ZKSync: BIGGEST Crypto Airdrop EVER?!

Transcript

ZK sync introduces the ZK token the probably one of the more anticipated networks to drop their token dropped their token also I mean they dropped 17 a half% and it was like kind of a crazy large air drop bankless Nation welcome to the Friday weekly rollup it's the second week of June and we got a bunch of good news I think there a lot of good news and also instead of Ryan who is down and out for the weekend hanging out with his uh AI family like he sometimes does we're pulling in Anthony say to substitute teach for the bankless na to cover the weekly news in crypto couldn't think of a better person to uh to sub in Anthony how you doing hey I'm doing good thanks for having me on as a substitute teacher again always love

doing these episodes with you yeah we we love having you and before we actually get into like the specifics of the news like maybe let's just zoom out Anthony let's like quick Vibe check just like how you feeling uh we're in kind of a weird spot we've gotten really good news we've gotten some cool um innovations that have happened this year uh it's definitely been a very fun year overall like what what would you just say as this high level about just the vibe of everything right now yeah yeah I think the vibe is a little weird right now depends on where you look uh if you go on Twitter I think the vibe is different to going on like some private Discord communities that you might be a part of or even public ones that you might be a part of I think everyone's still very

very excited about the tech and all the developments that have been happening you know we're seeing a lot of growth across the industry generally but of course if the price goes sideways for a few weeks everyone starts losing their head so I think yeah there's a bit bit of a disconnect there but I guess we'll get to the point where price starts going up again and the tech will be good and everything will suddenly be good for a few weeks as well yeah it does get hard to like decouple price action from like the sentiment of almost anything else but there is a lot of other things that I think are just like pretty crazy things that happened this week uh crazy big uh ZK sync one of the oldest and most long-standing layer twos dropped their ZK token so we'll talk about who is eligible and what's the sentiment

around that optimism one is one of the big things I've been referring to uh launched the first permissionless fault proofs ever uh so if you have been paying attention to the just technical advancements and decentralization of a layer two optimism got a green Slice on their layer 2 beat security orange as you call it I layer gets a competitor do they got the juice brand new competitor on the scene this one's a little bit different than the others and also it's kind of like acquisition week this week we saw like three or four major Acquisitions we'll talk about all of them as well and something that's going to be very useful to have Anthony here pectra is about to be one of the biggest ethereum upgrades uh it's chalk full of upgrades uh and so we're going to talk about just everything that is in the

Petra upgrade and when it is coming but first of course our friends and sponsors over at stake wise want you to know what they're up to in the world of liquid staking on ethereum if you're a solo Staker but your eth is locked up in a liquid because you're solo staking you can continue to be a solo Staker in the Stak wise protocol while also being able to Mint OS eth in order to use use your solo staked eth in defi on layer 2os in igen layer or anywhere else across the ethereum landscape you get to keep your rewards that your node is earning while doing more with your eth and if you're not a solo Staker swise is introducing a vaults Marketplace to choose perks that you want to add onto your stake eth between custom me strategies DVT

Insurance apy boosts all things available through the statewise vaults Marketplace there is a link in the show notes if any of this stuff peaked you got to talk about the markets uh it's not the greatest week in the markets uh we are down across the board Bitcoin down 5.8% start of the week over $70,000 ending the week 66,800 uh ether kind of even worse uh start of the week uh 3,800 uh down 88.8% to 3,475 so we were really like pretty Riding High especially the ethereum community post ETF and we just like couldn't keep it going we just like lost steam uh over just like any comments on the price action Anthony yeah yeah I

think what it really just keeps confirming is that there doesn't seem to be any really net new money coming into the ecosystem for quite a while now obviously BTC has some new money coming in via the ETFs but even that like people don't realize that just because money is going into the ETFs doesn't mean it is a net buyer of Bitcoin it can be doing a complex kind of strategy in the background where it could just end up being flat where essentially you're longing the ETF and then shorting uh uh shorting the market generally on BTC so your exposure is basically flat there so yeah I think that because of that it means that pretty much everything else except BTC is bleeding pretty hard eth of course got the ETFs approved but they're not live for trading yet we're expecting them well at least I am

expecting them to go live next month hopefully for trading but yeah until they're actually live there's there's no inflows right so people are just really speculating still speculating on what those flows will look like and it's the same pool of money rotating around I I really do firmly believe that there's mostly uh the same money sloshing around in crypto and has been for quite a while there's not really any net new money in like no one that I know in real life like literally no one that has is not just in crypto already has even even whispered a word about crypto to me and they know how much I'm in crypto it's like very uninteresting for them right now there's no fomo I think people especially if they were in 2021/2022 they're still burnt from that because I think we tend to forget how bad that was

for the average investor you know things like Terror collapsing wiped out so many people that had just come in and were new people so for them to come back I think they're going to need some really strong fomo and I don't think we're going to see that until BTC and ether firmly in price Discovery and the mainstream media every day is saying look at these new all-time highs you know get in now or actually going to miss out sort of thing so until that happens I'm not surprised at all by this kind of price action because of the fact that the the new money is just not coming in right now yeah the the Bitcoin chart it's it's pretty interesting we've never seen maybe you can correct me if I'm wrong uh we broke alltime Highs but we did not see price Discovery like I

don't think anyone was expecting to break alltime highs in immed immediately Skyrocket but like we broke alltime highs in March of this year and it's now like well into June uh how many how many months is that like four uh it's been pretty crazy to break alltime highs and then not like do anything meaningful like four months in a row yeah yeah it usually happens where it'll kind of Hit the all-time high the old alltime high hang around for a month and then go into price Discovery but because this Cycle's generally been quite weird and quite accelerated as well I think that maybe the market is trying to quote unquote get us back on track into that classic fouryear cycle meme uh where essentially you know BTC will go sideways for a little while and then start going into price Discovery to to catch back up to

that but yeah we we've not seen this kind of lag before from BTC going you know to a it's old all-time high and then yeah it's four months or something three four months and not going into price Discovery but again I think that speaks to the to the fact that there's yeah there's there's not really new money coming in and the and the BTC ETF money is what's keeping BTC so relatively strong as well like it's it's very very strong even against eth which I consider to be you just as good as BTC if not better from from my perspective there as an asset uh yeah I just think that's the phenomenon that we're seeing right now it's not going to last forever and I also think that there is the F phenomenon of uh the summer lull like 90% of the world right now is in is in

summer in the warmer months so they're not sitting around their computers trading crypto right they're outside on the beach you know having fun uh and that's traditionally what we've seen but then you can look at the stock market and stock market's doing really well and and going you know bananas basically but I think the stock market is definitely very different to crypto crypto is super risk on stock market not so much especially like the top 10 which carries the entire stock market top 10 stocks uh people don't treat that as a super risky I'm going to throw this in for a punt sort of thing and we're we're looking at the uh eth Bitcoin ratio on this on the screen right now and we had just a pretty crazy green candle from 045 to 057 uh but we've retraced almost half of it and ether USD is definitely suffering

in comparison to bitcoin uh in the last like week or so um again down 9% % this week for ether and and 5% for Bitcoin uh and of course ether just doesn't have those flows we have the speculation of the ETF but we don't actually have the flows of the ETF and I think like the entire crypto Market that was going to buy ether because of the E ETF getting approved did that but then like that was we we shot our shot and now we're kind of just waiting for the flows to kick in uh and we got a rumor out of uh this week uh well not a rumor but a mention of G Gary gendler talking about when the ETF S1 might actually get approved and he says sometime this summer which I will say is now now is the summer and so

