📺 ROLLUP: Jay-Z NFTs | Axie Infinity | China's Bitcoin Miners | Coinbase & USDC

hey bankless nation it is the fifth and final week of june we have begun july and it is time for rollups weekly roll-ups david you ready for this absolutely i drink my coffee i've got the energy i'm ready to roll up the weekend crypto with you ryan dude it's almost like the the fourth of july are you celebrating this weekend uh yeah tomorrow i'm going on a boat and then uh on friday i'm watching fireworks as one does excuse me on sunday yeah as am i and i i was kind of curious as like

what stage do you think we'll be in where uh blockchains have their own holidays do you think that'll happen like there will be a day like maybe in the future was it december 1st eth2 staking first went live will the ethereum community celebrate that as a as a holiday right well i can tell you the united states of america would will not be celebrating that because that's the nation's state holiday not a blockchain holiday so really it would only kind of be for like the ethereum native to like have kind of their own day but then holidays right it's like it's like hey i'm it's it's the uh 10th anniversary of eip1559 like

not coming into work like no like that's not gonna happen all right well maybe we'll celebrate on bank list anyway sorry for the digress guys this is the quickest way to get crypto downloaded into your brain every week we cover market releases news takes and then what we're excited about this comes out every friday with your morning coffee live not live but it comes on youtube and also on the podcast i want to get it feels pretty live um david we should talk about kyber first because we've been promising this for a while but they just rolled out a really cool liquidity program what's going on with

kyber yeah kyber is doing a liquidity mining program both on the l1 but also on the polygon l2 this is part of the d5 summer thesis layer 2 edition uh is that there's going to be a bunch of liquidity mining rewards existing on the layer two so if you're looking on the screen you can see all of the different ways that you can get some extra yield on your yield yo dog i heard you liked yield uh so if you are supplying stable coins get yield on your year if you're supplying stable coins take a look at uh kyber's

new raid maker liquidity mining program there's a link in the show notes below where you can find out how to get some extra knc and some extra matic tokens if you are bullish on those particular two assets guys 25 million in rewards over the next three months not a small amount so check that out make sure you check that out all right david you ready to get to markets let's do it ryan let's talk bitcoin first what's going on with bitcoin price since last week bitcoin started the week at thirty four thousand dollars dropped all the way down to thirty thousand dollars which jumped up to thirty six and a half

thousand dollars and is currently at the level of thirty three point three thousand dollars that's what happened with bitcoin last week is this crab season it's just a little back and forth sideways it feels like crap season yeah we go up a little bit people get bullish we go down a little bit people get bearish at the end of the week we're at the same level we started with crab season crap crab season crap summer okay what about you same story dude these charts look similar yeah no actually that's cause it's the same chart nevermind yeah i have bitcoin price twice the story is going to be pretty much the

same ether started the week at two thousand dollars fell down to the low low price of seventeen hundred spooked some people uh and then it jumped to 2300 got people excited again now it's at 2 100 and then once again started how or ended the week how we started it roughly at the same price crab season yo let's see if we're seeing any story in the ether bitcoin ratio what's this ratio showing uh are we up or down in the week uh we are up on the week we tapped the a

a new local low of 0.055 but ether seems to really be allergic to anything below that and so we jumped from point zero five five to point zero almost point zero six six uh so almost up ten percent versus bitcoin on the week uh i tweeted out uh there was there was a day where ether really uh jumped up first bitcoin i think it was like two days ago and i tweeted out uh btc up eight percent uh if resume flipping talk and clearly that tweet product market fit because it got over

like 8 700 likes in like a day and a half have you seen some flipping talk yet though i haven't seen as much as i told people to resume it so i guess we'll see okay so now after the roll up guys you can resume flipping talk you know what i want to take some credit for this tweet david because i said this in december 2020 uh this may be hard for some of you to hear but eth will outperform bitcoin again in 2021 quote me i said i threw that out there david and you know what at the time it was really uh bitcoin

