Sam Bankman-Fried Sentencing: Too Harsh?

Transcript

I'm glad it's over it's done we don't have to talk about it anymore is this the last weekly rollup for Sam bman freed I hope so it could be it very well could be bankless Nation it is your Friday weekly rollup end the last one of March 2024 what do we got for him David blobs trying to take down the ethereum layer one why why are they doing this to us we also got base fees moving up that's base the chain not base fees uh I thought layer twos were cheap now what the hell is going on over $100 transaction fees were just seen on base in this last week also North Korea is back a $62 million exploit on a blast app leads to an existential crisis about whether or not

blast is centralized Ryan what else we got uh you said they're back but I don't think North Korea ever left David that's a that's a problem we have here no the B Market's that back and now now North Korea is back with us you know who else is here though this time Larry think is here okay and uh he racked up some more wins this week we're going to talk about that also he weigh in on the ethereum ETF I want to tell you what he said David and coinbase is moving more of their stuff from their private ledger to on chain so we'll talk about that Athena announces their token one of the most hyped token drops recently also probably the biggest news of the week s SPF gets sentenced so we actually know how many years SPF is going to be sentenced in

jail how many we'll let you know years are decades David uh decades decades okay that's a teas yikes uh and then probably the most hilarious Moment of Zen that you all have ever heard on the bankless weekly rollup or ever in crypto probably the funniest skit uh is at the end of the uh of this uh podcast so thanks for joining us here we're going to cover the entire Weekly News and crypto uh but first we're going to talk to our friends and sponsors over at nft 5 one of the most battle tested and secure lending protocols for your nfts it's on chain it's trustless it's peer-to peer all the things that we enjoy eth usdc or die pick your currency of choice uh you can put up your nfts as collateral and get some extra liquidity on your nfts

without giving them away there's no Auto Liquidation risk so as long as you repay you get your asset back there are points available to you nft wants to know that they want to give you some points so you can click the link in the show notes to go to nft F and discover some of the points that they want you to get David it's like it's like a pawn shop for your nfts a whole digital pawn shop you know you take it in I would do this except I don't have any nfds that have any valuable value yeah no one wants to give you a loan against your turtles bro yeah unlike unlike you who uh have excellent taste let me say it is known everyone knows that everyone everyone says that everyone says that everyone I ask says that what do people say about the

Bitcoin price well they're saying that it's up on the week I think I don't know you do prices this the first time I've looked at it here are the Bitcoin charts for listeners here uh what are we at on the week Bitcoin started the week at 65,800 up 8 and a half% to where it is right now yeah nailed it $7,700 at the current Uh current time of recording almost back up to the all-time highs that whole like dump week that everyone thought we were going into a bar market last week is gone now um what happened we went back up um so all the Bears are wrong once again uh bears go back to hibernation we don't want you here yeah they they're going to be so

weak they are the Bears are so weak this entire Market man look at them like they were getting they didn't even have seven days man they had like five days of Victory and then they're gone now and we're almost up to alltime high so what is the official alltime high it's uh 73 something 73 I will I will tell you it is 74 tell4 okay um can we look at flows because that's the the driver right and we had some last time we were talking about Bitcoin on the last weekly roll up we had negative flows for the first time that felt bad I'm talking Bitcoin ETF flows where are we this week actually still negative but kind of just like marginally so Fidelity actually had the biggest inflows this week uh there it's about flat um last

week it was very red it was very uh weighted towards the out uh flows out uh this week it's about flat we're you know hanging hanging just right where exactly where we were um you can only assume that this is going to resume up only you know just like seven days not that much time you know who's been a big winner of these flows all along it's uh this guy right here I'm showing Larry Larry somehow now our Ally yeah Ally question mark okay here he is on Fox News I I'm very bullish um on the long-term viability of Bitcoin I was saying did that surprise you that surprise me how much that's gone up I mean look at it's it it is we we're creating now a market that has more liquidity more transparency and I'm I'm pleasantly

surprised and I would never have predicted it before we filed it that we were going to see this type of retail so you thought you'd do good but not this good I thought yes yes well I IID is your ETF over at I shares it's about to overtake grayscale which was in the business certainly a lot longer you look at the gains since January 11th when it first came about yes have you ever seen this much inflow this quickly into I bet is the fastest growing ETF in the history of ETF D the fastest growing ETF in the history of ETF look at this guy's face right here

lar Larry f let's enlarge this face that is ayile on his face that is a happy happy man he is very happy this overperformed his expectations he didn't think it would be such a big deal and uh I think he's pretty much crypto pilled and crypt bulled he he he tastes profit David that's what's going on in this clip there's a chart that we're looking at here which shows the Bitcoin price in log uh overlaid the actual uh Bitcoin going into institutions uh and it starts last bull market because if you remember Ryan last bull market it was like it was the bull market of the uh the cycle where all the institutions are going to put Bitcoin on the balance sheet it turns out it was just micro strategy it was just microor who did a fantastic job actually just like being the sole

institution putting Bitcoin on the balance sheet it was one guy it was one guy yeah but now now black Rock's here uh and the size of the hockey stick that want the actual real institutions come in to put Bitcoin on the balance sheet it's hard to it's hard to express how big call this a yeah I guess that's a hockey stick that a rocket launch that is a rocket launch yeah it goes from 200 units to 880,000 units of Bitcoin like really really fast this is the Year this is the cycle where the institutions actually came I remember in 2017 Ryan everyone was talking about oh the institutions are coming you got you got you got to buy these Ico tokens now because the institutions are totally going to come and buy our bags uh and then turns out they didn't come and then in 2021 it's like you got to buy you got

to buy all these nfts cuz the institutions are coming turns out that didn't happen it is actually happening for the first time in my crypto career the institutions are actually here hotline for Matt Hogan this week you know how the institutions used to say like the thing was get off zero seriously like 1% allocate 1% he said 3% is the new 1% right not enough for large asset managers to just have 1% in crypto you got to have 3% 1% is bearish yeah 1% is bearish uh let's talk about the eth pric is that that bearish or bullish on the week it's bullish on the week start of the week $3,440 up 3.5% to $3,580 where we are right now at the time of recording I'm sure it'll be uh sometime Something Different by the time

