#14.5 State of the Nation - $MEME IS HOT RN, WHY EIP1559 ISN'T HERE, IS UNI A BUY, HOLD, OR SELL?

Transcript

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investments into d5 protocols right through their zapper.fi portal making it really easy to compare and contrast different places as to where you can deploy your capital check them out at zapper.fi all right welcome bankless nation this is state of the nation number 15. we've got a special guest for you jordan lyle who is the creator maybe the accidental creator of meme which is our main topic that we're going to talk about today um if this is your first day of the nation david and i do this every tuesday and what we do is we talk about the things that are going on in d5 in crypto in the

bankless nation that you should know about and we relay those things relate those things to some of the big picture topics that we talk about on the bagless podcast and in the newsletter so this drops every tuesday it's live we're doing it an hour early but generally it's going to be 2 pm eastern if you want to catch it live you can also catch the recorded version on bankless youtube and of course we release these on our podcast stream on wednesday if you are more of the audio uh sort of person just some quick announcements before we get in um we had an epic episode with hugh from the nexus protocol that dropped on monday we also have an nft episode that's coming out the following monday

david what'd you think about that nft episode are nft is going to be the next big thing my friend you know what that's kind of what it seems to be shaping up to be uh nfts seem to be really hot right now and i'll be honest it kind of caught me by surprise i was not on the ball with that one uh turns out they there's a world of nfts that i kind of haven't been paying attention to and that's kind of getting to what the state of the nation is right there seems to be a lot of excitement around nfts and so we're we have an nft themed episode today and then we also have an nft themed podcast coming out on your feed on monday absolutely yes so nfts are maybe the next up incoming thing in d5 so you got

to check that out also uh we have an article coming out much demanded article actually on taxes with all of this farming revenue coming in the door like how do you the irs is going to want their cut how do you manage those taxes that's coming on the bankless newsletter as well as lastly an ama this thursday with hugh carp again where you get to ask your questions of hugh but i'm going to start with a question i always start with at the beginning of the state of the nation episodes and that is this david what is the state of the nation this week the state of the nation this week is memeing and which has only a little bit to do with meme the asset which is a topic that we're going to get into but the memes have been strong lately uh i think this effort is perhaps

spearheaded by blue kirby who has been doing a fantastic job memeing into existence so many memes such as few and wish which i don't yet understand uh but i'm trying to uh and it makes me feel like it's a little bit like a boomer but the means are flowing the memes are flowing this whole episode is going to make me feel like a little bit of a boomer because i haven't fully been been keeping up on meme the actual asset and jordan's gonna get us up to speed on that but like is it just me david or have you noticed an uptick in aetherians and d fires ability to come up with memes like last like the last few couple years even it's been all bitcoiners like if if you want the great crypto memes they came out of maximal's territory in

bitcoin or territory but now i don't know if it's just me but it feels like the uh meme game has shifted and the ethereums and the d fires are like picking it up yeah and really they're ahead of the bitcoiners oh yeah right now like big lead do you think so there's a there's a lot of memes that like i only understand because like i can go to a friend and ask them like all right what does this mean mean and then i explain and then they explain to me and then i understand it and then i'm a part of it right like as soon as you understand a meme you're a part of the meme right and so and and the the way that i think memes work that first off they're highly correlated to asset appreciation right and so that like a token number goes up

then the meme culture begins right like that these things are linked together and uh when d5 fun times happen and there's a bunch of assets all going up in price you have like a decentralized production facility of memes coming out of every single corner of d5 every single corner of ethereum so like the meme factory has like started to churn out some really quality memes it's super impressive well aptly named state of the nation then david so why don't we get to our first topic and this is one of three topics so we're going to talk about memes the asset today and get caught up to speed on what that is we're also going to talk about eip 1559 and like is it just me or did we enter a bear market is the bear not fully dead

we'll talk about that and then thirdly we're going to talk again about the uni airdrop which i think is um warrants a another conversation this week as well but first let's talk about memes let's talk about nfts we're bringing on jordan lyle who is the accidental creator of the meme asset jordan welcome to bank of the nation or a state of the nation all right how are you doing sir you got me all flustered with this meme there you go it's it's flustering for sure i'm doing well how are you guys we are doing fantastic you know i so david and i um got a confession to make so we try to keep up with everything in d5 and like

we do a decent job right but there's a lot to keep up with and meme is one of the things that we haven't yet fully kept up on and so so we're kind of relying on you to explain this thing to us explain what this thing does and what it is uh and how you got involved and maybe jordan we could start with kind of the the genesis tweet right so uh i'm gonna actually share this and maybe you can explain uh how this whole thing started with this genesis tweet so i'm sharing right now a tweet uh that you made when was this okay august 14th so a little over a month ago and this was meant to be a joke tweet you said introducing the g d generator

spin up a new d5 project in as little as five minutes and then you show this like mock-up ui of like some kind of a yield farm wizard uh user interface where you kind of select your governance you select all the money legos and then you know out pumps a i guess a new yield farm is that right you you got it man yeah that's it um so what happened with this with this tweet and then what happened afterwards well uh how much time do we have um so so yeah just like quick intro i i i'm a product guy building on d5 right i've been full-time ethereum for like three plus years now i'm at consensus at the moment uh prior to that i was at total

the dex aggregator as as chief product officer so i've been living and breathing ethereum and d5 devices it's been a thing building products in this space pulse thanks to you guys in fact you know my finger on the pulse of what's going on and it this this this seems like so long ago but it was it was five weeks ago this was uh not not that long ago in uh in any normal person's uh calendar right but um this was just as yam happened right this is just as uh this the curve token was deployed by ox chad right on on twitter this was just as based was was coming out

