📺 ROLLUP: Facebook Meta | ENS Airdrop | McRib & Tarantino NFTs | Reddit & Matrix | Axie Ronin DEX

hey bankless nation happy first week of november david what time is it oh it's a friday weekly roll up time because like always it's always a crazy week in crypto and so we are going to roll that week up in the friday bankless weekly roll up david you're on the road right now you're in new york city nft nyc that's a nft conference how's that going man what's the vibe been like uh i actually don't know because i never went to a single nft uh conference event i've only been going to the peripheral satellite events and those have been

absolutely fantastic uh we'll talk a lot about a lot more at the end but uh yeah i listened to the famous wu-tang album that got bought by pleaser dao oh my god how was it at this uh i mean i wasn't i'm not really the biggest wu-tang fan okay uh the first song pretty good next two songs whatever did you think people liked it the wu-tang people really liked it and then like there's like the fourth song that had this great like trumpet riff and the whole entire room was just like five into that song

by the way this is playing off the same like this is a cd right it's a compact yes it's a cd yeah okay it's like what happens if that thing gets scratched okay so it is scratched because freaking shkreli used it as a coaster he used the cd as a coaster so he scratched the out of the face sorry uh yeah dude why would he do that because he's and and that's his brand cartoon villain yeah see it's it's literally just a the

perfect level of a villain so it has some like uh i guess some scratches in it does the the the track skip try to remember it sounded great yeah no like and the the acoustics in the room were phenomenal yeah yeah overall it's been it's been a great week seeing seeing a lot of people like like always at all conferences that i i only see online but got to see them in uh in real life uh met cami russo in in person so that was great chatted with her for a while uh yeah always always a good time at the crypto conference are people feeling like um bullish on nft still is like i i

mean it's been a phenomenal year it's got to be feeling bullish right but what's the volume people were people were just like oh guys is this the top remember in 2018 coin desk where we had the lambos outside of the conference like there's like toppy conversations going on but there have been toppy conversations going on in crypto for like i don't know a year and happy conversations in like for nft specifically like march or april remember and you know people felt like and then there was kind of a lull and then it came back even stronger i don't know what's your personal take on this

yeah apparently at the conferences there are a lot of people like pitching terrible nft ideas yeah i heard some some person was trying to pitch somebody else about um uh supporting uh afghan women oppressed by the taliban using the stellar network like when's the last time you've heard about the stellar network ryan like oh like the things that it doesn't make any sense yeah that always happens there are some weird shenanigans going around apparently that was closer to the actual nfc conferences not the not the satellite events so i didn't i didn't

get the the full face of that but there was a number of like parties like uh the the audience party i was at and a few other the like related nft events i didn't recognize a single person it was extreme and like that that was a common through line of all the friends that i've known in crypto for the last few years different a lot of us completely different crowd like brand new brand new people and we have a take to talk about yeah we do have to take here's your brand new brand new people that are no one is familiar with like getting into into the world for the first time yeah i feel like that's especially true of nfts anyway guys we

have a fantastic show for you today on the roll up we're talking about a few things first of all facebook with the name change pulling a prince on us actually not changing their name to a symbol but uh facebook becomes meta what's up with that a pivot into the metaverse also some airdrops coming your ways if you are a dot eth have a dot eth domain ens we're going to talk about that also there was a crypto punk that sold for 500 million dollars not mine sadly half a billion that wasn't yours

that's right david would sell his crypto puck i was that you know gonna ask that but we talked about that a few roll ups ago you would sell for 500 million dollars i would sell for five hundred million dollars okay i would and uh if there's any takers out there mcdonald's with the mcrib nft that doesn't feel toppy at all does it quentin tarantino as well we mentioned that the matrix releasing nfts as well and read it with the biggest web 3 pivot ever we're going to cover all of that in more on the weekly rollups as you know this comes at you every friday morning

we try to pack as much the week in crypto into your mind as possible david before we get into the main show gotta talk about a couple of things the first is this permissionless conference tickets okay this is a big d5 metaverse conference that we are putting on next year with our friends at block works website's just been updated the tickets are now released there might not be any left i gotta i gotta warn you so tickets were released maybe a little earlier this week and i'm not sure if they're going to be left by the time you listen to this uh every two weeks could they

get they get released every week there's always a new cycle yeah yeah batch release so if you didn't get it this time uh get them next time but the thing is they increase in price every single two weeks so you want to get them early if you can i think the price now is 418. when we started the price was 15 15.59 you might recognize those digits 15.59 but now it's 418 okay this is just going to keep going up if you are a bankless subscriber of course a premium member you get a discount on this a 30

