ROLLUP: Ethereum Merge Bellatrix Upgrade | Binance USDC Stablecoin Wars | Coinbase Treasury Tornado Lawsuit

This is the last weekly roll up that will be under proof of work with Ethereum.

Bankless Nation, it is the second Friday of merged temper. What time is it, David?

Uh Ryan, it's the Friday Banklist weekly roll-up where we cover the entire weekly news in crypto, which is always an ambitious endeavor, especially this week because it's merge week. Ryan, this is the last weekly roll-up that will be under proof of work with Ethereum.

I know. That blows my mind. This is the the very last one. In in fact, uh I you you mentioned that this morning. I tweeted something out about it. And I almost take my ideas.

Not always, but um 50% of the time I do that. Uh it and you know, like I I started to get a little bit nostalgic about it. And I don't know why.

Right.

Like I don't it's end of an era.

Um

Yeah, I was never a miner. I know you did some GPU mining uh in in your history. I'd never done that, but it does feel like the end of an era and like we're we're crossing something, and this is the very last roll-up where uh Ethereum is on proof of work, and I guess that counts for something. So cross your fingers. Next time you guys hear this bankless nation, we will be post merged. Be all proof of stake from there on out.

Okay, I'm just gonna make this joke once and we're never gonna speak of it again. But like we're praying that this is not like the Hillary Clinton election party of twenty sixteen where they were completely confident that they were totally going to win against Donald Trump and then Donald Trump won. Yeah, it's like that's the last time we'll ever have to make this joke.

Yeah, yeah.

That's just a joke. He's joking, guys. All right. Uh David is actually highly confident.

I am highly confident. But like so so were all the Hillary Clinton. So was Hillary. Anyway, so was Hillary. Uh but anyways, it it is like this whole I was around in Ethereum when it was proof of work. People are going to say that in the future. Uh so if you if you were here listening to Bankless, paying attention to crypto before Ethereum went proof of stake, that's pretty cool. That's pretty cool. Your your kids are gonna think you're cool, hopefully.

There's only two times to buy ETH before the merge or after the merge. You're only two times. That's it. So you're either here or you weren't. And we're glad you're here with us because we got a lot to cover today. First, will we be merged next roll up? We just talked about that, but we're gonna go through the schedule of what the roll up week looks like next week because next week is roll up week. Uh we're looking at Thursday for the merge date. David, what else are we talking about?

Uh we are also talking about Binance rugging all non-Binance USD stablecoins on its platform, but it's actually a good thing.

What happened there? Uh Binance swapping out other people's stable coins. We'll talk about that. Also, Coinbase going to bat for the crypto industry, putting a lawsuit down on the table in front of the Department of Treasury because of Tornado Cash. So yeah, uh Coinbase uh footing the bill for a treasury against lawsuit, saying that what the treasury has done with banning tornado cash is unconstitutional outside of their just jurisdiction and just against innovation. Uh so Coinbase, nice job with that. We'll go into all those details later in the show.

Grab your popcorn, guys, and of course, grab your coffee because this is gonna be a good one today. All right, East Coast David, let's get to the markets today. What's Bitcoin looking like on the week? Are we above 20K?

No, we are not. We started the week at $20,070. We are ending the week at $19,250, down about 4% on the week for Bitcoin. Oof.

I don't like that being below the twenty-seven

Don't like the

high ones.

overall the bitcoin chart looks not awesome.

No, that's not feeling good. How about ETH? Any better news for us here?

ETH is up 3.5%. So started the week at $1,500, $1,570, $1,570, ending the week at $1,630, up 3.5%. So Bitcoin down 4%, Ether up 3.5%. Ryan, it feels like the merge. It feels like the merge trade.

Uh yeah, some some

Feels pretty mergy.

Yeah. Emerged tastic. All right.

That's gotta be up on the week, obviously.

Yeah. Yeah. Uh up 7.8% on the week. Up to.085. Ryan, do you know what that means?

I bet it is the highest we've been in a long time. Maybe in a year's time or so.

Uh we are about there. I think we are matched at the highs of the 2021 bull market. It also means that one Ethereum is worth 53% of one Bitcoin.

You don't say.

I do say, sir.

That's halfway to the flipping.

That's over halfway to the flipping. The ETH market cap is now greater than 50% of Bitcoins.

What happens? Did we unlock an NFT when you like when that happens? Does any

No, I just get really excited.

Because after like uh white knuckling my uh my ETH BTC down to like point zero five, it's nice to have it recovered and then uh be in the green up to point zero eighty five.

Friend, you still play you're still trading ratios. Oh, the deep DPI ETH would have like just destroyed you on ratios from now on.

That was only once.

Well, it uh probably has to do with the merge, but uh we'll get into more details. How about the total crypto market cap? We above or below a trillion?

Yeah, we're above a trillion. Last week we're at one point zero one trillion, we are now at one point zero two five trillion. So small but healthy gain on the total crypto market cap.

Okay.

Which is interesting that the crypto market cap is up, yet Bitcoin is down.

Yeah, that

That divergence does not happen often.

that doesn't happen often. That's really fascinating, actually. Um how about ETH gas prices? So what we want to know is going in the merge is are we going to be deflationary post merge? Are we burning more ETH?

in the form of um gas fees uh or are we uh inflationary is the money actually ultrasound david what what are we looking like

And so okay, so this is actually something that we have to correct basically all times we've ever reported on gas, because we've been I've been using that total gas distribution chart, the chart further down, uh and just like looking at the peak and seeing uh nope.

looking at this

Nope. Keep going up, up. You s you went right over it. There, there.

uh

Uh the green one on the top right, the weekly gas distribution. I would just measure the peak, and that's how I would report it. But the peak is not the average, and the peak is actually lower than the average. Uh and so what had what we've actually been reporting is the median, the middle number, but we're not reporting the average. And so for the month, for the last 30 days, here are the new the new numbers. The new numbers are in. The last 30 days, the median has been 14 GUE. The net average of gas prices over the last 30 days has actually been 18 GUE. And that is the more accurate number when it comes to the ETH burn. And remember,

that's the average 18

the average. The average, yes. Okay. Uh so the average is 18 GUE and the ultrasound barrier is 15.

So, uh according to last month, we will be ultrasound by the time we go into the merge.

wow that's great unless block space demand goes down but you can't imagine it going down too much between

Down too much more. Yeah.

so will our very first

will our very first blocks be ultrasound or not it's looking like right now they will be