um what we started to see was like uh a lot of these guys were using you know the synthetics token for for staking they were using this or sorry not the token the the governance contract you know the the synthetics contract for this the compound contract for that they were just kind of mashing together contracts right making some changes and they always told you you know like um inconsequential changes to to this code that justifies not getting an audit and you know my my background at consensus one of the projects that i that i was pretty proud about that uh that i that i led was the d5 score and uh it was all about like ratings agency on a blockchain what does

that look like ratings awesome by the way thanks for that and um so i'm always coming at it with like uh as a user i love this stuff right i i'm right in there with with you guys in in the pools i'm a dj by by night but by day uh you know i've been thinking about like how do we bring some some credibility a new user is just going to look at the highest apr and they're going to jump in how do we start to become a better just better more accessible banking or bankless uh infrastructure so it's it's kind of ironic right so i was kind of poking fun at the yolo nature of test and prod of pre mine of get some rando to deploy the

contracts perfectly for your entire your entire protocol on mainnet first try uh so it honestly cre it occurred to me that this would be a fun project to build and we can probably build it um but of course as like the the the lean startup mvp approach i'm like well let's see if if anybody would res if this would resonate with anyone and then it just became like oh i can squeeze in all these in jokes so there's like lots of little easter eggs in here just having a ton of fun with it i just so happened to pick the pineapple emoji in this in in this screenshot it was pure like well the yam was taken uh some of these other like what's what's cool what's still food but what's a little bit more more fun

that that's the the the source of the pineapple um and that was it i posted it i thought i thought a couple people couple friends in the space would like it i thought anthony sasana would retweet me i thought we'd get some we get some likes and then we'd be done uh but that's uh that did not happen it actually got a ton of of interest as you can see by the yeah okay so shortly after i think this is on the 15th i think you you post a reply to your own tweet that says what have i done so what did you do what happened jordan so you'll see there's a myth you see there's a hidden tweet in there um that that i that i took down in

between if you if you scroll up kind of in between there maybe it's not showing um but anyway so what did what had quickly happened was um i said well i don't have a soundcloud how do i how do i use this this uh this attention on twitter how do i use this momentum and do it for something good so i i created a notion page i i i bought a website domain name created a notion page sent users to that sent users to telegram for there and i started a telegram group i thought it would just be a handful of us like that that you know those of us that had the same sense of humor that that love defy and uh we could do something fun in there maybe it's build the product for real or maybe it's just share some

laughs but that's that's kind of how things took off is this telegram group that was created right after that i don't want to fast forward too much but i do want to give our listeners and watchers a um i guess a perspective on what happened and you know the way in crypto we look at things a lot is price right so this is an actual the actual meme token that was created on the back of this joke as you said yeah 30 minutes after creating the telegram group it's not me someone else had the bright idea of creating an erc20 token just for the holes just for the laughs so somebody on the 15th uh after you tweeted what have i done they created the erc20 token called it

meme right and the price then was um kind of funny you know 11 180 k right you know good good good market cap for a joke um now here we are and something has happened in between because here we are five weeks later as you say the market cap is no longer 11 and 186k it's four now dollars and close to thirteen million just that's why that's volume ryan oh my god sorry all right no this this price yeah that's about 30. yeah uh i was saying okay cap is 30 million ah thank you for correcting me so i was quoting um volume

instead of cap market cap so we went from let's see um we went from about 300k when it was launched to 31k thanks that's better guys 31 million yeah 31 million excuse me which um which is partly why the state of the nation is meaning right so so what happened jordan how did this happen it was this this magical moment where off the silly tweet a telegram group was created a small group of people formed just for laughs as you had mentioned uh one thing led to another the meme came

first it was hey we should we should uh have fun with this let's create an erc20 token let's fairly distribute it to everyone that's this early participant in this community fair even distribution no whales everyone has equal share everyone got the airdrop that were that was in this early group um part of the the genesis was adding liquidity to unit swap for e meme and then of course in full meme uh we sent the lp tokens to vitalik's public address essentially essentially burning essentially burning those tokens right so that we could they can never rug pull because there will always be liquidity um why is that burning the tokens because

vitality's never gonna go get them you could if you wanted to that's a meme though like you could you could look it up a lot of people have done this uh with their token but yeah it's it's it's a meme because it's instead of sending it to like the burner address the 0x000 they made a meme out of it to send it to vitalik's address okay i wasn't even aware that was going on it's just one meme in a long stream of memes here yeah it's it's memes on memes on memes it's memes all the way down okay but jordan you you guys literally checked all of the boxes like um of what sort of the memeous thing you could create for this kind of a token you know was right including this so if

you go to yeah i don't was this the url that you registered don't buy me was that part of the joke or is that not originally i bought generator dot com uh but quickly turned it into uh you know once we had a once we you know day day two i settled on dope by meme.com all right so don't buy meme.com kind of like a reverse psychology thing i guess that is going on or just another meme or just another meme who knows but what it instructs you to do is don't buy it don't farm it don't join the telegram don't have anything to do with it although they are buttons yeah they are buttons that allow you to do things they tell you not to do but

this is compliance this is how the the sec won't get after us because okay yeah because it's it's basically the the andre from wifey play right meme has zero value right that's it everyone was freaking out of course this was before we had a product this was before we had a website we didn't at the time it was hey we're the doge for d5 right like this is just a meme coin and uh people were were fomoing hard and it was spreading around twitter it was spreading around all these pnd groups and i have a reputation or at least you know one that i'd like to maintain and i work for consensus i got to make sure that like we're good there so i was kind of distancing myself at the time like dudes like let's let's

ease off this was just a joke this is satire you guys know this right um so that the meme became early on don't buy meme hashtag don't buy me that's it's been it's been the meme all along and when we got listed by poloniex yesterday the meme was don't um don't list me like please please stop don't list us oh my god so so uh centralized exchange listed meme at this point polonius oh yeah yeah yeah okay so so i have to ask is there any like tech level meme now yeah that we're it we're yeah it's in me inception over and over and over again uh so i have to ask like is there any sort of fundamental value proposition to this or is it just a means

