📺 ROLLUP: BTC & ETH ATH | $COIN | Berlin Upgrade | Gary Gensler SEC | JPM & MasterCard

all right bankless nation it's roll up time this is the third week of april david how you doing absolutely fantastic third week of april and one of the most monumental weeks in crypto history at least in my opinion price action is absolutely flying and meanwhile we have crypto's ever be our biggest company is now a public company on the nasdaq so many things to get excited about and we are going to go through all of them on this bankless weekly rollup guys if this is your first roll-up this comes at you every friday every friday

am enjoy it with your coffee this is the fastest way to download the week that was crypto because we hit the market we have releases we hit news hot takes and then we end with what we are both excited about so david i am super excited about this week we are about to get into it but before we do we've got to mention some hot announcements that are going on the first is this the bankless badge bankless members if you're a member of the bankless nation you're paid subscriber to the newsletter you've got to pick up a badge why do they need to pick up a badge david they

got to pick up a badge because they need to get one of these bankless apparel t-shirts there is only 50 of them in existence and there's only six left to give out and we are giving out all of them next week to bankless badge holders uh and so this is it works as a raffle if you have a bankless badge you can go sign up for the raffle starting on monday we're giving out one every single day for the whole week trying to get these out of my closet and into the hands of the bankless nation and and that it doesn't stop there because the week after that is another

week of giveaways ending with a whole entire ether to one lucky bankless badge holder so if you are a premium subscriber and you have not yet claimed your badge go scrape your email for the bankless badge invite link coming to you at from lucas banklisthq.com go find that email claim your badge uh and if you want to be a part of future raffles and future giveaways go be a bankless premium subscriber it's gonna you want you want the banquets badge absolutely gotta get the bankless badge

this message is for those of you who are existing premium subscribers go search your email for that if you have any issues email support banklesshq dot com just make sure you pick up your badge before bankless badge week you don't want to regret it you don't want to miss out on the raffles david raffles are going to be tight raffles oh they're going to be awesome yeah better every day is what we is what the promise is uh david we should also mention something really hot that is coming from dharma the dharma wallet they've just added a

ton of new functionality that we just had to mention at the front of this show david i know you're a big dharma wallet user why yeah it's really a new paradigm in what a defy ethereum wallet can be uh this has brand new backend architecture that really makes the user experience of managing this thing just a hundred times easier and what i we're going to get into this but one of the things i'm excited about is retail season which i think is coming and retail season really needs infrastructure like the dharma app

to really be enabled so if you are trying to get your friends into defy yet you're worried about them getting caught up on gas prices or gas management or whatever the dharma app is the place to send them yep and here's what you do basically so go to dharma io you download the app you connect it to your bank account what you can do is move funds directly from your bank account wells fargo bank of america wherever you bank directly to d5 not just the app directly to a d5 protocol like wi-fi where you can earn 14 or compound where you can earn close to

double digits in just one tap that is the key thing dharma making it super easy to onboard your friends into the bankless ecosystem particularly if they live in the us they've really solved that last mile problem david are you ready to get into the week that was crypto should we start with markets uh i we have to we absolutely have to let's do it all right well let's start with bitcoin then as long as we're on markets what is bitcoin doing this week bitcoin is reached a new all-time high

of almost 65 thousand dollars for 64 715 nice job bitcoin well done well done really really crossing some milestones as well uh there are some pretty cool things about bitcoin at its current price um bitcoin is currently worth more than the entire brazilian stock market uh and so the brazilian stock market in the review rear view mirror uh and it's also bigger than the british pound sterling the total market cap of all british pound sterlings again in bitcoin's rear view

mirror uh bitcoin just flying by the milestones nice drop so that makes it the sixth largest currency not cryptocurrency the sixth largest currency in the world at this point where it's touching like 1.2 billion dollars that's a pretty phenomenal milestone for crypto and definitely for bitcoin but tell us about eth ethan's having a good week david yeah all the milestones that bitcoin's flying by ether is also flying by its own milestones even faster we are perhaps on the verge of crossing 2