maximalism season very much like bitcoin was just like wrecking everything else uh and uh here we are six month in bitcoin is up 16 year-to-date eth is up 188 percent uh this is right after about this prediction this was right after defy season right after everyone was bearish on ether because all the defy tokens mooned and ether just lagged behind and then you tweeted this and then it was like oh yeah ether took the reigns for the next like six months uh but ryan question to you do

you think yes is it going to happen again what about them for the next six months like you mean the next six months outperform i want to say yes but i'm not pulling putting my full weight into that prediction david where i'm putting my full weight is i think by end of the year if you look year-to-date eth will still have outperformed bitcoin i feel really comfortable with that prediction i'm not sure what the next six months will bring i still feel like it's probably true although look at this man ethan's already up 188 whereas bitcoin is up 16 it's like

it just has to kind of hold that uh and uh the prediction comes true so i'm being sort of conservative i i think it'll happen but i'm not too sure we'll see what that ratio does granted bitcoiner said very similar things about bitcoin versus ether throughout 2019 and 2020 because bitcoin really outperformed ether and really it was just kind of signals like well maybe i should rotate then because if you sold uh bitcoin for ether while bitcoiners were talking about how bitcoin has outperformed that was the right move

or just don't worry about it and hold hold hold both you know that's a that's a secret okay let's talk about d5 pulse what's going on with total locked value in d5 we're at 52 billion down from the highs still haven't hit that like that 100 billion mark seems kind of far away at this point but what's happening here just grabbing we're just crabbing uh stay keeping the head above 50 billion dollars locked in at d5 ave staying around 15 dominance not really too much churn going on right now i would say all right how about dpi these this is

our index of d5 tokens uh looks like that's kind of also flat on the week ish shocker crab season how many times are we going to say in the market section not not another time let's talk about the dpi index two ethers so this uh this is a different seasonal benchmark oh man we're below 13 david we are below below 0.13 yet i am still feeling good about the dpi bottom it's still approximate to 0.13 i didn't get the

specific number but i'm feeling good and the ballpark it being the bottom uh and i remember when we had ledger on the state of the nation fantastic episode you should go watch it he talked about how like the the 0.13 level could be like a good entrance and it might like dip below it and then and then kind of zoom back up for hopefully a dpi bull market maybe but like i'm still feeling good about the bottom like maybe the 0.13 wasn't the perfect call but like if if this is actually the bottom the 0.13 call will be great entrance if of course

it doesn't go any lower but i guess i'm just kind of like biting my own tail here guys we know that's important to david so buy some d5 tokens and support david's cause he doesn't want to miss that one please i'm buying dps that's what embarrassing stuff what's this this is l2 beat i know you guys looked at this last week but um this this feels like the d5 pulse of layer 2. it's it's like total locked value in ethereum's layer 2 platforms what is this showing us right so just like d5 pulse it shows you all the value that is it deposited into all these various layer 2s there is 322

million dollars in l2s last week it was 340 something million dollars uh so down on the week but this is something that we are going to track moving forward uh this is very reminiscent to very early d5 pulse pages where you know when we were initially looking at the value locked in d5 we were looking at the tens and maybe even the hundreds of millions of dollars whereas now we're looking at the billions of dollars and so i'm pretty sure this story is going to be one to follow which is why we're going to come back to l2 beat frequently just to track the growth of

layer 2 on ethereum it's kind of cool that it's pure layer twos it it doesn't include um polygon right for example if it did it would just like drown out literally everything oh my god polygon's got many billions now it's billions and billions yeah which is why which is why we know that there's this is coming right like optimism and arbitrary i'm gonna open up in july that's really where this game is gonna start going all right guys we are going to be back with the hot releases for the week but before we do we want to thank the sponsors that made this episode possible

balancer is a powerful platform for flexible automated market makers typical amms just have two tokens inside of one liquidity pool which can lead to fractured liquidity across the many pairs in d5 with balancer you can access the full power of multiple tokens inside of one single amm which unlocks an entirely new playing field of possibility this makes balancer an awesome building block for so many different use cases balancer pools can make asset indices but instead of paying fees to portfolio managers balancer lets you collect the fees from traders who

