📺 ROLLUP: Coinbase IPO | FEI Protocol | DeFi Shopify | ETH 2 Merge | BTC ETFs

all right bankless nation welcome to this edition of the bankless weekly rollups we got a unique episode here today because ryan is on vacation and so we are bringing in a substitute teacher anthony cesano welcome to the banquets weekly rollup thank you for getting tapped in here brother hey mate yeah good to be here good to step in for ryan even though we don't look anything alike you know it doesn't matter i think we're both like super ethereum balls so this should be a fun show that's exactly right if this is your first weekly roll up happy friday morning we're bringing

the energy we're bringing a full week's worth of news in the in friday morning get your coffee ready because we are coming at you with everything that's happened in the last week of crypto starting with markets what's happened in the markets in the last week then what got released in the last week the news what's happened in the news cycle and then some ecosystem takes who had some interesting opinions and then finally we will finish up with what david and anthony are excited about and of course last but always the most favorite the meme of the week anthony

are you ready to get into it let's do it before we do however we i have an announcement out of the bankless world to get your bankless badge there is a way perhaps multiple long weeks of giveaways coming uh we are going to give away a bap which is one of these shirts so if you've ever wanted one of these shirts we're going to give one away to a raffle uh in a raffle to a bankless badge holder we're also going to give away an ether a whole ether to a bankless badge holder as well as some nfts i'm talking with my uh my buddy who's got a coffee

startup for year multiple year-long coffee subscriptions the bankless badge is something that you want to own anthony do you have a bankless badge yes i do dave yes i do good you're gonna make it brother all right let's go ahead and get right into it all right guys we are starting with bitcoin bitcoin is at the kind of high price of 58 and 300 dollars again the last week it was just over 60 dollars i believe and then it even got down to as low as fifty two thousand dollars and now we are back

up towards the north side of that and fifty eight thousand three hundred dollars anthony any comments on the bitcoin price yeah i mean bitcoins just seems to be continuing to go sideways as the rest of the market is starting to i guess like catch back up right bitcoin had an incredible run over the last few months or even like i guess the last year or so and i think it's it's basically just consolidating in this area giving some other kind of i guess crypto kind of coins uh crypto coins crypto tokens are a kind of like chance to catch up and everything like that but yeah i don't

think it's going to stay like this forever i mean you know this doesn't just apply to bitcoin but i think over the next few weeks we have so many bullish catalysts coming up one of those being you know the biggest one being the coinbase direct listing that you know i can't see bitcoin kind of like staying under 60k for much longer yeah look at that look at that 30-day chart pretty all over the place but overall flat over 30 days and usually in bull markets bitcoin does not stay flat for very long uh we have plenty of coinbase related things to talk about in the rest of this weekly roll up so we are going to uh that will be a

reoccurring theme of this specific roll up all right ether price either price over two thousand almost two thousand one hundred dollars at the time of recording we have a new high of ether price at uh 2151. uh anthony what do you think about the ether price yeah i mean as i was just saying now that bitcoin's been going sideways other other things can catch up and and ethan's definitely been gaining especially on the eighth bitcoin ratio so that's why we see eighth back over two thousand dollars here and you know eighth in particular from what i've seen

looks looks much more bullish than than bitcoin at least over the short term and i think it's about time right it needs to needs to you know i i i i think if you still undervalued here i think it should be should be higher than where it is so i'm very happy to see making some some real strides here while bitcoin continues sideways yeah right in that same time period i was talking about where bitcoin over the last 30 days has been relatively flat ether has definitely been uh having a pretty strong uptrend it started 30 days ago at 1800 ending it at just under uh uh twenty one

hundred dollars and a lot in the 30 day period uh and definitely showing that that trend that happens when bitcoin stays flat and then of course anthony i know you like this token uh the dpi 436 dollars i believe that's up from uh last week uh but just by a smidge just by a smidge anthony why don't you well tell us what's happening with dpi yeah so i think it's it's funny to see the the way the markets kind of i guess maybe changed a little bit uh you know there's this thing called an alt season

