the community not like the uh product market fit we've had all of those things it's been monetary policy issuance policy of ethereum what does the issuance policy look like in the future that is the one

thing in my opinion david that has prevented ethereum and ethy asset from gaining mindshare as a store of value popular mindshare as a store value well now that's getting fixed now it's getting changed we're going to have a monetary policy that creates ultrasound money out of eth the asset and the first step of that is eip 1559. so look ultrasound summer it's kicking off this summer then we get the merge which uh drops proof of work issuance we get an issuance reduction of like four percent and it's like it's all coming together but it's finally happening that's why i'm excited eip 1559 is the biggest ethereum event certainly since uh staking and the beacon chain launched but in a w it's different than that i'm going to

say i'm not going to say it's bigger than that but it is uh almost as important maybe just as important as that i would say yeah and to to rally off of that i'm also excited for all the cool numbers and metrics and just the data we get to look at due to eip one five five nine burn data yeah burn data yeah uh i wrote about this forever again uh the uh last final puzzle piece today ethereum's monetary policy not only do we get eth burn rate we get the eth burn to issue ratio just so many new metrics like unlock for us to like to be able to talk about and digest and the more things like that the more real it becomes uh and so that's my what i'm excited about about what you're excited

about all right man i know we're both excited about that so uh all right let's talk about this meme of the week david uh we got i actually don't know the movie this came out of chief culturalist mike uh hillary duffel yeah but what's the movie uh i don't know i don't know where she's a twin i think i don't know i don't know the chief culturist michael wong over at bank list he uh he understands things way beyond uh even we do it sometimes but this is hillary duff holding hands with i think who is also hillary duff and it's ethereum holding hands with ethiopia because ethereum is an inclusive community and if we get branded with ethiopia as ethiopia we're going to run with it so ethereum best friends with ethiopia handshake ethiopia awesome guys of

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