like it's still a pretty like wide range of time uh I think we've got like one more month like early July is kind of my time frame I don't know if you have any opinions on like when you think the ETF might actually start trading yeah I'm in the same boat early July I gave a date on my own show of July 8th not based on anything other than kind of speculating that maybe it doesn't go live in the first week because of the July 4th holiday uh in the US so so it could be July 8th which is the Monday following um but you know I I feel like it it's not going to take very long because the s1's are basically copy paste from the BTC ones it doesn't seem like there's going to be a lot of back and forth or feedback or anything to be rectified so

yeah I feel like it's going to happen sooner than people think uh but I I guess like in the next couple weeks we'll get a better picture of that quick update on the layer 2 ecosystem we got 44 billion dollar locked on layer 2 arbit Gang comeing still having a healthy lead over everything at almost 18 billion uh we're down 9% in tvl but that's just because of the ether price uh but then the activity on layer 2os is staying pretty damn High I'd say we're at a at 11 scaling Factor uh so you can really just see the denune um uh the 4844 blob space um hard Fork into ethereum and then we've just been like holding this pretty high level of activity um anything you want to comment on the layer 2 activity we're definitely going to talk about optimism and their fraud

proofs later on but like globally any comments about the layer two space yeah yeah I mean it's just continuing the trend that we've been seeing especially since denk went live as you mentioned of usage going up and up and up because we basically gave more capacity for users and they're using that and there's more apps going live and there's more interactions happening it's it's great to see I mean I don't think the uh L2 activity has slowed down uh with the price slowing down at all which is even better to see because as you were talking about earlier we would love to see more and more of that decoupling of price and Tech fundamentals and usage of products on chain and I think we've been seeing that lately so every metric that I'm tracking with regards to layer twos specifically like the top layer twos

like Bas and arbitrum one things like that right yeah even even the smaller ones is still up and to the right people are using them people are getting value out of them and you know sometimes people say oh people just air drop farming well it's like no because arbitrum already has a token they're not doing another airdrop so their usage going up is not air drop farming of the AR token uh Bas has said multiple times they're not going to do a token whether they do or don't is another thing but we know that that a lot of this activity is an kind of um a natural thing an organic thing people aren't just farming things they they're using it they're getting value out of it which is what I really love to see there switching into the world of macro we got a fomc uh day this

week uh where this is where the Federal Reserve comes together and tells us whether or not they're going to raise lower or Hold Steady interest rates uh then we also get the inflation report uh so that inflation report came in pretty cool uh so inflation uh this last month was lower than expected uh which means that we are more likely going to get raised Cuts that's the general thought uh but we did not actually get any raise Cuts announcements so we have indicated that there will be one raise cut uh coming this year but that's um that's that's no new information that's was already like pric in by the market uh but uh I definitely remember waking up one of the days this week after the fomc day and hearing the indication of like cooling inflation and I think that's

what caused like a pretty like good day in the markets like I like ether was jumped like $200 or something we have of course sensory Trace but uh at litaa Market favorably um uh reacted to this fomc day yeah yeah so I think people because they saw the Canadian Central Bank and the European Central Bank or the ECB cut rates I believe last week uh they thought that the FED would be signaling that they're going to cut rates and I think that it's eventually going to happen but I think people uh a little bit of wishful thinking there of like oh it's going to happen now it's like maybe not and markets are forward looking too where they'll speculate on this before it actually happens uh and I think that markets have been doing that for quite a

while now people forget that inflation actually peaked in June of 2022 which was when eth bottomed you know eth bottomed at 880 two years ago now and that's when inflation peaked in in the US not not anywhere else but I guess us is the main Market we we kind of look at within crypto uh and then since then things have really been up only for Ethan BTC specifically but yeah I think if if the market wants to be more risk on if people want new money to come in for the longtail of assets it's definitely going to require the quote unquote cheaper money right looser monetary policy you you can't really have this in in a tight monetary policy regime because people are like well why would I go you know speculate on these super risky stuff where when I can just buy treasury with my cash and get like a

guaranteed kind of return there uh and especially because inflation has you know it's still relatively high and it's still adding to the cost of living people just maybe just don't have that disposable income to go and Gamble and Deen on this longtail of assets so that's what everyone I think is thinking about and looking at but as I said the market will price this in before it actually happens like these cuts and when the FED starts cutting I I don't know like I'm not a macro expert we're going to see if they keep cutting down to what they were before and what inflation does because it's it's really just a tricky game of managing the cuts versus inflation and uh it's it's a fine line I wouldn't I wouldn't like to to be in JP's position that's for sure I've definitely just noticed a lot more

conversation about the cuts over the last like two weeks or so the conversation has has picked up in like intensity and I think if there's one theme I've kind of just felt between the eth ETF that's been approved but not live and like having super high interest rates that people generally understand are going to get cut like there's just an a of anticipation like we have like stars that are aligning but like they're going real slow they're going in slow motion and so like people are generally bullish but they don't want to get too bullish too fast because you know prices can still move against you because there's plenty of time before these like stars do align that's kind of like my sentiment yeah yeah I think that's just the the probably the phenomenon of how fast information travels versus how slow

these things take to play out like we you know information travels so fast because of the internet 24/7 everyone's always like hyper informed you know you can be as informed as you want to be but then the actual process the actual reality of it playing out takes a lot longer is a lot slower because a lot of these systems are still in the old world I mean the FED is a very very old institution these Notions of kind of rate cuts and inflation and the macro environment generally tends to move very very slow not just because of the systems that are in place but also because it's a huge Beast whereas the information will move at at light speed quite literally right so there's a mismatching timelines there and I think that that is actually that explains so much of the market movements and so much

of the market sentiment generally and you know I recently had my two and a half week break from crypto I went away and came back and I didn't really feel like I I I missed anything even though I know within those two and a half weeks things were a lot and nothing at all at the same time that's what yeah exactly that's what I'm saying so like I I feel like there's so much news so much information that gets spread around but the actual reality takes longer to play out so you can go away for months at a time and then come back and be like oh okay it played out you know I heard about this you know months ago but now it's finally playing out so there is a mismatch there yeah and definitely a plus one to the idea of patience around

these things this is a tweet from Hong Kim who I believe works at bitwise so yeah co-founder excuse me co-founder bitwise uh who says yes $4 billion in net new flows into the Bitcoin at ETFs in the first six months has been a remarkable success but people don't realized that the gold ETFs had positive and mostly increasing flows for the next 8 years after the its own successful launch in 2024 so basically Hong Kim saying like it's we should Pat ourselves on the back because we got all these fantastic flows into Bitcoin but also like the the idea the reason to be bullish is that the flows don't stop coming like we get further flows uh and of course we're hopefully about to get the same thing for eth uh and so like

sitting on your hands understanding that anticipation but also being Zen about it and KN that we're we're destined to fall how perhaps if you have an ETF behind your asset is like the takeaway that I'm getting from this yeah y same here I mean I've been banging the drum about the ETS being a passive vehicle for for a long time now and that's exactly what they are they're a passive long-term vehicle they will keep taking in flows over time uh but yeah it's been very impressive just to see how much BTC has taken in but I think that was a pent up kind of demand thing because it's been so long since people have been trying to get a BTC ETF uh but yeah I do think that going forward BTC and then the eth ETFs will get those passive flows in and it may be disappointing for people if

they're looking at the daily flows which is literally noise it doesn't matter at all but if you look out like as I said like you go away for a year and you come back you're going to see all the flows that happen during that time and then communative it would be a lot lot more than what you expected I think totally all right that was the market section we're going to get into the ZK sync air drop and of course there's a bunch of activity across the layer two space as well so we're going to get to optimism brand new fraud proofs brand new shiny fraud proofs as well as the rest of the news so we're going to get to all of that and more but first a moment to talk about some of these fantastic sponsors that make this show possible especially Kraken our preferred exchange to buy the