you listen to this though cuz like why the hell we 3% though only 3% David yeah 3% is flat yeah that feels flat to me now when you look at Bitcoin it's like 8 and a half% I think the big question is are we going to get some of that institutional ETF magic inside of um ethereum and David I know if you saw this but Fidelity filed officially an S1 form for their spot ethereum ETF with staking included so I saw this and I wondered I asked is this a big does this improve our chances of getting an ethereum ETF done by May what's the answer to that definitely not and I I've got another conspiracy for you this week are you ready for the second conspiracy

about ETS in two weeks yeah sure okay so this one is that why are all of these like almost every single eth ETF has a staking component included in it and people like why are you doing that that's like risky not conservative like we don't even have the E ETF approved why are you guys trying to get staking in the ETFs that's like hard mode why why aren't you going for easy mode the conspiracy is that uh everyone is assuming that we're going to get a denial uh in May a May denial but then what happens is that we are we like gray scale whoever coinbase is going to sue the ET the SEC for denying the eth ETF and for the SEC for being arbitrary and capricious and then the SEC is going to be forced to approve the eth ETF later

and they're going to have to approve them in whatever form they are uh they are filed under with staking yes and so they are they are I don't know you think soing it's a bridge too far David I don't know be round I don't okay bear don't call me a bear but uh I don't know about that but here here's somebody who's on your side at least with respect to The Conspiracy Theory you last week last week's conspiracy the week David's conspiracy theory was you know why there's no activity you know why it's all quiet between the SEC and these ETF issuers it's because they've already done the work they have no questions they just approved a Bitcoin ETF so you just swap out those BTC letters for eth and you just you know like stamp approve

and so we're good to go that's why there's no questions we already did the engagement you you only engage once the chief legal I think this is the chief legal officer at grayscale he seems to agree with you David hell yeah yeah conspiracy taking that Tino ttin foil hat right off my head yeah Craig says this basically there there's um not a lot of difference between Bitcoin and ethereum he says the only difference is rather than the ETF holding Bitcoin it holds either so in many ways the SEC has already engaged and issuers simply have to engage less this time so he's answering the question why has there been no engagement between the SEC and issuers he's like they've already done the work all you have to do is just you know kind of swap it out so he totally agrees with you yeah I don't know

actually how to square this uh whole about there's staking inside of the eth ETFs but they're also carbon copies of the Bitcoin ETF those are like I don't know how to square those two things I think the staking component of these ETFs is like it's optional to stake um we need more experts to comment on this uh so uh we should probably talk to the to the ETF boys sometime soon speaking of the ETF boys Eric balunis who's one of the two ETF boys he goes read the eth ETF approval we are holding the line at 25% odds although to be honest it's a very pessimistic 25% so so despite this is in response to the grayscale chief legal officer's analysis on like we don't need engagement they've already engaged he says like sure good point point taken we're not changing our odds

uh we remain pessimistic at 25% 25% is not zero 25% is not zero so one other voice in this that I think might be relevant and important is the voice of Larry think of Black Rock who certainly has a u a horse in the race let's just say and is feeling awfully bullish on crypto lately in that same interview that we played a clip from earlier they actually asked him if an ether ETF would still be in the cards in the event that the SEC somehow called ether uh and declared it a security and Larry thinkink said yes I think so huh yeah slightly unex it's a security a little bit unexpected I don't know what to do with all of this what the hell do I know I'm not a lawyer uh one other big black

rock thing as I said it's you know a black rock week I suppose do you know their new bidle fund that we were talking talking about uh with tokenized treasuries on ethereum it is now 250 million start started at 100 million jumped up to 250 million so 150 million of demand came so that means we now have 1 billion in tokenized treasuries in crypto on chain yeah that number is going up how how long do you think it's going to take to get to 10 billion on that number oh not before this half of this year right on this half of this year right yeah it's which even seems pretty slow like it it could it could be like April yeah so not only are the institutions here from the perspective of ETFs but they're also here from the perspective of tokenization and they're

starting with the most logical thing to tokenize which is treasuries y That's what's happening the closest things to actual dollars total crypto market cap David where we at where are we at we are at $2.8 trillion almost above three we're gonna we're going to break alltime highs both in Bitcoin and alltime market cap inside of 10 days let's get to the alltime highs of layer 2s as well I mean we are we are right there and this Layer Two update is brought to you by mantle which is a new and up and cominging Layer Two that uh we enjoy they're sponsors of this podcast episode also their token hit alltime highs we're talking about alltime highs so Cong to the to the mantle ecosystem that's right 4 billion I think in value this week so pretty impressive so tell me about total

value locked in layer twos we are just under $40 billion as we have been for the last 3 weeks we have just been teasing that $40 billion number as soon as we break 40 you know what happens next what happens that's that's that's how that's how numbers work uh scaling Factor 10.4x wow as soon as as soon as blobs come online just layer twos have just taken all of the braks off uh there seems to be no limit uh to the scaling factor for layer twos uh base at base found a limit but then they just raised the limit well we're going to talk about that later in the show active addresses are at all-time highs uh tvl at alltime highs it's really good time to be to be a layer to uh Bas tvl in Bas 257 days ago hit 1 billion uh 25 days ago it hit

2 billion 5 days ago it hit 3 billion so there are some parabas going on inside of the layer two ecosystem especially on base David you see this chart right here this is um layer 2 gas fees right and you see after blobs came after EIP 4844 they absolutely fell off a cliff so this was around March 13th or so in the days afterwards they hit the floor and then do you see this line here this little Blue Line's been creeping up that's base so after hitting the floor Bas has suddenly gotten more expensive I saw some tweets this week of people surprised that it cost like you know 30 cents to do transaction on base of a dollar bro I saw a $100 transaction on base that had to be a mistake I can't

believe is something be $100 okay well what is going on so all the other layer twos are still cheap I understand that base is getting a ton of demand uh and so that accounts for for some of this but I thought blobs fixed this are blobs going up in in fees or like what's going on basically we are trading bottlenecks right now and so blobs for the base chain were extremely cheap just like they were for all of the other chains and so Bas was paying very very little to settle on ethereum base itself was congested like what is bass it is literally a a layer two that is ethereum as a layer 2 on ethereum all op stack Forks are like this they are basically a carbon copy of ethereum settling on ethereum you can congest a layer too uh and that's what happened with bass and

