📺 ROLLUP: Solana & Arbitrum Outages | OpenSea Front-Running | Elizabeth Warren Crypto

hey bankless nation happy third week of september it's roll-up time david this roll-up's coming a day early you are off on a trip somewhere we're releasing this on thursday instead of friday so you guys get a jump start to your roll up this week david where you headed uh first to denver for mcon coming in a day late but gonna have a fun time hanging out with our all the people at meta cartel and also all the denver homies uh denver home of eath denver always feels like home for talking to all the defy crypto ethereum bros and then after that

going over to maine in new york for a whole another week at missouri main net which is also going to be fantastic new york has a fantastic crypto scene uh and i'm there for a whole week pleaser dow is throwing a dog dog party uh there's gonna be a bunch of parties as well so i'm looking forward to it yeah i got my bags already packed as soon as i'm done recording this i'm off to the airport that's awesome man well enjoy yourself i'm glad uh you know you're getting out there i i'll be holding the holding the home front i know you will [Laughter]

that's how we roll all right um guys this is an episode where we take you through markets releases news takes what you're excited about we end with the meme of the week so make sure you stay tuned to the end david i think there are two major hot subjects this week what are they yeah we got a tale of two outages both solana and arbitrum went down actually i think within like the same few hours of each other and also at the same time ethereum also had an unsuccessful attack and so this weekly rollup is going to be a lesson in

distributed network consensus and uptime and why uh some things uh should not be tinkered with uh in addition to that there's an open c employee front running the customers so there's a lot of drama there and then of course elizabeth warren has some hot takes which i think are hilarious i think which will come towards the end of the show she's making a lot of the roll-ups lately i think she's saying washington well-deserved elizabeth warren you were definitely saying things were uh worth talking about at the very least yeah all right guys uh we are gonna get into

the markets let's start there david what's bitcoin showing us this week bitcoin started the week at forty six thousand five hundred dollars fell down to the low low price of forty four thousand dollars and is currently at the high high price of forty eight thousand two hundred and fifty dollars eyeing that fifty thousand dollar bitcoin level not quite there yet but looking real strong what are the traders telling us david this is ben cohen who i know uh you're a fan of um what's uh what's he saying he's saying a hundred week sma

is this some sort of movie movie right yeah bitcoin so the sma is the uh simple moving average i think yeah right as opposed to the exponential moving average so it's the slower of the two moving averages and it's just he follows it up saying the price is noise and when you you know do the simple moving average the bitcoin price just kind of looks like a wavy line going up into the right uh i thought this uh tweet was pretty interesting a nice perspective you don't really see uh like these not very alarming there it's right like slithering up like a snake like naturally when you put the price into a

simple moving average of course it turns into a line that's what the moving average does but it's just a nice perspective to have that like the more you zoom out the more bitcoin just looks like an up into the right chart well we talked about this in our episode with the ledger when he was teaching us a little bit about uh ta we mentioned i think it was a death cross at the time but now the bitcoin golden cross has arrived just a few months later what is the bitcoin golden cross right yeah so it's the opposite of the death cross ledger reminded us that this is a lagging indicator so all this is saying is that uh one simple moving average

which is the the faster of the two with the the blue one here versus the the orange one has crossed and so now we are going and our local uh price has moved up faster than the long-term price which indicates bullishness uh and uh it's if anyone was listening to that ledger show and they were calling the fact that this was a a fake out or a bear trap uh congratulations this i guess now proves that you are right um but bitcoin yeah uh the simple moving average or the short-term moving average which i think

is the 50-week again we're not traders here are is now above the 200-week moving average which i believe is what the golden cross is yeah it's funny we had him on just after the death cross was crossed right and he said it could mean something it might not mean anything but um you know it could mean bad things and here we are at the end of the summer we've just hit the the golden cross looks like bitcoin is gearing up for another run maybe all of crypto that's what we've been kind of talking about the last couple of weeks this is really interesting the wrapped bitcoin bot so this is wrapped