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I mean ZK Sync has been one of the oldest Brands alongside ethereum that I can remember I remember donating on for gitcoin Grants probably actually to one of your gitcoin grants Anthony back in like uh 2019 using ZK sync light um I I I'm sure used it plenty of times as well to because I know you're a big fan of of getcoin um in the airdrop 17.5% of the total Supply was air dropped in a one-time airdrop so many other teams layer 2's networks have done seasons zky is not doing a season they just Dred dropped 17.5% all at once to almost 700,000 wallets uh so of that 17.5% 89% went to users with onchain activity which who became eligible for

the ZK sync airdrop 11% went to contributed so this is like developers researchers Educators like offchain activity that was rewarded uh with with an airdrop uh so yeah just want to emphasize 17.5% to 700,000 wallets is like pretty crazy um I think arbitrum did uh I can't remember the numbers off the top of my head the igen layer did 5% with another 5% slated for later uh like industry standard has like somehow like converge on like 10% plus or minus a few um percentage points 17.5% like correct me if I'm wrong Anthony but that's like the largest aird drop in terms of Supply that I can remember yeah no it's it's the same for me as well like it is definitely the largest airdrop in quite

a while I don't remember which ones in terms of major projects which ones were larger uh I think as you said the trend has seems to have been it gets smaller and smaller or gets broken up into seasons and I've been a big advocate of not just like bigger aird drops but like bigger Community distribution and I think that with ZK sync uh the community contribution came out around 67% I believe with Team an advisor uh an investors sorry getting about 33 is% which is much better than what the industry standard has been up until now I think the industry standard tend to have been 50/50 split where a lot of that would go to a treasury instead of to the users from day one uh which I think is actually detrimental to to a token because what ends up happening is the tokens open up at a pretty high

fully diluted value maybe there's only 5% of the token circulating and then the market has to price in another 95% or up to 95% of tokens coming out over the next few years which has been a trend that I I hope to see reversed in the coming future I I mean I'm personally trying to be the change I want to see in the world and talking to projects about this and trying to get them to come over to my belief that you know have a large float have a have a big float from from day one on the market so you can have actual price discovery on this stuff but ZK sync definitely is is is pioneering it here which is which is really great to see I mean as as I said 17.5% yeah seems to be the largest in in quite a while yeah so just to really put some

numbers in here uh investors of ZK sync will own a supply of 17.2% versus the 17.5% that's aird drop to the community that is aird dropped and then the team will own 16.1% so the airdrop Supply is larger than both investors and the team uh and overall they have this like pie chart that we're looking at where there's also a supply of a token assembly I kind of think that means like it's like a foundation of sorts is like what people would think uh and then ecosystem initiatives which I think is um incentivization campaigns for the future so they're classifying this these two things in the community section which comes out to 2third of the total token Supply allocated to uh the community both past present and future uh and then onethird is allocated to the

team and investors uh it is pretty nice to see like the airdrop larger than investors and teams it's like part of the ethos of crypto it's kind of hard to follow through on it's hard to convince projects to follow through on also like it's just not in VC interest either uh but um ZK s just showing the way and a path I think that's pretty cool yeah yeah yeah I think there might be a little bit of a caveat to that generally not just applying to ZK sync but just generally in that in the investor kind of pool of entities in in there is quite small relative to the kind of airdrop pool so for example you might have like maybe a couple hundred individuals that make up all of the investors whether they be Angels or or VCS and then they have different percentages of the the

supply you know there's there's usually a lead VC in in in rounds that take a huge chunk of the supply so they they may have you know a huge chunk there and then you've got the airdrop going to tens of thousands hundreds of thousands of individuals uh so it's it's it's it's a bit different like that but it it's hard to plan for that like even if you were to do an Ico you know one whale can come along and just buy up so much of the Supply right so the only way to actually get proper distribution is have years worth of price Discovery through multiple Cycles like how eth had like how BTC had to actually get good distribution you you can't plan for it it's very very difficult because there's always the the whales that that are around whe you do an Ico or do it as a

private you know investment rounds um and even if you try to get around that it's difficult very very difficult because there's no onchain identity yet right there's no no one uses onchain identity products to try and do Cil resistance and stuff like that so essentially you have this game of trying to balance things but no one's gotten it right so far but I feel like ZK sync is is is done has done pretty well on the distribution side of things yeah one more um cave about the 17 a half% air drop ZK sync users got 89% % of the 17.5% and then uh 5.8% of the 17.5% was sent straight to like native applications on ZK sync which were then like uh given the mandate to do what you see fit with

these tokens like use it for incentivization further aird drops to your community members and so they did kind of the model where like in addition to aird dropping to their own users they also aird dropped to projects with a mandate to drop to their own users um okay so let's unpack how people actually got eligible for the ZK sync airdrop CU this is where a lot of the tension uh over the airdrop was felt you needed to ACR one point and there were uh six seven different ways to acrw a point and you just needed to have one point in order to be eligible for the ZK sync airdrop uh you need to have interacted with 10 contracts on ZK sync era or deposited liquidity into D5 protocols or used one of the account abstraction pay

Master accounts on ZK sync era or traded 10 erc20 tokens or held a one of the Native ZK sync era nfts or on the ZK sync light Network donated to a gitcoin round or at least transacted three different times if you did one of those things you became eligible and then there were uh further activities that you would have earned to have add on a multiplier onto your eligibility uh so uh the if you read the blog post which I highly encourage people to if they want to learn more The Zing team shared some of the philosophy of how they wanted to drop their token uh obviously it's pretty it's pretty well known that zky is one of the most botted networks like sibl networks out there because they have been from the earliest of days very

explicit about the existence of their token like the the the founders and the team said like yeah there will be a token that's how you decentralize the network we're not going to hide that um as a result that kind of like was the the magnet towards a bunch of like sibling activity uh and so in their blog post they talked about how they wanted to identify uh and reward people on a human first approach uh so they tried to identify humanlike behaviors such as like using smart contracts very early in their existence rather than trying to like hide amongst the crowd they say humans tend to be risk on uh and uh other like criteria um just to like try and parse out what is a human after they developed the criteria that would uh

reward humanness then zky added on a pretty light light-handed sibling um uh filter as well so not trying to just filter every single cble but just like admittingly letting some uh sybles in because they still nonetheless uh overemphasize rewarding human behavior uh just a very light sibl filter on the end of things just to like kind of pull out the most egregious ones uh and then um and so that was their like philosophy if you go on to Twitter you will see a ton of discussion about all of these things uh and like signal is like being thrown all over the place uh you can only imagine that if there are Cil accounts um and sible Farms they also know how to sible Twitter too uh and so

deriving noise which is something that we do at bank list because we cover these things like we generally have teams on for live streams we definitely cover the token drops like getting people's feedback is always very difficult because people are just shouting left and right that you don't have a lot of time to C capture feedback um overall like maybe I have my thoughts and sentiments Anthony maybe I'll ask you about about yours first like overall like what are your thoughts about like the feedback about this token drop I mean I think my my general thoughts about air drops in like just generally not just specific the ZK sync is that they are he all heavily farmed right and they are all heavily botted and it's not just on chain it's also on Twitter because Twitter's done nothing to curb the usage of bots they are absolutely