use your portfolio for liquidity additionally balancer smart pools can be programmed to have properties that change according to pre-determined rules such as changing the swap fee based on market conditions or even liquidity bootstrapping pools which can help you launch and distribute your token with day one liquidity at bank list we use a liquidity bootstrapping pool to sell our bap t-shirts too much success balancer v2 brings powerful new features that makes your money work even harder for you in v2 idle tokens are capable of generating yield in defy without

sacrificing liquidity in the pool using balancers asset managers balancers vault architecture lets you trade between balancer pools at a fraction of the cost versus trading on other platforms balancers mission is to become the primary source of liquidity in d5 by providing the most flexible and powerful platform for asset management and decentralized exchange dive into the balancer pools at app.balancer.fi the ave protocol is a decentralized liquidity protocol on ethereum which

allows users to supply and borrow certain crypto assets ave version 2 has a ton of cool features that makes using the ave protocol even more powerful with ave you can leverage the full power of d5 money legos yield and composability all in one application on ave there are a ton of assets that you can supply to the protocol in order to gain yield and all of those same assets can also be borrowed from the protocol if you have supplied collateral here you can see me borrowing 200 usdc

against my portfolio of a number of different defy tokens in heath i'll choose a variable interest rate because it's a lower rate than the stable interest rate option but i could choose the stable interest rate option if i wanted to lock in that interest rate in permanently v2 also features the ability for users to swap collateral without having to withdraw their assets trade them on unit swap and then deposit them back into ave with ave users can do this in one seamless transaction saving you time and gas costs check out the power of ave ave

dot com that's aave dot com all right guys we are back with releases david we gotta start here compound is doing some cool things they launched the compound treasury which it seems like provides institutions the ability to earn four percent apr that's like 30x what you receive in a traditional savings account so not insignificant i think the difference is they're offering this to like a different audience it's not the defy natives and crypto natives it's institutions any thoughts on this yeah these feel like the base hair follicles

of the d5 bullet this is where the d5 grows out of here's a there's a super weird metaphor for you but yeah beautiful yeah this feels like a compound just advertising hey just use us for your yield figure out how to attract capital that's your guys's problem but come to us for yield and we'll we'll solve that yield problem for you uh so compound opening up surface area for the d5 mullet more here mullet david sure check this out man yeah current uh already current is uh look at this now i do yeah they they say

they're not a bank but they kind of are a bank right they've got like bank connectivity but look at this improvement upon a bank sure yeah but look at this we're excited to work with compound treasury to be able to offer our members access the protocol's interest rate through simple unified experience d5 mullet fintech on the front compound on the back it's really cool to see a single solid hair growing out of current out of compounds hair follicles all right how long should i take this metaphor for keep going all episode i'm really digging this i'm really digging this okay ten thousand word article coming in

um the dissection of the mullet all right polygon launches avail a veil what is a veil david yeah a veil is a data availability layer on polygon so for those that are familiar with uh the con the project of lazy ledger uh this is a similar uh data availability structure for the polygon layer two uh so if you're into the world of cryptography and blockchain and consensus you kind of know what i'm talking about if you're not then you're probably really confused which is actually kind of closer to where i am but basically there's this data ability problem and there's a

number of different ways to solve it and avail is trying to solve it for the polygon ecosystem rollups have this limitation too right storing data on chain is one of their limitations so this is really an effort to like further scale l2s and roll-ups by offering a data availability layer on top of ethereum i haven't dug into the details i'm sure this means even more to some of our listeners but this is another scalability tech uh being based on ethereum that's going to really propel the roll-up road map uh which is super cool super exciting and this is one of the bold cases for polygon is

that any chain that nick can and needs to be built will be built uh and so that's kind of why matic token is so highly valued at least in my opinion it's kind of cool too it's it i think it's bullish for for polygon too it's like they're not stopping with ju chain right and i know they've said they're they're coming out with rollout roll ups and um zk roll up like tech and that sort of thing but um also a whole data availability solution i was not expecting that it's kind of cool all right um cream finance announcing integration with polygon 2 so what is cream they're deploying on polygon

