ROLLUP: CZ to Jail? | Consensys sues SEC | IRS vs. Crypto | USDT in Telegram

Speaking of meme coins, we're gonna talk about Bitcoin and its happening. Bitcoin's not the meme coin, but what happened on the halvening? Basically Bitcoin's meme coin event. Uh so the halvening, of course, happened last week, and we've seen halvenings before. It's pretty pretty much a non-event, except for the fact that it just happened. This one's different though.

Bankless Nation, it is the last week of April. It is time for your Bankless Weekly Roll-Up. David, we got so much to talk about. Where are we starting?

The Bitcoin happening one week later. How are the runes doing? Well, they're probably doing better than CZ, who might be sentenced to jail. Uh for how long? What was the reaction to all of that? What else we got, Ryan?

David, why are we smiling at CZ going to jail, man? That's like serious.

It was the transition between runes and CZ that was.

One of those awkward smiles that you know you y you hear tragic news and you smile. Like

Yeah.

it's just one of those things.

It's just how you how you react to it. Yeah.

We'll talk about that and we'll talk about how the crypto community is reacting. I think it's a little bit different than SBF. Also, this is very sad. Uh, two more crypto privacy developers were arrested in the US. What is going on? We got to talk about that. And the IRS also wants everybody to register their unhosted crypto wallets. So your MetaMask, your ledger, David, all that's got to be on a tax form. We'll talk about that too.

And then an LRT announced their token release, which then triggered liquidations. How did that happen? And then Telegram also expanding into the world of payments using Tether. 900 million users in in Telegram, now all like proximate to a wallet and two stable coins. I'm sure that that's just the start. Is this the beginning of a new super app? Before we get into all of those details and everything else that happened this week, a moment to talk about our friends and sponsors over at

David, let's get to the markets on the week. Thanks to Kraken for these glorious charts. Uh flat, but glorious, nonetheless. What are we looking at in the week?

Better than down, yeah. Flat is not down, which is uh good news in the last like four weeks or so. Bitcoin start of the week at 62,800, up one and a half percent to sixty-four thousand four hundred, uh actually seven hundred, just kidding. Uh and then ETH price also up, but still kind of flat. Start of the week at 3,060, up about 3% to $3,160. Stink

David, do you have any uh snipe orders in for like any prices? What'd you call it last week?

bids. Stink bids.

Stink bids. You got any stink bids? Uh

No, because Bitcoin, if I have if I have dollars.

I don't hold on to them. I don't because like stink bids require you to be patient.

Oh.

And I just I just bid.

You're spur the moment type of person.

Yeah. Oh, I have dollars. Oh, now I have ETH.

Looks cheap.

That's not 10K ETH. I'll buy.

Hey, look, anything under 10K ETH is super cheap right now. How about the ETH Bitcoin ratio?

It's not great, Ryan. Uh 0.048. Yeah, I got all the way down to 0.0478. Uh it's the lowest it's been in a long ass time.

Well, I'm sorry for your loss, David, but Bitcoin's having its moment in the sun, and hopefully ETH gets that this cycle. We'll have to see though. It hasn't happened yet.

We get a goddamn ETH ETF, let me tell you.

How about the uh global crypto market cap today?

$2.5 trillion.

0.5.

Um, layer two updates this week brought to you by Mantle as they always are, which is a uh I gotta stop saying new and upcoming layer two because they have really cemented themselves as one of the top layer two.

Pretty mature, yeah.

Yeah, uh super impressive. 1.25 billion in total locked value.

Uh okay, there's lots we could talk about on layer twos this week. I I want to highlight maybe three things. All right. So one is costs. Layer two beat, by the way, just put together a new kind of like chart, new set of dashboards called costs. And I want you to see this, David. I don't know if you looked at this. So if I go to the seven day cost of layer twos. Actually, no, no, I'll go to the one day cost of layer twos. Okay. So one day costs of layer twos, what they're paying in a post blob spaces cheap world. Blob space is available and blob space is is cheap. Look at this. Arbitrum one, they are spending $3,000 a day.

$3,300 a day.

This is their cost, the cost that they pay to settle all of their transactions, everything

1.7 million transactions.

that's

$3,300.

crazy cheap.

Okay, this is a total cost for all of the transactions. Since Arbitrum has 1.7 million transactions on a daily basis, let's let's filter it and click that little button and let's filter it by per transaction. So total cost per transaction of the of the 1.8 million transaction, 0.0074 cents to settle to Ethereum

Like per per transaction.

per transaction.

That's pretty it's pretty it's pretty impressive. And I think the TLDR of this is like as we said before, when uh this gets cheap, when like layer two fees to Ethereum gets cheap. You know how everyone talking about Ethereum is so expensive? Well, from a chain perspective, it's really not. From a user perspective on those chains, it's really not. But um like cheap fees are just gonna spawn more layer twos. Like we're gonna get more and more layer twos.

When it's more profitable to build a layer two, you will get more layer twos.

Yep. Uh another thing I wanted to show you in the layer two ecosystem, David, is um the number of active wallets. So look at this chart. This is active wallets per week in the Ethereum ecosystem. If you span, it's not all uh of the chains in the Ethereum ecosystem, but some of the major ones, we are now at 10 million active on chain wallets in Ethereum, right?

Pretty cool. Yeah, that's a that's a doubling in a year.

Yeah.

This is

Yeah, yeah.

I guess what like ten million. It's kind of the size of New York City, right? Like that's that's uh you know, it's a sprawling metropolis of of users or something like that. Eight million, ten million.

Yeah.

In the in that zone. Uh other thing that's cool this week is um base just became the number two chain after Ethereum in terms of number of USDC amount of USDC supply inside of it. Not surprising consider Coinbase has started to settle on the base chain itself. Do you have any takes on this?

Well, yeah. So Coinbase owns, I think, 25% of Circle. Uh, there's totally a competitive with uh competition with Visa angle going on here. They're using base chain to like store their own USEC and user account USEC. So they're just using base, their own chain, as their own settlement network for the Coinbase exchange. Um, I expect this.

I honestly could see like US E C on base surpassing Ethereum layer one. Oh for sure. I think it's up

I think it's up only. I think um

It could become the number one US E C chain.

I think.

You might as well call base US E C chain.