rampant on there and it's naive for people to think that that people aren't taking advantage of this to steer sentiment for certain reasons right like we saw this play out with Stark net doing their air drop there was just a massive amount of of hate because the the sibles didn't get what they want that that what they wanted so essentially what they do is if they're already part of a massive kind of operation running many different addresses to try and sible to get more money they'll go on social media they'll start fighting the project and then they hope that the project caves and changes the distribution to give them more and this has happened a few times with other projects and I think if you do the math on it this is not small change we're talking about I I I saw something on Twitter that there was one entity tied

to 65,000 addresses now if you are controlling those 65,000 addresses you're obviously going to be uh you know smart enough to go on Twitter get a bunch of bots spun up and then try and steal sentiment so that you can get the the team to actually reward you because if the team then says okay well we're just going to give every address that ever used our protocol even $100 worth of of tokens if you own $65,000 addresses that's $6.5 million right so just putting the math on these people to understand the the the the gravity and the incentives here and when you follow the incentives that's what you get to and the bot activity is very very obvious as much as they try to act like they're not Bots it's extreme extremely obvious which ones are Bots and which ones aren't and now with AI taking off

as well they uh you know they may try to hide themselves uh a bit better but it's still very very obvious and I've been watching you tweet about this and seeing all the replies to your tweets and and I actually before likes were private I went through the likes and I looked at the accounts 90% of them were bought accounts or hacked accounts because a lot of them will say joined uh 2015 but they're hacked accounts they're accounts that have not been uh don't belong to the original owner and they've got Mutual follows with me at all they're just retweeting everything got to do with like air drops generally so it's just very very obvious when you once you go into it but now that likes it private you can't even do that anymore so yeah it's a bit of a mess the tweet that I'm showing on

screen uh is a reply to a tweet that I said I'm collecting feedback on the zky ZK token drop please let me know your thoughts and also if you're in the bank list Discord you can add me in the airdrop Hunter Channel directly too uh and this was the most liked tweet um in response to my tweet and the AL the response about like what the changes ought to be would be reduce the allocation for the team uh make lower the highest Max allocation from 100,000 down to 25,000 to 30,000 allocate more tokens according to their fees spent their active days and weeks and months their pay Master which is a contract native Bridge volume and then light transactions give allocation to the minimum one 1 million to 1.4 million wallets uh and then multipliers for old

active laws basically every one of these suggestions is take away tokens from the fat tail and give it to the long tail and this uh tweet happens to have like an insane amount of like 1.2 th000 retweets like 2.5 th000 likes uh and but and if you just go down to the comments it's just like just just not it's just incomplete uh and the and so it's hard to parse out signal and noise because I will also go into the bank list Discord and I don't want to say that like this ZK this particular token drop was like UNR relen inly like beloved by everyone there is everyone that has problems with the token drop but if you go into the bank list Discord there's like problems people will say like hey I like I think

I should have got an allocation for my wallet that used like Argent or ck syn like but I didn't and I'm disappointed by that there will people say like I I I'm very happy with this airdrop is good for me uh and then there will people say like look at these bot Farms I'm upset by this but like the feedback and conversation in there is like like coherent and like everyone has a different opinion and then you go on to Twitter and everyone has the same opinion and it's just like give allocation from the fat tail and and give it to the long tail uh which is just like in my opinion like if that that's just like oh you want you want sibles to be rewarded that's kind of like my take exactly and and it can't be more obvious I don't understand why

people like like it can't be more if you want to reward the the the long tail right and you know that there's lots of sibles there because we have onchain proof of this it's very obvious then what do you think's happening here and as I said once you put the math to it but this is not small numbers this is very much worth someone's time to go out there and steer sentiment if they can get the team to cave and reward them for it because then they just go off and yeah they've made a lot of money for very little effort because it's just Bots that they're running that are very readily available and there are probably like teams that do this like teams of people that where it's become like industrialized for them to do this because the payout is so large so yeah I

don't know why anyone is even doubting that this happens given what we've seen in crypto anyway like outside of this the incentives there to do this yeah it's totally rational even zky is making like tweets uh here's a tweet that they made with response meanwhile something important you need to know there is a massive coordinated Cil misinformation campaign against ZK sync on X run by thousands of bots and so like they're not even like saying like uh hey we'll try and like get feedback they're they're just going full frontals like declining the legitimacy of like a lot of these requests um I'm out here at Edge city esmeraldo which is like a pop-up City kind of like Suz Alo and there's a couple ZK sync members here and just like the ZK sync team's like working like you know 247 just like

trying to gather data trying to gather information uh and then they put out a tweet today uh and said like um we believe in our choices we're going to we're going to keep with the path we're not going to change anything uh and like maybe they they could have had uh enough data to like be more precise about the distribution of their tokens but like the DDOS attack that is like a Cil attack just like robs them of that opportunity uh that's what that I Haven been been on the receiving end of many like Twitter mobs it feels like a DDOS attack on your brain like it's impossible to parse like signal from noise anyways that was that um I would also like to say to like tie off this section the fighting between like siers users and teams is and actually a symptom of SEC governance failure uh

this is the opposite of what a fair and orderly Market looks like uh this is like Capital being wasted Capital being destroyed a lot of the siers were like bummed that I didn't get like some some of the sibers were like I'm bummed that I didn't get the token but at least giving my gas fees back so like that is like inefficient Capital being destroyed uh and all of this is because of this like kind of unfortunate airdrop Paradigm uh which we could have have a much better equilibrium if Gary ginzler and the SEC allowed us but they don't and to tie off the token not to not to be um ignored Tao which is a much newer uh Layer Two on the scene a base rollup we did a show with him on the bankless premium feed with Justin Drake as our technical Coast if you to learn all

about Tao and what a base rollup is their token drop also went live so 5% of the initial token Supply 50 million tokens Can now be claimed by eligible users Tao like much more recent project with a much more recent mainnet like mainnet went glad just a few weeks ago like how did it like get to a token so quickly uh part of that answer is a base rollup needs a token uh to stake to be a part of the functionality so they needed a token to go out there uh to be live um Anthony any comments or thoughts on Tao yeah I mean it's just I guess like another air drop of of a big Layer Two or or Layer Two generally as you said Tao is definitely newer to the ecosystem but what interests me the most about Tao probably not their token but the fact

that they're based rollup which is something that I've been doing a lot more research into over the last couple months just based rollups generally and pre-c confirmations and stuff like that which seems to be like the end game of l2s like if we were to look five years out that's kind of what I think it's going to look like for for most of the L2 ecosystem um but yeah as you mentioned like they need a token to achieve a lot of their goals uh around decentralizing around people to run the infrastructure as as incentive mechanisms so yeah pretty pretty standard air drop I think from them it wasn't anything groundbreaking from what I saw uh but yeah I mean people knew this was coming as well I I think the it is worth noting that the claim window for Tao ends July 5th so that's

relatively quick I think the ZK sync uh claim window is open until early next year so you have a pretty big uh window of time but nonetheless uh you can check your eligibility for both Tao and ZK sync using uh bankless claim bles uh so if that is a tool that you use which you should totally should um you can use that and it'll tell you exactly uh how many tokens you got or did not get okay into the back into the optimistic rollup World optimism fault proofs which are the same thing as fraud proofs and stage one have arrived open source permissionless fault proofs are live on op mainnet and with them the op stack arrives at stage one decentralization a major step forward for the super chain just to really um lay down what fraud proofs are fraud proofs are the

