📺 ROLLUP: Uniswap Front-End | Elizabeth Warren Shadowy Super Coders | COVID-19 | FTX & Binance

hey bankless nation this is the fourth week of july and it is time friday morning for your weekly roll up david i am super excited about this weekly roll up we've got so much to unpack here we always do and this is always like i say my favorite piece of crypto content to produce in this weekly roll up just like every other weekly rollup we go through the markets what is the market saying then we go through the releases what got released in the last week of crypto then we go through the news cycle events uh and then we go into some ecosystem takes

who has some interesting opinions in the week of crypto then we go to what david and ryan are excited about and we finish things off with the meme of the week ah the meme of the week can't wait man this is going to be a great episode david before we get in we've got some psas man the first let's talk about the first public service announcement you have kovit dude i'm looking at your background it's looking like you have coveted right now i i have the covet yeah i got it i got it at yeah eath cece in paris took a negative test which allowed me to get out of the country

because you have to take a negative test and so i took got my negative result back i'm like oh great i made it through ecc without without uh covid uh came back home and then had started having allergy symptoms which were very normal for me in in seattle so didn't really think anything of it but then on tuesday i got really really achy so i went and got a test came back positive uh probably like did my did my responsible thing of tweeting that out to like uh let make sure everyone knew that if they got in contact with me and ecc that i had coveted uh i don't know where i

got it from obviously there's a bunch of people around ecc who also got covid so i'm not not the only one but there's a very interesting a theme of a bunch of people who all got vaccinated i'm vaccinated a bunch of people who uh got covered we're all vaccinated uh and so we're all we all have like relatively mild symptoms i'm not if i'm not like dead or anything i'm still doing the weekly roll up as normal i'm pretty i feel pretty achy but it's just like a relatively normal cold then there's a bunch of people who

also have all these same symptoms but when they got there nega they got a test and it came back negative so that's kind of weird that is super weird yeah and i i can attest to that david because we recorded podcasts the last two days well you've also had covid and you've seemed like uh like you're not feeling great but still okay enough to to do podcasting still okay enough to like do some work you know that kind of thing so it's it's not been as bad as some other cases and you think that's because likely your vaccine mitigated that huh a hundred percent a

hundred percent and one of the reasons why i wanted to put this psa in there is because like well now that i have my first hand experience with kovid and also having a vaccine and then also tweeting about it as like a public figure in the space you actually realize how many people are out there who are like the never vaxxer anti-vaxxer camp and it is like kind of sobering and frustrating uh and so uh i cannot imagine what this would feel like without a vaccine uh it would be way i'm generally really achy like sitting in this chair is not even like a

comfortable thing and that's with the vaccine i cannot imagine what it'd be like without a vaccine and i want to go to all the one of the ironic things about the my market monday this post this week in bank list was talking about like the importance uh the importance of being in person and how much i value being in person at these events and then i come back with coping but i didn't totally intend on going to all the other like in real life crypto events and one of the reasons why like we haven't been able to return to normal in society is because people are refusing to take the

vaccine and and or wear a mask when they should and so like it's they are those in my mind those people are getting in the way of having all these like beautiful awesome crypto ethereum events that i want to have and so if you want to go to those events you got to get a vaccine because you're making it bad for the rest of us there's your psa guys all right let's talk about another psa this is uh this is another conference that's coming up you actually don't have to attend in person would be great if we had more conferences in person but not all of those are practical but that this is called smart con we've been talking

about it the last couple of weeks on the roll-up uh this is sort of your last chance to sign up guys so if you're listening to this on friday go click the link in the show notes the smart contract summit dot io this is a free conference put on by the chain link folks tons of defy researchers tons of d5 developers tons of people with projects david you and i will be there with a d5 with a panel on eip1559 actually um we just secured guests for that panel who's gonna be on that panel with us yeah we got some guests that

have not been on the bank list program yet and then one who has we have james wang who recently put out a report on ethereum talking about the combination of eip1559 and proof of stake we brought on squish chaos who coined the term the triple halvening and also to how ethereum people should dream bigger dreams about what could be with regards to the value of ether under the ultrasound money paradigm more bullish than us more bullish than us wow that's hard and then uh familiar territory uh dc investor coming in uh to fill up the

panel and so we got those three absolute rock stars joining us on an eip1559 and overall bullish ether panel so check that out guys get some tickets come come check out that panel all of the other educational events it's like a two to three day conference and make sure you're there david psa number three next week is actually eip 1559 week this is the week eip 1559 is scheduled to launch it looks like we're all on track to launch that could happen

