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Speaker A: Now they have a much more direct bridge to Ethereum and going bankless. That pipe is easier and more direct because of this. So they can go from PayPal to Ethereum to a decentralized stablecoin in like five fewer steps now. And while we would like to all have the world go bankless, that is a spectrum. And pe... |
Speaker B: Yeah, I agree with us. This is a step, right? This is slightly more, just slightly more bankless than the existing status quo of dollars inside of the PayPal platform. And why is it good as just what you said increases adoption, so we get more private keys in the hands of more individuals. There's now an off... |
Speaker A: So stablecoin transfers, Ryan, are the number two most gas intensive activity on Ethereum, as in it burns the most gas after swapping. And we just saw, like the stablecoin contract for PayPal, they're going to start burning plenty of ether, too. Yeah, but also that's going to be a cost to the business. You k... |
Speaker B: I got an idea, but why don't you tell me yours? |
Speaker A: Why don't they just do the thing that Coinbase is showing the world that's possible and make their own layer two and all PayPal stay stablecoin transfers they can collect their own sequencer fees for? |
Speaker B: Huh? |
Speaker A: Huh? |
Speaker B: That's a good idea. |
Speaker A: A PayPal payments network in addition to the PayPal stablecoin. One of the strategies that's hypothesized about the partnership between Circle and Coinbase and the base layer two is to make circle USD transfers on base free and turn base into a payments network for circle. So. And also they're going to gener... |
Speaker B: That's really smart. That feels like the next step. I mean, yes, you should get a job at PayPal. |
Speaker A: I should be a consultant for PayPal. |
Speaker B: PayPal execs, if you're hearing this, David, David is excited about this opportunity, bringing you guys a layer too. I also think there's another like point to all of this, is with the addition of PayPal US dollars, we didn't lose any of the decentralized options. We didn't lose ether as an option or dai as ... |
Speaker A: Maxine Waters being deeply concerned that PayPal is creating a stablecoin while also being the person who blew a kiss to SPF is just like, I forgot what lizard people are controlling this planet, dude. |
Speaker B: Oh, no, I forgot about that. |
Speaker A: Yeah, of course, she's deeply kisser. |
Speaker B: That does look awkward. This is Mike Selig, crypto lawyer. Banking regulators have essentially said banks can only issue stablecoins on private blockchains. PayPal will issue its stablecoin on Ethereum. This regulatory arbitrage has put a lot of pressure on Congress to pass a stablecoin bill ASAP. |
Speaker A: The free market always wins. |
Speaker B: Yep. |
Speaker A: One of my takes in my last article was that crypto is an unstoppable force, but the nation state is not an immovable object. And that is what we are saying here. |
Speaker B: That's a good take. Yeah, they could definitely be influenced. They'll just stamp approval and legitimize it before long. David, base ship this week. |
Speaker A: Dropping the base. |
Speaker B: Okay, what is happening? What do we need to know? |
Speaker A: The base layer two is now live and open to everyone with a two way bridge. So if you ever make some meme coin gains, you can finally get out. Over 100 applications and service providers are already ready to go inside of the base ecosystem. And there is an NFT to mint. So if you want to get on base and Mint a... |
Speaker B: Okay. |
Speaker A: Yeah. So $155 million, part of the TVL of the. The $10.5 billion Tvl on layer two. S base owns 155 million of that, all in the last 24 hours, up to 159, 159. Six transactions per second. You know, not at capacity. Still pretty good. And so base, we are going to watch the base story with great interest. I thi... |
Speaker B: What's that reason? Layer twos base. |
Speaker A: Coinbase specifically, putting all of its marketing and weight behind a base. Layer two because they are, like I said, printing money on it. But they are going to take Ethereum, layer two specifically base, because they now have the incentive. They are going to take it mainstream. There was a conference, not... |
Speaker B: Golf clap. This is very cool. This is going to be very good, I think, for our metric that we're talking about earlier, layer two total locked value. So you said there's already a look, 100. It's gone up as we started this episode. Almost 160 million total value locked by base right now. It's cool to see them... |
Speaker A: So the security pie that you're looking at on layer two, B base security PI and the optimism mainnet security PI, are actually the same because base actually is governed by the optimism collective because it is an op stack chain that is a part. And so this is like the first chain. In addition to the main net... |
Speaker B: Santiago Santos has a take on this. Let's take a moment to appreciate the novelty of a centralized public company launching decentralized public infrastructure. Coinbase is a mission driven company and will likely go down as the most impactful company who pushed crypto to mainstream. Build on base is to web ... |
Speaker A: Big statement. Wow. Jesse and Brian on the Coinbase podcast, they have their own show now called on chain summer stories. Because one of the, they are just pushing the phrase on chain, on chain, on chain. Online. On chain. Online, on chain. Get it in your head. So let's hear about Jesse and Brian, talk about... |
Speaker B: The collaboration we've had with optimism, by. |
Speaker A: The way, is really incredible, and we're huge. |