bitcoin on ethereum they just meant it uh 2 500 bitcoin that's one uh 113 million dollars worth of bitcoin on ethereum you don't see that every day impressive amount of bitcoin continues to be tokenized on ethereum yeah a bunch of wbtc liquidity coming to d5 this is more bitcoin in a single minting transaction transaction than all of the lightning network which is kind of puts things into perspective it does all right let's talk ether uh price of ether this week we are higher on the

week what's what's going on here yeah absolutely we started this week at 3 dollars hit the low low price of three thousand two hundred dollars and we are currently at the high of the week at three thousand five hundred and sixty dollars overall up three point five percent on the week this is the death rattles of the crab market in my opinion david i really think we're we're due for a breakout we'll see whether that remains true but people are bullish people are bullish we're getting into that that season that fall season um what about the eve to bitcoin ratio what's that telling us

this week yeah each bitcoin ratio 0.07 mostly flat with a slight note of up on the weak but largely flat largely flat how about locked total locked in d5 on the d5 pulse index we're at 90 billion this week still haven't hitting that hit that 100 billion mark which is the next major threshold up but um you know not down on the week what's going on here yeah currently clocking in at 90 billion locked in d5 that flash crash that we saw about a week ago where there's a bunch of cascading

liquidations now just looks like it's deeply in the rear view mirror kind of almost looks like it never happened and again eyes are on a hundred billion dollars locked in defy eyes i don't feel like are on d5 tokens themselves maybe they should be i'm not sure what's the the dpi showing us this week david yeah dpi coming in at 398 right now start of the week at 365 hit a low low price of 324 in the middle of the week and is currently coming in right below 400

we got a nice uh 12 rise in the week in d5 token so that's looking okay but the test of whether it's d5 season versus 8th season is right here in the dpi to eat ratio david uh we are still under 0.13 my friend but up a little bit on the week what's your shot i think roughly up maybe 12 on the week since we last talked about it uh i want to have hope but i've learned my lesson so we're gonna we'll go ahead and wait and see for this one to uh start to have a meaningful breakout it is still in a very long

descending channel that has started ever since march um but again like i feel like a bull market would really set off some d5 tokens you kind of wonder whether we're going to have another east season first or a d5 season first if you had to guess what what do you think each season or d5 season next season yeah season which maybe maybe means how about the bed this is the combination can't go wrong on the bed index because this is a combination of bitcoin eth and defy tokens a third or

third a third and we are up on the week this chart likes to go up yeah last week was the first major like not up week i think we were down eight percent and we are up five percent 5.5 on the week overall over the full month we are up also 5.5 on the month uh the all-time chart for the bet index again looks fantastic the bet index the best crypto index there is do you know speaking of fantastic i think these are the numbers of the week right here look at that and this is what

we've been waiting for man we all knew that that was going to come we called l2 summer uh earlier in the summer we're not the end of summer so it's like l2 summer fall edition we're starting to see it david a little bit late but better late than never uh arbitrarium 2.3 billion locked i don't know last time when we had arbitrary on the podcast a week and a half ago it was like we were celebrating 30 million or something 50 million something like that suddenly

we're at 2.3 billion dollars in value locked on ethereum's largest layer two right now and that just exploded from like friday up until now uh super impressive here what's going on overall all value in all l2s has been up 300 percent over the last seven days which again it only it seems to be up and to the right because because l2s are really in their infancy right so like value can i kind of only flow on there there's no value to flow away from there but yeah arbitrary dominating the week this week

that's because they went live last week so that's like you know obvious um and so like now it's up to the open permissionless world of development developers and aprs to get a bunch of value into arbitrary they are up over 3 000 of value increased when they finally opened up and removed the white list and allowed you know the open source community to start tinkering now we should say some of this volume is like in fact a lot of this volume the uniswap and the kind of the balancer and the more sustainable d5 protocols a

huge chunk of it is actually in kind of a meme farm token is this a nyan cat meme another one we've got it going on in layer two right now this is two billion dollars uh flowing into arbitrarium from the nian cat meme token i haven't even looked at this man what is it yeah no it's exactly right it's a it's a yield farm based off of a meme and like when we talked about the whole layer two summer meme we meant yield farming i kind of thought i kind of thought yield farming with like you know unit swap and balancer and