500 ether which is a nice a nice round numbered number to look back at we are currently at the price of two thousand four hundred and sixty-five dollars the high right now the high that we touched a couple hours ago is two thousand four hundred and nine uh and eighty-five dollars uh and we are yeah currently at the price of 2455. uh a really really strong performance of ether in this last week and as always guys when you listen to this it could be higher could be a bit lower we don't know but it is definitely flying this week we'll talk about maybe

some of the reasons for this but the macro reason might be it's repeating history right what is anthony sistano telling us in on these charts in these graphs here right so this he's comparing uh anthony suzano's comparing bitcoin in 2017 to ether now the meme is always that ether is always one cycle behind bitcoin and in 2017 uh bitcoin broke through at the previous all-time high of a thousand dollars and went up to 1 300 fell back down to 1 000 to touch that support from the 2013-2014 high

and then we all know the rest of the story it zoomed up to 20 000 after that and this is the exact same thing that just happened to ether ether uh broke the all-time high of 1400 at the very beginning of this year went all the way up to 20 uh to 1900 then fell back down to 1400 and here we are perhaps repeating history in the same way bitcoin did it last cycle we are moving up and if we if you do the math right ether goes to 10k after this if we are indeed repeating

history and so broke the ultimate broke the 2017 all-time high retested it went back down to it found support there and now we are just zooming up up and that's a pretty fun place to be what's kind of fun to you is that like of course the market caps are much larger this cycle than the last bitcoin cycle cycle that you were comparing this to but um the the units are there's there's basically 10 times more supply ether than there are bitcoin so the units kind of match too right bitcoin of course went on that 2017 run at the

bottom of like 190 or so to you know 200 all the way to 20 000 at the very top and from a unit perspective ether might do the exact same thing crazy i mean crazy i'm not calling 20 000 because i'm just not that guy but i'll call 20 000 when we're at 17 000. if it repeats history right from a unit perspective it could be similar of course the market caps are much larger now so that could have a influence but uh hard to ignore these charts we'll see

if history gets repeated we're about to flip in paypal in market cap ethereum is is 85 of the way to flipping paypal in terms of market cap that's pretty major yeah and the eth price action uh dc had this tweet where he says like sometimes he feels like the the eth price action is really really hot no it wasn't dc it was uh it was jacob franek of coin at coinmetrix uh and then he sees metrics like this where ethereum as a whole is still worth less than paypal uh and then we he's reminded about how

incredibly early we still are because ethereum is should be worth more than paypal like give me a goddamn break [Laughter] all right david let's talk about uh total locked in d5 how's d5 doing with total lock these days we were flat for a really long time and we are no longer flat uh we were pushing up between 40 and 48 million or billion dollars locked in defy ever since uh february uh and we couldn't really break through that 50 billion dollar mark we broke through it we are at 58 billion dollars locked in

d5 uh i think over 10 billion dollars added in the last week uh so that's pretty cool also part of the the new uh new order of things is compound is now the new leader in total value locked in defy now is the first protocol to have more than 10 billion dollars locked in in his pr his application we never would have seen this coming in in 2018 or 2019 this is such a cool story yeah that's crazy i i noticed wiring as well they just hit three billion so a major milestone what this means is we're

not even a year old not even a year old we we're creeping up to that 100 billion dollar mark that means money robots bankless programmable contracts in code we trust is going to be managing 100 billion dollars of the world's assets that's pretty cool that's pretty sci-fi very exciting um david let's talk about the d5 pulse index is that reflecting some of this growth i'm going to look at the weekly looks like we're up on the weekly yeah the dpi has been a fantastic asset to hold especially in the last few days uh last

week it was roughly around 470 480 we are all the way up to 4 540 new all-time high in dollar terms for the dpi index david i think when we started talking about dpi it was around 80 or so so we've seen a cool 5x as even as we started like talking about dpi and every roll up moving forward but let's look at this chart i know you like this right uh dpi ratio to eth the dpi to eath ratio what are we looking like this week right

so dpi versus eth has been down versus verse versus eth since march right so ether as an asset has been the better asset to hold versus dpi ever since the very beginning of march we are down to the uh low of 0.2 ether per dpi but uh in the in this last week dpi has really rocketed off that 0.2 level jumping up to 0.22 so up 10 versus ether then it fell back down and then it did it again and so what i'm

seeing here is that dpi is really not wanting to go down below 0.2 ether per dpi really finding resistance at that point to level is this the final destination of dpi resistance versus ether perhaps perhaps in the long term uh and what this means is that you know people are gearing up for defy season if this resi if this support can hold for further and and and then ether can finish absolutely mooning and then quiet down perhaps some defy tokens will start to

