ROLLUP: Build the Dip | GameStop Wallet | Terra Relaunch | PoolTogether Lawsuit - Mint a Pooly

You know, crypto represents just 0.3% of the average household's net worth. 0.3%. That's it. My house is a little different than that. I'm actually your household is a little different.

Bankless Nation, happy fourth and final week of May. David, what time is it?

Oh, Ryan, it's the Friday Bankless Weekly Roll-Up Time where we cover the entire week in crypto, which is always an ambitious endeavor, yet we persevere nonetheless as we go into this build market that we are going into. Uh we're gonna talk about all the shenanigans that went down in the last seven days.

I like that, man. It's not it's not the bear market, it's the build market, right? And that that's our mantra is build the dip. We're not gonna You're not gonna buy the dip. Well, you should do that too. But first, let's build our way out of this thing. That's what we're doing. David, it's good to see you back, man. But this is our last recording from your uh studio apartment in uh in San in San Diego, right?

Yeah, yeah. This is gonna be the last time you're gonna see this background. Uh the uh for I'm gonna be like kind of uh figuring it out for the next three weeks because my stuff is gonna take time to get to Brooklyn. Uh but in three weeks' time, there's gonna be a nice shiny brick apartment in Brooklyn somewhere. Uh so new background, new background. My my background changes. Ryan's uh Ryan's never changes.

Mine stays the same and it will be here for the next five years of Penquist. I guarantee you.

All right, well what are we getting into this week? Uh topics of the week. Number one, GameStop is releasing a wallet. That's a big deal. That's a really big deal. We're we're we're gonna take a peek at that. What else are we covering, David?

Uh we got Luna relaunching. I got Luna round two. We uh unironically now have Luna Classic and new Luna. Uh so that is getting spun up. Under new management, uh Joe Doquan's troubles continue. So we're gonna update you on that. Also, optimism token updates. Uh uh warning, it's good for holders. Uh, and then of course, uh Ryan, you want to take this one? DeFi going to court. What's going on here?

Yeah, DeFi is it's a court case that we covered a while ago. Frivolous lawsuit. Someone taking the pool together protocol to court, but the community is fighting back. And now there's a way to mint your protest. I've minted mine. We'll talk about uh uh poolies and um and what we're trying to do in the DeFi community to get some funds to guard against that frivolous lawsuit. Last thing, David, this uh feels like a bear market, but that's the thing with crypto. There's always a bull market somewhere. Where's the bull market this week?

The ENS numbers right now are absolutely insane. So we got the uh April and May numbers in from the ENS Dow about all the ENS metrics. So we're gonna go and cover all of those because uh ENS is in a bull market at the moment.

Guys, every Friday this comes at you. So if you're on YouTube, make sure you like and subscribe right now. Just do that right now. If you're listening to this podcast on Apple or Spotify, live us leave us a five star review, okay? That's how we pump this thing to the top of the charts. And

Get out of the of the bear market. Oh, we said

that's how we get star review. More people listen to bank lists, more people like buy the dip, more people build the dip, and all of a sudden we have a bull market on our hands. So five star reviews strongly correlates to bull markets, happens every time, works like a charm.

There you go. Review the dip as well. Subscribe through the dip. Uh we also got something to tell you from our friends at Alchemix. Very cool. Alright, speaking of tokenomics, let's uh let's let's take a look at the Bitcoin token economics. Bitcoin price. What's that telling us, David? I'm gonna share my screen here.

Bitcoin price, it's down. Uh it lost $700 in the last week. We started at $33,000. We are at $29,400-ish. Uh so overall down 2% on the week. Um that's what a bear market looks like.

Just two percent? That's like a good week in the bear market. Because ETH down is ETH is down harder.

It's down east second bear. Yeah, last lost seven percent in the last seven days. Uh that's one percent a day for the math wizards out there. Uh started at $2,000. We are currently at 1840. Uh dipping the dipping the dipper dipper on this one. Uh so yeah, dipping

the dot. Yeah. Uh and of course

The Bitcoin ratio. That's what

also.

we offered.

Right. Also down bad, yeah, down six percent. Um yeah, my ETH Bitcoin long uh long position is not feeling good because I opened it right at the top, right over there.

Really?

Uh not in uh the most recent spike. So yeah, I keep going a little bit to the right, like right, uh I can't really show you on the on the on the uh yeah. Well it was at point like point seven something. Uh

You got you gotta stop betting on these ratios, my friend.

Go long on the asset you love. Like, do you remember? I'm not gonna bring it up. No, I'm gonna bring it up. The DeFi ETH ratio.

That going.

oh God, yeah. Well, I mean, there's there's no more DPI uh left in me uh on that one.

The ratios will kill you in this market, but yeah, so I mean people are more bullish Bitcoin than they are Ether in this particular week. Um, that's kind of funny going into the merge, but is it sort of a flight to safety? Is everyone freaking out and like, hey, Bitcoin is still the traditional safe asset, so we're going over there?

Uh it is uh who the hell knows? Uh the ETH ratio is inherently hard to trade on the short time frames. I'm just bullish on the fundamentals flipping in Ether's favor with the merge in August, which is what was said by both Preston Van Loon and Justin Drake on our panel and in permissionless merge in August time where all of a sudden Ether gets $30 million a day increased net buy pressure. Uh and so, like, how can you not be bullish? Okay.