ave like not necessarily memes but hey like me like yield farms on our yield farms right and like the dollars on the uh uh the value that's been sent to arbitrary has been in ether i think there might also be these nion cat tokens too but like it's because a lot of ether has also moved over to arbitrarium to farm this token uh and so like i guess carray we had a meme pull a bunch of ether onto arbitrary at least there's ether now there look man a year ago that meme coin would have been on uh main net now it's on right

now it's on layer two which is kind of where it should be right um so it's a good place to experiment it's also like permissionless i mean it's almost complaining i saw someone complaining about this on twitter david like what like another meme token on a layer two it's just like yeah we can't control like it's just they're all memes they're all memes anyone can build whatever they want so no surprise that um you know this is one of the first uh applications i don't think it'll stay the dominant applications for uh for but um anyway it's good to see some some

traction there certainly these kind of experiments are happening on other eath killer type chains as well um let's talk about this too david the burn are you feeling the burn layer what's that like what's going on here yeah so we're getting a lot of economic activity going on on optimism and now also arbitrarum and in over the last 24 hours they have both themselves shown up on the eastburn leaderboard on ultrasound.money so optimism came in

at burning 138 ether yesterday and arbitrary burnt a hundred and fifteen ether i believe that puts that at arbitrary number seven and arbitrary uh optimism number seven arbitrary number nine on the 24-hour east burn leader board which is letting us know that there is enough economic activity going on on these layer twos that when they actually make a layer one transaction there's a lot of activity going on there and they're burning a lot of ether l2s are alive nice that was on uh september 11th and september 12th i don't know if they're still in the top 25 that's a few

days ago okay do you remember when we talked to you uh the arbitration folks we asked the question of like how long is it going to take to see layer two on the leaderboard and they said end of the year right right well now we've already got a glimpse i don't know if they'll be on the 30-day leaderboard but at least they're on the the one-day leaderboard and i think there will come a time david when essentially the entire ethburn leaderboard most of the economic activity and transactions will all be layer two that is the plan for ethereum essentially to scale its execution layer on layer two and so a whole bunch of

these layer tubes will be burning a lot of eath we'll pack our bags we'll migrate we'll be living our lives on the layer twos in the extended uh universe we won't be on the main net anymore like getting out of manhattan we're moving to the suburbs that's what's happening here right and as a quick lesson for people who want to live on layer two it is the uh arbitrum or our optimism like contract that is making that transaction on the layer one on your behalf and so all of your assets whenever optimism or arbitrary makes a transaction on the l1

to update this date that's you not making a transaction yet still making a transaction on ethereum you get the transaction benefits of having a transaction but you didn't pay for any of the gas magic all right we're burning a lot of eth uh let's see ultrasound awakening this is the ultrasound.money website and i think we passed a couple of thresholds here the first is 300 000 eth burnt in the last hour at the time of recording so this is wednesday 15th at uh 2 p.m pst we just

passed 300 000 eath burnt we also passed another threshold in u.s dollars this would be one billion dollars worth of have been burnt in the past what six weeks or so uh incredible no all time oh yeah six six weeks six weeks yeah six weeks since it launched it's only been alive for six years so every six weeks you burn a billion dollars worth of eat right it's gotta do something to uh to supply more economics there it's gotta add a little bit of scarcity right it's just just a smidge it's more ether than i have that's that's for sure yeah

um all right well in what's going on here so i think the the bridge protocols are doing some cool stuff too and interoperability protocols this is connects which connects reporting out i mean we're overall just seeing an absolute blossoming of the whole entire layer two ecosystem we see money moving on to arbitrary optimism and once money's on there uh the l2 bridges it's now it's their turn to have a bunch of value flow so connects just announced that they uh had a 500 million dollars of cross-chain transactions has gone