discount what's the value of that it's a 100 100 and something dollars hundred and it also keeps on going up keeps on going up as well so make sure you catch that um the the speakers are gonna be hot the tracks are amazing david and i are helping to plan all of this so uh check out that conference also another thing to check out is the dharma wallet david you want to tell them about dharma wallet yeah dharma wall is the easiest way to get you and your friends into the world of crypto into the world of defy uh if

you guys have gotten into crypto without darmra you probably went the route of sending your money to coinbase or gemini which takes a while takes like seven days then you have to buy ether send that to your to your metamask or your ledger and then if you want to go onto polygon you got to send it to make an l1 transaction to polygon then you need to get gas on the polygon network that's a whole mess then you have to prove it the old days the old days but no longer for because the dharma wallet will do all of this for you in just two to three minutes you can connect you with your actual bank account with plaid which again is just like logging into your bank account and

then you can send money into the polygon network uh it's a smart contract wallet it's connected into polygon and they have a ton of cool features so it is the fastest portal to get fiat money into the world of crypto where it belongs download dharma no no gas fees there's a link in the show notes uh and i believe that if you sign up with the link in the show notes uh you'll get airdropped 50 worth of ether on the polygon network to get your life on an l2 started so go check that out yeah you got to make a purchase but if you make a purchase above five hundred dollars you get fifty dollars in free eat on polygons so check

that out using the link in the show notes all right david you ready to get to it man yeah market time market time let's talk bitcoin what are we doing bitcoin had a flatish week up a little bit up a little bit started the week at sixty thousand dollars which was the low hit a high of sixty four thousand dollars and currently at sixty two thousand dollars so up roughly four or five percent on the week good job bitcoin four or five percent not too bad but eth another story all-time high week for eth a few all-time highs were hit this week i feel like celebrating every single one of them where are we right

now and what was all-time high david yeah e started at four thousand two hundred dollars the new all-time high of four thousand six hundred and seventy-five dollars was hit a little bit more uh more than 24 hours ago but roughly 36 hours ago the time of recording we are currently clocking in at 4 485 next milestone is 5k i feel like uh you know that that's coming right up but are we up how much are we up on the week we are up uh 15 on the week it looks like we dipped a

little bit before i wrote that number down so maybe about like 13 or 14 why do you think this is like the facebook meta news not to front run that we're going to talk about that in news a little bit but do you think there's a metaverse story connected here or do you think this is just uh the market kind of catching up to what eath should be there are so many stories about what you should be there's nfts there's the metaburst metaverse there's there's defy there's scaling there's the merge ultra scalable ethereum like people are getting that wrapped their heads wrapped around that there's so many stories to tell you to tell why this number is

going up uh and uh you know a lot of stories means a lot of reasons for a number to go up i still think it's low to be honest i still think the price of is undervalued even at these prices um but you guys know that if you've been hanging out with bank lists for any time soon we are ultra bullish on this asset the listeners are like we know guys it's like shut up already okay we know we already have our bags back all right uh eat bitcoin ratio what that what is that looking like david yeah again three green weeks in a row for the east bitcoin ratio clocking in at point zero

seven three four uh and so ever since the bitcoin etf the bitcoin ether ratio has done really really well uh and again that has has not spent very very little time higher than this especially in the last six months but also definitely ever uh wow david are we getting close to we're getting close to like the two year three year maybe yeah all-time high for the ratio exactly yeah so that's a lot a lot of people i know i know anthony suzanna pays attention to this ratio a lot and like i know he's like he's like waiting for that to break through he's

frothing at the mouth yeah he's like he's like just don't tweet don't don't yeah this is one to uh continue watching but like this is also an indicator i would say of the um continued crypto bull run right if this ratio is gaining steam then it means bull run in full effect um this is another bull run indicator but dude wait this number is way down today total loss value i'm gonna go with it that's a bug pulse broken graph oh you know actually you know what that was uh go down to ave

that might have been a lot of people withdrawing from ave no way uh yeah because they're always number two now uh uh ave had that bug exploit which got fixed so nothing bad happened but a lot of people pulled funds look at this this happened from november third to to the fourth right and we went down 105 billion to 87 billion for those who you can't see on the screen um obviously i'm going to go with that so that's a bug does feel like a buggage but so let's call it we're still above i think we're still above 100 billion let's say that that means we can make up

these numbers right we want it to be over 100 billion so therefore it is this week how do you feel like it should be ryan i feel like this should be a trillion to be honest but you know i'm going to be conservative on today's episode we'll wait we'll bite our time how about the d5 pulse index this is an index of the top defy tokens the blue chips as it were up or down on the week up up up on the week finally the dpi had a great week this week up 9 on the week started the week at thirty 330 end of the week at roughly