What probability do you give that merge in August? So by the way, it's not just David and I saying this, not David and I saying this. This is um Preston Van Loon at Permissionless last week, and also Justin Drake saying that it was very likely that the merge would happen in August. I'm paraphrasing a little bit, but all the like the the stars are aligned. Also said there was a great deal of incentive for this to happen um before before block fee block fees increase. Uh what's it called? What am I thinking of, David?

Block fee increase.

Uh uh was uh IceH, IceH.

Ice H, yeah. Difficulty bomb kicks in. So it feels like it

it's you know, I don't know what what what percentage would you sign? I'm gonna go with I'm gonna go with 80% probability that happens in August. What do you think?

Yeah, I'm gonna I was gonna say like ninety percent by the end of September, just to include a couple weeks of of uh w uh lead time. Being said, there it needs to be no bugs discovered. So under a condition of no bugs discovered, we are like 90% likely gonna there were gonna be a post-merge Ethereum by the end of September.

Agreed. That's gonna be a big deal, but it's likely gonna happen during a bear market and we'll see how the market reacts. But how much did we lose on the crypto market cap?

Uh $40 billion in total crypto market cap lost uh in the last week. Um which is you know that's like small change, I guess. It could be worse.

One Luna down.

Uh all right. Well, let's get into some news, man. We we're gonna divide this because it's you know bear market season. Let's let's talk about the bear market news first, then we'll get into the good news. But let's bad news first. So, bear market news. Uh, this is just general macro markets, but have you seen ARC innovation lately? Remember, we had Kathy Wood on the podcast not less than a year ago, and uh things are pretty good at ARC still. That has completely reversed. Look at these charts down.

Bad arc down

Yeah.

very

Uh so okay, ARC is they were up.

Let me see, no.

750% since October 14 uh 2014. Since there is

Deception.

that's a lot of that's a lot of percent.

Okay, so they were up 750%, and now they're only up 112%, and they're actually underperforming the NASDAQ

By a lot.

QQQ business chart by a lot at this point. So if you just had held NASDAQ versus ARC, this point in time, you would have been up more than double.

Two two X, yeah. Oof. Oof.

That's pretty brutal. It's pretty brutal. Well, what do you think is going on here?

Well, I mean it makes sense if you if you take everything together, right? Like the whole idea about ARC is that it prices in the future. Uh Kathy Wood is saying like there is so much growth that the market is not pricing in right now. We got uh growth in crypto and blockchain, we got growth in electric vehicles, like battery technology, biotechnology, uh, and people are mispricing how much future growth is coming in the short term. And so ARC is based on the future, uh, which is crazy to think about. Like, oh, investing is about the future? Weird. Um, but that's that's what the ARC real brand is, is like so much of typical investing is about just pricing in historical uh history, uh like historical patterns. But Kathy Wood is taking the counter trade of generally uh well-accepted investing and pricing in future growth, which just makes sense to me. But also when the Fed injects a bunch of money into the market, it allows the whole market to price in the future. Uh when interest rates are cheap, you allow people to look into the future and invest and speculate. Uh, and so ARC goes up 750%. Uh and then the inflation happens, and then we incre uh increase the interest rates to tell people to stop looking for the future and start saving your dollars now. Uh and so then ARC dies and goes down from 750% to 112%. So, like this all just makes sense. Um other than

You're not saying the future is more pessimistic suddenly overnight. You're just saying like the the expectations or the market reaction to that future, right? The liquidity is kind of dried up and so cash flow potential of the future just looks much more pessimistic and dim.

Right. And this is why we're calling it the build market, right? Same thing applies to crypto. Like crypto's future has never been brighter. Like the amount of building going on right now is insane. Yet prices don't reflect that. Prices are down bad because of monetary policy and the interest rates and all that stuff. So um it's not that you're wrong, it's that the Fed doesn't like it.

Welcome to the build market is in the new reality I think we're all embracing. Opensea new reality, a seven day a this is a chart of seven day average. They're back to uh December 2021 levels.

Mm-hmm.

And I think continuing to drop. So NFT market pretty bearish here too. Um, let's switch it up though. There's been some good news here. Okay, here's the one I want to start with. Uniswap just hit $1 trillion in lifetime trading volume, David. I remember not too long ago. Okay. Less three years ago, uh, people said, again, Ether was dead, Bitcoin is kind of like the the only use case, but it was dying as well. DeFi would never work, smart contracts would never work. What are they good for? Here comes this upstart Uniswap that's saying, hey, we're we're creating a different type of exchange. It's not going to be peer to peer, it's going to be decentralized, it's going to be peer to contract. Okay. Now here they are. The experiment worked incredibly well. Three years later, $1 trillion in value. All right. A lot of people said that this would never happen, and now we've hit it. Uh, it pays to be contrarian in these bear markets.

10 trillion by the end of 2024, I'd say. Also, in the world of awesome numbers and metrics during our build market, the ENS boom is absolutely insane. So here are the April 2022 ENS stats. 163,000 new.eth registrations. So that's almost a hundred that's almost a million names registered. All of those fees for registering all those names goes to the ENS Dow. So the ENS DAO collected 2,660 ETH in fees, which is up from the most the previous all-time high of November 2021, which is 900 ETH more than November 2021. That's basically $8 million going to the Dow. New Ethereum wallets buying their first ENS name, 38,000 of those, and then over 40,000 ETH being traded in secondary market sales just on OpenSea.