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A | Bankless nation. We got the ten biggest events in crypto in 2023. Call it the yearly roll up because it is the last week of December of the year and it has been quite a year. I'll say in January of this year. The wounds that FTX gave us were wide open. It was not a good 2022, and 2023 did not look like it was going to ... |
B | Yeah, I am. And overall, just, I would say 2023 for me, felt like, aw, definitely 2022 is in the l category for sure. 2023. We started our redemption arc, I think, and I'm feeling fantastic about the way we ended the year. So, David, I'm excited to get into the ten biggest crypto events of 2023. And actually, uh, there... |
A | I don't know if you know this. |
B | We just say ten because it seems good in a title. But, like, we couldn't help ourselves. We. We got three bonus ones for you guys. We're gonna get right to that. But before we do, we want to thank the sponsors that made this episode possible, including we got the biggest events of 2023 for you, bankless nation. But bef... |
A | Okay, it's not anywhere close to the. |
B | 3.6 billion, or about $10 per Solana. So it was like flirting with that, that $10 mark. Number of other coins, just in general, man, do you remember January last year? Like, how did you feel? It felt very much to me like crypto was licking its wounds. But how did you feel? |
A | Personally, I just remember seeing at the top of the Coingecko charts all of the stable coins. And I'm like, oh, yeah, it's a bear market. Coins are like number three through six on the total crypto market cap. You know, people are down bad. If you go look at the charts today, things are not necessarily that case. Thin... |
B | We had a very somber start, I'll say to 2023. And then things started happening. We'll go through these ten to 13 events, and most of them are pretty bullish events, those sprinkled in some bearish events. But let's get to the first, and that is this. Coinbase introduced its layer two network. It's called base. They di... |
A | It makes number one because Coinbase is just such a signal of legitimacy, because of the way that it has developed the company. It does things slowly, it does things intentionally. It does things that it feels is very safe. And when Coinbase decides to build its own layer two network to finally enter the arena with bin... |
B | I also got some traction pretty quick. It was the fastest l two to 100,000 users in history reached that milestone in 56 days after launch. So even those dark times, we had some traction early on. So that's, number one, that happened to February 2023. I think we're going somewhat chronological here as well. Number two ... |
A | March 10? The joke, I think, is that crypto exported its yield contagion to the trad world because we had just watched terra collapse, then through capital collapse, and then things were kind of okay for a bit, and then we watched FTX collapse, all because of this, like, contagion yield. This yield is toxic yield. And ... |
B | So choke point to 2.0 was really the Fed coming after banks that banked crypto companies. And there was also a legitimacy hit. You said that USDC de pegged. Do you remember it depend to $0.87? Yeah, $1 USDC. And then you see a deep $0.87. That was very concerning at the time for all stablecoin holders. I think a good o... |
A | Yeah, it definitely didn't bode well for the looming recession macro crisis that we all kind of still thought was definitely going to come in Q one Q two of 2023. Moving in to the third subject of this year. This one spans the whole entire year, but it really first started in March. Before I really introduce the subjec... |
B | That was number three. So scammers arrested, and it took many months for that to play out. But. But some people at the beginning of the year were saying things like, SBF would never be held to account, yet. Too many friends in Washington sort of thing. And it turned out none of that was correct. Justice did prevail in ... |
A | It might be the largest. |
B | Yeah, this is the. This is the promo video for that absolutely massive amount of money. Of course, arbitrum was the first layer two roll up, kind of out of the gates early on, optimism close on its heels. But arbitrum was first, and this was a very significant event, kind of kicking off the growth of layer two s. |
A | The arbitrum token, of course, has spawned the arbitrum dao, and the very vibrant defi ecosystem on arbitrum made it pretty easy, I would say, to distribute arbitrum tokens into on chain users of arbitrum. We also didn't necessarily have to use arbitrum to get it. Arbitrum Nova was also on the table, as well as a few o... |