take the lead that's what i'm seeing in the charts this is all means that ether is doing well but uh d5 tokens are doing even better even which is sort of interesting yes even weller um all right we got to talk about some of the reasons for this and one of the reasons might be the launch of coins so coin of course this is um coin bases much awaited not initial public offering but they are going public and they went public on wednesday

maybe this is part of the reason that eth is flying up this is part of the reason that dpi d5 tokens are flying up we'll talk a bit about that later but tell us how coin has responded and how it's done since launch david yeah so uh ryan in that upper left next to the coin ticker go from two hour time zone to down to like uh go 15 minutes go to 15 minute time tickers yeah uh and so coin a launched at the price of 410 and immediately fell all the way down to 330

and i believe at 330 coinbase is valued at 85 billion um so somewhere around that mark or six sixty looks like it's around 66 billion yeah and ryan in our 2021 bankless predictions we predicted that coinbase would uh we didn't really put a time frame on it but i think pretty soon after its launch it would be trading above a hundred billion dollars and so jury's still out uh there are plenty of buyers who are buying coin right now but there's looks like there's also plenty of sellers who are finally getting liquidity on on on their coin

base equity um i don't expect this toke this asset to be uh below 100 billion dollars for a long time i think this is going to reverse pretty damn quickly here yeah it could catch on we we talked about this in our market monday that this could become sort of the meme stock for crypto it's interesting later we'll talk about how wall street bets for instance the the subreddit that has forever banned crypto is no longer banning crypto why same day that coin was released because they can get in on some of the action in their

robin hood accounts that's probably why but what's also happening is uh hedge funds and financial institutions are now able to access um crypto exposure in a better way a way at least that works with their existing uh rails right publicly traded companies stocks they can invest in kathy woods arc investment fund which is a um incredible fund they've done incredibly well gotten ahead of many major technologies probably the best performing fund in all

of 2020 and 20. not even by a little bit by a magnitude yes uh by the way we gotta get kathy on the podcast 200 yeah 246 million worth of coinbase is what ark bought on the day that it debuted so it's going to be hard to see how coinbase um like goes too low in in this kind of backdrop with this kind of support that that's coming in the middle of a bull run what are your thoughts here david yeah we just have to remind ourselves how long liquidity has been

locked up for people who own equity in coinbase and how ready they are especially people who are savvy about crypto how ready they are to double triple quadruple down on their crypto exposure um so the i know chris burniske thinks it thinks this is true is that people that have equity in coinbase are selling their coin equity so they can access bitcoin ether defy tokens uh and he he says that he has the numbers to back that up uh and so like there there's just a a wealth shift going on uh coinbase equity holders are shifting

out of coinbase and shifting into crypto and then everyone who doesn't have any coinbase is shifting into coinbase there's just a bunch of uh churn in the in the uh coin asset right now you know what this kind of makes sense to me if i'm a coinbase employee right a typical coinbase investor with now some liquidity on the coin token i'm i'm generally like a smart money investor right i i work at a major crypto exchange i'm not just looking on kind of youtube videos right uh and finding yeah except and finding that the new hot thing to invest in i'm relatively informed and

what we've seen is many of the assets particularly defy assets and eth that coinbase lists have gone up since the day that coin was listed so i think there's something to what chris berninski is saying with these employees and insiders sort of cycling back into crypto that's what i would do with part of the proceeds if i was in that position david we've got a lot more to cover guys before we do we want to tell you about the fantastic sponsors that made this episode possible balancer is defy's most powerful automated market

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metamask for desktop or mobile now at metamask.io and start swapping all right guys we are back with releases david this is a really exciting sort of combination release this is ave plus maker teaming up what's going on here yeah this is some really cool defy money stuff this is this is why we are here right ave maker getting closer together as a protocol maker has one competitive advantage that no other defy app on ethereum has which

is the ability to it has the the rights of issuance the rights to print money that's what maker does it can print die it only prints it under certain parameters but ave wants to tap in get closer to that power to mint die uh by directly integrating the ave protocol of a money market into the ability to directly put collateral into make or dao and mint dye on behalf of ave so ave is but it's it's got v2 on l1 it's also got an integration on