Speaker B: Shout out to them. |
Speaker A: The collaboration has been good, and it's. |
Speaker B: Allowing us to move very quickly with. |
Speaker A: This particular l two solution, and we. |
Speaker B: Hope it gets broad adoption across every. |
Speaker A: Kind of product out there in the space. |
Speaker C: Yep, yep. And a huge plus one to that on optimism. When we were just trying to get started building an l two, we obviously thought about, how do we want to approach this? And I think the thing that was a North Star for us was decentralization. It's like, how do we get this decentralized network incubated ins... |
Speaker A: And really, I think the main thing that I want to get across in this section is that Fortune 500 companies, Coinbase is showing them the way to becoming on chain, to being on chain. This is going to be the first of many, just like how I said, was saying, hey, PayPal could have its own payments network. They ... |
Speaker B: Yeah, that is very cool. And by the way, we're going to have another opportunity to sit down with Jesse at permissionless, which is coming right up. David, you're doing a panel, I believe, with Ben Jones and Jesse of base and Coinbase at permissionless. So what are you going to talk about there? |
Speaker A: Yeah, so we're going to unpack the relationship between Coinbase, the centralized company, and the op collective, a decentralized dao that governs over the op stack. There is just a ton of nuance to unpack there. And I think as permissionless is coming up, we're one month away, and so there's going to be a l... |
Speaker B: Grab a ticket, guys. September 11. It's coming right up, so get your ticket. And there's a link in the show notes, as always, David, we were talking earlier about base and its kind of security pie on l two beat. Actually, Arbitrum took a big step forward in getting one of the slices of its pie from yellow to... |
Speaker A: Yeah. Bold basically allows the protocol to enable permissionless validation for all arbitrum chains. It removes the permission validation set, improves decentralization. Like you said, validation via fraud proofs is currently permissioned in arbitrum because the protocol is vulnerable to denial of service a... |
Speaker B: The royal rumble. And you have God mode. |
Speaker A: Yeah, exactly right. You are given God mode inside of the battle royale. |
Speaker B: Yeah, that's very cool. This is an entire episode that we did earlier this week on bold and arbitrum. So if you want to catch that, there's a link in the show notes and also on your RSS feed and. |
Speaker A: Also at permissionless, because all will be there as well. |
Speaker B: David, what do we got coming up next? |
Speaker A: Coming up next, what's going on with Huobi? Should you be concerned? Curve hacker returns some of the funds with a cheeky message, and Michael sold some more CRV to pay back his on chain loan. Is Michael, the founder of Curve, going to make it? And then a judge rejects Ripple's ruling precedent in a terrafor... |
Speaker B: Polygon and ZK sync had a bit of a scuffle this week over crypto, Twitter primarily, but it spilled out into other channels. David, give us the scoop. What happened? |
Speaker A: Yeah, so Polygon Zksync, two creators of the ZK EVM, probably the two most frontier creators of ZKE EVMs, had a scuffle over attribution about whose code was who. So Polygon wrote this blog post called protecting the open source ethos, which is TLDR copy, pasting copy, and pasting source code without attribu... |
Speaker B: A little bit of drama, huh? The kids are gonna fight. I think that's what this looks like. |
Speaker A: This is a little spicier in the layer two war space than I would have enjoyed. All the other layer two wars has been pretty fun. This one was a little bit too spicy. |
Speaker B: Yeah, a little bit of a downer. I don't think mainstream is paying attention to this at all. This is very much an internal. |
Speaker A: It is a question of, like, legitimacy, right? That is the big question here. |
Speaker B: Well, I'm happy to leave that one in the rearview mirror, so, moving on. Speaking of rearview mirror, actually, last week, curve was a big subject on the roll up, and particularly is curve going to make. It was Cr V and some of Michaels, the founder of Curve. Were some of his positions on, on lending and bor... |
Speaker A: Sort of further black swan events, which I would consider is why Michael was under dress in the first place, as a black swan event of the days, day one, bug in viper. So first, an exploiter returned some of the stolen funds from Alchemyx. So 4820 Alchemyx Ether was returned, as well as 2258 actual ether, whi... |
Speaker B: What a dick. |
Speaker A: Yeah. Wow. So curve Finance has extended a bug bounty to offer anyone who is able to identify the exploiter $1.85 million. And so if you know who the exploiter is, you can get paid $1.85 million. But the curve exploiter is saying, you can't find me. Neener neener, boo boo. |
Speaker B: We didn't. It seems like the, the curve trauma is sort of over, though, is curve price recovering? Michael's not going to get liquidated. |
Speaker A: Michael's probably not going to make it. He's probably fine. Whether the. I mean, the curve price is definitely hurt, but it's not. It's definitely, definitely still alive. It's doing just fine. |
Speaker B: There's a comment, a summary from Michael Bentley from Euler, who says this. If there's one thing that's clear from recent events, Dow governance of lending protocols is not a great idea. Most people are simply not qualified in possession of sufficient information to determine appropriate risk parameters and... |