mechanism in which we remove the multisig from layer twos uh so we have currently multi sigs on layer twos on some layer twos in order to uh upgrade the chain or like maybe uh fix a bug uh but of course that also opens up these networks towards like exploitation like you can exploit a network with multis zigs um why hasn't any of the networks done this well because of course they're building the things but fault proofs battle tested fra proofs are the uh big step to getting uh a multi sake off of the security model for many of these rollups uh and optimism main net the op mainnet has launched and deployed their uh fault proof so they are in production they are working as intended which has earned uh optimism two green new slices

on layer 2B uh so data availability State validation sequencer failure and proposer failure are all green slices on layer 2B leaving the last one the exit window uh which is just um a timer on network upgradeability uh and these are the things that are to layer twos and optimism has uh four green slices out of five pretty big day for the op stack the optimism Community for the ethereum rollup landscape sasel give me your thoughts your sentiments yeah yeah a very very big day especially for optimism who have been building this for quite a while now and for those who may not know there are two major optimistic rollup kind of Frameworks live today there's the op stack which runs optimism and bass and a few other networks out there then there's the arbitrum stack

which is arbitrum one and and uh uh their orbit chains and and kind of like l2s l3s sort of thing there um and they both use fraud proofs for for the security mechanisms here now for me the most exciting thing about l2s generally is that they run on a secure L1 in ethereum and then they can have the optional escape hatch window where essentially what that means is that if the L2 is down for whatever reason you can and and goes offline or something happens you can still get your funds back on the L1 by doing a transaction on L1 to essentially Escape your funds out of the L2 that to me is of the most if not the most important properties of l2s and that needs fraud proofs to be able to work and that's exactly what um you know op stack has now and that's exactly

what arbitrum one has but optimism went a step further by making it permissionless out of the gate whereas arbitrum is still permissioned so they have 14 white listed actors that can submit these fraud proofs whereas in um in optimism's case anyone can do it now I know that arbitrum is going to move towards permissionless fraud proofs as well but as you mentioned this is what this kind of pie chart is all or this Pi um representation is all about fing in the green there there are sometimes yellow I believe yellow is when it's permissioned and then there's red where it just doesn't exist at all and once we have all green across the board that's when they can move to stage two decentralization which is really the end game for these things and the the number one thing I like about these rollups continuing to progress through these

these stages is that it kills the fud that rollups aren't going to decentralize like that's a big piece of fud that a lot of people have been using for a while now saying that you know rollups and l2s are always going to be centralized they're never going to be able to to decentralize never going going to be true kind of blockchain so on and so forth but we're proving them wrong each and every day and every time we do something like this it proves them wrong and I strongly believe that there there are very very strong incentives for these chains to decentralize centralization is a huge liability it means that a government agency can come to and force you to do things using your centralized power and as a builder of these networks you do not want that power because you are trying to essentially be as detached from it as

possible or from the operation of it as possible and trying to create a decentralized Community around it so if you want that to happen you need to get to stage two and I don't think anything is stage two right now arbit said that they want to be stage two well nothing that has usage there are some that are very very small that are stage two deadly no no if you go if you go if you go to to some of them like they they they really don't have much usage compared to to the big players right like kudos for them for being stage two but I don't think it really means anything if you haven't got any any usage right because not you're not really giving any value to anyone but you know arbitr one or arbitr has committed to being stage two by the end

of this year uh which I hope to see play out and I'm sure optimism isn't far behind them uh and because a lot of the chains are built on the development kits that these uh ecosystems put out automatically they get to be uh they get to upgrade to stage two as well once they've implemented that so for example Bas will be able to go to stage two or even stage one now because op stack has those fraud proofs uh implemented which I think is is really cool because it means that we're not Reinventing the wheel every time we're allowing this community to come together build these things out progressively decentralized and that has Downstream effects on a bunch of other chains as well yeah that's I think that's really the the point of emphasis that I want to drive home since so many chains use the

optimism op stack they just get to uh take these FR proofs and put them right into their Network so base as you said blast as well which is uh got3 billion on it mode Network which has $650 million on it Bob Zora um these are all op stack Forks right and so they will just be able to take these frod proofs and put them right into their Network which is kind of actually the point of uh the op stack framework and why you would use the open source piece of software because then you get the benefits all these networks Bas didn't have to do uh uh false proofs actually Bas is a core contributor of the op stack so actually this these are this is their technology but like anyone else using the op stack gets the get stuff they all they all work together as a

collective I think that's the overall point here is that we're not just decentralizing the tech we're decentralizing the development of the tech which is exactly the ethereum philosophy where ethereum layer one development is very very decentralized and specifically optimism has always been about following that philosophy following that basically mirroring what happens on ethereum L1 uh and and I think that they're doing that I think they're doing that in both you know in in practice and in theory which is great to see vitalic of course gave his congratulations to optimism saying welcome optimism to the club of stage one plus layer twos meaning layer twos where proof systems actually have teeth I'm looking forward to seeing many more layer twos join this club soon especially some ZK ones and then he follows up with uh I just have to put the meme of the week here so we're

getting the meme of the week in the middle of the show ethereum where yesterday's fud is today's solved problem uh starting with the very first fud ever which was ethereum will never launch that was 2014 fud uh ethereum will never get past the Dow Fork the merge will never happen layer twos will not have low fees layer twos are just multics uh which was the most recent door that the reaper just laid uh and then the next door of ethereum is cross layer 2 ux is too fragmented running a full node takes too much bace and centralization and Builder censorship so these are the next things that's on falic Horizon to go slay yeah yeah and we just keep slaying him that's the point I think the trend is what you want to be paying attention to is that all of the fud or at least

99% of it has been completely and utterly wrong or has been right for like a short period of time like and people say the merge will never happen well technically you're right until the merge happens and then you're just completely wrong right but the thing is you you you you knew these people were wrong years in advance because you saw that merge was happening on test Nets on Shadow forks and there was there was just no way it wasn't going to happen by all logic and reasoning but of course you know ethereum has its haters a lot of them unfortunately but they keep getting slay and uh I'm I'm glad the Gom Reaper on our side all right everyone coming up next Igan Lair gets a brand new competitor on the scene and makes a very big acquisition a big moves in the world of

reaking terraform Labs the creators behind taluna agree to settle and pay the SEC $4.5 billion where where is it getting the money from we got pleaser Dow and the wuang album we got crypto the game acquisition we got an Alchemy update all of this and more but first I want to talk about some of these fantastic sponsors that make this show possible especially mantle one of our layer twos who definitely uses optimism technology under the hood as well if you do not if you haven't checked out mantel uh you probably should it's pretty fun things to do on there you should go check it out there is a link in the show notes new projects are coming online to the mantle layer 2 every single week why is this happening maybe it's because mantle has been on the frontier of layer 2 design architecture since it first

started building mantle da powered by technology from igen da maybe it's because users are coming onto the mantle layer 2 to capture some of the highest yields available in Defi and to automatically receive the points and tokens being accured by the $3 billion mantle treasury in the mantle reward station maybe it's because the mantle team is one of the most helpful teams to build with giving you grants liquidity support and Venture Partners to help bootstrap your mantle application maybe it's all of these reasons all put together so if you're a Dev and you want to build on one of the best foundations in crypto or you're a user looking to claim some ownership on Mantle's defi apps click the link in the show notes so getting started with mantle taking self- custody of your crypto is one of the most important things you can do on your