okay so what's the fundamental value proposition to me so early on it was just a meme but it's long since been just a mean and in itself that's a meme right so so yeah early days pump and dump territory what do i do what do we do do i do i distance myself do i do i get more involved um it got it got going into that territory a lot of a lot of people are dumped because of this this early fomo you know um early days we were able to the token price is starting to get up there in price a lot of people don't in fact i'm not going to call him out here but if you search for twitter there are a handful of people that have that have uh

publicly anthony there you go and he regrets it he was on form two which is another meme but he was on he was on the airdrop that received the early yeah 355.55 meme he dumped it pretty early on for a couple eve and why would you why wouldn't you right this you know a few grand for a funny joke why not um but after all the dumpers had dumped and moved on and and i'm trying not to take it personally yeah my name attached to this thing but but we can we can move on okay um after all the dumpers are dumped uh it was like okay what do we do a few of us were like dude this is this is lightning in a

bottle like this is magical this is like this doesn't come around very often that like we have something like we have the meme first and then we have the brand uh or the community and then the brand and now it's like well now what do we do you know i'm a product guy uh so it was like okay if we are the dosh for d5 we would be composable right like we would be a lego brick of course um so what does that mean and then a bunch of ideas floating to the top you know being discussed in this early group this was 2 a.m my time i'm having a blast everyone and this is all meanwhile people are throwing memes they're meaning each other they're mean to me uh but bunch of like again memeception memes on me like

this it was just an insane ride i wish i wish we had filmed this thing if it become like this was it was just an is an amazing 12 hours um but it was an idea kind of floated to the surface and that was hey what's the what's the memeus product that we could build but actually provide some value and something that would that would be worth our time right like we we wanted to build something i didn't we didn't come all this way to just just fizzle out okay yield farming was huge at the time this was right after yam this was pre pasta free sushi sounds weird to say right but this is pre-food forever ago yeah it was like um

it was it was early days and then the thought was okay yield farming they haven't done nft yield farming let's mash the two together and let's see what happens a lot of things you can go that in that direction right like a lot of different directions we can go fortunately the the engineers that happen to be in this small group of people that didn't sell their airdrop um they picked up and ran with it and um 10 days later so 10 days after that tweet we were live in production on mainnet doing pioneering uh nft mining or nft farming and that's kind of to be clear you didn't have that idea nor did you

execute anything right i didn't have the original idea it was a community thing uh being a product guy and you know ui focused i wanted to get involved and help and help get this out the door right but it was a primarily a lift done by a couple of engineers that are that are pretty amazing that that continue to push this thing forward okay so yeah always always a custom you know community community thing jordan i'm showing on my screen so if you're not familiar with this this is a it's kind of like the ebay ish for um nfts non-fungible tokens um if you're not familiar with with what those are but they're basically collectibles crypto based um crypto registered collectibles so most

of these are registered on ethereum and um here are some that were recently listed i believe by meme limited as it's called um so we've got what these are yours right jordan we've got this andre these are not yours no they they they belong to me but yeah they're not mine oh okay i know they're not yours sorry they belong to meme the dao and you guys have created these like different uh cards it was that is that the first product that you mentioned like and this is kind of um i guess crypto subculture right so we've got an andre rare card we've got a um i saw some vitalik cards in here i saw some hayden adams cards that are newly minted as well

um that we can see let's see here um meme grail relic here's the hayden legendary card okay hayden's card uh he's the creator of uniswap for those that are not familiar it's listed for over 944 eth right now it sure is what are these selling for like are these really selling so we skipped over a big piece and that's the actual like farming pool so if you go back to that fight we're we're much more than just like creating funny pictures and putting them on open seat right so it'll it'll make you connect the wallet but if you if you were to jump into the farming stuff you'll see that i have to click don't farm to farm right i can either confirm nor deny it okay i'm

gonna i'm gonna click it i'm just gonna do it yolo all right and i've got um choose a farm genesis or lp genesis so pool one is genesis pool two is lp genesis uh pool three is artist series so jump into jump into one of these it may make you connect the wallet i don't know if you're if you're connected here i am going to go against my better judgment and connect to the genesis nft collection so the first batch included metallic both are rare uh common and legendary sergey and then cz from finance that was and then and then the relic the meme grail and that's it that's all it was was different

rarities a set of three uh for each crypto celebrity each crypto og and that's that's what it was we we worked with an artist and uh we built these awesome graphics these trading cards essentially right and they had different rarities but what you do so the mechanics here is uh if you click manage stake right there you're assuming you had meme in your wallet you'd approve it and then you deposit just like just like farming just like walking up just like staking right you'd stake your meme token um that you didn't buy and you would uh you would start accruing so it's you earn one pineapple point for every meme locked

uh per day uh minimum is one and the maximum is five so um we did not anticipate a token price of fifteen hundred or whatever it is at the time we built this the token price was fifteen dollars so the barrier to entry was pretty low uh but the reason we kept a maximum of five meme on there is to just prevent the whales from coming in and minting everything i wanted to give some some love to the little guy but essentially that's what you do is you lock up your meme you're earning pineapples and then over time you come back and then you can exchange those pineapples for for nfts and it's only minted when you click mint like these things don't exist until you until you redeem them and mint them for the first wow and then you can go and

you could take that nft and then you could go sell it on somewhere like open c yeah you can sell it on the aftermarket and and that's what those are there people have been selling these things people have been holding these things you know why not huddle where we've kind of hinted at like down the road at giving extra utility potentially long term there's a trading card game uh so there there's a lot of different strategies in play here uh but there is certainly a secondary market um the the largest so far was the legendary and you're on the the legendary would be another tab on there um if you go back to genesis and then you click lp now in this case you're not locking up meme but you're

