ROLLUP: Uniswap vs. SEC | Eigenlayer Mainnet | Blackrock BUIDL Fund | $TNSR Solana Airdrop

Uniswap in the left corner versus Gary Gensler in the right corner. Let's go. Showdown of the century. We're gonna talk about all these details of why Gary Gensler thinks he's able to step into the ring against Hayden Adams.

Bankless Nation, it is the second week of April, and it is time for the Bankless Weekly Roll Up. David, I was out last week. What did I miss, man?

Uh, you know, not too much. A couple SEC court cases, a couple airdrops, a couple mainnets, you know, just an average week in crypto.

You know what? I feel like with the lawsuit that's just happened, we're gonna get into with Gary Gansler and SEC suing Uniswap, it feels like Gary got stronger while I was out. And I'm wondering like when you go out,

Like more audacious.

Audacious. Yeah, I don't know if he's actually stronger, but he thinks he is in his head.

Yeah.

Yeah.

So it's weird that when I go out, when I miss a roll-up, he gets stronger. But when you miss a roll-up, you're out there like slaying horror cruxes. I don't know what you're doing, man. You're on mountains. I'm at the beach, and he gets stronger, and then you just do something else. So I I think in order to win this lawsuit

Mm-hmm.

against Gary Gensler, we gotta send you to another mountaintop.

Yeah, sounds like I'm going on vacation and you're staying here, buddy.

You must stay. You must produce part.

Oh my god. Do you did you catch the eclipse by the way? There's another thing that it's off topic that happened.

New York, yeah. Uh which was 91% coverage. Uh and then I come back to like my friends and be like, yeah, that was kind of lame. And then I got sent this like XKCD comic of like the coolness like levels of the eclipse as a function of how close you are to the path of totality. Yeah. And like

you have you, it's it's either 100% covered or nothing. Yeah, it's not cool to be like 95% covered. It's like you, yeah. So but yeah, everywhere regardless, everyone went to their rooftops and like looked at the sun. It was like slightly darker, it was slightly cooler. Yeah. What about you? You weren't in the path of totality.

I was like 95%, so I caught that, but I didn't get the full effect. And I actually I regret that. I regret that now. I regret missing that.

FOMO.

I I actually had um uh tickets to this one event in Austin that was gonna be like 200 people, but I didn't get flights. I didn't look at flights until like two weeks before. And I didn't realize how much how big of a deal it was. And when I looked at flights like two weeks before the the eclipse, it was like three thousand dollars. Yeah and I'm like, I can't I can't do that. And plus there was my uh a dick butts on ice event here in New York, which I just had to go to.

Yeah, of course. Because that's a like a once in a lifetime opportunity, right?

It truly was, it truly was.

Well, I'm glad you made that one. I just na you know, the w the way I rationalize it to myself is well, well, what if I show up at the place, like my family lives in southern Ontario, so what if I show up in southern Ontario? It's always cloudy there. What if it's cloudy? Right. I'll have gone all that way and it's I won't see it, but anyway, I regrets. Regrets. Uh I have no regrets about this bull cycle though, David.

Yeah.

That we're in right now. And it's pretty excited about it. Uh what are we covering this week?

Uniswap Labs versus the SEC. Let's go. It's Hayden now. Hayden sh Adams, another Adams versus Gary Gensler. Probably the biggest throwdown that I think the crypto industry will ever see. I'm just looking forward to Hayden just like absolutely wiping the floor with the SEC. Like that's the only logical conclusion of this, right?

Uh by the way, Adams vs. Gensler isn't the only matchup. We're gonna talk about uh a a matchup.

Another

My co-host, David Hoffman, is actually boxing someone in crypto.

yeah, not

Not in the SEC.

somebody else in crypto.

True story.

Wait till the end. Uh also, I can layer, the mainnet, is here. That's a big freaking deal. It's mostly here. We'll we'll talk about what's here, what's still to come, what else we got.

BlackRock Build Biddle Fund now has a direct pipeline to USDC. Bankless Nation who listened to that episode uh with uh Securitize got the alpha first. Uh what does this mean for this new tokenized treasury product? What does it mean to have a direct pipeline to USDC? And also another week, another token drop this time on Solana. It's always a good week in crypto, especially when prices are going up, which they were kind of going up a little bit this week, uh, which we're gonna talk.

Are we bored of token drops yet? I mean, are we bored of getting free money? Like hundreds of millions of dollars, and I feel like it's just like, oh, it's another token drop.

It's it's boring for all the people who didn't get the token drop, but like if you got that token drop, like say what you will about the points meta. It like token drops are doing their job of becoming more precise and more directed towards people's respective communities. So like people who are getting the token drop are extremely excited because they committed, you know, the time cost of their money and their cap their capital to that project. And so they're very excited. Um, did I receive this token drop? No, because it's on Solana. Oh, actually, maybe I did actually now that I think about it, I bought my check

Bankless claimables, David.

what are you doing? I bought my Mad Lad on Tensor. So maybe I got the token drop. I don't know.