so the execution layer which is BAS itself itself actually got congested there were more transactions that could go inside of the base evm than it could process so it was a it was literally a compute bottleneck it was not a settlement bottleneck uh and so as a result of like me Bots you know mcoin Traders a lot of it was mem coin activity mcoin trading uh people were just like trying to you know squeeze themselves into base and the execution side of Base was just too constrained to let them all in and so that's what happened fees go up okay so I'm going to make sure I understand that cuz I didn't understand that at the beginning of this week where the bottleneck was I just assumed the bottleneck has always been ethereum I was like oh it's ethereum's fault blob's got really expensive we anticipated this

and we're going to talk more about blobs a little bit later and so they they must have gotten more expensive but it turns out the fees on base are more expensive and it's not ethereum layer one's fault right okay it's base there is a constraint in kind of execution and there is this um metric that I learned U gas per second mhm okay GPS gas gas per second and that is a measure of what how much gas there is in a base block like and how much execution throughput and how much compute throughput you actually have and again this is something that Bas can kind of scale out and control on its own but uh apparently can't happen overnight can you talk a little bit about that what is what is gas per

second and how does bass intend to actually scale that gas is basically ethereum's version of compute uh it is a ethereum way of comp uh measure and compute uh and so like different uh functions inside of the evm have different weights for how much gas they are like multiplying has some amount of gas cost dividing has some amount of gas costs different different compute um functions have different gas costs really really uh expressive complicated ones have high gas cost very simple ones just like you know adding or subtracting have low gas cost so basically it's a function of uh compute like how much compute demand is this going to put on somebody's CPU SO gas per second which are in like the mill mly gas per second

as in millions of gas per second is how much throughput base has and this is the bottleneck this is the execution bottleneck of Base that we are currently hitting we weren't hitting it before because previously it was call data uh layer one settlement that was the bottleneck that bottleneck is gone now the bottleneck has moved to Layer Two Ute so why don't they just widen that pipe David um that's what we did Ryan okay so on base this week they've increased the size of the bottleneck around base uh compute uh so it's gone up 50% to 3.75 migas uh and then they are going to after they observe and make sure that you know the chain is still stable they're going to raise it again to five millas uh targeting early next week so Monday Tuesday Wednesday of next

week we will go up to five millas already since uh increasing the scale of the base layer 2 gas feeds have gone down so we are now enjoying like one two 3 Cent transactions again uh but yeah all of that happened inside one week for now though right what if there's another so there's a 5x increase in demand that caused this because gas fees are so cheap so we like uh increase our gas per second and demand's just going to fill that up too right how do we get to something that is far higher than than millas how do we get to Giga gas per second is there a road map to that yeah well there there's a bunch of things to optim optimize right there's like State bloat there's just like the execution bottleneck uh there are a variety of different um things that are still have

like juice left to squeeze in them and Jesse's just said hey like we're going to do all of them there are layer one optimizations like pias and dang sharding plenty of Layer Two optimizations uh reth from uh uh Georgios from from Paradigm is working on reth which is rust ethereum rather than G uh which is go etherium rust is just more performance uh so we can get just a a better um execution client to have some of this there's just like actually like five or six or seven different ways to uh squeeze this juice here there's just there's just a lot left to do here all right so my favorite thing about about this is the bullish thing is now the bottleneck is somewhere else and the place that it is is on the execution layer with teams that can execute far faster and without kind of

the constraints of like let's plan multiple years for like an ethereum there no all Dev calls here it's just Jesse and it's all of the layer 2os competing I mean they're all going to parallelize uh you know their their compute they're all going to make this hyper efficient and eventually I don't know when this is going to be but eventually the constraint will move back to the DA layer and it'll be blobs we don't have enough blobs on ethereum again and but then we're going to get more blobs then we're going to get more blobs okay so we're just like kind of like moving constraints and this is what progress actually looks like this is what scaling kind of looks like right we are globally increasing the um trustless bandwidth throughput of our chains and this is just like the engineering work that's happening so from my perspective

now we're in kind of this territory of like it's incremental like we're just making these gradual quick incremental changes to to scale up our fees now that we have this new blob space uh primitive yeah vitalic said it really well in his most recent article we've gone from zero to one with scaling uh one being the introduction of 4844 and now we are going from one to n as in exactly what you're saying like incremental like there now it's like up to like 17 different ways to get more scale out of ethereum there's something I want to highlight about this uh movement towards like the whole ethereum rollup Centric road map uh zerox Al retweeted out in the past 24 hours base users have paid 670 eth in fees 5 70 of that went to coinbase The Operators of base of course

100 e of that went to optimism as part of the op Collective and then3 eth went to ethereum to pay for blob space so out of 670 eth the base layer 2 only paid the ethereum layer 13 e to settle to ethereum so this is how cheap settlement is now for layer twos onto ethereum this is the cost of security to me like people are interpreting this as like oh this is super bearish for eth like how is this any sort of value acral for for eth the asset layer twos are parasitic to ethereum like all this kind of stuff my perspective on this is that this is the tradeoff that the ethereum network is making with the rollup Centric road

map layer twos are being charged the minimum amount of rent necessary to maximumly secure layer twos and as a result of that tradeoff and for reducing the burn eth becomes the unit of account the monetary asset in in layer twos layer twos right now are the most profitable business model I have ever seen because settlement costs are almost nothing and sequencer costs layer twos are getting all the sequencer costs and so layer 2os as a business right now are absolutely printing in profitability and their cost of the ethereum network is almost at zero the way that ethereum benefits ethereum the network benefits is that eth becomes money in all of these networks and so there's a reason

why we've launched like a thousand layer twos over the last year and there's a reason why over the next year we're going to launch 10,000 more and it's because eth becomes uh the most cheap secure settlement layer while eth becomes money in all of these networks I think what you're saying is the value proposition of ethereum at least like if you think of ether the asset moves from um discounted cash flows and you like receiving cash flows based on these chains by by charging chains rent extraction to like monetary premium because it is getting its liquidity is getting bootstrapped is being used as by all of these chains my take on that is it's such a 4D chess Mo because it makes it incredi hard for any other chain to kind of compete why compete

directly against ethereum if you can just settle on ethereum like it's just kind of like Jo Jo join the Pirates basically join the pelaton yeah like you just why would you do anything else MH we've seen outflows of eth from centralized exchanges uh eth Supply on centralized exchanges are like hitting like one of the deepest load that they've been in some time but actually eth on the ethereum layer one is staying like flat uh where is all of that eth going all to layer twos like layer twos are sucking up so much eth have they have so much demand and reservation demand for eth like that's where all the demand is coming David a quick check in on Trad five Marcus do you know the S&P is alltime highs look at this chart the only S&P I don't even know if it's in