polygon and it wants to be in many other l2s as well and it wants all of these different ways to access ave to have the same maker dao back end and so this is going to in theory add a bunch of liquidity to die because ave can guarantee above and beyond and manage a collateral into maker dow in a protocol as a protocol and so all of a sudden like a lot of liquidity that ave has can be put into maker dow to help with the die liquidity and and die peg

and dive blending and borrowing rates uh and so ave and maker dow coming together it's really cool because this is not a uh user-to-protocol interaction this is a protocol to protocol interaction which is super exciting it's also a model that we've seen in traditional finance so think of maker dow it's like the central bank and ave as a commercial bank of course these are both money protocols so all of this can be automated but it's a similar sort of relationship you've got sort of the the underlying money printing bank apparatus banking apparatus that is maker dell and you've

got a commercial bank which is ave for lending and borrowing super exciting to see this sort of combination innovation here david let's talk about why gas fees on eath are going down finally yeah they're going down a little bit yeah why what's happening yeah i'm used to gas fees only going up it's actually a pleasant surprise that gas fees are going down and so there's this new service called flashbots um that has allowed a lot of the gas auctions that arbitrage bots fight for to occur off-chain uh and so um what's happening

is that all of these uh arbitragers who are consuming all of the gas gas space and and bidding up average gas prices are just fighting for those for for the rights to process transactions in an off-chain manner which really allows for a more efficient market discovery of what gas should be and so as a result of that there's a lot of transactions going in that didn't actually have to compete with other transactions uh and so this is actually just turning into a complete like a cut in half if not more uh the amount of gas

that people are paying so really nice really nice so what's happening is basically these arbitrages david who are kind of running these bots instead of doing the auction and competing in the ethereum protocol they're using flashbots to go off protocol and do these auctions directly with miners so this is what we've called in the past mev minor extractable value right so there's value in the arbitr arbitragers doing this there's value for for miners in doing this if they get paid but rather than that happening on chain that's now happening in this kind

of side network off chain and so it's alleviating the gas demand on chain which is good for users in one way but it's bad for users in another right because um there's some front running going on right like there's some ordering reordering of transactions going on that benefit arbitragers uh are we also concerned about that i mean we are concerned about mev but i don't think there's any more mev happening minor extractable value happening as a result of this it's just the fighting for who gets to

claim that mev is happening in a different realm we are always concerned about the instability that uh maximum extractable value is is what we are trying to call this instead of minor extractable value um however i don't think this is actually changing how much mev there is at stake yeah makes sense and we're definitely going to talk about mev in the future it's going to be a major theme across bankless and crypto another major theme i think david is exchanges crypto exchanges becoming more like crypto banks uh adding more

services this is binance launching tokenized stock trading services starting with tesla starting with the the biggest meme stock of all of course a good place to start all you have to do is trust binance right so it's it's not a bankless money system but what's happening here david yeah binance is just making synthetic assets uh to that are on like legacy stock markets and the difference between the legacy stock market and finance is finance is offering these assets to people who don't who don't live in america aren't domiciled in america and don't have

access to the nasdaq or to the new york stock exchange so it's one part like democratization of financial assets it's one part um very dubious legally gray financial activity that american regulators are not going to be pleased with uh and so this is always an interesting story binance is kind of like one foot in crypto one foot in legacy yet they are a real company in real meat space uh and that is always interesting to me there's going to be friction about uh behavior like this

yeah absolutely it's going to be interesting to see but i think one major theme of bankless that we predicted since the early beginnings is the rise of exchanges becoming crypto banks right will these be the new banking overlords of our system or will we have more of a defy future i think it might be a combination of both but uh we'll talk more about that in a little bit this is some cool functionality uh raid guild has put out this is a dow that builds things in the ethereum ecosystem right so this is a smart invoice david so it's like a

an invoice that's programmable are you up to speed on what this does oh yeah i remember reading about this really quickly but it's kind of an invoice that turns it on it's uh that is inside out or backwards where uh you can give someone the invoice before labor is done and the invoice whoever it has to pay can pay that invoice but not send the money so the invoice can be fulfilled and then labor can be done and then the invoice can be executed and so it's a way for laborers to gain assurances that they are going to be