through their protocol since they launched their vector their v1 i think maybe six or eight weeks ago or so uh and so like i i think we're just going to start seeing these milestones just start flying by as more and more people move on to l2s and then want to do stuff on other l2s yet don't want to be bothered with the l1 transaction they're just going to use the cross l2 bridges these flows like 500 million dollars like it's just nothing right it's just the the numbers we're talking about in d5 are absolutely tremendous and guess what a year from now i think these

numbers are going to look tiny like super tiny yeah remember when we were celebrating 1 billion locked in defy and now we're almost at 100 that was less than a year ago by the way really yeah i can't believe that man i can't believe how fast this space grows and let's talk about this 7.5 billion dollars are locked inside of bridges or have crossed over from ethereum to either an alternate layer 1 uh or to a layer 2 or to a side chain something like um something like polygon

and this is a chart on dune analytics that shows all of that activity the vast bulk of this this is looking like is on polygon but there's some uh bridging too healthy a healthy amount elsewhere too i would say yeah um a healthy amount elsewhere too and you know things like arbitrary of course are like um quickly moving up if you if you look actually in the past uh 15 you know 30 days it's a much more distributed amount here actually uh avalanche too um kind of

interesting that the model for ethereum being sort of the uh you know anthony susano has called this like uh the economic nexus right um we've called this before the the chief settlement layer for crypto and so all of these assets essentially ultimately settle on ethereum but they're being bridged to these other chains um in uh you know for use inside of those ecosystems too and it's kind of interesting that you can see all of this on chain totally um any other takeaways from that or should we talk about git coin decoin

doing their their brand round 11 number 11. i remember like number one a long time ago now and uh some pretty interesting stats here david what are they yeah greg yeah get coin already on day one this is their announcement i think uh at the time of recording we're at day like six or seven or something so when you are hearing this you only have a few days left to deposit or to donate any money to any of the grants that you see fit on gatecoin but since then on the first day they've already had over 4600 contributions from

350 people 36 thousand dollars coming in on the very first day and so you can go to get coin and donate to your favorite grant project of what you want to see funded fund fund public goods that's important all right david we are going to get to the releases next and then we're going to talk about the news but before we do guys we want to thank the sponsors that made this episode possible living a bankless life requires taking control of your own private keys not your keys not your crypto that's why so many in the bankless nation already have their ledger hardware wallets which

makes proper private key management a breeze but the ledger ecosystem is more than just a secure hardware wallet ledger is the combination of the ledger hardware wallet and the ledger live app and if you're used to seeing all of your crypto services and favorite d apps all in one place ledger is where you want to be not only does ledger let you buy crypto assets straight from the app but it also hooks into decentralized exchange aggregators like paraswap which makes sure that you are getting the best prices on your trades without your assets ever leaving your control defy

never stops growing and the ledger live app grows alongside with it so click the link in the show notes to see all the defy apps that ledger live has and stay tuned as more and more apps come online and if you don't have a ledger hardware wallet what are you even waiting for go to ledger.com grab your ledger download ledger live and get all of your d-apps all in one place arbitrum is an ethereum scaling solution that is going to completely change how we use defy if you've been using ethereum for the past 12 months you've probably noticed the high gas fees and

the slow confirmation times that have been plaguing defy too many people want to use ethereum and it doesn't have enough capacity for all of us that's where arbitrarum comes in arbitrary is a layer two to ethereum which means arbitrary can increase ethereum's throughput by orders of magnitude at a fraction of the cost of what we are used to paying when interacting with arbitrary you can get the performance of a centralized exchange while tapping into ethereum's level of security and decentralization this is why people are calling this ethereum's broadband moment where we get to add performance onto decentralization

and security if you're a developer and you want to save on gas costs and make an overall better experience for your users go to developer.offchainlabs.com to get started building on arbitram if you're a user keep an eye out for your favorite defy apps building on arbitrage arbitrary has been working with over 300 teams including ethereum's top infrastructure projects and will be opening up to all users shortly there are so many apps coming online to arbitrom so you may want to pack your bags in preparation for the great migration to the arbitrary layer 2. to