uh as early as august 4th but it might bleed into august 5th and that seems a bit more likely because it's based on um the uh an actual block block time not a period of time and there's something called the ice age which is slowing down block time uh here lately so it's difficult to pinpoint exactly when that will launch but it's probably going to be between the 4th or the 5th of august and what are we doing next week to celebrate eip 1559 week i know we have a ton of events scheduled yeah we have three different things that we are doing

on tuesday we are doing our regular state of the nation but it's also not a regular state of the nation we are bringing on tim baco to help us moderate a eip-155 uh how would you call this like lee most forefront expert panel all-star panel right so we've done we did our eip1559 episode with hazu which was absolutely great and again if you need to get up to speed with eip1559 go listen to that podcast episode it's titled eip1559 because it is the full entire subject matter of what eip1559 is from zero to

100 a really great episode has going to be there on that panel but in joining him there's also going to be uh barnaby from the ethereum foundation matt garnett from consensus mesh and then mika zoltu who's a just a major eip1559 contributor these are not your 101 201 level eip1559 people this is the leading forefront experts as to what eip1559 is along with uh tim baker who's going to help us moderate to ask us some of the questions that like ryan and i aren't even smart enough to ask and so

this is going to be if you are trying to become god status in terms of eip155i knowledge who doesn't want that who doesn't want that god status eip1559 panel uh hopefully i'm hyping it up appropriately and that is just one event that's just the first event that's on tuesday on wednesday which is in theory maybe when eip159 goes live we are going to be teaming up with the boys over at eathub eric connor anthony cesano for our live stream many of you have joined us for the proof of stake beacon chain

uh kickoff uh live stream which we did at i think like four in the morning my roommate got very mad at me that day um for having that live stream go and i woke him up uh but uh we're doing it again uh four for eip1559 when that gets uh when as we get closer and closer we will be live streaming that with the guys from eathub so join us for that that'll be on the youtube and then as we just discussed thursday the fifth is the smartcon panel with james wang squish chaos and dc investor all about ethereum in a post

eip1559 world and overall what's next for the role of ether as it relates to eip1559 so get stoked for eip1559 week that is next week and a good way not to miss all of that of course is if you are watching this on youtube subscribe to this youtube channel all of this will be published there so you could check that out david another psa we've got a live stream that is happening tonight so this is a friday when folks are watching that that is a daily great live stream i don't know if you guys are celebrating the next psa

which is it's ethereum's sixth birthday as you guys are listening to this as you guys are watching it or what but tell us about that live stream tonight yeah anthony and i we try and do these every now and then but it's been getting harder and harder and harder as covid has uh gone further and further into the you know people are going and back and doing their daily lives and so the friday evening time has been harder to get a live stream scheduled but since i'm in quarantine mode uh anthony and i and so and anthony's in lockdown mode because australia is like super duper locked down we will be doing the the

bankless daily great live stream tomorrow evening excuse me friday evening tonight for the listener so if you guys are also in quarantine mode for whatever reason or just want to tune in to me and anthony talk about what's going on in the world of ethereum tune into that which again like rand said uh a significant part it will be dedicated to the fact that it is ethereum's sixth birthday today friday ethereum july 30th uh the first block ever for ethereum was mined on july 30th 2015 and it is ethereum's sixth birthday today so happy

birthday ethereum happy birthday ethereum you know six years old 250 billion dollar network not too bad for a six-year-old i can't believe uh it's still so young you know half the age of of bitcoin at this point we've come a long way so definitely something to celebrate wow guys a lot of psas today before we go any further ryan yeah here's that here's an ethereum birthday pop quiz trivia moment for you what block are we on right now dude i don't know i don't measure thing in things in block

time i'll never forget the time when um wait was it vitalik who told us like a block time when uh we're gonna schedule like a conversation or something i i i don't speak in block time so why don't you tell me i'm gonna fail this quiz uh roughly 13 million block number is is what'll but it'll be out tomorrow at the time of recording yeah 13 million okay there you go that's a lot of blocks every six seconds impressive all right david do you want to get to markets let's do it all right markets where are we going

where have we come from with bitcoin this week bitcoin we started the week at thirty two thousand and a half thirty to five hundred and we hit a high of forty one thousand dollars and we are currently just below forty thousand dollars at thirty nine eight hundred uh so bitcoin pretty good week up and to the right for basically the whole entire week uh interesting interestingly there was this price drama going on about this rumor that amazon would be accepting crypto and bitcoin as payment and that turned out to be a false rumor but that rumor