the S&P the only Equity that I pay attention to is coin and let me tell you the coin chart is looking real good yeah well uh so so are so are everyone else's stocks just so you know we're at alltime highs it's looking like a myal bummer it is probably exceptional I mean I don't think the S&P is moving like uh like that particular but pretty bullish want to add to the whole strategy around layer 2 is that uh I think we're going to see repeated again and again and again this is a tweet from someone at coinbase coinbase is going to be storing more corporate and customer usdc balances on base this enables us to manage and secure customer funds with lower fees and faster settlement times with no impact to the coinbase user experience so they're basically saying

base is going to be our home chain for usdc moving forward this is coinbase saying that what I see David is this is an evolution of an exchange becoming a chain and like one meta take of this is if you if you zoom all the way out every single asset is going to become a token every single bank is going to become a chain and coinbase kind of dabbles in that war world just like other exchanges like like Kraken they're all going to launch their own chains and put more and more on chain rather than their private databases they'll still have PRI private databases but it'll gradually become kind of an empty shell of like AML kyc and just kind of the regulatory check mark I think we'll see more and more activity migrating on on chain we're

starting to see that with usdc this is coinbase carving a path to showing how financial institutions can be onchain financial institutions and they're not not doing this now they're they're moving their own internal business Logic on chain but what I think they will do is just become a like user verifiable onchain financial institution they're not like they're not like spilling their guts they're not like opening the doors like hey here's everything but like this is the first step to that like user verifiable financial institutions which we there like there's a lot to talk about like meme coins and like what are we really doing here what's our purpose in crypto are we doing any good this is like literally 2008 armor onchain financial institutions that are secured

and verifiable by their users that's where we're going that's extremely bullish so let's summarize where we are this is from bradley. eth we're not even done q1 and yet we already have this year in 2024 nine Bitcoin ETFs Black Rock launching its first fund on ethereum Larry think pushing crypto talking points on CNBC Google integrating ens into search we'll talk about that later GoDaddy adding a crypto wallet tab that lets you connect your DNS name to enss seven ether ETFs filed the London Stock Exchange announces Bitcoin ethereum etn that happened this week we don't have a chance to talk about it and to top it all off the SEC is not only losing in court against crypto but is actually rebuked by the court for lying got to say it's been a

good start of the Year feels good this yeah this is what a bull market feels like all right coming up next we got our first big hack of the bull market we're going to talk about that in all the consequences SP SPF jail time how much but first blob demand is trying to to take down ethereum they're trying to take down the network going to talk to you all about this and more but first i'm going to talk about some of these fantastic sponsors that makes all of this happen our preferred place to trade our tokens in 2024 if you not have an account with Kraken consider clicking the link in the show notes to getting started with Kraken today if you want a crypto trading experience backed by worldclass security and awardwinning support teams then head over to Kraken one of the longest standing and most

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consumption and this was happening Ryan all of yesterday Wednesday the 27th for people listening uh we actually went a little bit above that demand first let's look at uh Tony's tweet here who's showing a graph of blob space and so all of that yellow is the blobs and you can actually see the effect of blobs and blob space all of the yellows blobs that's layer twos and what's about to be blob scriptions we're going to get to that uh saturating blob space and so ethereum in the short term is actually a bigger beast in terms of like data uh but then we actually have the uh execution layer and the consensus layer size of the blockchain so think about like the size of the blockchain those two things which are permanent ethereum actually got smaller blobs which are

temporary 14 days of of State those are temporary so temporary state has gone up but per state of ethereum has actually gone down so this is part of ethereum's uh long-term sustainability plan like ethereum itself is becoming more lightweight but so so let me back up there so it we were waiting for a time where all of this demand would essentially exceed the supply of of blobs and caused there to be a competitive fee Market you know like burning of eth and that sort of thing and two weeks after we've launched blobs you're telling me basically we've crossed that threshold and like it's not that we don't have enough blobs but but we have so much demand that it's um a fee Market is emerging and it's starting

to become competitive and costs are going up is that is that what's going on our blobs are full that's exactly what's going on that's exactly what's going on yeah so the average over the last 24 hours the average gay price for blobs is 30 that's 30 gay uh but this is being bought by layer twos not by users and so like amortize 30 over like a thousand users on a layer two so that's actually like really low on per user I mean so that happened really fast right like we knew this would happen but like we're only two weeks in and we're already out of blob space uh well why I wouldn't call it out of blob space uh layer layer twos I think are actually being relatively efficient uh with blob space uh the thing that's happened in the last week are these things called blob

scriptions so actually there's actually no reason like layer twos are not the sole consumers of blobs anyone can consume a blob uh and so now we have inscriptions going into blobs uh so like instead of layer twos people are just writing jpegs straight into the blobs which I totally saw coming everyone saw this coming like a mile away uh and now layer twos are competing with people putting in dick butts into blob space okay that's what's going on yeah so so here here's what blob space actually is so um it doesn't get Pro like blob space you described it last week as like a high occupancy vehicle Lane it's like the fast lane and so it doesn't go through kind of the the layer one EV and

require all of that processing it's like a side lane and the primary consumers for this are like supposed to be the layer twoos and indeed they have lay they intended to be layer twos but because this is a permissionless commodity that anyone can take advantage of anyone can jump in that HOV lane all you have to do is just like buy it right and it's it's expensive relatively but if you want to buy it you can anybody could do that I could go do it you could go do it we we're not layer twos David and so you're saying that's what's happening except some of this a lot of this demand that's the demand that's spiking uh fees upwards is not from layer 2os it's from what you said e inscriptions what are these inscriptions yeah inscriptions whatever whatever you

want to call them we call now maybe we call them blob scriptions because they're specifically in ethereum Blob space but yeah about like uh two to a one ratio of demand of blobs was made by inscriptions over the last like 48 Hours uh and so like the to continue the metaphor like imagine like your base chain settlement blob or your optimism chain settlement blob your extremely refined High occupancy vehicle there's like so many transactions so many riders crammed into this like you know spaceship bus thing but then some dgen pays $20 to ride their crypto dick butt blob through the HOV lane clogging clogging it all up that's what's going on like there people buly clown car scooters right exactly exactly and