B | Yeah, a big moment. That was certainly a coming in at number five. And I'm not sure what the exact date is for this. David, maybe you could give us some insight, but it's definitely been an evolving trend through the course of 2023, and that is bitcoin ordinals revived bitcoin building culture. Give us the recap on wha... |
A | Yeah, so bitcoin ordinals was launched in February, and it made a pretty big splash between February and March. And then the absolute vertical line of further inscriptions, which are ordinals, coming after the first wave, just was massively significant. And to this day, inscriptions is a very vibrant ecosystem on bitco... |
B | When you say inscriptions, what do you mean? Because it's coming. Somebody coming from, like, the Ethereum space might not fully understand. What's an inscription, Dave, and what does it empower? |
A | An inscription is kind of like a packet of data. I would say. An ordinal is a single satoshi, which is a very, very small division, the smallest division of bitcoin, and it spawns, like, splits from the Utxo set. So you send one satoshi, and all of a sudden you have a unique trail of one single satoshi running around b... |
B | Not just nfts, too. Tokens. Right? I'm seeing a chart here, BRC twenties, which is bitcoin's version of an ordinal based token. Is that right? |
A | That's exactly right. And so bitcoin through ordinals, through these inscriptions, has become extremely expressive in a way to produce surface area for bitcoin builders. And this is kind of spawning, spawned a civil war in bitcoin between the bitcoin fundamentalists, the people who are like, no, it's BTC and BTC alone.... |
B | I enjoy it from a number of different dimensions, but certainly there's this cultural rift that we've seen in the community and kind of the lyric zero of bitcoin between those, you call them fundamentalists, who basically think bitcoin block space should really be reserved for this pristine asset of bitcoin and, like, ... |
A | I think the last interesting thing about the bitcoin ordinal story that I want to draw out is that this is actually something that bitcoin exported to Ethereum. Uh, usually we had seen things kind of go the other way as of late, but BRC 20 tokens and inscriptions ended up hopping from chain to chain to chain. And, you ... |
B | It's kind of weird too, because all of these chains are like EVM chains that already have ERC 20, they already have nfts. So it remains to be seen whether this is a fad or not. But one thing that will persist, I think, going to next year is with introduction of EIP 4844 and proto dank sharding, we're going to have even... |
A | Friendtech was a combination of a handful of different technologies to really show the crypto world that, yeah, you can build a consumer app, and we do have the infrastructure ready to support a growth of 1 million users inside of two months. I think this was just the combination of progressive web applications, ethere... |
B | At one point in time, they passed bitcoin in terms of their daily fees. This is one app on the base, layer two, and that is significant too. Friendtech was deployed on basis player two, which of course, that was number one in our list here. And base came out earlier in the year. So this looked like a killer app. And of... |
A | The one thing that friendtech did leave us with, Ryan, is points. I think Frontech made points, and if they did make points, then they definitely popularized it. And now it's kind of gotten to the point where everyone's doing points because no one wants to strike the ire of Gary Gensler in the SEC. |
B | They're not tokens, Gary. |
A | They're not tokens. They're just points. |
B | We know you've heard, we've, we've heard you say tokens are securities, but have you said points are securities? |
A | All right, moving on to number seven. Pudgy penguins waddles their way into 2000 Walmart locations. |
B | Nice. |
A | Happened in September, but earlier of the same year, in May, Pudgy toys and Pudgy world were announced. So Pudgy toys were already a thing by the time that they got their way into Walmart. It was really the Walmart launch, getting it into 2000 Walmart locations around the world that really elevated pudgy penguins and s... |
B | Yeah, big, big turnaround story here. And I think was a couple weeks ago on the roll up, we looked at the price of pudgy NFTs and they have absolutely twelve Eth all the way from the bottoms of like one eth or something like this. Might have even been less than one EtH. So big turnaround story here in addition to of co... |
A | Coming in hot with the biggest events of 2023. We're halfway through the year, Ryan. Starting in July, the SEC starts to collect a series of L's in the courts. The two biggest ones, the two biggest L's that it collected, SEC versus Ripple. In July of 2023, Ripple Labs notches a landmark win in a case versus the SEC ove... |