375 dollars signs of life david are you liking that some signs of life here uh how about this like ether has way more signs of life than dpi so we're still going down on the dpi to ether ratio huh yeah yeah i mean it put it put a little bit of a bottom again not a bottom bottom but like hit point zero seven eight uh climbed up to point zero eight five but again it is a nice linear slope down but just remember folks david reminded us last time if you swap out those d5

tokens for another set of defy tokens and retrofit the data then david was still right about this ratio exactly right david's never wrong that should be the takeaway here uh not d5 season yet or at least it's more east season than it is d5 season so uh to the extent that remains the case this ratio continues to drop a little bit but let's talk about the best of all worlds which is the bed index bankless bed index that is bitcoin eth and the dpi all inside one token that's a third

a third a third what are we looking at on the week yeah bed had a good week because it is the best uh index in all of d5 start of the week at 172 hit a new high of 192 dollars currently clocking in at 181 overall up uh how much percent on the week uh i don't know five percent five percent percent call that five so guys of course you know you can get into bed get with this index it's a simple purchase go to the index co-op dot com website slash your bed

and uh purchase that it's actually up 60 over the 90 days in terms of close to 60 uh in terms of um you know the 90 day increase in this index so it's starting to get closer to being sort of a staple type index of the crypto markets which is awesome to see all right let's look at layer two beat as well this tracks how much value is locked inside of true layer twos those are chains that are backed by the economic security guarantees of the ethereum network david

just added a cool 1 billion dollars in the past week from last week to this week getting close to 5 billion dollars pretty crazy clocking in at 4.93 billion dollars up 21 on the week arbitrarum up 20 in total value locked in layer two's optimism clocking in at plus 85 percent on the week almost doubling the value loss and optimism a lot of cool things are happening on optimism optimism breaking through that 500 million dollar level so congratulations to the team

also loopering clocking in at a doubling and 98 off yeah i think speculation yeah because something to do with a uh gamestop and loop ring integration oh they did make some key hires right yeah yeah so that's that's interesting and also my again my one equity uh that i don't that might the one thing that i own that's not crypto gme stocks it's all related isn't it it's all it all comes back to crypto what's cool about this i think is particularly with

arbitrary and optimism we're seeing this growth without a token incentive right so we're seeing so many other layer one uh communities different layer ones not ethereum giving away like millions hundreds of millions of dollars in token incentives to come yield farm uh on their um on their chains all right and optimism in arbitration are not doing this and they're still getting like massive growth uh week over week so that's good to see wait till they dial up the tokens if they ever do we'll see what happens there um also

ultrasound money eth is becoming ultrasound money and just passed a big milestone what is that david three quarters of one million ether has been burned as of this week seven hundred and sixty one thousand ether that's more ether than i have closing in on the one million ether mark a little bit more huh just a little bit just past just past uh david's bags here um this is cool too i wanted to actually correct this because i think i said that last week i think i said that um eth had

10x the transaction fees over the past seven days with bitcoin and i was actually wrong and someone reminded me of this um ethereum actually had 100x the transaction fee revenue of bitcoin over a seven day period of time so i was like you know 10x off on that number i knew it was a lot bigger but um over the last seven days look man ethereum had 50 almost 50 million dollars worth of transaction fee revenue and back to what

we said last week what do blockchains do blockchain sell blocks this is their transaction fee revenue and um i guess a year ago two years ago um it was like a fight between bitcoin and eth like every day like who's kind of going to have more transaction fee revenue here's bitcoin a very distant um number on this chart uh not even not even a million dollars in transaction fee revenue over the past uh seven days so it's super interesting to see right the thesis for ethereum has

always been you make black block space more valuable then the asset becomes more valuable and of course eip1559 kick that into into high gears so that there's this immediate feedback loop but it's it seems to be the case that this is happening um revenue numbers going up for ethereum block space any other takes on this david yeah there is a direct connection between the amount of fees your blockchain collects and the soundness of the money and if you uh have not yet

learned how to articulate that association there's a ton of stuff to go and read on the bankless newsletter letter ultra scalable ethereum ultrasound money with justin drake tons of things so make sure you understand the relationship between block space demand and soundness of the money it's really important concept the only one that's closest is finance smart chain and like i don't even know what they do with your numbers um let's talk about this too last week was actually the first week that ethereum actually had

negative issuance david we've seen some milestones on this ultrasound money thing in the past in fact like the first day i remember a uh an individual block it was the first day of the first two days after eip1559 an individual block that had negative issuance i remember being really excited to see that like it's happening but now we're hitting all of these milestones uh talk about this for a minute yeah yeah i think it was like just a couple hours after eip159 everyone was scraping the block ether scan trying to