another protocol part of the theme here but like um what are they cream is a money market just like compound in ave i put them on there's a different risk spectrum that every single money market really likes to take on compound is kind of known as the conservative risk off money market that's why they have such few assets on there and that's why they can do the d5 mullet that's why they can do the d5 mullet yep and protocol sync thesis uh ave is kind of more in the more in the liberal camp of of risk but still not still pretty good right in the middle ground cream is like yeah let's

let's open up and open up the floodgates of all the assets let's list all the assets uh a little bit more risky but you know to some degree you can only get liquidity on many different assets using cream and now cream is on polygon there you go very cool all right let's talk about perpetual protocol so they have launched a um cross margin trading limit order multi-collateral protocol this is basically um on arbitrum that they're launching as well it's called curie what's special

about this uh about this data there's just a number of different use cases for financial activity that really can only work on layer two and perpetual swaps um is definitely one of them just high frequency trading or just people that want to be really active with their trades um and anyone who's day trading really it works a lot better on layer two so perpetual protocol i'm actually doing a meet the nation with them i'm recording with them at two day so that will probably be out sometime early next week if you guys want a deeper dive into perpetual protocol

but overall it's just a suite of trading activities uh and now it can be done on layer two speaking of meet the nations actually i think state of the nation we had element protocol on not too long ago their founder was on will and uh now it looks like they have finally deployed to mainnet which is super exciting what is element protocol david what's the tl dr yeah element finance takes one asset and splits it into two and so you have the principal asset and the yield asset and it allows people to kind of break

apart the different properties of a single asset and allows people to express their opinions about what they want in more granular ways do you want really the yield side of an asset or do you want the principal side of an asset and allows you to express your financial opinions about the future in in different ways go check out the state of the nation for for more details one of the really exciting things about element is the the team uh a bunch of ethereum ogs both on the team itself as well as the advisors um uh just core ethereum consensus like with ethereum

one builders along with uh just ethereum l2 advisors as well eric connor is on the advisor danny ryan is an advisor um so just an all-star team with an all-star product very cool all right um we also have more yield happening this time on coinbase so this is super interesting to me coinbase is now going to start offering four percent apy on usdc coin inside of coinbase so previously i think they have sort of a savings light type product but

if you have usdc on coinbase it offers like something like point one five percent like i thought it was i think it was like one point five percent when the last item was at one time but then it dropped all the way back down um so it's not real it's it's more like a bank savings rate a little bit higher but not much this is something different this is where coinbase is actually lending out your usdc similar to how a block fi might lend it out and it's providing that that higher apy that four percent rate so kind of interesting it's unclear

where they're getting the interest it's kind of like like block five it's sort of like a black box david um it's a little bit coincidental that you get four percent on coinbase and compound gives you four percent with their feature i was going to say this same week kind of interesting i mean they could get four percent from compound right that would be protocol sync thesis uh absolutely um but uh anyway interesting that they are offering this certainly competing with with uh the block fives of the world maybe doing some protocol sync getting into compound we're not

sure but we're actually going to have robert leshner on state of the nation on monday so uh he's been very involved he's a founder of the compound protocol to talk about compound treasury involved he's very he without robert it wouldn't have happened very involved very active contributor yeah i may have downplayed that a little bit he does some work for compound uh kind of a big deal there uh anyway he's gonna tell us hopefully maybe about maybe i'll have comments on this coinbase four percent apy um

because i know coinbase and compound have been close in the past too so there you go sort of interesting what's going on here david we gotta we gotta end releases with this we have a couple of raises to talk about but uh a new crypto comedy show has been released yeah dude i watched it it was fantastic yeah i love not having to like do the work to produce it by the way but like i could just enjoy it so what it what is this what'd you guys put out there yeah this is top signal the newest show out of the bankless ecosystem with