people are just like taking being super fat like taking up all the space in the HOV lane because they can pay to do it and they think it's funny and they're they're putting jpegs into the chain and now that actually like encourag cost upon the layer twos and that this is completely within the the the rules of the the road right like you can put any data in blobs that you want yeah it's completely permissionless so anybody could do it's expensive though um so it is expensive which is why this is currently not happening anymore because like a lot of D were paying a lot of eth to make jokes uh and now the jokes are over because people you know don't want to actually be doing that okay well the thing that concern me of course maybe maybe some of this is funny I mean but

like their money is going to like run out if there's not enough like kind of demand for this So eventually they're going to run out of gas I would imagine but it stops being funny when you start to see the network wobble a little bit so here's a tweet from data always I'm pretty confident that this is the worst network performance we've seen without a client outage and what are we looking at um slot utilization on ethereum kind of like a spike downwards what is this yeah so SL slot utilization is basically people who are missing blocks but a slot is an opportunity for one block uh and yeah and so we we were 133% of the network uh was missing blocks in the worst moment of this uh period of instability uh yesterday and why was this happening well because now there's

so much more data in Blob space like the size of ethereum in the 14-day temporary window The Blob window got like twice as big it gets pruned but like in that moment of time like we are like adding more data to hardware and so about 14% of it ethereum nodes weren't able to handle this and they they fell off and like they dropped off the network actually not totally true what happened here people were like freaking out about like oh is this a protocol issue blah blah like what's going on like we're 133% is a lot like if you drop down below 66% uh that's that's when you like lose finality and in a weakened State like ethereum becomes like we're in an adversarial environment people would love to try and take down ethereum if

they could and so you don't want to be like like broadcasting your weekend State and we had like 13% of the network offline so I assumed when this happened okay uh I guess the network wasn't ready for blobs and something to do with the client software and like oh we should have load tested this a little bit more you know something like that and it's probably the clients but it turns out it's not the clients where was the actual fault here okay so the actual fault was in The Blob and block relay service from blocks route which is a block Builder on ethereum they just had a bug in their relay service that was relaying like to proposers AKA validators what blobs or or blocks that they should include uh once block blocks route disabled their service for debugging uh we haven't seen the issue

since so the network came back totally online it's been totally fine it was always totally fine there was just a bug in a relay in a third-party offchain relay service that people were using that caused people to be late for their slots and miss their slots so people for a moment people were like oh my God the Network's about to topple over and then we realized oh no it's just like a third party relay service yeah so at the end of the day Network's totally fine just another day in ethereum I guess we'll have to see where this blob space demand goes are we going to do more clown Scooters or is it going to be more spaceship buses David so this is what Peter from gu was saying actually is that like if there is cheap enough blob space you will let the Deens put their

stupid jpegs in in the space hey hey stupid is subjective okay stupid is totally subjective customers uh so this is this is what he's saying with his tweet on uh here on the screen he says in my we need capacity which we just got then we need apps then we need capacity then we need apps I actually thought this was a relatively brilliant take where he's saying like yo if people are putting stupid jpegs into blob space it means it doesn't mean that we need more capacity because they're driving up fees it means we need more apps to drive out the dick butts out of The Blob space yeah more higher utility greater economic value apps basically that's the take yeah yeah yeah we need to put the Mona Lisas in the blob space meanwhile while that was going on uh there was this controversy

around the layer 2 blast and we just had Pac-Man on the podcast who's the founder of blast that came out on Monday and uh there was talk this week of rolling back the layer 2 the blast chain huge controversy in the space where did it start David it started on this blast app called munchables the irony of this Ryan is I was at dinner with some friends literally the night before this happened and the friend was Shilling me on this like game this app on blast that he was playing and it's called munchables and there's the schnibbles and like you farm the yield on the the to the the se you plant the seeds and you farm it sounded like just a Farmville Ponzi game so I was being shilled at like the night before and then the next day it was

exploited for $62 Million by a North Korea exploiter as it turns out allegedly possibly linked to North Kore so Z Zack xbt uh indicated that the culprit uh who went by a variety of pseudonyms uh got their way onto this team to build this mtbl like game and then that new team member hired four other Munch's team members and it turns out that they were actually just hiring themselves four different times wow to give them uh enough Authority inside of this like new game that was very quickly being spun up um to and then then they somehow got access to the private keys that controlled this game they just let a renegade Dev into their GitHub basically yeah like the the Discord handles are like bold Dragon

1724 like the the stupid generic Discord names that get and you don't change them um yeah okay so the scammer push an upgrade that no one could have seen because they had the private keys and it g it essentially gave this the scammer the three wallets that had unlimited access to withdraw the funds so they had the keys to the upgrader and the main deployer wallets uh and then then this also um affected some other applications on blast that were connected uh juice Finance um so that's pretty that that's bad uh so $62 million got exploited from this one um from this one app uh this triggered Ryan a conversation amongst crypto Twitter as to what to do with this because Zack xbt uh like we don't 100% know this but determined that

there's a likely association with North Korea and this North Korean Lazarus group we can only assume now has $62 million on blast should blast freeze the chain roll back the chain do a top- down uh centralized action and revoke the $62 million or should they remain decentralized and not do anything and allow this North Korean hacker to run away with $62 million what should they do it's funny that you say remain decentralized because the fact that they have the ability to do that like R push an update to roll back the chain or doing a regular State chain change and yo the the funds means that they're not decentralized in the first place so it's more like an Optics type of question right an Optics question do they want to

pretend they're decentralized or they do they want to take some action and actually roll back the chain and there's like um I guess Pac-Man and the the devs at blast are stuck between two pretty bad situations bad outcomes a lot of people were pointing out though there there's no way that if they are centralized in their current form they certainly are right they have the ability to kind of like freeze funds or do an regular State change change there's there's no way that they shouldn't do that or like that they would wouldn't be held legally responsible if they don't take an action right like if they have the ability if they have the power and they don't do it it's probably negligence isn't it and that this was the the point that um crypto Twitter made yeah and that's kind of the point that I agree with right and

so like the dichotomy here is that you know they could upgrade the bridge this is what quit says they they could upgrade the bridge prevent the hacker from moving the $62 million but ruin all perception of decentralization or they could just Let It Rock they say and then users could eat a $62 million loss within the first month of launching blast the thing is I don't think anyone on blast is like there because they believe that blast is T centralized they're there to like play games and earn yield uh and I don't know if anyone like there's no like veil of decentralization here I don't think like I was in my opinion I think the blast could have taken a very easy Mulligan you guys have just launched $62 Million