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L1 to become a layer 2 with test net arriving as early as summer 2024 with a cell layer 2 gas fees will stay low and users can even pay for gas using erc20 tokens including native usdc and usdt sending crypto to phone numbers across wallets using social connect but cell is a community governed protocol make your voice heard in the cell Forum to shape the future of ethereum follow @ cello on Twitter and explore the ecosystem built for the real world on c.org squ and we're back with a tweet from sazzle who's also on the show show with us Petra the next ethereum Network upgrade is shipping to be one of the biggest in ethereum's history the confirmed eips include EIP 7702 uh I'm not going to list all of these off uh sazzle maybe you can kind of walk us through some of these eips

and why what significance they have and why people should care yeah so so maybe I should kind of just touch on the ones that I find to be the most exciting and the ones that probably have the yeah the most user facing effects here so as I said it Petra the next ethereum Network upgrade which I speculating will go live in q1 of 2025 uh is shaping up to be the biggest in ethereum's history because it includes so many things and I think originally they started off they being the cev started off of wanting to do a relatively small Fork to get it out you know maybe faster but there's so many things that people want to get into the network that that are pretty critical mind you that they're pretty important that it's now become this kind of Mega fork and the things that I'm most

excited about there's I guess like probably two or three of them so number one is EIP 7251 or otherwise known as Max EB so what this allows people to do is stake more than 32 eth per validator um which essentially means that I think the the latest I saw was up to 2048 eth per validator so if you're running 10 validators today because you're staking 320 eth in the future you'll only have to run one validator with 320 eth on it and everything would be the same your block proposal chance will be the same you'll get the same kind of rewards generally but this is a huge unlock for the network because it basically allows us to collapse the amount of validators live on the network while keeping the same security both economic and security via how many node operators there are but we take a massive load off the

network which enables us to keep scaling ethereum as as a network generally which to me is is definitely the most exciting uh part of that and because of that it means we basically get to keep scaling up l2s with something like pias uh which is what I've I've listed here as well so pias is essentially the first implementation of data availability sampling which is part of the full kind of dank shotting rat if people have heard of this and essentially what this allows us to do is scale up blobs even further which means even cheaper fees for l2s and cheaper fees for a longer period of time for people who've been paying attention lately they may have noticed that blob usage is going up which means once they actually reach their capacity fees will start going up and that means the L2 fees will start

going up now in order to yeah I think I put a tweet about this um just very recently now in order to rectify this uh or in order to keep scaling up there are two different things we can do we can increase the size and or count of blobs which basically gives us more capacity um and and we can do Pier Dash and in the future even even more stuff around um data availability charting sampling there which allows us to scale up even further and without getting to technical the tldr is basically cheaper fees for longer for l2s more sustainable uh for l2s and a a continued um kind of good user experience there but as I mentioned like Max CB actually plays into this as well because it takes load off the network takes load off the validators which allows us to do this in a in a in

a safer way and I think the last thing um I I'll say here the the last thing to be excited about is EIP 7702 which replaces 3074 I believe it was which is the account abstraction EIP which essentially makes normal ethereum accounts we refer to them as externally owned accounts or eoas on the same level as smart contract or smart wallet accounts uh there now there was a bunch of drama around 3074 around how it was insecure then vitala came along and said hey why don't we just do it this way with you know with 7702 and essentially that is the a that is now going into the network there so a lot of stuff to be excited about that's just the the tip of the iceberg really but those are things that I'm most excited about there yeah so there's nothing like overly massive

like we're not merging we're not doing EIP 1559 uh but like there's a lot of like pretty like more than incremental uh upgrades to the network so a lot of is definitely massive I think is massive result of years worth of research and Dev to get us to that point it's basically on the same level as blobs I think in terms of what it represents for the network um but yeah nothing like the merge I don't know if we ever get something like the merge again yeah and it would be like kind of bad news actually if we did yeah yeah I may something went wrong I think or we had to like fix something critical we never get that yeah unmerged right okay yeah I I agree like that P is um just like more blob space right and

uh is especially with that illustration that you had on on your Tweet where like we're starting to approach um some sort of like fee structure where people are actually going to have to pay have some sort of contention for blob space but this is just what the future of ethereum is like we're going to make it have a lot more scale which we did when we uh had blobs uh and then we're going to fill up those blobs uh and then we're going to have like another 3x increase of Supply that's what um how Mike ner said it on our episode with him uh and so uh we'll probably have a blob Market show up maybe in the next like one to three months and then there will be like a pretty healthy like people are going have to pay for their blobs rather than

blobs being free uh and then uh like you said around sometime around qan if that estimation is correct we're just going to have more blobs and then transaction going to go be free again and then we're going to repeat that process all over again yeah yeah and and the thing is this is extremely bullish it basically means that the entire ethereum scaling bow map is working and ethereum is growing like I would be bearish if blobs remain free forever like that that wouldn't be a a good thing it would mean that that no one's really using them or maybe we scaled them up so much that there's just so much capacity but I don't think so as you as you Illustrated it's a cat and mouse game of we scale up people fill the space up we scale up some more and it's a it's a it's kind of

a never- Ending game but what blobs allow us to do is is basically keep scaling up in a relatively easy manner without having to make substantial fundamental changes to the network it's literally just a tweak like increasing the count or size of blobs is a oneline code change it is not a big deal but it does have Downstream effects in that it adds more load to the network and that's why we do other things like Max EB which takes load off the network so essentially doing a swap here it's like okay well let's take off the load from the validators and let's put that uh sorry from having too many validators on the network and then let put that load back on the network via blobs which actually serves a purpose and actually gives value to to people moving into the world of uh reaking symbiotic has come

out of stealth uh symbiotic is they call themselves a permiss permissionless flexible reaking uh and so this is permissionless in terms of governance so I think symbiotic is positioning themselves as a governance minimized governance reduced uh reaking platform uh then flexible implies just not just eth Ian lay of course has eth and eth derivatives uh symbiotic is going for I guess everything else uh and so uh they have opened up what is pretty similar like if you're um a yield farmer out of igen layer an Igan lay points farmer um then pretty similar thing going on with symbiotic you um submit Capital uh and I could only imagine this would result in the collection of a token at a later

Point symbiotic has been in stealth for a pretty long time now this is a paradigm and Cipher fund backed project so if you've been paying attention into the reaking world you've probably caught wind of this uh and a cipher fund is um part of the like not officially but just like it's a bunch of Lio members and Lido is also of course um a paradigm incubated or not maybe not incubated but just like alignment with Paradigm uh and so this is like coming out from from that corner of the world any any thoughts Reflections Anthony yeah I mean I'm glad to see Ian L getting competition across the board there's two others that I know of uh that have come out recently like restak and nectar yes yeah those two yeah so there's four I mean I think there's going to be more

because obviously the opportunity is so big it's the same it's the same that happened with Lio right people saw Lio getting so big and like why is Lio so big we can make new liquid staking platforms and reaking platforms that chip into that which which which has happened so when the economic incentives are there people will come up and and and come with competition but I do think that we've kind of jumped the shark here a little bit like for me reaking really only applies to like an actual staked asset on a network like ethereum like eth being staked and then restake that's where the actual Economic Security comes from if you're reaking like it doesn't like some people are saying oh we'll restake stable coins like what like I'm I'm just a a little bit confused here like you know what stablein staking for