bankless's newest anchor newest co-host uh michael wong one of my actually the person that hired me for my first crypto job ever and so we go way back it was a an ico advisory company back in 2018 and that actually kind of led into our first like gag that we did where we presented the three guests it was defy dad kevin owaki and anthony cesano we presented them with two icos one of them was real one of them was fake and they had to pick the real or the fake one uh all three of them got it right so it sounds like we need to become get more creative on our icos but we also did a a crypto and on

crypto twitter fantasy draft and so each person had to draft their favorite uh and on crypto twitter uh personalities and so we got to like kind of you know jostle for who wants to pick what uh crypto and on and and the pitch our team and how our team's better than the rest and we did some around the horn just quick takes on different topics it was it was super fun uh the the through line or the the kind of the tagline for for uh top signal is that it is in a superposition of a complete psyops or the best alpha you've ever seen or just

a normal factual statement it could be any of those three we don't know because we don't do it we don't do any fact checking on top signal yeah it's just kind of fun and i don't know what you guys have in store for the future but maybe some rap battles that's a rumor hayden adams and carl florsch we guys we want you guys as a rap battle duo on on top signal where it's gonna happen at some point in time that would be amazing it's just a fun show i can't wait for the next one it sounds like there's no real like schedule like um when's the next one going to be david as soon as we can as we as soon as we corral the guests and

get them on to the show it's going to be different every single time uh we have alexandra botez the chess streamer and she's going to come on with her co-host because she's actually also producing uh ethereum content as well and we're i'm going to try and find the four best chess we're going to try to beat them in chess yeah we're going to try and 4v2 them and see how far we can get but overall it's just gonna be a fun time that's awesome all right guys let's uh switch to some of the raises really quick um so one is uh nansen so nansen is kind of like a blockchain data analytics provider

yeah and they they provide a lot of ethereum data so they just received a funding from a16z 12 million dollars not an insignificant amount any other takes on this yeah no i think this is really important infrastructure for just people who want to view the chain for data and the ethereum blockchain has an insane amount of data and so you need systems to parse and consume and like digest that data that's what nansen does um and so this is gonna just be really important infrastructure moving forward also with layer twos man all this data

needs to be digested and consumed so super important there um also the tracer dao closed 4.5 million dollars in a raise some pretty um pretty solid vcs were behind this so one framework ventures and we've had in the podcast but also some um uh also also some angels like mariano conte were part of this and uh what is this protocol it seems like it's it's perpetuals again so it's another story and they're deploying on arbitrum as well so it's another layer two first

deployment not main chain which is kind of interesting we're seeing that trend any anything else to add about tracer dow david yeah the dow tag line makes me think that it doesn't at all stop with perpetuals i think it's going to be kind of something similar to a dx dao where they're just making a suite of financial services that's owned and operated by the dao and those suite of financial services makes the dow money uh and there's really positive statements by and basically everyone involved um uh mariano conti is somebody i definitely trust for signal so when he says that

he's excited about something i pay attention so tracer dow i'm gonna be looking at you guys mario anaconte the the maker mafia maybe that's the thing now um all right david let's talk news man first is some ethereum stuff this deserves our attention a defy education fund was proposed in uniswap governance of course we've talked about before uniswap has an absolutely massive treasury it's mostly in uni tokens you hear it every single time on in the bankless ad millions exactly that's right uh so but now this

is a governance proposal to actually create a defy education fund in quotes this is a non-profit so a 501c4 nonprofit based in the u.s and it's it's trying to fund all the following maker education oh interesting lobby type stuff thought leadership and research legal fire power messaging grassroots advocate advocacy and best practices it has people like jake cervinski on has people um in the uh in the d5

space as well a lot of dow experts here as well a lot of dow experts a lot of legal minds and defile um and this is i feel like david this is d5 starting to flex this muscle and saying hey we want a voice in legislation in and we want to expand into hearts and minds and we have the money and funds to do that so we're going to go deploy them what are your thoughts here yeah they are asking for 1 million uni tokens which is a lot that is uh 15 18 million dollars uh depending

on the state of the market let me go check the price of uni right now 17.7 dollars per unit token so 17.7 million dollars at the time of recording is what they are requesting which is a large amount of money but also like what the hell is the is the uh the treasury for if you're not gonna open up the purse strings right and so these are absolutely the right people to ask for this amount of money uh and so i'm kind of pretty excited to see what they can get done with this there is uh definitely some opportunities available