locking up lp tokens which is uniswap you know you're you're you're essentially your tokenized share of liquidity on uniso what what what's it paired with ether uh e it's ethan mean yeah and we got it really just an experiment in like liquidity right could we incentivize liquidity here and it at the moment you know at the time we launched it went from maybe 40 000 usd and liquidity to 400 000 usd in liquidity so we we proved that that that experiment worked but yeah so these are the legendary cards where only 10 exist 10 will ever exist uh the cool thing about 1155 is that you can you can do a bunch of things like that where it's

impossible for us to uh go burr right like we can't yeah anymore um 1155s you're referring to an erc these are not these are not erc 721s which is an nft these are 1155s right which have some other feature sets related to well a little bit you know it's almost like a uh a mix between an erc20 and erc 721 where you can do some cool things you can batch them together you can create some additional rules about the but the the one thing that's really interesting got the blue curvy of course so so some of these have been have been uh topping out um

right now the record by is the rare sergey from chain link at the top there this one yeah it sold in one day it sold for 7.7 eth the buyer turned it around and sold it for um 77.7 are you kidding me in the same day the 20k usd 300 30k i think and why is that i mean there's there's a lot of value here uh there's only ten that'll ever exist at the time it was the only one minted right and it's it's kind of interesting to see like which i mean this is like this is like art right

this is like collectibles art but it's it's a shared participation um you know as well so like why does this have value the same reason the mona lisa i suppose has has value right just like this shared social fabric and the shared history behind it and the interesting thing i think too is um you've got a lot of folks who are doing fairly well in crypto right so like art always requires um a rich you know patronage to to pay for the art and you kind of have that in in crypto and in default like there's a lot of money floating around and not a lot of newly newly won money that people apparently are throwing at things like that

is it you know does that take resonate with you jordan why do you what's your explanation for why this card sold for 30 eth yeah what you were describing is is like nfts in general right um and and i i know you just did a podcast and i don't think it's live yet but um there's like that whole untapped thing really which is like d5 is just now waking up to nfts in general and all the and it's more it's more than just cryptokitties it's more than uh what meets the eye um what we did and we can dive into that but what we did is is build on top of that instead of just being you know we could have easily sold these cards and maybe someone would have bought it but we we created this economy where i mean

it's a meme sink too david could probably explain this better than i thought but your the total value locked of meme locked across all our pools is up to like 12 million usd like we're top top 20 or whatever it is in in tbl if if we were on the list um people see value they're locking up their meme to mit these things whether it's because they they want to hold on to these things because they do they do genuinely value like scarcity of these assets or they think there's some utility that may come down later or they have a ton of money and they want to tell their friends or they want to put it on display or they want to sell it like a lot of the these defy folks that are coming in they see the aftermarket

or the secondary market sales um so there's the 70s uh andre cronia went in and bought his own for for 32 eve uh we had another sale for 60 something eighth uh all the rares sell for at least two or three eve commons are starting to increase in value this is the genesis collection you can you can strap extrapolate right if this is a platform that kind of leads the charge in the next bull run like these these things are valuable so when you said meme sync right jordan you're referring to basically the ability of meme to essentially take memes that are going on in the crypto and d5 space and essentially create products like cards out of that collectibles out of that and that can be kind of your your end product but you're

able to tap into all of the popular memes that are happening right now across crypto and d5 but later in other places and sort of capitalize on that and that's that's what the product is now is there like an organization kind of um you know that i guess a rudimentary skeleton kind of organization like do you have graphic designers that you pay and do you have um developers that um that are you know employed or contracted or like how's that shaping up so yeah that's been probably one of the more interesting things is that early on we created the citadel of course right and uh in order to join the citadel you needed to possess a hundred mean 100 meme tokens at the time it was

easy to get in buried entry was low now uh a token at the let's just say the token price of 1500 it's 150 thousand dollars just to participate but anyways this is like the the it's like a the dao it's like the diet now right for now it's just a tokenized a um there's there's proof we're using we're using this bot collab land um that allows you to monitor a telegram group and really gate it to only users that possess a certain number of tokens uh so that's that's the dow and we're making and there's 80 members now who are locking up at least a hundred meme this is what you quoted oh that's from the

16th so there's probably more now yeah that they're they're they're things have adjusted uh you know and for some people we've hit moon so so people found their moon and uh right now it's around 50 or 60. yeah but um as a product guy and there may be some uh you know um contention here but uh it's it's decentralization is a sliding scale as is another meme but um so certain things get up put up for vote other things especially as it relates to the product i i would like a little bit more uh input being that that's my background i feel like i can provide a lot of value it's creating products and

and doing that and my face and i'm one of the only non-anonymous people in like the leadership role so i need to make sure that it it matches my uh my standards uh so certain things we make we make you know small teams make the decisions other things we put up for a vote um it's just been in a few weeks experimentation in nfts and d5 in governance in uh in memes and like the personalities of multiple people coming together all at once it was a this was gets used a lot flash mob token distribution um and and i think we stopped like it's it was it's a joke right like this is a huge

amount of money that now our market cap um for silly memes if you look at the surface this is why i think it took so long for you to respond to my telegram messages ryan yeah it looks like a joke on the surface i would not fault you for thinking that it's a meme coin first product it looks like cryptokitties for d5 i would not fault you for looking down on it we we missed a whole section there uh the third pool which is the sven pool is this amazing graphic or 3d fine artist that i that i've that we found who we got connected with and he's doing more than just like character caricatures of twitter personalities he's actually doing fine art things that you might find on

uh super rare or wearable or sites like that yeah memes itself into fine art this is sven right here i think i'm sharing my screen artist drop zero that's the next oh this was another experimentation okay so we we kind of catered to the d5 folks what if we went after the nft folks the collectors the art enthusiasts so if you click on explore uh you'll see some of his stuff wow and these are all animated works this this is like legit people in this space uh are like this there's about a four four million usd locked up at first at first glance um and this is there's this is just another thing here where you're earning pineapple pineapple points anyone now