the first time you're just yeah yeah yeah and even if you are like staking a stable coin kind of LP pool or you know um token or something like that it is not reaking as has traditionally been defined it needs to be securing some right uh so I I think from that perspective it's been a little bit weird I don't know what symbiotics approach is here but I I understand that these other projects need to add more assets because they need to be competitive with IG if they just said oh we're doing E3 staking too people will be like okay I'll just come and farm the token and then leave once i' I've done done that and just go back to wherever I wherever I want from from that perspective but yeah I it remains to be seen how this shakes out I think I may have said this on on Bank

list but I've definitely said it on my show I think the end game may be that reaking as a primitive just gets enshrined at the protocol and then essentially what happens is that all of these projects are just competing on the kind of interface front for for the users it's not on the reaking front but I don't know if that's going to end up happening because there's already so much money slushing around so many different incentives around with with this right now but as I said at the top I'm still very glad that Igan L has competition I definitely did not want Igan lay to exist just on its own because monopolies no matter how aligned they may seem are not good for anyone right yeah and in the murmurings that I just hear from a different corners and like AVS circles and LRT circles and

just like reaking circles like symbiotic has uh like chops to them like technical chops to them and so I I think the perception is like this is probably the most valid legit competition to igen lay that's like shown up on the market just because like I mean Paradigm is very technical um cyber fund with their Lio experience they know what they're doing with like liquid staking stuff uh and so um let let the games begin mhm definitely moving on to the world of I L Igan Weare made an acquisition of Rio Network now Rio network was going to be an LRT project it had it was going to be like one of the most like conservative and risk off and uh just like LRT networks that was going to be out there

um that that that was the way that um Rio had been pitched uh and then it turns out Ian lir just decided to buy them uh they are not turning them into an LRT so there is no Ian layer enshrined LRT uh they're using Rover staking as kind of trying to um Implement like a spec or like an example model of an LRT uh but then also Allen and the Rio team are also just kind of like Chad operators uh so it's in addition to acquiring some of the technology of Rio they're also acquiring some of the uh the talent as well uh and so uh congratulations for Rio for uh getting acquired before even launching your network and then also congrats to Igan for for capturing some of the some of the best talent that's out there out um

any thoughts on this CLE before I move on yeah just just a classic Aqua high right a good one at that as you as you just just explained there and this is I guess going back to what I was saying earlier about how I feel like all of these reaking platforms they they're not competing on the actual reaking itself they're competing on the BD right the distribution the Integrations the mark like it's it's very true for a lot of things in crypto where they start off being a primitive but then realize that the Primitive is worth nothing without the BD and marketing and community and you know Integrations and stuff like that so they actually move most of their operations to that uh and and primtive end up falling into the background I think that's exactly what's going to happen with reaking you know the reaking

aspect itself is table stakes and then if you are going to be the dominant reaking platform you need to be doing the BD the Partnerships the Integrations which is exactly what I layer I think has been doing you know from day one and now they're just doing an even bigger Way by doing this Aqua high of Rio reaking which allows people to use that Tech uh within the igon layout orbit mhm do you remember uh radar relay Anthony yes that's an old name testing your ethereum ethereum history yeah so that was also an allen project Allen is the the founder of Rio uh who now um who now is part of the aen layer team uh so yeah Allen's been been around the ethereum ecosystem so he's seeing a suit so congrat once again yeah congrats to the to the team uh but we are not done with

Acquisitions crypto the game do you remember crypto the game Anthony did you play uh I didn't play but I think we had a little bit of a debate about this a little while ago um where I I kind of followed the incentives and was like I don't know how this just this this kind of like plays out long term but we we'll see but yeah I know of it I haven't played it yeah so crypto game is a it well it sucks up a lot of time so if you're you're a busy dude I've heard of people like lose their like sense of reality because they go down the crypto game of Warcraft all over again it's World of Warcraft yeah it is a it is a crypto reality show reality game show that's happening in real time uh in in the interwebs right on Telegram in Zoom

uh but then also once a day there's like a Hunger Games like G that is played something you have to go do scavenger hunt on the internet scavenger hunt in real life sometimes uh but then at the end of every single day there's a process of elimination uh and so it's both like uh kind of hunger gamey where there's a game every single day but it's also squid gamey where there's like it starts off with like a thousand people and there ends up being one winner to win I think somebody won like 84 eth at the end of the the 10day uh game uh anyways this was acquired by Unis swap of all people uh and so they say crypto the game tweets out excited to share that we have been acquired by Unis swap we're forever grateful to our players uh we have uh we now have the full voice of

unop labs behind us and we're going to make it use it to make season 3 the best one yet uh and of course Unis swop also puts out their blog post as well uh and so unisoft is just saying they're uh investing in onchain experiences uh and so kind of like an interesting hire out of Unis swap like it's obviously something totally different than the Unis swap exchange um David Phelps I know who uh runs joke race his take was that um it's just very obvious that user end points like user experiences is one of the most valuable places to be uh and so what unop is really doing is finding like where an app that users will use uh and just like having that be a part of your brand so whether it's about the

unisoft amm or not that's kind of the the the play there yeah yeah I mean I totally agree with that I think that we need more onchain experiences that don't have to do with pure speculation you know you could argue that some of this is speculation as you mentioned there is a prize pool so people are speculating on that but there is a huge social aspect to it and I think that the social experiences are probably some of the most important and underexplored within crypto so if we can get more of these things where they mix that you know that Financial kind of carrot on a stick with the heavy side being the social side of things we can get more interesting stuff here and and I think there's been other experiments as well like you know farcaster for example is is a big one

right mixing the kind of social side of things with the financial side of things but I think crypto the game is unique from from what I've seen of it and what I've heard about it in that it definitely feels like Survivor on crypto I don't know if anyone has watched Survivor before but it definitely feels like that but in a much more Cutthroat way because you can be Anon right like you don't have to dox yourself and when you're Anon you can do a lot of things that you otherwise wouldn't do if you were doxed so it's it's a very interesting Dynamic yeah the yeah I've I have been told and this probably goes for you as well Anthony that we would probably not do very well the game because we would just be eliminated too fast because like we our Targets on our back are massive like oh David from

bankless Anthony from the daily way get them out of here like vote them off the island like they can't be here we could join as an Anon right like I we could join as an Anon but I've also heard that if you join as an Anon you need to like make up a backstory so if you come in as a pure Anon that is also a Target on your back so you need to be like you need to be like more than Anon but not like you know crypto famous like somewhere right in that media you can't be GCR because everyone knows who you are right like even as an Anon you're like you're too famous of an Anon so you'll probably be eliminated as well I heard this one story of um like a guy or girl was playing crypto the game uh and they're in telegram you're like

um squatted up with like four or five people or something uh and then your squad kind of like rotates as the game goes uh but like some some guy went on like a run uh and so he was gone from an hour uh and so his his team needed to vote someone off he's like this guy is not taking this seriously we have to vote this guy off cuz he like went on a run oh man yeah no I would definitely lose this within like the first five minutes I'm like sorry guys I got to take a break taking a break how dare you see you're off the island get him out of here oh that's great that's great anyways season 3 is coming of course uh so this is going to be the first season where Unis swop is uh the operator of um

crypto the game I did an interview uh with Daniel so if you want to learn a little bit more about that that episode is in the bangos AR it's also on Twitter as well um okay this one is pretty cool this one's close to my heart wuang Clan's album Once Upon a Time in sharn is turned into an nft and is going to get released there is a ton of lore behind the wuang one of one album once a Tom time and Shaolin I don't have enough time to go into it uh but basically wuang album one of the most famous rap groups of all time made an album that they only made one of didn't release it this was in 2014 so like pre-s Spotify era right they made it into one CD and then they sold it for $2 million to Martin scr who had his asset seized

