📺 ROLLUP - VCs Abandoning Ethereum | Macy's & NFL NFTs | ConstitutionDAO vs Citadel | Binance Arbitrum

hey bankless nation this is the fourth week of november it's thanksgiving week if you are in the us listening david happy thanksgiving man how you doing oh happy thanksgiving to you i'm doing absolutely fantastic by the time listeners are listening to this i will be home in seattle with my family and my super cute nephew uh and if you guys haven't noticed this weekly roll up is coming to you a day early because of thanksgiving so happy thursday but still get your coffee because we have a bunch to do in this thursday bankless weekly rollover that's right if you're eating some turkey with your family and stuffing just put on the bankless

podcasts get them up to speed on crypto they'll thank you later okay earbuds in family out weekly roll up on let's do this well you know on thanksgiving you're gonna have some thanksgiving crypto conversations right are you gonna have a few do you have any extended family uh it's inevitable it's a never yeah yeah i always ask you i always tell the same story with and like a lot of people resonate with this story my sister hates it that like every time she like runs into me at some sort of gathering like i'm talking about crypto but but here's how this works right like so like family gathering 20 people 30

people maybe there's a party in the backyard i don't know uh and they're like all right david like what do you do and i go oh i work it like well first off here's how this goes i ask them what they do and then they give me some like normal job and i'm like okay i get it like marketing like i know i know what that is uh and then they asked me what i do and i'm like oh i work in crypto and then of course they have a bajillion questions and then my sister comes over here's her like little brother talking about crypto it's like oh david's always talking about crypto i'm like they asked me they asked me it's not me ask you let

me ask you i'm gonna play your sister devil's advocate here do you ask them what they do in order for them to ask you what you do so that you can tell them about crypto sir maybe subconsciously but not not intentionally when they ask you are you excited that they've just asked you the question and how do you lead into it like where do you even start that's where i have such heart like a hard time yeah i always let me tell you about the history of money do you know the gold standard let's start there so what's cryptos like all right well in in 1973 nixon went off

the gold standard oh man too much fun all right guys we we've got a jam-packed um schedule for you of course we're going to talk about vc's abandoning ethereum at least the fund managers there was some crypto twitter drama over the weekend david i know you saw it an overview you were part of it absolutely yeah we're going to talk about that too also the constitution last week we talked about purchasing the constitution it was we were rugged by a fund manager though the worst like the same guy who rubbed us on gme we're gonna talk about that too it didn't

happen unfortunately uh macy's nft day parade they're gonna put some nfts as floats i believe also the nfl going to polygon that's an interesting story too so lots to uncover even in this short thanksgiving week uh david before we get into it man we got to talk a little bit about opolis i love what oppos is doing because it is empowering the new worker the self-sovereign worker what is opelus up to david and why are we sharing this yeah opolis is a dow for daos so if you

want to work for a dow be a self-sovereign worker that you know manages your own uh you know works life balance and work for a doubt that's fantastic a problem with that is what about health care what about things like payroll what about stability uh and opolis is a dow to help bring stability for the dow worker the self-sovereign worker uh so opolis is itself a dao it's kind of a co-op uh and when you join opolis you join in a healthcare group a group of people that all are given health insurance by the same

organization and you guys you know uh you you split split the risk split the payments uh and it's a way to get health care for everyone in the co-op uh and just like every other dow being a using the opulence product gives you ownership in the opolis dao so if you sign up today or not today but also today uh but also before the 1st of january 2022 so the end of the year you will get a 1 000 work token that's the opolis token bonus along with a thousand bank token that's the bank of stout token if you join opolis by january 1st

so click on the link in the show notes to get started getting your health insurance through opposites i think that's a bankless dot cc slash opola so many people david they're like i'd quit a job today if i had health benefits well now you can get those and it's not just health they also can pay in crypto they provide payroll they'll help you with taxes the whole gamut i know this is for our u.s listeners because we have particular trouble when it comes to to health care but maybe they'll be expanding beyond that as well anyway all right david let's talk about the market what is