paid for their labor because they can see that the invoice has been paid and then they do the labor and then they actually receive the money so it's a little bit like a time lock contract where the person paying for the labor or paying for the services puts up the money and so the labor giver or the laborer under sees that the money is there and they can feel assured assurances about uh that they are going to get paid if they do the labor uh and so this is really important when we talk about like global finance between internet strangers there's a lot of that in in the world of crypto is people do

work for other people that they don't know and haven't met and so reducing that those trust assumptions by something like this is really helpful yeah what's really cool is this is another function of something you could do when you have programmable money this would not be possible in the traditional financial ecosystem but with uh ethereum with defy you can actually program invoices to execute on milestones to escrow things very cool new primitive um you know in time this will this will be the way we do invoicing i'm fairly certain uh david let's end with releases

there and get to the news we gotta touch um the coinbase listing once again um this is this is from the sec so this is the sec release or the filings the coinbase release of i believe this is their their form s1 so this is sort of all of the disclosure information that coinbase provides investors prior to listing prior to going public there's a lot of really interesting information here one thing i'll pull out this was written inside of the filing but also

came across in some of the interviews that ceo brian armstrong did was a statement he made that he expects 50 of future revenues to come not from his exchange business but from non-trading businesses in the next five to ten years those are things like staking custody debit cards david it's like banking stuff not exchange stuff banking right like what back to the theme we're just talking about with with binance this is

coinbase morphing into a new type of bank and to be honest like look this is bankless so we prefer complete self-sovereignty over our money but we are sort of one foot on the shore one foot in the ocean in those in those two worlds but i definitely prefer a coin base or a gemini to my clunky old wells fargo account right like because there's so much more i can do with even a crypto bank it's very interesting to see them evolve into a fully fledged banking

like system even though they're not regulated as banks right now they're becoming banks essentially yeah and they're becoming much better banks and this is something that like the legacy banks the wells fargo the bank of america that they just do not understand what is happening here or the forces at play coinbase is going to be a better bank perhaps out of the good nature of coinbase leadership but more definitely because they have to be because their competition is defau and d5 is the best money ux in history period

once you learn how to manage you know ethereum and do ethereum stuff the d5 bankless world is really just competitive like the yields are higher every everything is just better and like it's just and what coinbase is morphing into is a bank that is closer to defy than bank of america wells fargo blah blah blah and so as a customer service or as a as a just what their product and offerings are are just going to be orders of magnitude better than wells fargo and all the other legacy banks that just don't understand anything and

aren't trying aren't they the wells fargo and all the legacy banks are having that revolution happen to them the d5 bankless revolution coinbase is undergoing the revolution they are taking the revolution by the horns and saying we are going to be a new age bank with perhaps d5 in the back and it's going to be able to just they're going to give better products and services to their customers uh usc staking on coinbase is or not staking but like apy is is one percent which i

mean it's not high comparison to defy but it's still like 100 times higher than your typical typical checking and savings account in wells fargo and so these new crypto banks are the new banks they are the new banks for the young people uh who are ready to accept them you know what david i i love that description i also would say let's not stop at a new set of banking systems let's also go to d5 but i think coinbase to your point is aware of what's going on in d52 in fact d5 is written all over

their wrist section in this filing of what could potentially disrupt even coinbase so they're looking at that one way to your point that um d5 is kind of forcing coinbase's hand a little bit and maybe a small way is coinbase just gave all of their employees or 1700 employees shares just airdrop them coinbase shares like this sounds similar to some of the the token mechanisms that we've seen in d5 and i think it's maybe a nod a recognition of um of what's

going on in d5 they had to sort of do the same thing yeah we we wrote about uh uniswap when unifop gave 400 tokens to all of its users um unfortunately coinbase regulatorily and just like logistically can't airdrop coinbase equity to all of its users also there's like 48 million coinbase users when there was only like oh i wish they figured out a way to do that yeah hopefully gem and i will when they ipo you know um but but like this is a companies don't do this companies don't have to give their employees equity coinbase

elected to do this and this is something that i see like as crypto culture exporting itself into the rest of the world the the values and ethos of what happens when you distribute wealth in ways that benefit more people looks good upon you and this is a planting of a flag for all the legacy companies that never did anything like this for their employees coinbase is like look we're the hot new thing on the on the legacy stock market and we just gave our all of our employees 25 000 no matter if they are a an entry-level