because he went to jail for Securities fraud and that was put up to auction by the US government and was bought by pleaser Dow and it the uh album is not allowed to be released until the year 2102 uh but I think I we're going to do an episode with the pleaser da uh and they are actually accelerating the release date for every fractional nft that is bought so if you buy one fractional nft you will move up the release date of the one of one routing album by 88 seconds 88 seconds so you bump it up uh and so if once enough of these things are bought then the actual album will be released and you all owners of the very cheap nfts will be able to listen to it these nfts are

being issued on base uh I think it's a cool story I can't again do this story Justice in this quick amount of time here but it's very along the line uh the ethos of just like one of one nfts cultural artifacts Distributing power to the masses direct artists to uh consumer relationships with no middl man uh and it's pretty cool to see this come into to nft format any comments here Anthony I can safely say this is one thing that I have absolutely no idea about like I I know a lot of things in crypto I know a lot about a lot of things but this definitely not uh because I don't listen to the wuang clan whatever they're called it's not my style of music um and I itely don't pay too much attention to the nft side of

crypto it's just not something that I'm too interested in uh so yeah I'll take your word for it on the on how interesting of a story this is but I do like the mechanism of the you know buying an nft reducing the time until it's released that's something cool and something uh uh pretty uniquely enabled I think by crypto yeah so there are been 5,800 unique collectors and uh 145,000 uh shares of this thing so one nft is a c is a is a share of the album so you know govern governance rights over the album uh and so if you want to take part in that and help release this thing I've actually listened to this you see you there are like um semi semi-frequent listening parties uh album Four or excuse me song four is my favorite song um I couldn't tell you what the name of

it is because I don't think there are names um but yeah pretty cool anyways moving on uh terraform Labs Doan agree to pay the SEC a confirmed 4.5 billion in a civil fraud case I did not know that terraform Labs had 4 .5 billion but when the uh headline out of coind desk says agree to pay the SEC a confirmed $4.5 billion that tells me that there's $4.5 billion dollar somewhere and that makes me say in like WTF bro like where did that $4.5 billion dollar come from uh and why does the SEC get to get as a fine there are plenty of people who had like money get literally burned on fire

maybe they should get the money what are what are your thoughts and sentiments here Anthony I I mean I I completely agree with you I think that the fact that they have that much money to begin with is a shock to many people um I'm not sure where it would have come from if anywhere maybe it came from that BTC that they were stockpiling in order to try and kind of use it as collateral to prop up their stable coin uh maybe it came from there I'm not sure I don't even know if it's detailed in the case of where this money actually came from but I agree with you it should not be going to the SEC Mafia as protection money really right it should be going to some of the victim like it'd be kind of difficult to know who to give it to I guess but I think

that there are a lot of different victims here and just giving it to them in any capacity is way better than giving it to the SEC uh because the giving anything to the government I mean they're going to just just spend it inefficiently to begin with and no one is really protected here like the sec's Mandate is to protect investors and to to help them and make them whole um when they can if they just keep this money for themselves they haven't made anyone whole they haven't helped anyone yes uh do Doan and and some of the other terraform kind of people Labs people got their comeuppence which is great like I I do enjoy that I do enjoy seeing Doan get punished for his you know his stupidity and his crimes uh but at the same time I don't enjoy the the $4.4 billion $4.5 billion that is

going to the SEC instead of going to the people who are actually hurt like what are we doing here are we just inflating the sec's kind of coffers yes and that's not the way it should be yeah absolutely not like if you just did a random airdrop of like usdc onto like addresses Cosmos addresses that had Luna at the time of the collapse like sure not a perfect way of of uh reparations but like way better than like giving it to the SEC uh but the I mean the SEC has proven itself to be like not really in the interest of people um very much in the interest of himself one cool release this week comes out of alchemy Alchemy is an RPC provider quite like INF fura

like one of the biggest ones uh and they are introducing rollups uh so they want you to uh issue a rollup issue deploy a rollup so kind of like a conduit in the rollup as a service provider this is the the rollup as a service like category uh they are becoming a rollup uh um a place to deploy Roll-Ups so if you want to uh build launch scale your layer to Alchemy now has like a rollup uh distribution platform uh um hosting platform yeah hosting platform that's the right word for it uh and so a pretty cool um I'm not calling it a pivot because I'm sure they're definitely doing their RPC stuff too uh but um it's like an adjacent uh vertical that they are heavily leaning

into so uh pretty cool uh announcement out of alchemy yeah definitely and just continues the trend of the modularization of of ethereum right where everyone gets to basically build on this stack build in a modular way and that opens it up to a Cambrian explosion of of innovation and of product offerings it's not just like one kind of company or one thing that offers those products it's a multi ude of of different entities that offer these products in different ways and the market the free market chooses what they want to use and choose what they don't want to use which I think is very very bullish overall totally and then raises of the week we had a gargant and raise Paradigm has announced their third fund $850 million Venture fund focusing on crypto projects at the earliest stage uh

of course they had to actually add in crypto there because of that one moment where they actually they took crypto off the website and everyone took that extremely personally uh so congratulations to the uh to Matt hang and the entire Paradigm team $850 million is nothing to scoff at um and of course Paradigm is like one of the most revered well-respected technically strong um uh uh VC funds in in crypto any thoughts or additional comments no I mean no no real thoughts not surprised at all by this as you mentioned like paradigm's big already and and being big gets being bigger in in in Venture es especially if like you get money in from LPS that are basically like oh my God like there's so much going on in crypto right now I need exposure to it who do I go with I'm going to go with one of the

most respected and and you know well performing funds which is which is Paradigm definitely I think that definitely up there uh they have made some I guess maybe confusing Investments over the past couple of years uh that people may have looked at but at the same time if you just follow VC incentives generally uh that's what it kind of points to it's like when you have that much money to deploy you kind of need to find projects to deploy it to there's not actually enough quality projects out there to fill billions of dollars of VC money like that doesn't exist so you need to be going to maybe more riskier project maybe projects you otherwise wouldn't have funded and and so on and so forth yeah there you can definitely invest faster than than we can build quality projects uh and that's that's true across the entire crypto VC

space uh Anthony I want to thank you so much for subbing in for Ryan who's taking a well-earned break uh if people just loved the sound of your voice and they want to hear more of it where should they go they should go to the Daily guay on YouTube or just go to my Twitter profile uh and you can find all the relevant links there and I've also restarted doing a episodes of the Into The Ether podcast for the ogs that remember that podcast with Eric Connor every week now as well so yeah people can go follow both of those things if they want to but the daily way is just me you know every day almost every weekday I try to to make those episodes happen talking about ethereum giving the latest updates there specifically with a heavy focus on ethereum core protocol and layer 2s so if people are very

interested in that then yeah feel free to follow the show yeah bankless listeners will who are familiar with Anthony will know we bring him on quite frequently because he does a bang up job uh covering ethereum very deeply very technically uh Bank list like 100 level 200 level 300 level uh daily gay 300 level 400 level uh very deep ethereum uh and definitely something I I have um straight into my my ears every single morning when I wake up and I uh get sassel daily G podcast right into my ears so thank you for doing what you do my brother thank you for having me on it's been Joy and yeah I'm look forward to next time absolutely Bank Lo station you guys know the deal crypto is risky you can lose what you put in but hey we're headed west this is the frontier

it's not for everyone but we are glad you are with us on the bankless journey thanks a lot