find the first ultrasound block yeah that's right that's right it took people a couple hours and then i think just a couple weeks later we had our first ultrasound day where the full or no we had uh just a couple yeah a couple weeks later we had our first ultrasound hour where every uh all the blocks over the hour had were ultrasound they're burning collectively more ether than was being issued a couple weeks after that we had our first ultrasound day 24 hours of more ether being burned than was being issued we have now hit our first week of total issuance going down rather than up

due to ether burn and so at some point we're going to be repeating this but it's going to be a month and then at some point it'll just be every month moving forward into the future uh ryan are we seeing the current limit of the ether supply right now like that could that could be happening as of this week that's what ether capped out that is a possibility that's true i mean uh justin drake when he put some numbers on this predicted this in april he's he thought that ether supply would never get above 120 million and i don't know what the total supply looks like but but you're

right we're at it right now the total supply is a hundred and eighteen point two million so over under audit do we ever hit 120 million what do you think oh under yeah i definitely uh under for sure because this isn't even getting started yet okay once the merge happens so like we're maybe six months away for that it's over it's done it's gone right so a reduction of four percent this is an immediate reduction of four percent annualized issuance so we're going to be ultrasound month every single month

every year i wouldn't be surprised if we start to get ultrasound decades david under our belts with this i mean we'll see what this is as soon as we hit the merge it's just ultrasound now and for forever yeah so it's just it's just a race to get to the merge unless you think block space ethereum block space is going to drastically decrease in demand is there any world where that happens i i don't think so and there's a there's a take that we have later to talk about what happens when you increase the block space available people just use more of it yeah uh and so like even with

charting we're going to increase the amount of blocks available people are just going to use more they're going to transact more and that's the thing it's not even going to be humans it's going to be other chains that are actually using this block space and being secured by it absolutely there's uh there's no coincidence that we are breaking all-time highs this week and that this is all-time high week and then also ethburn uh ultrasound week as well like that is not as a coincidence like bull markets bring in fees yeah and so like really this is a game of are like are we in all-time high season right like are we in bull market season are we out of the crab season and we're just going to

keep on eating into new all-time highs if that's true then we might actually be in ultrasound territory now for forever if that bull market can carry us into the merge like that's that's a possibility heating into all-time highs eating into the bulb markets what we're doing right now i love it yeah top assets by market cap this is all top assets by market capability doesn't have things like gold but it has things that you can like you just generally trade on exchanges so number one of course actually not of course i'm surprised to see this the top asset in the world worth 2.5 trillion dollars

with the t is microsoft now no longer apple it's microsoft actually then after that it's apple and google and uh then some like oil and gas companies amazon etc all the way down to number seven is bitcoin bitcoin is the seventh largest asset in the world that you can buy on exchange of this type right behind tesla yeah right behind tesla well that's interesting and then right ahead of facebook and then if you keep scrolling past berkshire past nevita uh nvidia uh you get to ethereum at

number 13 almost breaching into the top 10 assets in the world that's pretty cool to see yeah ether is within striking distance i think it's just like something like 12 or 15 more percent which is just like hey that's just like one good week away from becoming a top 10 global asset so you gotta love this you think jamie dimon's looking at this and being like oh i'm number 14 and ethereum just passed me now it's it's over for uh for jp morgan it's like i was wrong about i was wrong

about crypto i don't think he's saying that probably not but maybe he should be and along with the rest of the banks even visas behind ethereum at this point which all makes sense because ethereum is a network of networks it is a global settlement layer it is a monetary system it is a money it is not like all of these other things aside maybe a little bit like bitcoin uh i think they'll continue rising in the charts david um that's it for the markets and we've got some hot releases coming up for folks

but before we do we want to thank the sponsors that made this episode 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 uni-swap

ecosystem is the uniswap grants program is now accepting applications for grants we have been saying this for a while and will say it again dows have money and they are in need of labor if you think that you have something to contribute to the uni-swapped out apply for a grant to uni-swap just look at the size of the uniswap treasury it's almost 3 billion this mountain of capital is looking for labor do you have something of value to contribute to the uniswap dao 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 uniswop to be a sponsor for bankless and you can do the same for your project thank you uniswap for sponsoring bankless gemini is the world's most trusted cryptocurrency exchange i've been a customer of gemiini since i first got into crypto in 2017 and it's been my main exchange of choice to make my crypto buys and sells gemini is available in all 50 states and in over 50 countries worldwide and on gemini there are markets for over 30 various