happening in the market this week i'm gonna flip to our bitcoin chart to tell us more a little quiet in the market this week bitcoin took a little bit of a tumble start of the week at around sixty thousand dollars uh is currently clocking in at fifty six thousand six hundred dollars overall down about five percent on the week uh but in terms of you know the grand scheme of things not not really too much action there no big deal okay how about eath price going into thanksgiving holidays are we gonna be bragging to our our family and friends i don't know yeah a little bit flat on the week we started the week at

uh where did we start the week at um forty thousand ish dollars hit a high of forty four thousand dollars four thousand four i'll take you down four four thousand four hundred yeah uh-huh that'd be nice something that would be nice a year from now yeah that will be the the roll-up report yeah sometimes i forget to stop looking into the future um 4 232 is where the ether price is um so a little bit up on the week um ether doing a really good job keeping his head above 4 000. it dipped below for 4 000 for a

moment two days ago but has really fought hard against staying below 4 000. there's also a story of the dxy the dollar index gaining a lot of strength getting stronger yeah and so there's the traders are talking about bitcoin weakness in the face of dollar strength i have my own takes there which we will unpack later in the show but ether had a very strong performance against uh what is overall a slightly down market this week all right family questions thanksgiving questions david what crypto should i buy how do you answer that one ether yeah

and is it too late to buy a service look at this absolutely okay a year ago at this time you're having that conversation with your family it would have been a better time to buy 737 is the price ether was trading uh well that that was that was january 1st i'm gonna freaking oh that's that's year's day let me do the one one year oh my god steven 500. 600. six hundred dollars five hundred dollars somewhere in that that range uh better time to buy still not a bad time to buy if you're holding for the long run i suppose of

course none of this is financial advice right david absolutely i'm sure you qualify why would you think that either bitcoin ratio what's happening there yeah up on up on the week we started we ended last week around point seven we are at point zero seven four uh hit a peak of almost point zero seven six which if you zoom out for like maybe the six months time horizon ryan uh we are approaching like a very the end of where uh ether btc ratio has been at its local high in the last year so it it hit the high earlier this year

at point zero eight ish and we've been bouncing between point zero eight and point zero like six for like the last six months and we there's not much room left before we establish new highs on local time frames yeah look at that look at that we are uh we're not having that uh fourth quarter weakness that generally has like bitcoin i mean traditionally in in bullish markets bitcoin has a killer fourth quarter right and then ether kind of uh languishes uh but that's not happening they're you know they're both kind of doing okay and ether is

definitely keeping up more than keeping up how about very little precedent for ether uh having any sort of price discovery above this level so like we keep on going higher like we don't really know what happens next and so a lot of people are speculating oh where is this going to go i feel like this number was the exact same last week when we talked this is uh total locked value in uh in d5 this is the d5 pulse we're above 100 billion dollars 106 billion dollars to just kind of hang in there seems similar to last

week um how about our defy tokens defy index tracks that what are we looking at this week a little bit down on the week dpi start of the week at 355 dollars ending the week at 348 dollars okay let's talk a bit more about uh indexes this is the bet index so this is a third bitcoin a third ether and a third dpi all of them put together what are we looking at on the week uh also slightly down on the week start of the week at 172 currently clocking in at

165. that's a good recommendation right so if you're talking to your family and friends right a third a third a third just buy the bed index sleep comfy at night that's uh that's what we say here on bank list yeah they're always looking for something on coinbase though so coinbase if you could go ahead and list bed that'd be fantastic otherwise i'll just have to keep recommending ether but you know what they do they're actually what they really want i you know like what i found a lot of people talk to is like they don't actually want to know about ether they want to know about the next ether right

it's kind of their question it's all it's always the questions like every time i like meet someone and i tell them i'm into crypto like half the time it's like all right what's the next token i should buy i'm like well wait a second have you bought bitcoin or ether and they're like no yeah i'm like why are you asking me about the next token you haven't even started you haven't even found the the starting line yeah you're not even into your crypto monies yet right like learn your abc's first before you start spelling [Laughter] man you and i should have thanksgiving together sometime good conversations uh all right layer