jacked up the price specifically on the 26th is what that huge spike is yeah so bitcoin on the 26 that jack it went from 35 000 and then like just a few moments later it was at 38 and a half thousand and this actually caused a significant number of short liquidations usually you only see long liquidations come when people were over leveraged and then the price goes down but we actually saw short liquidations which caused the price to jump up so that's what happened in the last week of bitcoin price

yeah that's funny i i tweeted out that uh it seemed like um jeff bez somebody told jeff bezos that elon bot had bitcoin you know so he's like he's like uh fomoing in with billionaire stuff but turned out none of that is true i don't even know if bezos is interested in crypto at all i've never heard him never heard a comment on it yeah so uh i guess that remains true so what's the story behind a whole bunch of the the shorters who are liquidated with this price drop yeah i would say so crypto markets they have momentum to them significant

momentum and that's why bear markets can just be super prolonged irregardless of like strong fundamental positive catalysts and vice versa while bull markets can go on for way too long even though prices get out way too far ahead of his ski tips crypto markets have momentum and i think people have been trying to position themselves using that frame of reference right oh like you know ether capped out at 4 000 bitcoin capped out at 60 000 and now we had those those that big wreckage moment

where everyone got liquidated and then and now it turned it went from time for number to go up into time for number number to go down and i think a lot of people piled into the number go down trade and too many people piled into that trade and also i think the four year cycles are broken in my opinion and so too many people got short too quickly and they were betting on a down market but instead they got a crab market and in a crab market things also go up like at least for the short term and so a lot of the hopping crab yeah so hopping popping crab jumps yeah

i remember i was out there last week or two weeks ago ryan we were talking about how the market was uh crabs with uh bear arms to this week it's a crab with bull horns yeah with uh with strong legs able to able to leap and jump and do all sorts of tricks so one billion of bitcoin futures was liquidated in in a 12-hour period of time this is on july 26th that's what you're talking about all right what's the story with eth so we are happy because we are above 2k that is a good sign but uh where were we and where we

come this week yeah ether started at 2300 hit a low of at 50. if the high for the week is 23.50 and the current price is 2 325 dollars pretty flat week for eth if you keep on zooming out ryan it didn't really do too much not a lot of volatility in the last like seven days or so uh but you know generally pretty pretty flat with a slight up into the right trend i would say it kind of uh followed that bitcoin jump with the amazon news and then sort of

you know track similar to bitcoin um but let's talk about that so how about the ratio what are we looking at this week yeah the ratio is in this what i would call a falling wedge pattern uh again not a trader but this is the pattern that i'm seeing we are at uh kind of a low price of 0.058 a local low still a historical historically high price um i would like to see that number come up above 0.06 but still in that crab season territory so nothing's too significant to the report here there's generally a theme of

people kind of piling into a bitcoin trade right now uh bitcoin tends to lead the market and so while we are in crab season people are kind of looking for bitcoin to be the first thing to break that crab season trend and so there's just a little bit of rumors going around of people just kind of rotating into bitcoin be thinking that it's going to be the first mover to break out of the trade we will see yeah definitely we'll see um how about d5 pulse what is the total locked value of d5 this week yeah if i remember correctly last week

it was something like 56 or 57 billion dollars and we are up to 66 billion dollars locked in defy so it definitely broke out of a local trading or local it's funny to call it trading range but still kind of works the chart it's higher than it has been in the last like month or so coming in at 66.6 billion dollars locked in d5 more getting locked up and then how about the d5 pulse index so this is a measure of course of the health of defy tokens uh where are we on the week

yeah same story slight up into the right trend coming in at just roughly 300 per dpi token uh higher than it was i believe it was like 285 285-ish last week as well so same story as ether not as up as much as bitcoin is but still up and to the right yeah it seems like they're all kind of correlated together to like uh d5 bitcoin and ethan in this last week's move in the crab market in general it's been sort of the case how about uh the dpi to eth chart i know this is a ratio we've been tracking for a while to see

if we are in the precipice of another defy summer season hasn't come we're in july going into august and we still haven't seen d5 summer is that the story is the story continuing there yeah the the d5 tokens are definitely not going to be the first ones to move in my opinion uh if people are waiting for bitcoin people are going to be waiting for ether before they're waiting for uh the defy token so coming in at point one two eight five dpi per each which is below my 0.13