where a lot of the other kind of coins rally and while bitcoin stays kind of sideways but i think we're now seeing kind of like a divergence but we have like a adult season and a defy season because the old season seems to be a lot of these other kind of like i guess like chains and a lot of these projects like just random projects just going up in value where d fires stayed flat but i think we're we're due for like a separate kind of defy season where people realize wow okay you know dfi you know isn't going anywhere it's here to stay like i need to buy up these tokens that are part of revenue generating protocols but you know it's funny

because you can look at dpi against usd which is you know relatively flat um and then against eighth which is actually down against because uh you know you do you do want to measure dpi against eight for sure uh because they're in the same kind of arena but i think you know sooner or later it will reverse against eath as well uh and then ether probably go flat for a little bit uh go sideways sorry for a little bit and we'll have dpi kind of catch up here so it's a good measure i guess of the overall d5 market through usd but also kind of how bullish d5 is against itself yeah totally and i've

been watching this downtrend versus eth ever ever since march so dpi has been uh trending downwards either since the very beginning of march where it hit the high of 0.28 ether per dpi and now it's gone all the way down to just over point 0.2 one um and i've been using this as an indicator of like exactly what you said defy season which i which is a good point and that's something that we have not yet brought on as a topic on the uh then bank this weekly roll up is the differentiation between defy season and altcoin season and what we're seeing

what i'm seeing out of altcoin season is basically rotating into things that i consider the worst worst aspects of crypto things like ada ltc uh dentacoin uh and i'm very happy to finally be being able to like differentiate between what is alt season versus what is quality capital asset tokens season i'm glad we have a differentiator there yeah exactly and i and i think the reason why it works in cycles is because people tend to rotate money around so

you'll see that the money rotate from bitcoin down to the others um you know and eighth down to to other things like d5 that's why i'm saying when a finishes its run and starts going sideways for a bit i think we can really see a default season there because a lot of the kind of like eighth natives and eighth people would rather go into dfi and they don't they're not going to buy all this other stuff that's kind of going up right now people who are buying like ave and uni and and wi-fi are not buying dentacoin those are different cohorts of people uh related to uh dpi is the index co-op

something i want to bring up here is uh index co-op 150 million dollar tvl total value locked under dpi uh anthony what does this mean i mean it just shows the the pure demand here for the d5 pulse index i think you know index products typically haven't been super popular within d5 because of the fact that everyone you know i guess like likes to just buy into whatever they they um kind of can find and try and like get like a 10x or something because you know the dpi isn't going to give you a 10x in a month right maybe over the long term it'll it'll kind of

give you that because it's supposed to be volatility dampened but the fact that we've still got 150 million tbl here from mostly what i would say like the d5 native crowd because it's not on um kind of like any major centralized exchanges yet i think that just speaks to the demand for this product and i think to get to like one billion plus kind of tvl without a kind of like major price rise in d5 would require some some fresh blood from these centralized exchanges because i think the the audience is very different there so i'm hoping you know the index co-op and i know they're working on this can get the dpi onto

some exchanges like coinbase or something like that where we can kind of like open this up to to a more i guess like retail non-defy crowd and give them exposure to d5 as well at the end of the day absolutely yeah basically what a 150 million dollar market cap means is there's been a 150 million dollars worth of buying demand on the dpi asset right when you go to uniswap and you type in dpi and you purchase it you are increasing the price of dpi which means that the way that that gets arbitraged is that more assets come under the uh the dpi index right and what's pretty

cool to me is uh lemonade alpha he's a part of the index co-op uh community the co-op perhaps uh and he's doing the math of the streaming fees that comes out of dpi and that's one million dollars in annual revenue for the indo index co-op treasury pretty cool uh we will be talking more about the index co-op throughout this weekly rollup uh last subject in the market section uh david mihal who's been an absolute machine in generating these really easy really digestible websites has made another one uh he's the one

that made the crypto fees website that ryan and i talk about all the time and now he has made a open orgs.info open orgs.info which is uh he has his tagline daos are the new companies what's on their balance sheet and this is something that we've been uh saying on the bankless program over and over and over again dows have money and they want you to go and produce labor for the daos to produce something that the protocol wants uh uniswap sponsored a bank list literally the sponsor the