by North Korea clearly there's a good outcome here uh this is what Eric wall says uh quote you're seriously considering lying about the decentralization of blast so you can let a North Korean hacker group get get away for $62 million for the purposes of funding North Korea's missile uh missile programs in the spirit of maintaining decentralization so this was the debate that people went around like what what do they do um turns out we actually don't know what they did but what did happen was that the money was secured in a multisig by the blast core contributors this is Pac-Man tweeting says it took an incredible lift in the background but I'm grateful to the ex mbl's Dev who opted to return all the funds in the end without any Ransom required so the dev Dev gave the money

back all of it without any Ransom and no one completely Knows Why except I'm sure the blast team does but no one really knows why there are some theories though so here's one Theory my thesis is Pacman froze his address that's what my buddy and I concluded don't quote me on this who really knows but it would make the most sense by by froze his address there there are different vectors of centralization one of course they could um like roll back the chain roll back everyone's transactions that's the that's the most aggressive and another is they can surgically do an irregular State change have all of the kind of blast clients update their clients push push some software and like kind of like remove this transaction or like freeze it or do it that way right that that that as well is is something

that is pretty substantial I mean that yeah that was the DOW hack that's what that is the Dow what exactly or they could just threaten some of these things forall that blast runs its own sequencer right so they could just like know censor transactions really kind of box this hacker into a corner and not let them escape and uh maybe there was some negotiated side deal for something like that right basically you you can't escape anyway so why don't you just give us the funds back who knows what happened behind the scenes but uh there there's definitely some speculation on these things the picture that uh this Twitter account is tweeting out says uh I don't know he is refunding them he can't he being the exploiter can't do anything with the funds Pac-Man has done

something so he can't send um aams Razer the most simple answer here is that this is uh sequencer censorship uh so the sequencer of blast is just saying hey that address can't do anything uh and then because there's only one sequencer and no other is not permissionless so no other sequencer can come online the hacker the exploiter is just like you know so like you can't do anything with the money like why he would give the money back if it's North Korea I'm not sure cuz like what's North Korea have to gain by giving the money back uh I don't really know yeah that's weird that's weird but like the the hacker was like oh I can't actually touch this so I might as well just give the money back I think it also puts a spotlight David on the on the current state of layer twos

which is they're progressing towards uh decentralization but they're not there yet right and so uh to go to kind of Layer Two beat you can basically see that today um a lot of the layer tws are still at stage zero like blast is so there's some if training wheels some centralization vectors only one of our layer twos so far have achieved um uh stage one and we want them all to get to stage and be basically fully decentralized once they're in stage two they won't even have the ability to make the typ of tough decisions that uh Pac-Man and the team probably had to make and I think that will take a weight off of everyone's shoulders moving into other subjects SPF sentence happened today the day of recording Thursday the 28th uh SPF he was sentenced to 25 years in

prison which was just about right in between the two ends of the spectrum that was um guessed uh the defense was asking for 6 and A2 years the prosecution was asking for somewhere between 30 and 40 years he ended up getting 25 years how do you feel about this uh this ruling run um that feels reasonable I mean to me like I don't know I don't have a a strong take on this I I feel like if it if it was in the single digits that would be absolutely ridiculous just AG subjectively compared to other things um but like lifetime sentence I don't know um so it's a fine outcome from my perspective yeah so there are some uh tweets that we can read out from a person who Inner City Press who always

goes to the SPF things and live tweets uh so some highlights here judge Caplan this is the the judge of course a fortuitous runup of some of the value of cryptocurrencies bears no relation to the gravity of the crimes that were committed a thief who takes his loot to Las Vegas and successfully bets is not entitled to a sentencing reduction even if payback is complete judge Kaplan also said I find that Mr bankman freed gave perjured testimony at trial falsely testif testified that until the fall of 2022 he had no knowledge that Alam had spent FTX customer funds he falsely testified that he had first learnt of the $8 billion hole in October of 2022 finally he falsely testified that the repayment of thirdparty loans by alamino would

require Alam to borrow more funds from customers in FTX now do count does council want to address these points to which council did not want to address these points uh one other big highlight in the uh the uh proed readings today uh Dre Kaplan asks if there were victims that wish to address the court uh a victim Sunil kavuri said I flew in from London so that you could hear from victims I wanted to speak to you in person judge Kaplan you did a fantastic job in the trial many creditors feel the same I followed the trial live I'd like to address the argument that the loss was zero this is the argument coming from the defense they continued to claim this in the media it is false I have suffered for 2 years the bankruptcy

estate is assuming or mischaracterizing us as unsecured creditors we had property rights uh Sullivan and Cromwell has trampled over our property rights they have liquidated billions of dollars of crypto assets there's a token that these Liquidators sold at 11 cents it's now trading at $2 FTX had1 billion in salana tokens they sold it at a 70% discount they're selling it to their own clients Galaxy it is destroying customer value this is our property and then there's anthropic our assets were used to buy the stake it's our property I objected and there's thousands of customers who support me at least three people have committed suicide because of this FTX fraud so when this FTX bankruptcy I guess what I feel how it

relates to Sam it has hurt me other co-conspirators haers and ab betters also need to be held accountable uh then there was this pretty insane defense by uh spf's lawyer when it was SPF lawyer term to come on the stand uh he said that Sam is misunderstood it's easy to slot people into an old fashioned story of a greedy swindler Sam never screed away with the money he stayed until the very end he'll tell you how much more it means to him that people get repaid he is an awkward math nerd he's into veganism he has off-the charts intellect he is a beautiful puzzle he can parse words better than a talmudic scholar he was a billionaire unconcerned about material possessions in middle school he

was thinking about his ethical obligations to the global population in college he spent CRI helping animals on Wall Street he gave away his earnings to charity that's through age 21 Sam's Devotion to others predated FTX he never sought out to be the king of crypto he just wanted to have the largest possible impact on the world but it was not ends justify the means that would harm the altruistic movement who is standing by him now not Tom Brady or Katy Perry that defense how do you feel about that defense Ryan he's not a criminal he's a vegan he's a vegan treat yeah I'm glad it's over it's done we don't have to talk about it anymore

is this the week last weekly rollup for Sam bankman freed I hope so it could be it very well could be coming up next Athena launches their very hyped token an update on the coinbase vers SEC case did coinbase lose uh Google integrating ethereum address is retro and the cftc dunks super hard on the SEC all of this and more but first I want to talk about some of these fantastic sponsors that make this show possible like mantle a preferred layer to for capturing all the yield if you haven't tried out mantle yet maybe try it out today let's go hear from them right now mantle formerly known as bit Dow is the first Dow Le web 3 ecosystem all built on top of Mantle's first core product the mantle Network a brand new high performance ethereum layer 2 built using the op stack but