after after a couple of days they can go mint that first one by the way jordan is there is there a um is there a market for pineapples too not yet okay yeah but there probably will be there could be it's just near c20 of some sort lots lots of ideas just not yet tokenized digits in a smart contract okay so if i want this bottom one of like uh a pineapple smashing into a wall this this gif if i want that then the way to get it right now is either someone mints it and i buy it on a secondary exchange like open c or i start staking my meme collect enough pineapples looks like i need 60 pineapples that's going to take a lot of meme um

you know in a while so that should be like you know 60 days with one meme or something right um to get that um to farm 60 pineapples and then i could mint one and then i'd have it in my wallet is that right exactly yeah once you hit 60 pineapples you'd be able to claim now you're probably out of luck at the moment because people because we did this like timed release on twitter and we teased it and um people were lining up for this thing so a bunch of people got in early which means that they'll have more pineapples once you know once once the time has elapsed um oh wait maybe i was missing so why couldn't i enter now it's because

there's only a certain amount of you totally could enter now you totally could i'm just saying um there's a lot of attention here to learn that that that they'll just earn faster because they started earlier yeah they're the first pharmaceuticals the farm economics just like other farms and now it becomes this nash equilibrium equilibrium or whatever you want to call it where do i go mint like the lower rarity cards because i can lock that in do i hold out and wait for this legendary or this one of ten card um but if those all get bought up if i'm not if i don't happen to be like f5 in the site at the time i earn i may miss out completely or if i don't pay

enough gas so because i call it the pineapple dilemma where you may need to just just bank it you know cut your losses go for it there's the one in 100 instead of the one and one one and ten so it's it's just fascinating i i can't wait for more and more people to think to realize what's going on here um but again after launching stop stop me if we're going too long because i could talk for hours on this after launching this fence stuff some of the top uh nft artists lined up hit me directly like i'm not going to say names because i want to release those um but some of the like the top five people on wearables in terms of sales like hey let's collab hey let's do this they see this as distribution basically that

you're getting production it's more than just it's distribution but it's also engagement right so so the the most fascinating thing about this is its bottom up nature right and like jordan like tip of the hat for either like for accidentally or on purpose like creating a literal meme token and like there there is we all know there's energy in memes right like memes have been a thing for like almost a decade now and like now on and i'm sure that you are not or many people are not the first people to try and like hey let's try and tokenize memes right let's try and turn a meme into a token right except that doesn't work from a top down perspective memes aren't top down memes are bottom up

right and so the only way that anyone could ever tokenize a meme is it is by accident right there's only because that is the meme the meme is that it accidentally tokenized itself and now the meme token is this shelling point for this meme community and so if you tell me that you have like the top five nft like creators coming to say like hey let's collab like i want to get in on this like that is the the best most successful case study of like how this whole entire industry operates right it is a bottom-up industry it's by the people for the people and memes are something that we as a collective unconscious like all organize and and uh you know adhere to

and so so jordan like congratulations on creating the shelling point of memes like that's just fantastic i'm just a humble pineapple farmer this is an amazing community you guys really got to get in this community look past the the craziness of the of the of the general gen pop uh telegram group uh this is it's just an amazing confluence of skilled people that kind of came together and didn't sell right away when they totally should have uh stuck it out um continuing to just just believe in this and the silliness believing each other these devs are amazing the artists are amazing we haven't yet worked through the economics

of how do we automate and like build into the contract payment royalty payments to the artist so that's coming soon um we're partnering with other other brands other protocols in this space that want to want to reward their users or engage or create their own uh branded nfts the the the long-term vision and and i think you'll identify with this but the road to mass adoption and in defy will be built on memes yeah um so this is how we bring in community web generated value bottom up yep we should jordan we should maybe do something talk about doing something with the uh the bankless uh poap token and uh memes um that would be a really

interesting like cross section especially i i feel like um david and i and maybe the bankless community just have to wrap our heads around what's going on with these nfts right so we just did our first nft podcast we put it out that made me more bullish i think like david i'm seeing not his head yes too andrew he's on your podcast he's amazing yeah he's amazing that's coming out on monday and then honestly i felt like kind of a boomer like like in um trying to understand what was going on with memes right like comment in the youtube saying the guy with glasses looks like he's talking like a boomer yeah exactly see they can smell it um yeah it's just like maybe uh look i'm i'm millennial but maybe just born too

late maybe this is a zoomer thing but after this jordan you've given me hope i feel like i understand what is going on with meme so you know boomer no more the glasses come off i am now uh i'm now with it can't see but uh nfts see the future but you can't see irl um that's uh what yeah i mean what you said is spot on is like it's funny just the last couple of days it's it's taken over crypto twitter right um and you see certain people even like hardcore ethereum people just like not see this and i a lot of people just bash on them i'm trying to take the approach that like hey

there's a tipping point for everybody not everyone got crypto right away not everyone got bitcoin right away even those of us that are like waist deep in this thing it took a couple times a couple people telling us that this is a thing you guys got to check it out once you get into the rabbit hole though like you realize it's more than just silly silliness right there's real value we saw with um with andre and tokenized insurance one of one of one new thing that we'll be announcing shortly is uh a pool a brand new pool that allows you exclusive access to an online um virtual summit virtual blockchain summit that's coming up soon so by by staking and then holding these nfts you're able

to you have the utility of accessing vip groups of attending certain closed uh zoom calls so like this it's there's so many things that beyond this cute graphic we can now tokenize and distribute and put on chain all this all sorts of activity and value it's super exciting jordan and it's also like it's also fun that's what i love about it right it's just it always comes back to the memes man like absolutely if it wasn't fun there would be no value there's it's fun well guys um of course none of this is investment advice of course but it says don't buy we look yeah exactly we can argue that