call to action at the end of the bankless unit swap sponsorship is go submit an application go get a grant from uniswap all of these treasuries have a bunch of money that they want to pay you anthony what's your take here yeah i mean just looking at these numbers is crazy right and actually if you look at something like uni swap that's just the vested amount so unisoft has investing on their treasury over i think three or four years and if you take like the fully diluted value i think it's like 15 billion plus so they already have 5.2 billion invested here

which as you said yes they can invest in like a bunch of different things out of the treasury they're already doing so you know we make our way down the list and it's just absolutely insane to see how big some of these treasuries are um and as i said some of them are besting the index cop is the same it invests over three years um and so you know the total vested amount is 52 million right now which i think is really cool because this i mean speaking of like the index card i know we're going to talk more about it but you know that treasury also goes to paying people to to work for the protocol essentially to paying contributors in index tokens um so i

think a bunch of these other kind of dowels are doing that as well and that's the real power i think of this is not maybe not so much like investing in like ecosystem stuff but like giving actual kind of uh monetary value in the form of this token to people doing work for for the organization which truly does make it an open org or a doubt right um you know or or a do maybe not as autonomous as we would like it to be but a decentralized organization where anyone can come in contribute work and get paid in these tokens which i think is the really really cool aspect of these

treasuries right we we are we know the web 2 gargantuans in facebook and google and all and all those people uh if you want to get a hint at what the web 3 gargantuans might look like go look at the size of these treasuries speaking of that uniswap ad we need to take a moment to talk about some of these fantastic sponsors that make this show possible bankless is proud to be supported by uniswap uniswap is a new paradigm in asset exchange infrastructure instead of a cumbersome order book system where trades are

matched with other humans uniswap is an autonomous piece of software on ethereum which is what ryan and i call a money robot no human counterparties or centralized intermediaries just autonomous code on ethereum input the token you want to sell and receive the token you want to buy something brand new in the uniswop ecosystem is the uniswap grants program is now accepting applications for grants we have been saying this for a while and we'll say it again dows have money and they are in need of labor if you think that you have something to contribute to

the uniswap dow apply for a grant to uniswap just look at the size of the uniswap treasury it's almost three billion dollars this mountain of capital is looking for labor do you have something of value to contribute to the uniswap dow no matter how big or small your idea is you can apply for a uni grant at unigrants.org and help steer unit swap in the direction that you think it should go that's exactly what we did to get unit swap to be a sponsor for bank list and you can do the same for your project thank you uniswap for

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all right guys and we are back with releases the first thing that both i'm pretty sure anthony and i are excited about is our good friend dc investors released his new um his new newsletter the catalyst dc is really big in the world of nfts and overall in d5 we had him on the bank list podcast with anthony and eric connor for the bulk case for ethereum fantastic podcast go ahead and go listen to that um but also dc is releasing uh his new newsletter the catalyst uh and so if you want to follow dc's thoughts go and give that

newsletter a follow anthony have you followed the catalyst yet oh of course i have i mean dc investor has uh been writing things for a long time actually he uh he used to be very active on red it still is active on there but you know pre-twitter days uh was much more active and he wrote a lot on there and i used to read a lot of it and it's funny because like when you read something on reddit you never kind of i i guess uh uh look at the i mean sometimes you look at who's saying it but you know a lot of the time you miss it i don't know if maybe that's just me but then i went back and i saw oh my god like all these amazing things that i

used to read were from dc investor so yeah definitely go subscribe to this um it's not like a daily thing or anything like that i think it's a it's just whenever he feels like riding something thing which i think is it works really well i mean his first piece was on kind of like um what i guess like uh what what what the ecosystem looks like as part of i guess like a multi-chain future and like you know what what it takes to get there sort of thing and how that's how he thinks that's going to play out so yeah if you're interested in in just random thoughts i don't think it's just going to be nft i think it's just going to be anything that's on his mind um you know when he wants to write

about it then definitely go give this a subscribe awesome all right on to the next uh there is a new protocol getting released uh what is this called this is called uh cryptex cryptex finance and they are doing a a synthetic asset a collateralized synthetic asset that is tracking the value of the total market cap of all of crypto and the the actual the interesting thing about this is not only is that is that synthetic asset really really cool but the the team behind this i think is also worth noting