bottom call but still an approximate area so i'm still pretty happy about it yeah so has it been two weeks that we've been below david no we were at point point zero three five one three three five we know we're fine okay we're fine we'll check next week we'll check we'll be checking back on those bankless listeners we're going to hold david accountable for his calls here um all right let's talk about this the bankless bed index so this is a new index put together by the bankless dow of which we are a huge proponents of super exciting because it is an opportunity to get a

third bitcoin a third eth and a third defied so that's through the deep dpi index so it's like an index within an index but you just kind of buy it set it and forget it a nice asset i think we're going to be looking at this on a weekly basis um this is kind of a proxy i guess for crypto success in general for crypto monies and also defy and uh we are up on the week from it looks like what 100 to about 115 on this um and we did make a promise

i think or you did on twitter david that uh you know somebody who what's going on here is this a pancake is this an olympic experience so people people make pancake art right and uh yeah there's a lot of memory jokes with the whole bed index like you know get get in bed with bank list getting breakfast in bed yeah yeah you know eat all your three food groups bitcoin ether dpi uh and so there was an olympic pancake of art made and then we tweeted out saying if somebody makes this for the bed index we'll feature in the roll up so here it is somebody's making the bank list and

this is also bankless dow this is an index out of the dow bankless dow the bad index pancake here it is for all the viewers on the youtube so make sure you eat all your food groups and also your yummy pancakes as well got the color scheme right too which is impressive so like you know not just the design but the color do who do we have to thank for that uh looks like uh x ophe3 uh with the ultrasound money meme uh emojis in the twitter handle so so thank you for that uh ryan if you go back to the uh to the bed page bankless

listeners who are religious listeners of the the weekly rollup they will know that we go through bitcoin and then ether and then dpi well what is the bed index other than bitcoin and ether and dpi and so while we talk about bitcoin and ether and dpi separately when we want to really summarize the market section we're just going to turn to the bed index and that is what it's for and so while we'll talk about bitcoin was up this much ether was up this much and dpi was up this much when we summarize it all together and show that uh the the

bet index was up 11 of the week there is your weekly average defined by the bed index and that's why the bed index is so cool it is literally all like i said the food groups of crypto assets and i put out this twitter thread last year it's only three food groups yeah yeah that's that's exactly right um bitcoin ether and dpi cover everything so i put out this tweet thread that kind of goes into why i think the bet index is going to be the best performing crypto asset index ever and that's because it it hits all of the

major groups it hits the crypto monies and the crypto finances and it does it in my opinion in a 50 50 ratio right so bitcoin and ether these are crypto monies and dpi is crypto finance but ether itself is also an index of ethereum itself thanks to the power of eip1559 because eip1559 it links the ethereum application layer the ethereum economy to the value and scarcity of eth so as finance on ethereum grows ethereum

goes grows more scarce this is the ultrasound money thesis and so ether the asset which is why we all love it so much is one part money one part exposure to ethereum the economy and so it's it's a little bit of both it's fifty percent money it's fifty percent finance bitcoin is a hundred percent money and dpi is a hundred percent finance and so this is in my mind the most balanced perfected index of all time and while you think it's such a simple index because it's only three tokens bitcoin ether dpi dpi has 14 tokens inside of it and while

bitcoin and ether are forever and they're never going to change dpi has the ability to update and iterate and evolve as the ethereum app player does and so you get the balance of monies that should not change should not be tinkered with and then finance which always changes and always updates and so it's both it's both the long-term hold and the flexible uh token that updates along with the growth of the industry i just think it's super elegant and that's why i'm super bullish in bed yeah i think it's a great mix here too david and you know

largely super positive feedback but you know some people have ping me been like well you know we've been listening to bank list it's clear you guys are a bit more bullish eth than you are maybe bitcoin or though we are bullish both and i would have loved to see maybe a ratio of 50 percent to some lower percentage of bitcoin but like you know what the response to that is buy some additional eath sure you could buy bed and then buy some additional eath or maybe bitcoin and then lbp it and get those yes exactly you can lp it in into a unit

swap and so take advantage of the success of um bed index trading transaction fees so there's lots of ways to play this guys really cool new primitive i think that's been added to the stack we'll be talking about that uh in the future too but there's also a statement to be made there about the credible neutrality that is part of the bankless thesis bankless we like credible neutrality and that one-third one-third one-third allows us to be unopinionated as to what's going to do well and the indices are supposed to rebalance right so as one outperforms the other the indices rebalances and so

that one third split between all three is a credibly neutral way to do this and that's what bank the bankless thesis is all about you know the only thing i would love to see if if there was some sort of a completely trustless version of bitcoin on ethereum which we don't have now this uses wrapped btc which is still somewhat banked when you have bitco as a custodian but perhaps in the future i think this index could change it could add staking assets of each um it could it could add different variations of bitcoin as well um david let's talk about this axi continues to