two beat this is good man this is very good it keeps going up keeps going okay layer two beat for people uh we sometimes cover this in the market section this is the amount of uh value locked inside of ethereum roll-ups and um ethereum layer twos i should broaden that not not just roll-up ethereum layer twos we are at 6.5 billion and it keeps going up and david after our conversation with starkware uh like look man this is the i we keep

saying this this is the chart to watch in 2022. okay this is the new d5 pulse type of chart that's just gonna keep going up and up and up and rocketing up as uh roll-ups and layer two become saturated and it's you know it's already pretty healthy at uh 6.5 billion yeah up to 20 on the week clocking at 6.5 billion yeah there's some big winners this week uh bobet network don't actually know what that is uh number two up 180 in total tvl on the week uh so brand new l2 uh apparently

it's an optimistic roll up uh didn't know about that one another big winner this week it's loopering uh up 25 percent in tvl uh immutable x up almost 50 percent in tvl to 237 million dollars diversify up 23 at 59 million dollars and some big winners big movers this week yeah absolutely we'll continue monitoring this it's still super before you move on yeah check out the east number so we're looking at the dollar number let's check out the east supply uh in okay you can do that yeah each all-time high all-time high that's what really matters too yeah so if you

measure in eth you get the the noise is this denominated in ether's denominator yeah okay so this is this could be stable coins it could be other value but it's just denominated beneath is that correct or is this equivalent yes you're right yes you're right oh yes okay so we're just changing the denomination here but this is still cool a lot of ether over there too uh let's talk eip 1559. i mean how many months has it been now let's see specifically 105 days thank you sir that was very precise actually actually that was uh on the 18th so it's actually been roughly 112

or 111 days okay well uh how we know that is christine kim who is an analyst at galaxy um she is looking at ethereum's fee market upgrade i love by the way that analysts now kind of like wall street s i know that galaxies are crypto fund but they're also like wall street plugged in okay now real analysts are looking at eip 1559 looking at ether as a bond and what does she have to say to us uh david you want to talk about some of these tweets yeah she's got some

great charts the first one she says since activation eip1559 has saved users a total of 844 million dollars through base fee refunds um and so what this means is that like if you overpay for your transaction because you just wanted to go in but you eip at 1.559 actually returns you the amount that you've overpaid above and beyond base fee so this is people learning to wrap their heads around from the previous form of transaction types to the new form of transaction types yep the actually baking in how much a transaction costs into the protocol

saves people money because they don't have to overestimate it stacking these wins win number one for users is saving money yeah uh second one the average cost of sending a transaction on ethereum has continued to crime tripling in dollar terms and doubling in native units since the activation of eip1559 this is going uh in parallel with the increased demand for ethereum block space uh eip1559 does not increase price increase gas fees um but it just so happens that it doesn't alleviate them it doesn't yeah it doesn't alleviate

them but it just so happens that once the ip1559 was uh implemented the nft markets really took off as well as d5 markets as well so demand for gas since eip159 has only gone up okay not a win there but like it's kind of neutral well it's it's a win for ether is hard money yeah true third one despite lower earnings from transaction fees total minor revenue in dollar terms has increased 33 percent so miners have actually been making all-time highs i thought they were gonna leave the

market david yeah yeah that was the narrative right that's what they said that's what they said they're gonna kill our business but nope uh yeah all-time high minor revenue even after eip1559 okay god bless the miners hope you guys are investing in ether so that you can become stakers what's uh this next one david 56 of all new coins issued on ethereum have been offset aka burnt by the amount of ease burnt through 56 56 yeah so uh we are as a result of ether issuance has been reduced by 56

almost uh more than half crazy is that great that's happening did we just get it happening and that's happening yeah oh cool accidental uh that's awesome and she writes more there's an entire research paper here that you can go look at but once again super cool to see analysts diving into that and seeing this on the charts yeah great data also david we just passed a major milestone all right over 1 million eth has now been burnt since eip 1559 this happened tuesday i believe so uh earlier this week huge milestone a million eighth