about um but we will get into that team later the cryptex system uses uh chain link oracles to uh get an aggregate of uh five different total crypto market cap uh prices or valuations so like the total crypto market cap from coin market cap from coin gecko uh these people have apis and they are reporting the total value of all crypto assets combined and the cryptex cryptex dot finance protocol which has its own governance token already uh is

uh trying to generate a synthetic asset that's collateralized by uh by dye and ether and other erc20 tokens to produce this new synthetic asset anthony what can you tell us about this yeah i mean i saw this last night just before i kind of went to bed here um and it reminded me of like i guess what's happening with the index co-op of course like just the index product and things like that but it's good to see kind of like teams uh tackling i guess like a uh i mean i wouldn't call it like super different but like something something that's very unique like the total crypto cup is obviously something that a lot of

people uh will um will quote right a lot of the time they'll they'll talk about it they're like oh yeah just got the two trillion dollars like look at the growth of crypto and there was no real way to track it that i know of before and now you can just buy this synthetic token and you can track uh you know you can basically track the entire growth of the crypto ecosystem so if you if you just want like a really safe token because realistically this is not going to increase like a tiny value over time right because you know the mark total market cap's already at 2 trillion if we go to like 10 trillion you get an 80

kind of gain there but if you if you think about it right that is like an 80 like to get to 10 trillion from here is going to take a while i think and an 80 gaining crypto is is just like very very kind of like small um so it's literally i think a very uh safe asset so if you just want really safe exposure you think crypto in general is going to grow and you think it's going to become like a really big asset class bigger than what it is now i think this is the product for you so really great product for that i mean i mean i could see it being part of anyone's portfolio if you just want something that dampens the volatility in

your portfolio uh and still gives you kind of like that exposure to to the growth of crypto then this is definitely something that i think people should take a look at yeah if this asset was created a year ago in january 2020 it would have been i'm going to make up some numbers but the accuracy will still be there it would have been 20 and then today if that that twenty dollars would have turned into two hundred dollars uh so a 10x over um just a little over a year uh yeah again and uh kind of like how i said at the beginning the the interesting uh team uh

thing about this to me is the team uh preston van loon is one of the the leads behind a prismatic labs uh and there are some other like core ethereum ethereum blockchain developers on this team uh anthony what do you have any comments on that yeah for sure and actually i just i did some head mats sorry i want to correct what i said it's not an 80 game from 2 trillion to 10 trillion it's like a 5x i was working i was working the universe saying like if it was 10 trillion to two it would go and minus 80 so still very very good like very good exposure there but yeah anyway no that's what caught my

eye as well i was like you know preston van loon has been heavily involved with the eth2 effort for quite a while now um you know one of my favorite people in the space of course i'm working on kind of like ethereum protocol work uh but yeah i mean that's what i always look at i guess in general um for these new projects is like who are the people behind it now i know there are a lot of good projects right now that have anonymous um or at least pseudonymous developers behind them but they usually come with a name as well i know for example you know alchemix has stupid triples who's been around for quite a while yeah exactly so i mean it's not like someone just came out and created a

protocol and then you know they're just totally anonymous which is obviously like a quote-unquote rug pull risk so yeah always looking at the team looking at kind of what they've done in the past um and kind of like you know where their kind of head is i think in this space that's what something i remember back in 2017 that was always like chanted on the on the reddits and on on twitter saying like hey if you're trying to evaluate a project go look at the team and me as a crypto noob i'd be like okay i looked at the team like i still don't know anyone and like the only reason why i'm able to do this now is because i've been in in this space

for three years i know who these people are and that's the difference between maybe people coming in on their first cycle versus maybe their second cycle is like oh you understand and know people that have stills that have stuck around because the people that stick through the bear markets are people who you know are convicted and have the right beliefs about this place and and that's why i feel good about about scooby triples like he's anonymous but he's been around like he's not totally anonymous he's more pseudo-anonymous like he has a brand he has an identity uh and and uh people like preston van loon have uh uh