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your preferred crypto asset when i get my gemini credit card i'm going to make sure that i get my cash back in eth so whenever i buy something i get a little bit of eth bonus back to me at the same time you can open up a free account in under three minutes at gemini.com go bank list and if you trade more than a hundred dollars within the first 30 days after sign up you'll be gifted a free 15 bitcoin bonus check them out at gemini.com go bankless all right guys we are back with the hot releases of the week the first is this ens which is the ethereum name service

you might have seen those dot eths all over twitter you might have a dot eth yourself that is registered to the ens ethereum name service well now ens is issuing a token they are doing an airdrop to all holders of dot ether counts what's going on here david yeah yeah so we need to um when i was talking to brantley even forever ago he was always saying like they would receive money from selling the ens names lots of money right lots of money tons of money and like

they consider themselves like public goods right not a private company they don't want to be a private company that is just like operating what is a core function of the ethereum system which is names and so they've been sitting on all of this ether not knowing what to do with it not knowing how to structure like this company and then the whole dow revolution starts and i think it's very very obvious that the dot eth side of ethereum becomes community operating community governed and so what's so fantastic about dot eth names is that it's so easy to identify who has

them and so they just airdropped us or they will be airdropping some ens governance tokens to eat holders and so there are some different parameters as to how much you are getting uh you are getting you are getting one if you own a dot eth you are getting double that if you actually linked that eth name to and actually ethereum address then you are also getting a multiplier based on how long you've actually had that linked and so if you have linked your ens ethereum address and you've done it for a long time you might get some nice air

drops coming your way soon hell yeah man that means if you've been listening to bank lists when we started talking about ens addresses back in 2019 and we created tactics on how to actually register them uh and set them up correctly then you will definitely get this airdrop which is super exciting um 137 000 accounts holders which is great one important note though is they're not rewarding like squatters in this mechanism right so if you bought like i don't know 100

names and you're just sitting on them you're not getting any amplifier for owning more youth names is that correct that is correct yeah so if you bought a hundred ens names and you're just sitting on them you're not you didn't link them to your you know your ethereum address you are just getting one shares worth of an airdrop uh and so it's it's unique addresses that linked their ens name to their to their ethereum wallet for amount of time i think it's a great great mechanism there's a link in the show notes if you want to check out more details on that

overall 25 of the total airdrop will be given out to in um two dot ethers 25 will go to the ens contributors and then 50 to the dow community treasury which i i really like that model this is kevin owaki shared this model and i i put this idea in my head where it's 50 for the past and then 50 for the future right so everyone who's worked on the project so far so 25 to the air drop 25 to the team uh and then 50 to the community treasury which goes and funds the future dell right after people that

wants to start the deal this is super cool i think this is one of the ones i'm most excited about since probably uniswap and the reason is because of such a large distribution and there's so many dot youth holders so many ens users and so this is getting out there but like in general um they kind of had to go down this path right because they had a multi-sig they had a treasury and they had a small set of individuals who are really responsible for that multisig i don't know it's like seven to ten members of the ethereum community who had access to that multisig and of course you know it requires you know

some majority of owners to sign off on transactions but this turns that multisig over to the dao over to governance over to the users over to the community it's a very web 3 concept and it's super cool to see so we are actually having uh nick and brantley from ens on our state of the nation on tuesday i think more details will come early next week on how you can pick up this airdrop of course if you were a bankless premium member we dropped the ultimate guide to airdrops last week and if you did number let's

see um number 20 number 16. number 16. these are 16. 25 hypothetical potential we're not sure if they're going to airdrop but you might want to check them out in case they do sort of opportunities number 16 was ethereum name service had some folks ping uh us earlier in the week and be like oh my god i'm glad i saw that registered dot eth domain got started on it now i'm eligible for that airdrop so bankless premium members get that we will include a link in the show notes so

you can check that resource out it's evergreen 24 more on this list potentials so you can be damn sure that every time an air drop happens we will be reminding you that this hairdryer why not go do your homework do your homework why not get free free airdrops folks like why not just put in some effort crypto pays you to learn about crypto so take the extra step here anyway uh before before we move on there are a couple more dynamics about the ens uh dow now

that i think are are worth pulling apart dao's uh inherently have like a funding problem at genesis because like they they just meant to token they don't really have any money yet that's not true with ens they have that very large stack of ether from all of the ens sales and so the ens dao is going to have a very large treasury of ether behind it and so they are going to be able to fund themselves right off the bat they the the ens team is giving all of that ether to the dow so that's pretty cool i don't know how much that is i forgot about that to you but it's like it's got to be a lot because um