B | Basically the ruling, if I remember it, David, is that the investment contract itself, the promise to give XRP tokens like that part of it was a security, that's the investment contract itself. But the court ruled that the XRP token itself was not a security when it, when it's outside of that investment contract wrappe... |
A | I was busy. |
B | Yeah. |
A | You were busy somewhere. |
B | You were on top of a mountain. Okay. That was July 2023 on top of a mountain. And then that wasn't the only l that we've got in. In number eight here. What was the second l from the SEC this year? |
A | There was a court case back in August over which was about the grayscale turning its trust into an ETF. And a quote from this article, the mandate puts into effects the court's ruling when it overturned the SEC's rejection of a grayscale of proposals to convert its trust into an ETF. Judge Naomi Rao called the SEC's de... |
B | Yeah. And that phrase, that turn of phrase from the judge, arbitrary and capricious, that totally describes how the crypto industry has felt with respect to the SEC's treatment of it. These completely arbitrary rules and just, actually just negativity. It was just like they dislike crypto for some reason. They can't ex... |
A | Well, think about the two major precedents that this placed and gave us in the crypto world. It said, just because a token is transferred on a blockchain doesn't make it a security, which is what Gary Gensler and the SEC was trying to say, which makes Uniswap not inherently a securities exchange, just because one of th... |
B | One of my favorite clips from the year was the number of times that Congress had Gary Genslert testify in front of them. I believe it was Representative Richie Torres who asked Gary Gensler whether ether was a security or not. He couldn't answer the question, then proceeded to ask him whether a Pokemon card, if tokeniz... |
A | Yeah, the SEC sued all three major crypto exchanges for failing to come in and register. And I think those words, come in and register are burned into our brains by the end of this year. Was also sued by the SEC for offering us ETH staking service. So deposit your eth with Kraken. They'll stake it and pass along the yi... |
B | So this is one story that persists into 2024, which is all of these exchanges are still fighting the SEC in the court system. Now, we've got a number of losses for Gensler and the SEC in 2023. We'll see if those continue into 2024, but the fight certainly continues. Meanwhile, David, coming in at number ten. This is so... |
A | I think by the time 2023 started, we were all used to Michael Saylor's average buy price being higher than the bitcoin price, because bitcoin price went down all of 2022. And then 2023 was. It started to, you know, be flat. And then towards the end of this year, for the first time ever, we're starting to see the averag... |
B | Down a lot worse than that. |
A | In the grand scheme of things. He made out just fine. And now we are watching. I think the total. I think Michael Saylor and Michael strategy, microstrategy are up, I think, over $1 billion in profits on their bitcoin purchases. And we are just getting started. My friend, like, he is going to print some billions and bi... |
B | It is. It's a lot. |
A | It's definitely contributed to some of bitcoin's very strong price performances. Like when you buy 1.3 billions of dollars or something, it goes up in price. My question is, well, I know he says he's never going to sell, but that is a key man risk with the price of bitcoin. What happens if Michael Saylor turns from bul... |
B | That's a great thing about Saylor strategy here. He doesn't actually have to sell bitcoin. He could just sell microstrategy stock and, you know, exit that way as well, because microstrategy stock is certainly correlated to the price of bitcoin now, with with all of this bitcoin on the balance sheet, I just think as the... |
A | You think his Twitter account is annoying now? We'll wait until $100,000. Biggest bitcoin. |
B | All right, number eleven. This was absolutely massive. One of the biggest events of the year, and it happened towards the tail end. That is the binance founder and CEO Cz pled guilty to federal charges in a $4 billion resolution. That happened in November of this year was absolutely huge news. So this is one of the lar... |
A | This was a settlement with the Department of Justice, which is like the highest, most severe, critical office in the land. And this investigation of finance by the DOJ started Ryan, back in 2018. So this had been a long time coming. The Department of Justice has been looking into binance for, you know, as long as we've... |
B | Yeah, I think so. It certainly provides more clarity. And one thing that's notable, we had a, uh, we were talking about the bad boys of crypto earlier, the SBS and Alexinskis and that sort of thing. This was a different type of charge. This was not, like, insolvency. This is not fraud. This is not like you're taking cu... |
