WRU 2nd Week of September

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TIMESTAMPS & RESOURCES

0:00 Intro
3:55 MARKETS
5:25 L2 TLV and Scaling Factor 
https://thedefiant.io/starknet-activity-surges-on-token-speculation
7:15 Crypto wealth stats - David how many crypto millionaires do you think there are?
https://www.henleyglobal.com/publications/crypto-wealth-report
9:10 U.S. deficit explodes despite growing economy
https://twitter.com/jasonfurman/status/1698391469881455098
https://twitter.com/jasonfurman/status/1698391482724442607
13:40 Wen BTC ETF?
https://twitter.com/EricBalchunas/status/1696887691122548798
https://twitter.com/JSeyff/status/1697360209453187085
https://twitter.com/EricBalchunas/status/1699480838868517273
17:35 Uniswap Spot volume surpassed Coinbase in spot trading volume in 2023
https://twitter.com/RasterlyRock/status/1694039760745152761

20:25 Maker DAO’s endgame on Solana?
https://twitter.com/RuneKek/status/1697623700013822244
28:50 Vitalik sold his entire remaining stake of 500 MKRs
https://twitter.com/OnchainDataNerd/status/1697941332826923348
https://twitter.com/aeyakovenko/status/1698182686568018238 
31:00 Justin Leroux
https://twitter.com/0xMidnight/status/1697634909706215604
32:00 Foobar
https://twitter.com/0xfoobar/status/1698832035647787513
38:55 Visa expanded its stablecoin settlement to Solana
https://twitter.com/cuysheffield/status/1699031134229926284

41:39 Base had a delay in block production
https://twitter.com/buildonbase/status/1699192035553812658 

46:00 Court sides with Uniswap over class action suit
https://twitter.com/eleanorterrett/status/1696918343943340235 
https://www.docdroid.net/APrJolt/risley-v-uniswap-pdf
https://twitter.com/haydenzadams/status/1696991910370411003 
https://twitter.com/BillHughesDC/status/1696998957526696405

52:20 Roman Storm Pleads Not Guilty
https://cointelegraph.com/news/tornado-cash-cofounder-pleads-not-guilty
50:20 Polygon launches their “Supernets” kit for 
https://twitter.com/sandeepnailwal/status/1696618823422529898
54:35 Arbitrum released Stylus
https://twitter.com/OffchainLabs/status/1697232795268177987
https://twitter.com/CryptoIsCute/status/1697647185561866382
56:30 StarkWare's Stone Prover now open sourced
https://twitter.com/Starknet/status/1697504345485381652
57:00 RocketPool two major upcomming upgrades 
https://twitter.com/drjasper_eth/status/1698554983837282750
57:30 Kevin Owocki is returning to Gitcoin
https://twitter.com/owocki/status/1699056199445221437
58:14 Justin Bieber is releasing NFT collection 
https://anotherblock.io/drops/justin-bieber-company
1:00:20 Fidelity released an Investment Thesis for Ethereum
https://twitter.com/RyanSAdams/status/1697364409755029860
1:03:10 Binance is delisting privacy coins in Belgium 
https://twitter.com/mister_ch0c/status/1699290391168618722
1:04:00 MetaMask introduced bank and PayPal cash-out options
https://portfolio.metamask.io/

1:07:19 Questions From the Nation

1:13:50 Takes of The Week
https://twitter.com/pythianism/status/1699594987892256889
https://twitter.com/RyanSAdams/status/1696957206116315566

1:18:30 What Are We Bullish On?
https://twitter.com/ckc12_rb/status/1675159167940587520
https://twitter.com/cathsimard_/status/1675150596570230785
https://twitter.com/TrustlessState/status/1675165817569439744
https://twitter.com/cathsimard_
https://twitter.com/mattmedved/status/1697795471803297847 

Ryan: Bankless is releasing Claimables! 
https://imgur.com/a/w9f2r0B

Meme of The Week & Moment of Zen
https://twitter.com/RyanSAdams/status/1699782057793372342

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Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Okay, so Rune Christensen puts out this tweet that like rocked the Ethereum community and the broader crypto world, I say.

And he just says, the last phase of endgame is the launch of a native blockchain for Maker with code name NewChain.

It will make the ecosystem more secure and efficient.

After some research, I believe the Solana code base should be considered as the basis for NewChain.

It is the second Friday of September and it is time for what, David?

The Bankless Friday weekly rollup where we cover the entire weekly news in crypto.