that's like one percent ish just less than one percent of all eth's supply has now been burnt what yep one percent man that's crazy it's like it's like point eight percent but yeah pretty yeah pretty close we're getting close well we could celebrate again when it actually hits one percent uh this is eric connor what's he say uh ethereum network hash rate all-time high there is has never been more hashes produced per second on ethereum than right now it's been up and up and up uh basically since for instance forever uh and even with

eip1559 the ethereum network security is at all-time highs this definitely has to do with the increasing eth price right as east price goes up there's more minor incentive um and yeah so ethereum also never has ever been more secure well i think the lesson there is don't believe the fud yeah i mean this might be a recurring lesson in this in this conversation it's like there are some concerns of course i'm not saying everything is always rosy right like there are some reasons to be bearish there's you know some technologies that will take longer but oftentimes david

people get trapped by flood type narratives you remember when everyone was saying pre eip 1559 first it would never come then when it when it was obvious that it would come that uh it was too risky would destroy the network miners would leave right they would fork gas would shoot up yeah user experience would be terrible like none of these things happened it's just narrative battles uh we'll get into a major narrative battle in a second but here's a pro tip on gas fees you want to save on some gas fees this holiday season then you should

plan your transactions uh not during business hours all right so like don't do this monday tuesday yeah don't do us east coast ish pacific time business hours do it on saturdays saturdays at like 3 a.m it looks like or sunday's even better like 3 a.m eastern time this is a chart that shows average base fees by time of day in the east coast time zone and when things are more expensive that's uh that's that's the yellow color and when things are cheaper that's

purple uh and it's kind of showing us when the the cheapest time period to get transactions through yeah so it looks like yeah looking like saturday and sunday much quieter wednesday is a bad day to make transactions but also specifically noon at eastern time we're super do not send your transactions then yeah mid-week right between midnight and 9 a.m on mondays eastern time is a great time to do it uh the same times throughout on saturday and sunday anytime after noon till like

you know 5 p.m eastern time on a weekday probably should just wait uh-oh this is looking like banker hours david are we in trouble here i thought this was bankless people doing all their d5 banking during like workouts we're at work like being distracted and just like oh i could just like yeah right buying a keys instead of doing my work that's what's going on well who knows it's helpful though it's super cool you can see all that too um let's talk about ronin this is uh axe infiniti i think it's a bold case for actually infinity to be honest right it's like um they've had a lot of it's it's been an incredible

year for axi in general people are wondering like what's the next cal catalyst for them well it's really cool that they're turning their uh side chain their own side chain which maybe in the future becomes a roll-up they're turning that basically into like a mini axi um banking system right so now they just out of economy right they just rolled out a decentralized exchange uh 1.8 billion dollars moved to the ronin decentralized exchange over the past two weeks this thing is still brand new what

else we got 1.3 billion in total locked value over the last 30 days 7.5 billion in volume just crushing it man people trade naxis trading assets and it's become sort of a a banking layer i bet this is how millions of people were will find their ways into d fight this might be for a lot of people their first banking experience might be ronan sidechain defy you know using metamask or something super cool to see that 100 yeah no actually proving out to be a sustainable economy not a flash in the

pan really yeah my god i i think i fell in love with this website it's like more data phenomenal what is this okay so this is tps.info ethtps.info and it's a great way to visualize the transactions per second of the overall ethereum ecosystem uh in real time in real time yeah in real time so currently clocking in at 122 transactions per second and then if you also hit that button exclude side chains you can go back and forth between uh including true layer

true roll-ups that have the same assurances of ethereum versus also having um a side chain so if you want to account just the roll-ups ethereum's clocking in at 5.28 transactions per second if you include side changes up to like 122. um but this is not the theoretical maximum this is actually ethereum as being used as a system right the actual transactions that are going through so this actually changes um the roll up throughput just jumped up to 16.15 transactions per second so they're supposed to be updating every single