Speaker A: Yeah, I'm glad you asked, because I actually think that governance free protocols are a very core component of the bankless thesis of the protocol sync thesis. If we can do all of our decentralized financial activities without governance, then we ought to. Governance, I've always thought, is like a stop gap ... |
Speaker B: Yeah, no, I totally agree that, like, governance is sort of a hack, but sometimes it's necessary. Like, sometimes you really need it, and sometimes you need it for kind of scalability. I mean, how could you do real world assets without that sort of governance? So I also think that governance will level up ov... |
Speaker A: Good point. Ave holders are being stuck with the bag, and the fed can do whatever it wants. That's a good point. |
Speaker B: This is interesting. David Phantom is exploring adding optimistic roll ups to connect to Ethereum. All right, you're laughing. Why are you laughing? |
Speaker A: Oh, it's because the l two thesis, man, dude, there are just like, I was sitting and reflecting upon this agenda and just over the last few weeks, there are some bankless theses that we have put forth that are coming true in the best of fashions. Like, it was one thing when the cello organization voted to mo... |
Speaker B: Tezos will never do it. Never do it. |
Speaker A: You think so? Yeah, probably not. Near. Near might. Tron. Probably not. Anyways, we have cello and Phantom, so we have 1234-5525 I actually think Tron might. |
Speaker B: David. I could totally see Justin sun doing that. |
Speaker A: Maybe. Yeah, actually, that's a good point. Okay, so we've got 25 squares with 25 layer ones. Two of them are turned green because of cello and Phantom. Well, Phantom actually has to do it, so maybe we're at one and a half. But this has been a bankless thesis for so long, and I'm just. I just sit back and be... |
Speaker B: There's a David Hoffman victory lapping. |
Speaker A: I am victory lapping so hard. |
Speaker B: Well, I think. I do think this is a narrative to watch, right? Is which sidechain EVM side chain is going to become a roll up next. And that's what this is kind of articulating. This is a tweet from Sam Cz son, who's kind of the savior of crypto. A white hat. |
Speaker A: White hat of white hats. |
Speaker B: Yeah. White hat of white hat. That finds our issues before they happen in most cases. Over the past few days, I've been working with a group of white hats auditors and other security leaders to try and solve the hardest part of responsible disclosure, finding the right person to talk to. And he's got an imag... |
Speaker A: So, this is a telegram bot is basically what's going on. So there is a telegram bot that anyone can use during emergencies to get in touch with trusted members of the security white hat community. So trusted white hat hackers and their extensive network of contacts. It's basically 911 for DeFi protocols. I a... |
Speaker B: It's like 911 is. |
Speaker A: Yes, except it shows. It is an example of self regulation and self management of this own industry. Not only is it a public good, but it is also a sign of maturity for what needs to happen. If we are also going to have permissionless finance, I don't think we can. |
Speaker B: Make that point enough. Honestly. It's like the regulators look in and say crypto is completely unregulated and the crypto markets aren't doing anything about it. And then I look at things like this, it's like, no, we are doing exactly what you should be. |
Speaker A: You would never be able to do. |
Speaker B: You know what I also look at? You know what's another example of this is l two freaking beat. Okay? This is better than anything the SEC is or CFTC has ever put forward for disclosures in crypto is creating a staging process for how decentralized our layer twos are and creating a scoring that is the industry... |
Speaker A: Sports industry. Sports. |
Speaker B: They're in the sport. Yeah, sports fantasy betting deal. This is a. Let me show you. |
Speaker A: Stock. |
Speaker B: Have you ever. |
Speaker A: Oh, it's a public company. Wow. |
Speaker B: A public company. Draftsking is worth about $2 billion. Something like this. Twelve. |
Speaker A: $13 billion. $13 billion. |
Speaker B: No, $13 billion. 2 million in revenue. Still 2 billion in revenue last year. $13 billion. Sorry, I'm a little rusty on stock financials. Yeah. And they were, according to Sandeep here, they were the number one collection by sales volume on polygons. They beat bored apes, beat a lot of other things. |
Speaker A: So they beat bored apes on the Ethereum layer. One, $3 million in sales on Polygon, which is the number one of sales across the NFT industry in the last week. |
Speaker B: Wow. That's crazy. Right? And I don't even know about this because I don't. I pay no attention. |
Speaker A: I don't watch sports. |
Speaker B: It's very cool to see that that's bleeding outside of crypto culture, though. But going back to crypto culture. What's this from Frank de Godsen yeah. |
Speaker A: So Polygon gets a dub, but then also Polygon takes an l. Ute's gets yeeted from Polygon to Ethereum. So Ute's is 2d gods like mutant apes, r two board apes, basically the derivative project, same team ute's is like the expansion collection D gods ute's. They were a big NFT hit on Solana before migrating to P... |
Speaker B: That sounds like just a pure business decision to me. What do you think? |
Speaker A: Yeah, that's right. Well, it also shows the gravity. Well, that is the Ethereum layer one. So, like, if the. The goal of all high value assets is to be on the Ethereum layer one. |
Speaker B: David, did you see this? This clip? This is a Joe Biden clip. You ready for this? |
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