And that is always an ambitious endeavor.

And Brian and I are squeezed for time today.

So we're gonna go so fast through this agenda.

You can commit that to the blockchain settlement assurances David.

It's good to see you man back from burning man I'm glad you came back.

Oh, yeah you go every time you go away something bad happens to Gary Gensler

I'm aware So, what are you really doing my friend?

Man, how did I get back so soon from burning man?

I do not have another trip plan That's not a crypto conference for a while so Gary Gensler is gonna be he's gonna rest rest.

Okay for now Well well When he's already gone.

Yeah, he is we're gonna talk about that, but when you're gone some things happened So the first is maker Dow At least rune Christensen said the final stage of endgame for maker Dow is Solana Question mark We're gonna talk about that.

Also in Solana world, Visa announces it's gonna settle USDC on Solana.

While simultaneously this week, the base layer 2 sees a halt in block production.

Okay, But including to those dubs, Uniswap takes a dub in the courts adding to the tally of crypto dubs and trad fi L's.

And then also I did not see this coming, but Justin Bieber drops an NFT that I give 2 thumbs up for quality, quality and integrity.

I'm not not a Justin Bieber fan, but this NFC is not like all the others.

So we will talk about why this NFT is different and what it means for as a model for future NFT drops.

Guys, before we get in today, there's a message from our friends and sponsors over at Aave.

And Aave wants us to let you know that Aave v3 is here.

Aave v3 actually, David, came out in January of this year, which means it's a bit more hardened.

And there is some protocol liquidity to migrate from v2 to the new Ave So that is the message.

There are some benefits that come with Ave v3.

There's reduced gas prices for swapping I think you can You can swap collateral without having to unwind, trade on Uniswap, and then put it back in.

Asset isolation mode, so there's lower risk for different asset pools, all of those things.

So if you are an Aave v2 user, then you can move your assets from v2 to v3 with an easy migration tool that's on app dot Ave calm Oh, and if you're a builder by the way, so Ave just released their go Stable coin if you remember that and they are funding anyone who is building on top of go So there's a link in the show notes of a grants org where you can get your grant on if you're building something on go That's it man.

Everything is flat everything the whole the whole markets are flat.

We can just cut in ratios prices from last episode and it would be the exact same.

Man, PancakeFly, I feel like that's been the last month or so, last 6 weeks.

Like, ETH is low right now, 1630, that is a low price.

Yeah, are you feeling in the mood to buy?

I mean anything below like 2k bill if we get below 1, 500 on ether that is like a buy zone.

Do you think we could get back to triple digit ETH, David?

Do you think we could get back to triple digit ETH?

Like that's totally reasonable 3 digits is not not on the

table if we get to triple digits Then I called it okay, and I never come on call.

right, I call it once that counts if it dips

right well we'll see what's in store in this crab market And thanks to Kraken as always for providing these glorious charts, even though nothing at all is happening on them Here are some charts that things are happening on this is on layer to beat.

We got TVL going up we got scaling factor going up.

day down because 3 and a half percent down we're below 10 billion on on layer twos

right hold your breath It'll be back up above 10 billion dollars.

I'm just going out Also, that's somewhere

well look at this stark net had a big week this week apparently Here's an article from the defiant stark net activity surges on token speculation so apparently somebody tweeted this out, maybe from the stark net account a Tweet that was then deleted about stark net tokens, so there's some additional speculation going on

There's an increase there's no confusion that stark net hat that it's the stark net token is minted.

There is a contract address, it does exist.

That's not what's being up for speculation.

The story of how StarkNet tokens becomes distributed is the unknown thing.

And I think the reason why it's unknown is the StarkWare org is hands-off.

And they are totally giving it up to the foundation and some sort of community-decided governance about how to distribute the thing.

And so I think if you want alpha on Starknet distribution plans, I'm pretty sure that information's public.

You just have to go sift through forums to go

I thought it would have been distributed by now.

I thought they would have kind of launched

There's not, like, unlike previous tokens with, like, retroactive airdrops, blah, blah, blah, blah, there's not, like, 1 distribution event.

They are saying, like, okay, like, we, these people are good and doing valuable stuff.

And then repeat this process many, many times and all of a sudden we have a liquid token.

I don't think the token is liquid though.

At least that is going up on the week David.

How many crypto millionaires you think there are?