A | The day CZ comes back will be a glorious day. No matter how you feel about him, it will be a big deal. Coming up on the home stretch here, we're getting into November and December. In November, Solana rose from the ashes. We had Anatoly on Ryan, I think, in February of 2023, for an episode titled is Solana gonna make i... |
B | Yeah, I think some other metrics that are pretty impressive is total active users since the beginning of the year, and they have spiked way up, over 400,000 total active users. There's also some pretty strong development going on. So it's not just narrative, right. In this case, we got tensor, which is kind of like the... |
A | More bridging. |
B | It's great because it's an answer to the fragmentation of Ethereum's layer two low transaction fees on the layer one. Like, we are the chain that's ready for the bull run. Ethereum is not ready for the bull run. It has really expensive transaction fees, is difficult to bridge. Is the narrative that's going on minimum n... |
A | Coming up in the rear, we got number 13, a bonus one. Tia Celestia restarts airdrop season, and Jitto follows suit. And this is October through December. So Celestia drops their Tia Tia token as the network goes live and starts the era of modular chains. Pretty massive airdrop. $120 million to over half a million addre... |
B | I think that's a great prediction and probably even a conservative prediction, David. I mean, earlier in 2023, the arbitrary airdrop was 1.5 billion, right. And then these two judo and Celestia just added to all of that. And so I think we have restarted airdrop season in a big way. Which leaves us, David, we've gone to... |
A | We actually give you more of the year. |
B | We actually give you more than you thought you were getting. But let's kind of recap. So we brought up the price chart at the very beginning. And if you recall, in January 1, 2023. So about twelve months ago, we were 800, $800 billion, $840 billion in total crypto market cap. Bitcoin was hanging out at 16K, ether was 1... |
A | Yeah. Bitcoin coming in at $42,000. Where it started the year at $15,000. 150% increase year over year. Ether, $2.1 thousand at the time of recording, a very meager 75% increase year over year. It's actually pretty sad. Solana up from $3 billion to a $31 billion network, something like almost 700% year over year. So de... |
B | No, I think that's great. I mean, we're showing in the report cards, you know, we said 2023 was a, was a win, and that's where we see it and kind of numbers. I think adoption is going up. I think we have a fantastic setup going to 2024. I do feel like some things are discounted. I know we've made no secret that we thin... |
A | Wow. |
B | It had not a great year, considering it was a bull market. So we'll have to see if that changes in 2024. But I want to ask you, how are you feeling going into the next year? Like, what, what do you, what are you looking for? Are you feeling like, hopefully, what's your take going into next year? |
A | I remember I've given this take a few times and I'll just keep on hammering this home. But at the beginning of 2023, I think there's a couple weekly roll ups. I said, this is that 2023 is going to feel like a year of pain. It's going to feel like a year of flaw flat. And then we're going to look back on the year and yo... |
B | It's just taking in general. |
A | In general, yeah. Liquid restaking tokens. Here's another prediction. Liquid restaking tokens is going to eat significantly out of the market share of liquid staking tokens. And that'll be definitely a narrative behind ether, the monetary asset. And so I think even though ether is undersold, oversold at this moment, or... |
B | Yeah, I agree with you there. I'm counting on a bullish year. I'm also very excited about the restaking types of activities. I'll add crypto gaming to the list here. I think that might be a way we onboard the masses. I'm looking at things like, in the ecosystem, how you can basically connect to get a crypto asset. You ... |
A | How do I want to end it? Well, banquet sanction. I actually want to see all of you, not now, but later at permissionless in October in Salt Lake City in 2024, that is in October, we're going west. That's where Salt Lake City is. For all you european listeners who don't know where that is, that is literally the west. So... |
B | Like I asked David how he wants to end it. He ends on a shill. |
A | With a shill. |
B | But this is, this is healthy medicine for you guys. I do think that these are tools you're, you're going to want and save you tons of time. We'll end with this, though. Risks and disclaimers, of course. Course, crypto is risky. You definitely lose what you put in. But we are headed west. This is the frontier. It's not ... |
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