block really cool visualization uh and so as we were watching like l2 beat go up in tvl we're also going to be watching these squares on the right side grow and grow in in size for the audio listeners we're seeing a big big blob that is ethereum with some smaller squares on the side that's arbitrary optimism zkc zk swap immutable x loop ring all the all the layer twos as those two things build out we're going to see those get larger and ethereum shrink and the transactions per second go up right

and yeah a really cool visualization here's the big lesson to david is that if you want to measure the transactions per second of ethereum you can't just take main chain like that the 10 to 15 transactions per second increasingly you're gonna have to take the entire ecosystem that is secured by ethereum so that will be mainnet plus all of the rollups and that will give you the the real transactions per second time that is ethereum scalability strategy so as you said i expect in the future this purple

to be like just a small sliver exactly and i'm very so much more active right just the settlement layer right yeah uh it's a really cool website i bet we'll include this uh in the future in the roll up as before we should talk about the the theoretical max right so oh yeah and optimism actually get used more and more and more and they also open up and unconstrain their layer twos the theoretical theoretical max of these things are insane right like right now people are using arbitrarily a little bit right clocking in at 49 transactions per second with a theoretical max of 40

000 per second optimism recorded right the max record oh yeah that's the max recorded yeah so it's 49. 49 right optimism uh has only clocked in at 2.4 uh max transactions per second recorded but again this is because people are just beginning to use these things immutable doing 28.3 transactions per second like we actually need people to actually go on and start to use these things to really like rev up how many tps they can actually do but like uh theoretical max of arbitrarium 40 40k theoretical max of optimism 20k

zk swap 10k immutable x 9k like the theoretical max on these things is like the ceiling is there's so much capacity there's so much capacity right and we just need more and more people to actually just be moving and moving their apps moving their money moving their value onto these layer twos which is why we should be probably following this alongside with layer 2b on probably a reoccurring basis i think we should be doing that do you want to make that executive decision it is okay we're doing that it's done it's done governance is governance

governance vote do i have to sign on chain anywhere no no are we are we a dow david that with two what's that all right let's talk about uh the metaverse too and in particular i want to talk about sand they just had a crazy token surge um adidas is teasing a partnership with sand this is built partially on polygon i believe partially on ethereum i think we should get them on the show at some point but like what is going on with their token dude oh my god it's way higher than it was yesterday my gosh yeah so i remember looking at this token

doing doing some due diligence on a bankless show forever ago and i thought i was like clocking in buying it like buying it and not buying it yeah so i thought it was a dollar it's like oh that's just traditional yeah as a tradition right so like three weeks ago saw it as a at a dollar currently clocking in at over seven dollars hit an all-time high of seven dollars and 81 cents uh definitely should have bought that but uh the obvious trade after like facebook rema rebranded to meta was to buy all the meta verse tokens sand being one of them uh so definitely they're also the the organization that snoop

dogg is helping promo uh so they they got him on board and now apparently also adidas these valuations getting frothy though sir i mean like look we just jumped to seven billion dollars for this thing for sand i mean i don't know ryan how valuable is the metaverse i i did but this sounds so much like a dot-com thing to me that i just gotta be like how valuable is the internet sir and that's why you should buy pets.com right are you like are you going to be but the dot-com bubble while we go through the documentary i'm not saying

i'm not saying like i'm bearish or anything i'm just saying like one difference is like for to me actually infinity these guys are crushing it on the revenue like i see some of those fundamentals i don't know much about sand uh so maybe i need to do my due diligence maybe i should have done that 30 days ago oh my god all right let's talk about this the opposite direction yeah this is uh this is a sad chart so when i see a chart like this i just think like big connect i think um right a scam i think someone rugged us but this is not a

cryptocurrency what chart are we looking at here we are looking at the turkish lira currency the currency of turkey versus the u.s dollar so back in february you could get 13 and a half almost 14 cents for one turkish lira and today you can get 7.8 cents for a turkish lira which i mean okay that's like losing about half of its value in crypto that's nothing in global fiat currencies that's a big deal like uh going from february to uh where we are at the end of november losing half of