That's what I mean. You're not even motivated enough to check at this point. You're just like all the free money coming in.

I think I might have lost that wallet. Uh anyways, we're gonna get into all of these uh conversations and more. But first we're gonna talk to

Let's talk about markets today, David. So tell me about uh Bitcoin on the week. What are we looking at?

uh three percent up this week, which I would call f you know flat flatty up, flattish up. Uh start of the week sixty eight thousand dollars, ending the week at uh seventy thousand dollars. Actually, it's a little bit more up than I thought, uh maybe at four percent. So uh keeping its its nose, its eyeballs right above that seventy thousand dollar mark.

That's not bad. I'm feeling great above 70k. Uh give me a quick Bitcoin ETF update, if you will. This uh headline here, Grayscale Bitcoin ETF sees record lowest daily outflow of 18 million. Um this kind of like a one time event, isn't it? For the the Grayscale Bitcoin ETF to have sort of all of its outflows leaked out into I don't know, where does it go? I don't tell me, why is this significant?

Yeah, so the outflows of Grayscale, the Grayscale ETF, are like the brakes on the Bitcoin price, whereas the inflows to all the other Bitcoin ETFs are the gas. And right now, like gas and brakes have been in this war with each other. Uh and right now, uh yesterday, April 11th, this is when that's actually today, Grayscale uh Bitcoin ETFC's record lowest daily outflows of 18 million. So only $18 million of pressure is being put on the brakes. Um, granted, like uh the approval and initial like opening of the doors of the floodgates into the Bitcoin ETFs is also kind of like a one-time event. So it's not like that. Um, that also kind of teeters off. But the thing is, it's like we kind of are expecting the brakes to teeter off way sooner than the gas because the gas has we got a lot of there's a lot of gas in the tank. Uh and so as we see the lowering of the outflows out of grayscale, we see a release of the pressure on the brakes. So hopefully, when this continues to approach zero, um we will see liftoff.

So why why are people outflowing? Is it ba basically uh it's been less liquid previously, now it's much more liquid, and uh they've been locked up for for a while and grayscale fees are a lot higher than the other ETFs, and so that's why there's outflow in grayscale in comparison to the above.

All of the above. Yeah. So people were buying the GBTC discount back when like you know you could buy discounted Bitcoin at 15% on the bet that like eventually grayscale will turn into an ETF and now it is. Um like you said, grayscale fees are 2.5% versus other ETFs at you know 0.2%, 0.3%. Uh and so like why are people just paying those fees? Well, because also some people are sitting on like, you know, a mountain of capital gains. Uh and so selling, um selling to avoid those fees actually incurs a larger fee, which is capital gains tax. So there's a lot of

Good bet. Uh

When when Bitcoin was trading in grayscale off like you know 20, 25% nap. I'll note because we're gonna talk about ETH price right now. It's about that with Ether right now. So there is an Grayscale Ether trust, if you recall, it's called Ether E. You can buy that in your 401k account right now, and it's trading at a 25% discount to premium. So that will come in line uh on the actual ETH price uh as soon as an Ethereum ETF is approved.

Which you would assume the ETH price would also be much higher once the ETF is approved. So you get twenty-five percent off of a higher price later. Is that

It seems like a great

a good bet. Deal.

like it's we don't know whether it's gonna happen this year or next year, but we are pretty confident it's gonna happen. So why not just lock in that 25% discount? Anyway.

What it was your what? So your time frame's not two years? Like it's gonna happen within two years.

Right. It's a good it's a good deal on some ETH, I think. Uh anyway, what are we at on the ETH price this week?

ETH price up about a hundred dollars, start of the week at thirty four hundred dollars, up about four-ish percent to thirty-five hundred dollars, really having its ratio with Bitcoin that pay the 0.05 number really be defended. We f fell down below 0.05, but it came right back up. Um Eric Wall, did you notice, uh Ryan? Maybe while you were out, maybe you didn't see this. Um, Eric Wall made this tweet saying if uh the ETH BTC ratio drops below um like 0.0495 or something, I'll shave my head. And then it drops down below it and he goes and shaves his head. Wait, what is it?

No one was telling him to do that, okay? He just tweeted it out and then he was like, Oh well, it fell down below. Guess I have to go shave my head now. And he went and shaved his head.

Okay.

And like Eric, it's not like he had short hair to begin with. He had like long, luscious locks. No, it's fine. He had fantastic hair. And now it's

Loss for all of us.

I don't know if that's a net game. Well, but I I don't um was he trying to like prove something? I know he's uh he's more of a bitcoiner than Ethereum, but he doesn't hate Ethereum.