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obstructing your browser window but that's not all the Unis swap web app Now features limit orders so you can buy and sell any token at your price on your terms without having to watch the market and the best part limit orders are built on Unis swap X which means no gas fees also new to the web app is the data and insights pages with real-time Candlestick charts price data transaction logs and detailed pool data all integrated into the Unis swap web app all of these new releases come together to create one platform to help you swap smarter every time no matter where you are on web mobile or on the extension click the link in the show notes to sign up for the extension wait list and download the mobile app start swapping Smarter with Unis swap ethena the synthetic dollar has launched their Ena token they will anch launch it it's

on April second total Supply 15 billion tokens total initial circulating Supply 1.42 five billion tokens so like nine almost 10% um how the airdrop will work 750 million Athena tokens 5% will be aird dropped to users the snapshot was on the 26th of March any user who unak or sells usde before this date will not be eligible for the airdrop law uh the largest 2,000 wallets will be subject to a 50% linear PR vesting over the next 6 months interesting that we're getting some vesting into large airdrops uh there is a Shard campaign that Athena is doing for earning this airdrop it's not over it'll end on the first one of the shortest Pre-K points campaigns to date

uh currently the Athena usce Supply that's their stable coin stands at $ 1.35 billion congrats um that's pretty damn good a second campaign starting on April 2nd for those who still want to get some of the etheno token uh you still have an opportunity uh so it'll run for 5 months until September of 2024 or when the USD Supply reaches 5 billion and that was the etheno drop if you don't have a lot of capital the the bull market like aird drops are the best way to like make money in this market so participate uh we've got the air drop Hunter there's always a link in the show notes uh go check that out so Google added a new feature where if you type in an address so ethereum address into Google itself it will pull up the

balances directly from ether scan for that address not just on ethereum but across all of the chains and so this is um Anthony Sano showing an address and you like assets that he holds across multiple Chains It's the first search result after you type in uh well copy and paste you're not type this in an eth address so to me this is like a double-edged sword because on the one hand it's fantastic for adoption right hey Google's supporting our chains right it's it's Gathering it's Ag and all of our onchain data imagine the the Great fun is going to provide us on the other hand let's think about Google's core business model right they already know everything you do online now they can know with crypto everything you own it's all open it's all queriable it's just like web 1 it's just like the original

uh like internet and imagine the ads that they could create if they know your net worth if they know all of the property you hold in crypto combine that with everything they know from ads and like wow this could be a very powerful um business model for them and disne not necessarily a great thing in terms of our financial privacy let me say so like one take away from this is my God we need onchain privacy at the base level don't we like we need that fast and uh I guess the other take is I wouldn't be surprised to see the Googles of the world the big web 2 ad companies further integrating this type of functionality in fact the only surprise in my mind is why they've taken so long to get here in the first place yeah we've got a lot of data and let me tell you Google knows

what to do with that data uh they'll figure it out so super scary tweet went out this week uh court rules against coinbase in anticipated judgment I think everyone got a hard attack by this uh then we realized that this was coinbase's request for the court to throw out the sec's case against coinbase coinbase of course for its staking program also for its wallet being a brokerage uh ended up this being a partial victory for coinbase so the court did indeed throw out the sec's case against coinbase for its wallet saying that the wallet is not a brokerage or broker dealer or anything like that uh but some other parts of the case will proceed mainly coinbase's

staking program so we are going to see the SEC and the coinbase lawyers go toeo toe mainly over coinbase staking program whether that was an investment contract or a security or like whatever uh and so sadly this is going to take like years for us to actually see these court cases like play out so we're not going to get clarity anytime soon Gary kensler might even be gone so he might just like drop this bomb and dip um yeah sad good news but like sad is going to take so long yeah and I will say what are the expectations here this is kind of a Hail Mary uh from from coinbase to just basically before the court before the case goes to trial to just motion for dismissal like right this this case is so stupid judge you should just dismiss it all right so and the fact that they

got part of that is a partial win but overall Jake trinsky says this is probably a at least on this dismiss this is a win for the SEC there are some positives he says it's great for defi that wallet is not a broker there's good language on other issuers like how he's investment of money prong but the court sided with the SEC incorrectly in his opinion on several key issues particularly whether staking uh could be a security or not and that is worth going to court in in the eyes of this judge so we we will see the Fallout from that also somewhere in the same realm uh cftc vers qoin Q coin of course the exchange got a regular old slap on the wrist stuff we've seen before kucoin 30 million customers did not Implement kyc

they had future exchanges and they didn't register with his cftc they facilitated money laundering they accepted money from addresses that touched tornado cash so they are getting bonked by the cftc that's the news with that but Ryan there is a Hidden Gem the cftc inside of the complaint to C coin explicitly labeled Bitcoin ether and Litecoin mainly ether as commod in the complaint Jake shinsky his comment says usually the SEC and the cfdc pretend they aren't in a Turf War over crypto today the cftc is openly attacking the sec's supposed investigation of eth this may seem minor but it's actually a pretty Savage inter agency Drama by DC standards let's go I love

drama me too lastly on regulatory updates uh Kraken is launching their own State chartered full Reserve Bank I guess David if you if you can't beat him join them all right um they keep shutting out crypto from the banking system so kraken's like um how about we just make a bank and that's what they're doing just be there on the inside this I think only works in certain States Wyoming is very cryp crypto-friendly so they have registered this full Reserve Bank in Wyoming and um that's going to be kraken's institutional play uh Kraken institution take custody of all of these various assets under a full Reserve Reserve Bank charter license no fractional lending full Reserve Bank I