have all that same thing but he's actually not anonymous and so that's definitely some of the benefits of being in this space a longer time you start to pick up on names and people and it's easier to evaluate things yeah exactly all right moving on to uh dydx on layer two we uh we did a state of the nation with both dydx and uh star starkware about this for so for those that missed that state of the nation go back and tune into that it was really fantastic um but layer two is actually starting to get deployed something that has always

been a theme lately on the bankless program is like oh we are one to three months away from this scaling protocol coming like nope this one is here you can actually go trade on layer two with dydx right now and escape all of the gas fees of ethereum and only pay a small trading fee that you are used to paying when you trade on normal brokerages uh anthony are you stoked for this or what oh dude like this is just like some of the most bullish news i mean the i think the most exciting thing was that they went from like an alpha uh to like an

open public kind of layer two in a matter of weeks right didn't have to wait very long at all and you know it's a full kind of suite built on starquest technology which is some of the best in the industry for layer two scaling they're already doing uh i saw uh one of the stock uh co-founders say that within the first 24 hours they already did 10 million dollars of volume which is crazy right because you know you think about people still have to on board into onto this kind of stuff right they stop to get their assets on this stuff to kind of like learn about it and do some trading or whatever so and it becomes like a compounding or an exponential

growth after that so i do think that we're going to see some some incredible growth here rather quickly um because i mean something like dydx didn't even really work on layer one because it was an order book based exchange right on the on layer one those things don't really work we had the amms kind of explode in usage because they work much better now and and this is what layer two enables not just the fact that we can get like cheaper uh well much cheaper fees and faster transactions but we can also actually use a product like this now and grow it to rival the centralized incumbents which is what

excites me the most 100 all right anthony i said we were going to talk about index stuff further on in the show and here's where we talk about that something new out of the index team is the metaverse index from the index co-op uh anthony what can you tell us about the metaverse index yeah so this has been in the works for quite quite a while now something that the community was very excited about it basically came from the community uh the index club community came up with this idea that the metaverse or this kind of concept of virtual worlds um you know with within like a digital asset space

like nfts you know um collectibles uh you know uh in-game uh items and stuff like that you know the the the community kind of came together and said well you know we should create an index for this like this is a huge theme right now people want exposure to this but there's so many tokens they just don't know which one to buy and they don't know what's going to be around in the future of course or kind of obviously no one knows what's going to go up in value or not so this basically uh metaverse index takes 15 uh different tokens and there'll be more added in the future but 15 different tokens in the metaverse

kind of ecosystem and just puts them into an index and you can just buy this and and just it's the same as like the dpi automated kind of um you know uh rebalancing once a month uh you know automated performance you don't have to do anything you can just buy and sell it uh and yeah i mean i'm super excited for this and fun fact the logo was also designed as part of like a competition as well so we did an open competition where people could design different logos and there were a lot of really cool ones um but this one kind of won out and i actually really like this one it kind of i think captures it quite well um this new kind of like virtual

world that you can kind of go into um and yeah i mean i i just think in general like i'm biased here but the index cop is so great because of the fact that they work together and they're very cohesive and they can bring these products that are now at a 2.5 million dollar market cap to life relatively quickly uh and that's that's already streaming uh revenue to the index club treasury as well so it's just it's just been great to see this evolve and kind of go live and the index co-op releases aren't stopping this is actually something that we are doing here at bankless with index

co-op uh the bed index the bitcoin ether dpi uh it's going to be a great meme get ready to hear a bunch about it on a bet on on bank list right get ready to get in bed with bankless uh ryan and i think that this is a great index uh just for really covering all your bases you know bitcoin how can you argue with bitcoin ether how can you argue with ether and then dpi is ethereum's app layer and it's kind of been the bankless thesis is basically this is basically all of what crypto has to offer uh and so if you

just want passive like no thought exposure to the cryptocurrency industry i we think the bed index uh will be a great index to have and it is going into a a governance decision for the index co-op it doesn't yet exist we want it to exist if you are an index holder and you think that this index should exist go vote for it and that's that's the purpose of the index token is it's a governance token so if you think the the bad index should be a thing go ahead and vote for it i think the cool thing about um what we could do with the bed index