keep up to speed with arbitrary follow them on twitter at arbitrum and join their discord all right guys we are back with the hot releases of the week david let's start with this we've been talking about the tracer dao for a long time now the tracer dow is launching their perpetuals product it's not out today i think it will be out by the time you listen to it a pretty cool product that i'm personally excited about and tracer dao is a friend of uh the begla show and has sponsored us as well but like what are they releasing yeah so

they're releasing a brand new d5 primitive which i think people will be familiar with similar products if you know index co-ops fli tokens these are tokens that track the price of btc or eth in a leveraged fashion and so that's kind of a novel concept right and so it's a single token that moves in a leveraged fashion to our to the actual like underlying right uh and that's nice because of that uh people like leverage but then they also like composability and you're getting that as well and then also people like liquidity pools in

providing liquidity and gaining yield on that and so this is kind of a hybrid product a liquidity pool a leveraged liquidity pool which this is uh produced perpetual pools is what they are calling it and this is a brand new product coming out of tracer dow which if you are a trader and want to try a brand new d5 primitive this might be for you yeah it's kind of cool too because people also like low gas fees and this is deploying not first on mainnet but it's deploying first on um arbitrum so another win for for the arbor trim chain

and i think like in my head this is sort of like a you know it's got perpetuals like dydx to get an eth perpetuals product um and then it's got an element of like um it's got an element of like uniswap because you're you know you're sort of trading uh with a pool and uh then it also has this fli component almost like like set where you actually have tokenized versions of these perpetuals so it's kind of a cool blend and uh excited to see how it does particularly on arbitrum um david a new

podcast is coming to the cryptosphere as well this looks like maybe an ethereum type of podcast i haven't listened to this one but um first episode with vitalik i'd listen to every single vitalik episode and also carl flores from the optimism team where they talk about retroactive public goods funding what's this podcast about yeah it's just i think it's a podcast he uh he only put out one single tweet about what it's about um but any podcast that has their number one episode with vitalik buterin and carl florsch is something that captures my attention so

it looks like it's going to be a little bit of a cryptoeconomic technically focus podcast i think we have to wait and see if for this podcast really take shape but i'm always excited to see new podcasts come into the crypto sphere we support crypto media this one is called into the byte code we'll include a link in the show notes for you as well um this is cool too a roll up already expanding this is an fyi from optimism on the release chart they just doubled the throughput limit on mainnet we always knew these rollouts were going to roll out in kind of this

uh this great like graduated fashion right so not like completely release the governors and all of the valves day one now they're starting to uh increase the transactions per day so 200 000 transactions per day is what optimism is now set at so that's doubled stay frosty stay optimistic is the message there good to see the roll-ups increasing in transaction throughput in a cautious way yeah weird it's kind of interesting to see people cautiously roll out scale onto their chain

i'm sorry we'll get to that part later that's a good move um zapper they're releasing our terminators cordially invite you back to the zap reverse so this is a new season of zapper uh i'm actually not sure about this one david i haven't read all of the details what's zapper up to here yeah the first season was all about that uh they started to gamify their application right and so you would go and do activities and you would level up uh and i think that the seasons is just referenced to like seasons that we've seen on like you know diablo driver 3 has these uh overwatch has these

whatever competitive like game has these they have them as seasons uh but then at the end of the season you reset and go back to level one so i think what's going on here is that they have reset everyone uh and setting on a new bunch of quests onto the zapper metaverse if you will uh and now there's a bunch of things to do the entire speculation about this whole thing is that you are giving zapper provable active use of their application that could be something that they leverage in the future uh with stuff so

maybe i don't know i don't know anything i don't know anything either i don't know anything what we have seen in the past is retrospective retroactive airdrops for usage so you're gonna say it out loud i'm not gonna say that with respect to zapper because i have no idea david but i am saying that could fit a trend that we've seen elsewhere so do these quests because they're fun um but do them to learn defy do them to gamify and and do them because you never know whatever to happen in the future um all right let's

talk about raises this week coinbase they don't need money but they're raising money david because money's free these days i guess uh what's interesting is how they're raising it and who they're raising it from this is a 1.5 billion dollar offering from coinbase for for debt essentially bonds we call these in the market like junk bonds so coinbase is raising i think they're doing this they their stated reasons are uh m a activity like acquisitions basically coinbase wants to go buy a bunch of things it's super funny because