but okay so but but um if you're watching this video we are so early in the nft space as a subset of kind of everything that's going on with d5 right like so i feel like nfts are almost what defy was in 2019 or 2018 and it's going to use the d5 rails to propel itself so anyway it's super early you haven't missed anything but just start immersing yourself i'm going to more in the in the nft space and i think um bankless listeners will find some opportunities there as we go jordan it's been an absolute pleasure to have you on my friend thanks for educating us i'm no longer a boomer when it comes to meme token so mission accomplished thank you good job

we appreciate it take care bye guys take care all right guys well that was that was fantastic crazy yeah what do you think david do you get it now maybe maybe i i i i generally understand the pattern but like again my fascination is just how it it organically just coalesced around itself like no one person had any particular idea like no one person contributed anything no one person had the plan the plan it felt like there's that old um uh i can't remember the name of the the uh the cartoon movie but it's like of the wallace and gromit where where gromit the dog is on the little toy train and he's laying the tracks as the train is going that seems to be what what the

meme culture is doing they're just like all right so like where where does this track next like let's keep on laying the tracks we we don't know where it goes but let's keep on laying tracks and uh turns out those tracks led to a 30 million dollar market cap crazy right but also those tracks also like bootstrapped the entire thing so it really was nothing in the in the very early stage but the community made it something right and then actually created utility on the back of that and now it's like it's turned into like a meme production house with actual nft products that it sells bootstrapped from a tweet came crazy into existence it means itself into existence crazy all right man let's talk about something uh we we do understand a bit more that's the

second topic today yeah and that's um eip1559 yeah we're going to totally get into the subject but first we're going to talk about some of our sponsorships sponsors here we go the bankless state of the nation the bankless state in the nations are also brought to you by monolith monolith is a really important tool to help you go bank list but still let you buy your groceries at your local grocery store monolith will ship you a very sexy visa card that you can use wherever visa is accepted which is basically the whole world but instead of using the dollars in your bank account it uses the die in your monolith smart contract wallet something brand new out of monolith is the ability to add funds directly to your monolith wallet without having to go through a centralized exchange like

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bearer is still out there like in the rearview mirror i mean it still feels like we're in a bull market but we can't shake the bear right now yeah what's your take it it's like it's like when you're trying to escape the black hole and you're like just on the cusp and you don't know if you're going forward or backwards yeah feel like we're going forwards but like you said like the bear the bear is in the rear view mirror but he's still in the rear view mirror right he's still right there right and you know as much as d5 fun times is as much as yield farming has been fantastic the low liquid low market cap defy tokens are not the market cap of ether right and at some point like we need the market cap of ether to go up to validate the the bull market right like number

needs to go up and it needs to be ether and bitcoin needs to help um but un unless ether can keep on like turning out the number go up like you know that you can still see the bear market and it's still like right there that's that's the way i feel too like defense had a fun summer like a really good fun summer but now it's time to get back to school right and um like now we're down 40 for the past 30 days on d5 tokens uh some people are saying like the bubble has popped all of these things i don't believe that for a second i mean i think we're still fundamentally in a bull run these kind of pullbacks these kind of drawbacks are totally normal we see this in every single bull market cycle but at the same time there is a point like

uh with all of these defy tokens including things like meme it's all so far appealing mostly to people who are already here right it's kind of the the defy crowd the insiders the people who stayed after 2018 2019 that's who's using these um like doing the farming and pursuing these assets and getting the the uni drops we still haven't found that fresh crop of mainstream users to come aboard yet and i do think um the price of eth somewhat reflects that too right but like i guess the question is david what do you think what's it going to take to um get that next crop of mainstream users what's it going to take to get the next leg up on the price of

eth right well so we evaluate these defy tokens and the reason why we why we think that they're valuable is because of their the cash flows right like the protocols have cash flows the tokens govern over the protocols therefore the gover the tokens govern over the cash flows right and the tokens give you upside access and the upside access the upside exposure is because of the cash flows cash flows cash flows cash flows have i said cash flows enough times and so like and this is what is missing with ether eip1559 is the cash flow mechanism towards ether right and where is it where is it well okay so what do you mean what is that for people who don't know eip1559 what is it why does that provide some kind of cash flow or maybe

a cash burn right to ether the asset right and so okay so eip1559 changes the way that we pay gas on ethereum right and so when you've been farming you've been opening up metamask and you've inputted the gas number you know slow medium fast or maybe you go to the advanced tab and put in the actual gray number right and you know that's inefficient right we we know that these markets are like relatively inefficient the people over pay for gas when they don't need to be and a lot of people underpay for gas because we don't know what how much gas to pay right like it's a constant auction right so like i do that all the time right so i see like a great price of 205 and i'm like well i want to make sure i get in right because this transaction is super important so i

put 220 right you bump it up instead but you didn't need to because i didn't need to 180 could have done it you and you over and neither did your wallet like your wallet is just estimating the right gas to pay to right and so like your wallet is kind of doing this estimation for you and it could also be wrong and the reason why this is so difficult is because like each 12-second block is an auction right so every 12 seconds there's an auction and you know blocks have different things inside them that can make them more or less valuable right and so no wallets have no way to predict this right and so what eip1559 does is it formally instantiates how much gas you need to pay to get into a block into the protocol right and so the ethereum protocol will develop a

number saying like okay you need to pay this much gas to get in the block and then you pay that much gas and then you get in the block and so like there's no more auction anymore and so this this number is generated in a similar way to bitcoin's difficulty adjustment right and so if and and so it uses a variable block size and so if a lot of people pay the the gas fee to get in the block the block gets bigger and then it targets a lower smaller block size into the future to balance that out and so a variable block size to accommodate for a variable load and then as block size get too big price of gas goes up until the block size comes down right and so that's how gas fees go up in the future okay so what we get from that is more