your value that's a really big deal so yeah the we're watching the the um i'm not gonna say hyperinflation but i'm gonna put it into people's brains we are watching the rapid inflation of the lira currency as it relates to the dollar and it's sad because like unlike unlike the uh the big connects that you know go to zero so this this affects um tens of thousands businesses millions of people's lives right so like currencies fail economy is shut down yeah and it it causes like real economic

hardship for people it causes political instability it's it's sad it's a sad thing to happen right um and uh yeah i i guess like imagine being having your your funds uh in the lira and having a savings account of like a thousand dollars right a year ago and now it's just you didn't do anything like nine months ago yeah nine months ago you saved five minutes imagine how hard it is for people to like save up a thousand dollars not and not living in america and then that thousand dollars gets cut like kneecapped now it's five hundred dollars

like this you think of all the time that just got deleted like if it takes you a year to save up a thousand dollars and then now it's 500 you just like lost a half of a year's worth of labor money is a battery of your time and energy when you when you go to work you spend eight hours a day toiling and then you take your paycheck that is tokenized time and energy when mis misallocated or just bad monetary policy loses the value of the dollar there these these central bank operators are playing with your time and

energy that you've saved up stealing from you stealing from you mm-hmm look it's just sad right it's like i i feel you know very blessed like on bankless we get to talk about all the shenanigans going on in crypto we get to talk about the numbers we get to talk about nfts we get to talk about the fun stuff but it's important to zoom out and realize why we're here right this is a better financial system for the world like it's not fair and it shouldn't be the case that your money you live just just because of the the area you grew up in

your geographic national jurisdiction that you should have this kind of money system in place and it's the default right that's sad and that this is the reason we're in crypto is to is to create a better money system for the world uh anyway i think this is going to be the first of many fiat currencies to pop in this decade yeah very sad uh guys we are we've got a lot to be thankful for we get a lot of news we got some releases coming up next before we get to those we want to thank the sponsors that made this show possible arbitrary is an

ethereum scaling solution that's going to completely change how we use defy and nfts and now it's live and has over a hundred projects deployed gas fees on ethereum l1 suck too many people want to use ethereum and it doesn't have enough capacity for all of us and that's why teams like arbitrary have been hard at work developing layer two solutions that makes transactions on ethereum cheap and instant arbitrary increases 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 the 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 overall make a better user experience go to developers.offchainlabs.com to get started building on arbitrom and if you're a user keep an eye out for your favorite defy apps being built aren't arbitrary many d5 applications on the ethereum l1 are migrating over to layer twos like arbitram and some are even skipping over the layer ones entirely and deploying directly on layer two

there's so many apps coming online to arbitrarily so go to bridge.arbitrum.io now and start bridging over your eth or any of the tokens listed and start having the defy or nfc experience that you've always wanted alchemix is one of the coolest new defy apps on the scene it introduces self-paying loans allowing you to spend and save at the same time deposit the die stablecoin into the alchemix vault in order to get an advance on the interest it generates borrow up to 50 of the total amount of your deposited die in the form of al usd

stablecoin here's the craziest part the loan pays itself back and you cannot be liquidated unlock your assets potential in the ultimate defy savings account and brand new to alcmix is the eth fault where you can deposit eth into the application borrow al eth against your deposits while having your advance gradually paid back over time v2 is rapidly approaching which will allow for even more collateral types plus a variety of yield strategies to choose from harness the power of alchemix at alchemix.fi

that's dot a-l-c-h-e-m-i-x-f i follow alchemix on twitter at alcomixfi and join the discord to keep up to date with alchemixv2 and to get involved in governance hey guys we are back with the hot releases of the week gotta start here finance is starting its integration with arbitram one they have opened layer two each deposits to arbitrarily i think you can also you know push push it's a bridge basically to arbitrarily where you can bridge each back or and forth from

binance so this kind of provides a a fiat on-ramp so you can put fiat in binance convert it to eth and then get eth on the other side into arbitrage it's the first i think big crypto exchange to do something like this and i expect many others to follow in its place what are your thoughts yeah this is huge this is putting users where they're meant to be users right users need to use layer twos like use goes on layer twos that's what that arrives that's what they're flow there david