wonder what the FED thinks this right it's like you know State States right states have the ability to do this and I I don't know how the feds going to take it two bankless Ventures raises this week we do this segment whenever a bankless ventures port code announces a raise we have two this week a bob that is build on bitcoin that is a Bitcoin Layer Two using the evm uh to make a layer two on bitcoin a really cool project uh we love the Bitcoin Renaissance it turns out Ryan and I love the Bitcoin R you know what's crazy about this I love their approach so they're basically using the the op stack right and evm and they're going to start by actually settling on ethereum and they're going to swap that out at some point to settle on on bitcoin and then they're going to have the ability to

settle on bitcoin or ethereum it's like a layer two that is kind of like amodex uh it's like one of these platypus layer twos that confuses everybody because bitcoiners are like hey I kind of like that and ethereum people are like hey I kind of like that too I love it I'm very very bullish on the whole Bitcoin layer 2 space mainly just because like bitcoin's got a monetary asset that's worth $ 1.5 trillion that asset would like to you know play play games uh and things like Bob are going to do that uh this uh that deal was led by Castle Island Ventures so like us and this as Nick Carter you know like slapping hands uh next up succinct succinct is a prover Network it is basically commoditizing access towards ZK proofs for developers different ZK

circuits can all put into the Su platform it's a general ZK platform uh to helping the the devs integrate ZK into their application either in web 2 or in web 3 it doesn't matter uh and so basically scaling out ZK for the world uh Z ZK proving is pretty expensive right now and this is going to make this a lot cheaper so it's going to make ZK EVMS a lot cheaper over time but then it's also going to give us the ability to like chains are just one type of ZK app right what other types of apps can we build I think this is a frontier that we're going to explore not right now but it's probably like 12 to 18 months out and is super comp yeah uh but very cool yeah so this was led by Paradigm with

participation from robot Ventures geometry zkv uh and US bankless Ventures meme of the week David what are we looking at this is a tweet I saw off from Liam Horn uh who is talking about why stable coins are just totally going to win uh it is an email to Liam saying hey Liam we have processed the wire transfer today and let's hope for the best wire suck compared to stable coins man wi suck man it's like it's like going back to the fax machine Ryan are you ready for the most funny Moment of Zen that will I think has ever been on the I love this uh just just stay tuned maybe a little a little tease it's about meme coins uh telling your financial adviser about mem coins and their reaction to it this this this definitely works better

on YouTube if you're watching but it'll work just the same if you listen guys got to end with this wrist and disclaimers cryp is risky you could lose what you put in but we are headed west this is the frontier it's not for everyone but we're glad you're with us on the bankless journey thanks a lot these are coins I'm assuming that I'm looking at those all of your Investments are in coins yeah what are they call they call these what are they [ __ ] coins [ __ ] coins yeah so you're comfortable having all of your money in [ __ ] coins well I'm very comfortable okay I'm very comfortable right now so we're gonna start we got Joe Bowden yeah yeah it's not that funny I

mean it's pretty good it's like Biden right like but like yeah they just switched the letter it's not yeah and it's [ __ ] crushing it's not creative at all and really not that funny I'm not judging it by the creativity I don't really get I don't really want to get hung up on Joe Bowden we'll move on uh we got dog with hat that's dog whff hat yeah all the whiff coins are just on a rocket ship dud like to the Moon that's what they're calling them them with coins is there other examples of that or just dog with hat uh there's a couple of them um I'd prefer not to say but let me just tell you if you got an option to buy whff coin buy I'm not going to buy whff coin but I appreciate the advice so we'll move on from that okay and we got

you sug is that like you suck No No actually that's a long-term investment you sug that one we're keeping forever why is that long term that's youell you gay I kind of backed myself into a corner on that one I will admit that I didn't really think it through so if it wasn't you sell you gay is it something that you would have sold oh yeah fast that's doing terrible all right so we're going to sell that sure no we're not going to sell I'm GNA sell that definitely dude you you seem like you want to sell that like a little too bad do you want to sell it take the glasses off I can't see you with the glasses on the the off completely I don't want to take them all the way off this is a meeting this is a meeting in church

we're selling you sug we're not holding on to that why do you want to sell you sug so bad because you said it was losing you money so what but if you sell you're gay it seems like you want to sell it really selling it for you I don't care about this I'm selling it really excited to sell that this next one I can't even say which one's that you know exactly which one it is I can't say it n wordless cage that one also doing great so I'm GNA keep it all right I guess we'll hold on to that one yeah whatever makes money like when other people come in here with their Investments are you breaking down The more I've never people don't come in with people coming with apple yeah dudee Apple's got suicide Nets out there you're not like no one's ever com to my

office with and wordless cage next one this next one we got black people don't recycle is that even a real thing I don't know man so that's you're just making up new racial stereotypes I'm not making them up I'm investing in new racial stereotypes Is that real is that a real thing black people don't recycle cuz I know black people and they recycle I don't know if black people recycle or not it's just a coin it's just funny it's just let's make fun of the black people let's make fun of people who don't recycle who happen to be black well well hold it if it's making you you're making a lot of money on black people don't recycle make get a ton of money on all right we'll hold it I'm guessing you flip the

page see this is troublesome why don't you go ahead and break down je coin for me nothing funny about that there's nothing offensive about it either it's just a coin that mentions Jews okay what about let's go down to the one next to it what about the one that is it's just a swastika that's all it is it's just a swastika you got a better argument there I'll give you that one how did you even enter that in because that's not on my keyboard I don't have a swastika on my keyboard you have to go buy a separate keyboard somewhere that had a swastika key on it I didn't make it dude I didn't I didn't you had to type it in you had to type it in to find it I just typed in swasa and it popped up I'm gonna give you two

options right now okay because now you cross the line see I was fine with everything else now you cross the line so I'm gonna give you two options one you leave right now you keep all your coins you walk out of my office well I'm not losing usug so fine I'll leave and the second option the second option is you stay I sell everything no that's I sell usog I sell swastika I sell M wordis cage I don't give a [ __ ] get out of here done get out of my [ __ ] office we're done I'll go somewhere else I'll get the [ __ ] out I'll sell everything if you're not out of my office s if you're not out of my office in 10 seconds I'm selling everything I'm selling us first usog is going first get the hell out of my office now but do you

do you know anyone who who wors money who isn't it no get out of my office now my God Christ hey what's up buddy it's Uncle Jake uh could you do me a favor and just put everything in Black people don't recycle yeah no I don't even know if it's true but apparently it's skyrocketing right now so just everything on that all right thanks