for people to go and capture this so kind of think i'm pretty sure think of this as like its own like micro uni grants right they are they are taking unit swap money and then they are going to also give out grants with it so it's a grant giving grant uh and they have definitely goals and objectives that they want to reach and there's a decent amount of things that the listener of this show could go and and produce if uh for for money uh and so they are looking for exa my eyes go to the thought leadership and research uh post

where they say we need more written and video content explaining defy and its benefits in a medium that positively impacts the public perception of defy yo like ryan you and i can do that and so uh we might be going after this bankless dow i challenge you guys to go after this bankless listeners i also challenge you guys to go after this money this money is for you so long as you can produce what these guys want you to produce yeah and what what this really speaks to is i think defy is now fighting for hearts and minds and it's deploying capital to fight for hearts and minds

and this is not just like going on the offensive narrative exactly going on the offensive but also like regulatory which is really good to hear because guess what banks have this kind of regulatory firepower even crypto banks have it we're going to talk about some ftx news they're deploying capital and you know all sorts of ways so d5 needs a voice in our legislative halls and i think this is a step towards that so kind of cool um david let's talk about this so brian armstrong ceo of coinbase put out a post called embracing

decentralization at coinbase and the headline here is basically talking about coinbase creating uh kind of an apple app store experience right but treating d5 protocols as first-class citizens so d5 protocols being kind of the apps and coinbase custody being sort of the like the custodian solutions being sort of the user interf like the the um i guess ui and the bridge to all of these apps um kind of cool david because i think this is the protocol sync thesis

in action coinbase is recognizing hey we don't have to build all of the apps we don't even have to have maybe the most liquid trading markets in the world we could just provide an interface to uni-swap and charge a fee on top of that this to me is the future of banks now we'll have to see how they enact this um but um i do think it's going to be good for d5 protocols uh overall not everybody's ready to hold their own private keys they need some hand-holding at least at first to get into this space any thoughts here yeah they really advertise the crypto app

store which gives me flashbacks to 2017 and 2018 where people were like oh yeah we had we used to have apps in the traditional app stores google ios now we have these d apps and so we're going to fundraise a hundred million dollars to build the d app store not realizing that d apps don't actually exist as something that you can download like imagine going to your phone and downloading uniswop that's like a nonsensical thing to do but that was like the vision back in 2017 but now this this can make a little bit more sense now i think if people are

um people are looking for familiarity when they come into crypto they are straight up looking for like the defy tab in their coinbase wallet or like where where's all the defy things uh and so maybe it's actually a really power play to put all of defy into one single ui uh and really make that available as a consumer in the ways that they are used to when it comes to the app store so they can literally tap on unit swap and then they open up uniswap um yeah i i was never a fan of the 2017 like dap

thing like we're creating an app store and like that was just such a because it was very unfocused but i am a fan of this because i think money apps are the thing that is the thing that we are producing in crypto it's a better banking system a better financial system for the world and so this seems much more focused remember the d-apps of yesteryear could be anything like it could be like a decentralized social media thing or it could be like all of these weird things that no one was actually using but like hey if i can get four percent on my um my usdc on my

stablecoin by using a uh an app through coinbase i don't have to figure out d5 then cool you know sign me up so uh dave let's talk about this coin keynes glorious return so kane um of the synthetics product he he co-founded that uh he has now returned to save the project what's going on here what i didn't know synthetics needed saving was it in trouble yeah so kane likes to joke how he had taken a step back uh from the benevolent dictator to

kind of just the guy that writes blogs over at synthetics because like to some degree like he is the vitalik of ethereum for synthetics he is the satoshi for bitcoin for synthetics and and if we like decentralized apps we want our applications to have leaders but there's a friction there because you know to some degree leaders are leaders for a reason uh and it sounds like after kane stepped away there was a bit of a unfilled power vacuum that never really got filled by the the dow and so it sounds like kane's coming back