Ugly Markets & Angry Tweets (TLDR)

Transcript

we're halfway there mafias are forming and a ceasefire with the frog nation all this and more i'm luke and this is tldr where we catch up on everything that's been happening in bankless and of course there'll be links down in the show notes if you want to do a deeper dive into any of these topics now before we start i want to shout out our sponsor on juno which is your friendly crypto checking account uh you can turn your cash into crypto in seconds uh get your paycheck in crypto and get bonuses on spending and saving all that's really cool uh link in the show notes use code bangles for 50 on juno so 2022 is coming pretty hot so far tensions are high cowards are selling sentiment is all over the place uh i'm pretty sure that the fed is

plotting the apocalypse in their boardroom nancy pelosi is buying 10-year treasury bonds and the crypto and equity markets are continuing to correlate which i think is dumb uh but whatever at bankless we've had our hands full fighting with the frogs and chatting with vitalik uh vitalik recently released his in-game article towards the end of last year as well as some twitter threads that excite me like nearly as much as they just like hurt my brain uh we talked about the ethereum roadmap where we've come from where we're going ethereum has implemented an upgrade to its monetary policy with eip1559 and it launched the beacon chain which is a huge milestone for the transition to proof of stake which should be landing this year with a successful merge on the horizon there's sharding

statelessness and a bunch of other really heavy topics but the main takeaways are that we are about halfway there but if we continue to knock off road map milestones there is a light at the end of this already pretty decent tunnel once all of these things are done like i will say this if this is all done and then nothing else ever changes after that then i'll be extremely happy we'll continue to scale out with rollups which is a really exciting corner of the crypto space as well as how roll-ups stack up against alternative layer ones as usual vitalik's takes are measured thoughtful and really difficult to distill into one section of a 10-minute video so just go watch it bankless hq also found itself in a gnarly twitter

war with the frog nation and this is not the first time bankless and the frogs have done battle but a lot has changed since then they're louder definitely more organized really passionate and they have a leader this guy who is an absolute legend rallying the troops and has built a tremendous amount of energy around the wonderland thyme sushi ice defy ecosystem mafia thing uh the grassrootsy vivo lo revolucion attitude of this movement is not to be ignored or easily dismissed and i think that's a lesson that we learned this week so ryan went on an absolute tear of kindness to patch things up and i'm looking forward to seeing the frog king on the podcast soon i think that's coming up it is my

hope that the frogs back up their hustle with values and inclusivity it is my worry that many of the frogs are simply mercenaries uh but i'd love to be proven wrong and i'm really excited about the upcoming episode i think that the most actionable takeaway here is that d5 mafias are becoming a thing and that's what we talked a lot about when we covered the fey rari merge joey santoro from faye and jay bhavnani from rari joined forces uh later in 2021 and did this flirty governance dance to propose a merge between the two protocols uh which received overwhelming support from the communities and they are now merging into tribe dow jay calls this the verticalization of d5 so faye brings currency and liquidity with its stablecoin protocol as well as treasury

owned assets and what they call pcv protocol controlled value and rari brings money markets for permissionless borrowing and lending and when you bring these two ideas together the idea is that you'll have an ecosystem with increased capital efficiency and aligned incentives across multiple you know d5 primitives we are in a very positive sum game and i'm not going to discount that but at the end of the day it is also a very competitive industry and i'm excited to see how each of the players evolve to try and win this is how businesses work irl why not do mergers and aggregate resources for the sake of unity and efficiency well you have questions of antitrust and decentralization arise but i kind of think that these are tomorrow's issues

today's focus is observing closely how all of this plays out frog nation has a mafia now feyrari is building a mafia and don't be surprised when we see more of these protocols aligning values and teaming up so jack dorsey hates web3 and he's been very clear about it more specifically he hates vcs which is a bit strange coming from his vc funded web 2 and semi-web 3 companies but you know i get the point centralized tradfy capital shouldn't be relied upon as a base layer of a decentralized economy but i think he kind of gets it wrong here in this meme he's accusing the ethereum ecosystem of dumping value into the hands of vcs while retail is left with the scraps i liked this counter meme

from our market monday newsletter it shows that one web 2 offers nothing for retail or for users except likes dopamine addiction cultural decay you know all of the social dilemma problems that everyone's aware of but doesn't do anything about and two web 3 does give value to the users maybe not as much as we would hope but a obvious and definite improvement on earlier systems in other news zk sync is one of ethereum's most promising scaling solutions uh it uses zk roll up technology which i will simply define here as cryptography magic for now uh bridging trading nfts donating 250k on get coin all of this can be done cheap and fast using zk sync and you can learn more in

our tactic on that we also dropped our predictions for 2022 and they're pretty hot you should definitely check them out and also grade our predictions from last year which i think have held up pretty well unfortunately i did not make the cut for the article but i will add my predictions here because no one can stop me uh prediction number one eth will flip in bitcoin number two the ai singularity occurs number three nation states collapse number four cowboys won the super bowl number five apocalypse but i don't know if it's zombies nuclear climate uh or aliens number six dawn of a new world order and number seven ethics 20k i'm not sure why they didn't include my predictions

but will that's bankless loss we also launched the gmi index alongside index co-op and i'm really excited about this defy 2.0 was a huge theme and narrative of 2021 and i don't see that going anywhere uh the idea is that you can get broad exposure to this new class of d5 assets which is a chaotic world for sure but full of energy and potential we have resources on each of the assets included in the index and the projects encompass different primitives communities and value propositions and for layer zero we had koopa troopa on cooper turley and few people are more layer zero than cooper my skill set is knowing everyone and knowing everything about every project and if you try and put me into a box and say that i can only work on this

parameter of work it's never gonna work for me because my skill set is being everywhere he seems to be everywhere at once uh and he knows everybody uh but he didn't get there for free he has this grinder mentality that echoes through everything he does and he has a real eye for trends uh he's super intentional about everything he does and i also think his tweets would look great on inspirational posters one thing cooper does religiously is meditate so i think i'll take a page out of his book here [Music] crypto prices are down but my spirit is lifted the fed is 12 white boomers and a room controlling the global economy bear markets are transitory my twitter follower count is not a

measure of my self-worth i will buy the exact bottom and finally i'm thankful for our sponsors arbitrum uniswap matcha slingshot brave and gemini we recently dropped our new ads for the podcast and i think they turned out great so do me a solid and actually watch them uh and finally none of this is financial advice eat this risky defy is risky but we are headed west it's the frontier it's not for everyone but we're glad you're with us on the bagless journey see you next time