efficient um like you know i'm not overpaying for gas users are not overpaying for gas so that's good that's bullish and that would have to also make gas fees come down to a decent degree because like in these gas markets like there's been uh models that have estimated that we are overpaying for gas crazy two-thirds two-thirds and so like just as a more efficient mechanism gas prices could come down by two-thirds miners are getting wealthy for sure um because we are overpaying them we don't need to be paying we're just like over tipping over paying them yep okay so but what about the the part that you're saying right which um makes cash flows or cash burns what were you talking about there right and so in the current form we pay the gas fee and then it goes to the miners right and

that's that that's their reward in eip1559 the gas fee gets burnt right all like almost all of it like 95 97 and the reason for that is to control for some game theoretic uh moves uh if it uh went to the minor then the miners could do things to congest the chain so that everyone's paying more and they would that's a rational thing for them to do and then that wouldn't work and so instead of paying the miners we just burn it we just burn it no one gets it send it to vitalik's address [Laughter] that's a good joke good meme uh and and so okay yeah so so we delete it from the supply right and so instead of paying the miners what you're doing is you're paying everyone basically you're paying everyone in equal commensurate amount to

their eath holders and when i say everyone i mean all eath holders right and so this is reducing the supply of ether because uh essentially you own a greater percentage as an ether you're it's reverse dilutions you own a greater percentage of the network right when eath is burnt yes yes um and so yeah sorry i accidentally hit the starting zoom button but now it's done uh and so yeah so so every block if if we are paying like miners two e three e four ethan fees per block that means instead per block two four three i don't know ether is getting burned per block like it's getting deleted and ins and the way that we incentivize miners in ethereum we have the social contract of

issuance so miners get paid regardless they just don't also get the fee on top who gets the fee on top instead is all the remaining fee holders so every single block the demand for ethereum block space is producing a basically an eth buyback for each holders right like it's a buy back and burn program right it's like if apple had generated a bunch of money and they decided to buy back their shares and then stock price goes up or even the fed imagine if the fed was like hey your taxes this year because we've had this big inflation problem when you pay your income taxes this year we're just going to take that money and burn it yeah we're going to remove it from circulation right we're not going to rest we're not going to reissue it that's supply going down okay and so then so if

that happens you're like i'm going to keep some more dollars in the bank account because the yeah we could right have more dollars proportions right so you want then you want to hold dollars and then inflation should go down this is what deflation is by the way the fed will never do that but um that's what we can do with cryptoeconomic systems okay so um so we've got that issuance by the way is about four and a half percent on ethereum right now so four and a half percent new supply gets issued every year if eip 1559 was active we've you know done some analysis that in bankless articles about this but um we could even get to like negative issuance right absolutely especially like we've had right so that would mean uh that would mean like lower like one percent issuance per year or possibly negative

issuance so it would be a big deal so okay all of this sounds awesome improve usability improve um scarcity of eth why don't we have it yeah that's a really good question and this of why this is part of the state of the nation is because okay from from my tentacles in ethereum like who i talk to uh there's been some grumblings about like all right like who has ownership over this project right like who who is responsible for getting eip1559 out the door and that's kind of like the problem i don't really think that there is any one particular problem or one particular person that is responsible for getting eip1559 through right and so like that's kind of the current state of the conversation is like who's gonna do it

like who like the the uh core devs uh are some like somehow in the in the most recent um core dev meeting like prague powell was a bigger topic than eip1559 so you know the community doesn't like that community likes eip1559 they hate progpal but somehow like a decent amount of the core devs are still interested in progpow and not eip1559 right so this there's this friction between the core devs and what the community wants like ethereum is a meritocracy right and so the core devs have been there because they can they are stewards of ethereum but that doesn't mean that they are in a completely incomplete alignment with a community right we don't have the same priorities and so uh that's and when when the community gets frustrated they start to

speak up right and so lately the community has been getting frustrated and they've been speaking up this is uh dc investor speaking up it will take uh years before eth2 will fully deliver the scalability we desire so we have to keep eth1 a top priority top priority according to dc is eip1559 when's it coming right hassou as well a research analyst who's written a lot about eip1559 we've had him on bank lists um and he he's tweeting support for eth how for eip1559 how um that will mean there's always utility to holding eth um you know i've tweeted about this you've tweeted about this it's really the conversation like

if not having eip fifth this is harry glenn not having eip1559 is costing heath holders millions per day and burning it really is we're leaving money on the table why are we not funding 10 teams to get this done asap and it's a rational thing to do right this is kind of like a coordination failure of the ethereum hive mind right like okay well here's the core dev right here justin drake all right fee burning his tweeting support of eip1559 he says fee burning would have burnt um half a million eath over the past five days half a million eath that's you know half about half a percent of eth's supply over the past 50 days right yeah that's a core dev speaking about this

right and so and so yeah this is kind of kind of where we are okay so um i guess one thing that's important to to realize is when we talk about core devs there are kind of two groups of core devs right there's sort of the the core devs that are still maintaining each 1.0 and then there's the core devs that are pushing each 2.0 for it those seem to be in separate like separate tracks yeah one is more conservative than the other yeah like naturally yep um but like there's no there seems to be there doesn't seem to be a core contingent of eth one core devs really pushing eip 1559 and we've been talking about this for like 18 months to 24 months

right absolutely yeah okay so do you know what is going on like do you have kind of a latest of um what's being implemented because i i read an ama just late last week with some people who are working on fifteen five nine yeah and i don't want to suggest that like no one's working on it or people are being crazier right there is work being done right um and so like the latest i've heard is that like uh dan finley put out like a in an eip for uh wallets like in the metamask category right because you know wallets are going to have to like re-build their product in order to fit this new like we're changing a very deep thing about the ethereum protocol so like eip1559 it's not like this trivial thing and so