is uh not just have ether just dormant ether but have uh staked ether um the the concept of uh r eth from rocket pool comes to mind whereas ether that is is kind of like um these the it's got the passive income of staked ether baked into it and then there's also other things that we could do with the dpi like there's other like with the ave token which is a pretty decent amount of the tokens inside of ave uh you can actually stake stake those ave tokens into the ave protocol for four percent and so the the uh the

social contract that we are trying to make happen with the bed index is making sure that the bed is uh as trust free and attuned to the principles of ethereum and decentralization yet is also being highly productive at the same time so that's the goals of the bed index also not the only index being added to a governance vote in the index co-op synthetics debt mirror index it's also up for governance vote uh the index team really making just churning out new indexes uh nice job guys

yeah i mean this is this is great i mean i i've been following this stuff in the in the forum and on the discord and definitely trying to churn out products you know much quicker here and not just any kind of products products that people actually want so i definitely agree with you that the bed index is going to be super popular you know especially uh as as a bank list you'll have like an audience to basically you know get on board with that get them kind of like get them into bed you know yeah exactly get them into bed that's right uh and then the debt mirror index is also a one that i'm really excited about because it basically protects snx

stakers um from this kind of volatility that they find themselves in within the debt pool um so it essentially allows you to kind of dampen that volatility there so both of these products i think are going to be absolutely massive so i'm very excited to see them see them go live all right we talked about scoopy triples the reason why i say that name is because it's so fun to say but uh scoopy triples founder of alcomix is now proposing alchemix dao uh anthony i actually don't know too much about this and i know you talked about it on the daily way uh and maybe you could give us a little prelude of what is in here

what's what's the alchemics dow what's the goal of that yeah so i i guess like this post just details what they want the the alchemic style to be and what they want it to look like and kind of like their commitments and their vision and mission sort of thing as well so the alchemics down i mean it's going to be very similar to other dows within the ecosystem you know as as we showed before um there's a alchemix has a lot of um a lot of uh money in their treasury already right you can see that yeah almost a billion right so you know it's definitely um time for them or

almost time for them to to just transform themselves into a dow they have a very strong community already i mean i i i like the discord they're just they're just doing so many things on there it's really cool to see but the dow will obviously include governance so token holders will be able to um to vote on different things and vote on different kind of like parameter changes and stuff like that um it'll obviously um accrue revenue as well um from from the product so token holders will have a have a claim on that revenue uh they did tease in the post more stuff about you know if you're an alcoholics token holder there's actually more coming for

you so more bonuses sort of thing and i think they're going to work with other protocols to kind of i guess maybe uh come up with like some sorts of revenue for alchemics token holders or other other sorts of things there and then what they also did in this process they spoke briefly about their layer 2 plans and you know what i really like is that there's a quote here um somewhere where they basically said you know they are there it's it's yeah it's they say by harnessing uh sorry uh uh where is it while layer two solutions come in several shapes we can't arbitrarily pick any layer two because

we have zero knowledge about which solution will emerge as the winner but we're optimistic that dabs converge on one during the development of alchemics dialysis there's like three puns in there um but basically and then they go on to say by harnessing the throughput of layer two solutions alca mix that will be inclusive of all ethereums without sacrificing our ethos of decentralization first so they are extremely ethereum ethereum aligned uh and obviously really want to stay true to ethereum's ideals and that's i mean that's a major reason uh why i've backed alchemix and why i hold lkx

tokens is because i know that they like this and the project itself is very sound so any teams that are just like super ethereum align like this is something that i want to be involved in but yeah this post got me really bullish because they already kind of know what they want to do i mean they're already one of the top d5 protocols and for them to kind of go launch this down and give token holders a claim on the revenues is going to be really really awesome i think yeah i i guess i should disclaim that i also hold alchemix tokens and so i'm biased as to perhaps the agenda putting the agenda

agenda together but i have been chanting this this same um drum over and over and over again is like uh protocols that actually put collect fees which there are many protocols that do not collect fees for the token holders i think are setting a new paradigm quote unquote new paradigm um for what could be and one of my biggest criticisms of the equity stock market is that you know it's it's it's just it seems to be a game of greater fools because there's no meaningful difference if the equity isn't paying fees then you're just trying to sell