grow and uh some people thought it was like just a blow off the top but it is still crushing it in terms of market cap um let me let me switch to market cap actually here so we had almost we hit 3 billion almost 3 billion market cap for axi infinity we're down a little bit on that but is that really the story here is like axi hasn't stopped right like it's just continuing to uh to pump in terms of price yeah for bankless listeners that watch the state of the nation with axi that first peak 1.5 billion that's

where we had jiho on from state of the nation and like i kind of facetiously behind the scenes said like oh yeah this is when bankless is getting the axi guys on on the show this is probably a local top i was completely wrong about that there have been two more tops even after that show and so the just magnitude of this run by axs has been absolutely insane and just does it has no signs of of really stopping anytime soon yeah i just want to i want to zoom out more because uh let me check that you want to check this date

so this date 2020 time in 2020 is when we first uh profiled the like you know like the first bankless article came out about um axi infinity and how crypto games were going to be absolutely massive and how axs was a really interesting um asset and game in that space at the time like market cap was under 10 million dollars now here we are 2.3 billion guys it pays to stay attention in the space but did you buy any of it

ryan at the time i don't i'm not i'm not i'm not talking about my bags david it's not a show for bag talk because you'll never know like you don't know the full extent of my nft connect collection i'm not doctor oh is it you that i'm trying to get my crypto punk [Laughter] no i don't sell i only buy all right so that's uh guys that is the axi story um you know another cool story is layer two summer optimism optimistic roll-ups just

launched with optimism launching uh uniswap on it and this is their daily protocol revenue david so they've they've cleared some days converging on 10k in terms of daily revenue which is really cool to see uh any takes here yeah uh the the comment here is that so it begins uh this is just even more data for ryan and i to talk about in the market section it's lovely to see these l2s generate fees because that is crypto economic sustainability and i expect there to be just be so much data about

fees generated on l2 from the economic activity that they host there you know what i'm going to go to website while we're here at crypto fees.info let's take a quick look um i don't know if david's updated updated it that fast you know it doesn't have it but i'm just throwing this out there look um cardeno the l1 thousand dollars yeah the l one eight thousand dollars in uh one day fee that is about the same that optimism is doing right now in a club in a beta

yeah like this it's kind of out there i don't know like cardeno doesn't have its smart contracts this is not a section about cardano it's this is what we're talking about is the way you know that a blockchain has product market fit is if it has full blocks that people are paying for that's how you know right so really good metric to see later two doing that i think uh it's gonna catch some layer ones by surprise who actually don't have that demand um let's talk about this headline too david

in the market section more than one in ten americans invested in crypto this year so it's ten percent i don't know if that's higher or lower than what you think but what i found was really interesting is kind of who they are like the demographics um it's actually more women than traditional stocks if you compare investing cryptocurrency to traditional stocks more investors of color more lower income investors less fewer college educated investors but the big one here for me was the average age of a crypto investor 38 compared to 47 for

stocks so definitely skewing younger although 38 to me it's like that's a little older than i thought crypto might be i guess does skew in that direction though right yeah i've always been if you actually pile into the data you'll actually find that the just like this i remember when i was uh working at a startup before before bankless we were trying to get an average profile of the typical customer and the the average age i think was something like 48 uh yeah if you actually look into the data of like who uses these platforms and who crypto people are see i feel a little bit older than what you would think yeah

which is yeah it's pretty crazy it's not just like 20 somethings and like you know kids using this stuff there's definitely um you know the average is 38 that feels about right maybe excuse a little bit younger for d5 but probably not much to your point the the data that the chart showed tells me a story about how crypto is more inclusive yeah i i hope that's the case and i hope it continues to be the case i think we have a lot more work to do there but i think it will continue to be the case guys we're going to be back with the releases of the week but before we do 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 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 we'll say it again dows have money and they are in need of labor if you think that you have something to contribute to the 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 uni swap dow no matter how big or small your idea is you can apply for a uni grant at unigrants.org

and help steer unit swap in the direction that you think it should go that's exactly what we did to get uniswop to be a sponsor for bankless and you can do the same for your project thank you uniswap for sponsoring bankless hey guys we are back talking about the releases of the week david we have to start here this is a hot apparel drama i'm super excited about this i was so excited i already bought some of this ultrasound summer set includes ultrasound summer t-shirt ultrasound summer shorts these shorts