ROLLUP: Curve Exploit | BASE Memecoins | Richard Heart vs SEC

Binance could face fraud charges from the Department of Justice. Uh, but what is the Department of Justice waiting for?

Thankless Nation, happy first Friday of August. David, what time is it?

Oh, Ryan, it's the Bankless Friday weekly roll-up where we cover the entire weekly news in crypto, which is always an ambitious endeavor. Yet we persevere into this bullish frontier.

I'm claiming it's bullish this week. It's a very bullish week to me. I think it's a bullish.

David came down from the mountains bullish. Okay, so um what was the elevation of Matterhorn and how did that go?

Uh the elevation of Matterhorn was 14,690 feet. Okay, mark that number, bankless hosts. You can't necessarily judge a mountain by its elevation. Um, Matterhorn's very steep.

Yeah. It was great. I mean but that had a ton of

Elevation is high though, right?

That elevation is high as far as mountains go.

I mean high is high is relative. I wouldn't call it super high. Like Everest is twenty six thousand feet or something like that. Um

Okay.

Yeah. I uh yeah. It I mean I was definitely like feeling the altitude, that's for sure.

Did did you see my comment? That's going to be the elevation of Matterhorn is going to be the top price of ether

Yeah.

during the next bull cycle. So give us that number again. 14,000 what?

14,690.

There it is. It has been prophesied.

Yeah.

Yeah. I I'm looking forward to like as ether pumps through this nice bull market. It's like, oh, it passed my summit at Baker. Oh, it passed my summit at Pollux. Oh, it passed my summit at Rainier.

You need to tweet that every single time it does, man. That's great. Well, it's great to have you back, Dankless.

It's really good to be back. I'm I'm I'm

Dankl

David David and Dankless is Dankless.

That's great to have you

Back, David.

It's not the first time the word Dankless has been uttered. Uh I'm very excited to be back. It's a very good time to be back. It's a very good week to be in crypto. I I it was a very entertaining week. Um good things happened, some bad things happened, more good things than bad things I would say. And like I said, I'm feeling pretty bullish. I don't know about you.

Alright, no, I'm feeling bullish too. Although there were some bad things that happened this week, starting with the curve exploit, which we gotta talk about. That led to a cascade of events across all of DeFi.

Everyone's talking about the CRV token right now. We did an entire episode on that. I think we gotta get the recap in today's roll up. David, what else are we covering?

What else we got? The base launch date is announced. We're about to drop the base, and a meme coin frenzy has already happened on base. So it's already had its meme coin frenzy cycle, or at least the first of perhaps future cycles. Richard Hart is sued by the SEC for fraud and issuing unregistered securities. Man, like I never thought I'd see the day. But here we are. So we're gonna talk about all of that and why some people are thinking that the Department of Justice is not far behind. Um and then also Binance is in the hot seat. And Department speaking of the Department of Justice, investigation for fraud.

Are they too big to fail? Does that matter for Binance? Um, what else we got, Ryan? We got some birthdays, don't we?

We got a birthday to celebrate in the episode. I'm gonna I'm not gonna tell you what birthday we're about to celebrate, but uh it's a big one, it's an important one. So stay tuned in the show, guys, for that. David, while we're here, we gotta shout out our friends and sponsors over at Stater. All right, let's go see what's Kraken. Oh, thanks, Kraken, for these fantastic charts.

What's Bitcoin price on

When did you think of that one?

a lie, it was a while ago. You know, I've been waiting for that. I've been waiting for you to come down the mountains.

Oh my god, I'm glad you did. Bitcoin started the week at 29,400, down point three percent to twenty-nine thousand three hundred and thirty. Bitcoin lost a whopping seventy dollars. So that is flatter than flat, I would say.

That's pancake flat right there.

Yeah. Uh-huh.

ETH price a little bit, a little bit actually down. Counts. Yeah, down. Um 18,075 down one and a half percent to 18, uh hundred and forty. I didn't say uh eighteen thousand. We're not there yet. That's later. 1875 down to 1840.

Yeah, 18,000 would be past your Matterhorn peak there. You gotta climb a higher mountain for that to happen, okay?

Exactly right. That's a great excuse to go climb another mountain.

Don't. Don't. Man, I was uh I'm not gonna lie, a little bit worried for you on this one. You know, you're posting about like snow conditions and you know whether you should do it or not. And uh yeah, so I think we're good for now. Um

how about the ratio, ETH Bitcoin ratio?

Yeah, down about one and a half percent. So 0.062. It's it stayed in the low point zero sixes for a while now.

Can I zoom out here for a second? It's been kind of flat summer, hasn't it?

Yeah, well, it's been flat since the start of the last bull market. It's been flat for a very long time. It's been like two years now.

I'm looking back in June.

Then this is what Ether does. It is a stable coin and then it goes vertical.

All right. Well, it's great. We found our stable coin finally, the decentralized stable coin we've been waiting for. How about um the crypto market cap, David?

1.2 trillion, over 1.2 trillion.

All right. Hey.

Man, we we've been up the total crypto market cap. I mean, it goes up, it goes down, but it's been on an upward trend for seven months in a row now.

Yeah.

Ever since um FTX.

Yeah. I mean, not too bad to be above a trillion, as we always say. David, let's talk about all of that ETH, what it's doing, what is it doing? It's getting staked. Yeah. This is crazy to me. Look at these numbers. Can you read them out?

I mean, this isn't new news. It's just the news is that there's more of it happening. 25 million Ether staked is the threshold that we have recently passed. 22 and a half million is actively staking with 2.5 million, over 10% is actively queued up to stake,

waiting to get in.

Wow. Yeah. And I think there's like a 30 to 40 day wait time now. Yeah. Like if you're in the queue, you gotta in order to get in the staking club, you gotta wait 40 days, which is pretty incredible.

Man, a lot of interest there. But what happens when more ETH is stake? That means yield goes up. Yields go down. Yields go down.

Yeah.

Okay. Is that okay? Are we happy with that?