How many crypto millionaires are there over

10, 000 Everyone in the bankless community every single that has been here since the podcast is number 1

Not a maybe up up to a hundred thousand is my final answer

Well, here's the answer for you at least according to Henley and partners Really close David 8, 200 I'm total crypto millionaires according to this report

182 cent a millionaires, that's a hundred million and above Apparently in crypto and 22 billionaires in crypto only 2 billionaires Yeah, and according to this anyway This is why I I'm actually not sure of these stats the total crypto users is 425000000 Okay, this is a Henley and Partners compiled a crypto wealth report.

Apparently they do this thing for all sorts of other asset classes and they list their methodology on the methodology page.

And it's kind of like a public information.

In health, It's like a proprietary database type things, so I don't know how accurate this is but interesting data set nonetheless Yeah, millionaires sent to millionaires and billionaires.

Let's get let's add some zeros under those numbers trillionaires I No, the number of millionaires.

I guess that's the same thing, but I'd rather have more millionaires than more trillionaires in crypto.

I want every single listener of this podcast to be a millionaire.

Oh, yeah Is that saying something about the the dollar inflating because that's the next story I've got you ready

That's not what I had in mind, but well That's what that's 1 of the ways to their

all the millionaires US deficits explode despite the growing economy.

There's actually been, this was a Washington Post article, which I don't often see these types of things in like mainstream media, like the Washington Post talking about US deficit explosion.

But did you know, David, that the deficit, the US deficit this year, that is spending more in their fiscal, their annual budget than previous years, it's going to rise from about 4% of GDP last year to almost 8% this year of GDP

so Understanding this this means that if the deficit is 8% of GDP is that in the hole We need to take

of our economy The revenue from our economy every single year and pay that to stay flat in our bills

We're going in debt by like 8% of our GDP every single year

So every single year we owe 8% of our GDP to stay flat.

So 3.1 trillion in 2020, you might expect that 2.8 trillion in 2021.

Then it went way down in 2022 well now it's back up to 2 trillion and just for some context here we've only had higher deficits as a share of GDP in 1942 and to 1945 so those 3 years.

Those dates ring a bell 2009 to 2011 Okay, and then and then 2022 and 2021.

Those are the only years we've had a higher deficit.

Wait, but this is a normal year, because COVID's behind us.

It's not normal from a deficit perspective.

Yeah, anyway, I mean, we kind of have talked about this a little bit, interest payments going up and some of the reasons.

Tax revenue apparently is way down, so that's another contributing factor Government's gonna have to print money out of this 1 Which maybe brings us to what's going on in Turkey David you want to you read the headline here?

Yeah, so this is the follow-up on This happening right after we talk about deficit is too good and also in a bad way.

OK, so over the last year and a half, adoption in Turkey of crypto has increased from 40 percent to 52 percent of the Turkish population.

So 12 percent of the Turkish population has adopted crypto in the last year and a half.

Well, Turkey inflation, which is what a deficit in your budget leads to, right?

So according to this KuCoin article, blog article, our findings in Turkey and other previous country reports The growing number and percentage of crypto investors indicate an entry increasing interest and acceptance of crypto as a hedge against inflation Especially with the Turkish lira losing over 50% of its value against the US dollar.

Hopefully not soon, but slowly, inevitably, yes.

So I don't know how reliable these percentages are.

The sample size is somewhat small, but I mean this report is saying 40 to 52 percent of the Turkish population Own some crypto.

Yeah, so there's like an interesting set of countries out there, and I think it might be data points of to Argentina and Turkey of internet connected developed countries with high inflation are also the spearhead of crypto adoption.

Some people are like, well, where are the use cases?

Well, when you have a fully developed kind of bank system and you have like Venmo and PayPal and other things, then normies don't need this as much.

When you have capital controls, when you have your store of value currency inflating away, Well, you very much need this.

And it's good to see crypto holding up its use cases where it's most needed.

Of course, you heard about the court case.

Here is a follow-up from 1 of the analysts in that space who's really tracking this.

Eric and his colleague James are saying that they are upping their odds of a spot Bitcoin ETF launching this year up to 75% odds.

And then also 95% by the end of 2024, which is pretty good.

These are just 2 people's numbers, 2 informed people's numbers.

They said that they previously had a 65% odds of SpotBitcoin ETF launching this year, but since the grayscale court case they have up that to 75% Basically, they are saying that the SEC has been left with very little wiggle room And then they are also adding that beyond the legal loss.

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Solana’s BIG Wins? MakerDAO & Visa Integration Explained!