you know of course microstrategy and michael saylor has used the same the same tool in the bond markets to go raise funds at a very low interest rate and then he goes and he buys bitcoin right it would be so hilarious to me if coinbase just turned around and bought some like crypto with this why the hell not like i mean the money's so cheap right and they could definitely do that i'm not sure that they will they'll probably get exp you know use this money for other things get exposure into other things but this is a pretty good showing and i i gotta say um you know even

bloomberg is reporting this this shows that crypto is really going mainstream because the bonds didn't just like sell they sold out in a flash and there was a ton of interest in these assets and it was very easy for coinbase to do so people are seeing this as like coinbase uh the market's not afraid of coinbase's position with respect to regulators the sec this is kind of a show of strength and another 1.5 billion dollars added to the war chest coinbase do it again i

dare you [Laughter] start dollar cost into crypto with it as well buy back your own stock absolutely hilarious um all right billionaire steve cohen just raised uh just invested in an nft startup recur it's called 50 million dollar raise here what is recur up to this is like an nft platform of some sorts david right i had never heard of this nft platform um but it turns out they're doing some interesting stuff every recur um uh has just like

like you said raised 50 million dollars not only from steve cohen but steve cohen was participating for a valuation of 333 million dollars which is pretty high for an nft platform that i've never heard of before hasn't been launched maybe uh yeah which is kind of interesting um but i mean we all know that nfts are something that you know resonates very very well with non-crypto people so like maybe this is like the nft world has hit some escape velocity where like non-crypto there's a non-crypto side of nfcs that we just don't know about anyways uh recur uh is

starting off a product which is kind of like nba top shots in the sense that they like snapshot moments from instead of nba uh collegiate football so we are now nft moments from college football which is a very very big ecosystem if you're if you're not inside of the united states or you don't care about football college football is a very big deal it's a very big industry um and so we are now kind of doing the same thing we're doing with nba top shots but now we're doing it for college football and apparently steve cohen really likes that idea to the point where he would

help this nfc startup raise 50 million dollars it's interesting because we've gotten to the stage where we're like just past the billionaire uh legendary investors investing in crypto assets and now they're like down the nft rabbit hole right like we're at that point in uh krypto saturation he's you know totally sold on that um interesting to see what will come of that uh david another raise this week this is in the nft side as well immutable x just raised 60 million dollars in a series b funding

this is an nft exchange minting trading platform that is all based on ethereum's layer 2 so they use zk roll up tech so it's lightning fast um cool to see that they have raised a bunch of big names in this investment as well you know galaxy fabric uh who else apex capital even gary vee it looks like got in on this with with his uh fund what do you make of this yeah this has got to be the last raise that they make before they issue their token because they are also

going through a coin list token sale for the imx token and i'll be honest i've been like typing imx into coingecko every now and then just see if it shows up it hasn't yet um but uh everyone's kind of waiting for this imx token to come out uh disclaimer me and ryan are seat investors in imax i think we were in the last round one of those one of those rounds i can't remember one of those yeah all right uh jobs hey this is your job we say this every single week but if you don't have a job in crypto go get

encrypto i mean get a job it's so fun it's so fun start working for a dow do something in crypto so some hot jobs of the week even daos are posting jobs are dallas hiring other dolls too guys are hiring dolls dows are hiring people uh hiring is happening needs to grow yes and everyone's getting jobs and everyone's getting hilarious jobs and you're missing out some derivative of that original statement here's the job like even if you don't have technical skills uh pick up this community lead role from popcorn so this is god buy protocol community lead role

this would have been my dream job like at one point in time uh go check that link out all you do is make memes and chat and discord like it's the coolest job ever senior software programmer as well that requires a bit more tech skills right take a look at that too that's from popcorn as well senior front end web3 developer that's tracer folks with the new perpetuals product looking for that too these are all featured on the bankless jobs site it's included as a link in the show notes go check that out and some of the other positions that are