like a lot of infrastructure will need to change uh and so um the latest i heard is that like things like that are happening and there's also a bunch of like testing and audits that need to happen uh but that's kind of what i've been hearing for a while yeah so i think what we're going to do at bank list is dive more deeply into this so um spencer noon had a fantastic ama on telegram just kind of a private ama that he does on telegram with some people who are actually working on it um first of which is is tim uh bako am i butchering his last name sorry tim if i am so tim is a developer at consensus working on an eth1 client as well as an eth2 client and he has been i guess kind of almost volunteering the

role of central coordinator uh lately on eip1559 uh and hassu and georgios this this other person in the ama are like analyst contributors as well kind of weighing in and what i took from this ama will include in the show notes is i guess a couple of things first there is actual work being done on two clients the first is the bezu client which is essentially the consensus eth1 client and the second is oh sorry uh am i confusing that oh yeah no the the first is the best new client consensus client summer says this but the second is um geth and a team called vulcanize the development team called vulcanize is contracted to work on that so that's the first thing actual

implementation work is getting done in test net on eip 1559 in this ama when pressed for dates and timelines um tim said look timelines are tricky he's personally aiming for the fork after berlin so um right now there is a i'm not sure if berlin is scheduled as a fork but they're hard for this area in february question mark let me let me okay maybe february right so let's say that fork happens early next year um tim says well then the one after that could be the eip 1559 you know you're an ethereum axi when you type in berlin into google and it auto-populates as berlin hard fork yeah that's hilarious um also google knows a

lot about you david um oh man yeah so so i mean possibly that means next year right but okay i mean it just and anyway the the answers in the ama were great um they also talked about how the question came up of how would this look in metamask right is this going to totally change the user experience someone actually threw up screenshots of how this would look in metamask which i think you're kind of great no no hard time on berlin hard fork okay so we don't have time for that oh wow that is really cool yeah so this this that graph that goes up and down that's what i was talking about with like how eip1559 is similar to bitcoin's difficulty adjustment like what you are

seeing is a protocol clock sizes the protocol knowing the demand for its block space right like this is kind of what it what eip155.9 does is like it informs ethereum the protocol of the demand for its block space which is pretty cool and of itself exactly exactly so i think you know the the the message for wallets is you have to implement some things but the user experience shouldn't really change in fact it should get easier if you're a user because you don't have to kind of guess what the the price will be in sort of this auction and risk overpaying which you're doing right now is essentially it'll be more like buying something on amazon like here's the price you pay it maybe you'll maybe you'll want to tip some to get it done faster but right without one day shipping yeah yeah so the ux will be

better anyway there's a lot of wins here this is the biggest change that's probably ever occurred to eth1 and i think there does seem to be some momentum building for it but just again per these tweets and i think some of the reaction on twitter is just for the amount of value it provides to the eth community and the eth economy it doesn't seem like it's uh it's weighted correctly right yes yes right and also as a community we are rationally incentivized to like fund this way more than we have been right because like if you're an eth bag holder then you should be it would be rational for you to like give up some of your eth to fund the eip1559 so that the rest of your eth is more valuable

exactly exactly so i think it's going to happen but you know how long will it take is is kind of the question and i do think by the way this is uh implemented um off the bat is going to be implemented off the bat in eth 2.0 so that's like the worst case fallback that's correct for eth economics it will happen in 2.0 if it doesn't happen in 1.0 already but that's in like two years yeah it happens and then also it's there's also sharding right and so there's more scale and so there's less burning it would be nice to have it now right like totally nice it's on like let's let's keep this bull market going like this is why we started off this conversation with like you know the bear is still in the rear view

mirror like what is the thing that slays the bear like it's it's exactly what's our weapon it's eip1559 well we we asked that uh in the in the podcast um the nft podcast that's coming out monday right it's like we're we're talking to andrea and jake about uh eath price predictions they basically said well here are price predictions right and they were you know fairly conservative but if eip 1559 comes then like blow that out of the water right it's a catalyst for the bull so anyway i guess the message is it is being worked on not as fast as we would like it's still definitely an area that the bank list will continue to cover and wherever possible lend support uh to the the developers who are actually taking

action on this so we're going to have tim on an ama an upcoming ama and get his take have him uh give us an honest assessment of where eip1559 is and where the bankless nation can help with that yeah i expect that to be a very uh popular ama yeah so we just got to get tim on so he's writing a post this week um and we'll get him on shortly after that david we've gone a little long on this as we are wanted to do my friend but we've got one last topic to cover and that is the uniswap airdrop now you wrote a great editorial on monday of this week talking about the like the airdrop and comparing that to the uh the corona stimulus package right the twelve hundred dollars each uh american

received in in air dropped money from from the fed for um like corona damages i suppose um and you compared the uniswap airdrop to that what was like what was going through your head with that comparison how are they similar yeah yeah so there is like this trifecta of things that are going on right like there is universal support for universal basic income right both inside like the united states and in in greater in europe as well like people like universal basic income for obvious reasons like do you want free money like yes yes i do and so like that that's that's obvious and and the having it go from less like not being a known thing to being a very well like a household named like uh like

phenomenon it's that happens so quickly like the people of the world are hungry for a wealth distribution event right like and and hopefully reoccurring right and and meanwhile the conversation behind that is just the extreme discrepancy between like the capital owning elite and the the laborers of the world right like i think in my political opinion like it's not left and right it's like it's it's capital versus labor like it's always been capital versus labor right and so what ubi is is saying like hey let's get the all the value all the money that the capital is is sucking up and like let's re-just redistribute it out to the people so that they can actually live their lives and then end up end up supporting like all the

capital in the beginning right and so that's kind of like the conversation outside of crypto and then and then the unit swap airdrop happens right and like in stark contrast to what is going on in the real world in the defy world in the crypto world there is an intersection of capital and labor right and that's what the unit swap airdrop was right the uni token is a airdrop of a capital asset that was distributed to the people that provided labor to the protocol now supplying liquidity to uniswap doesn't feel like supplying labor but that is what that niche is like if you supply liquidity you are the laborer to the protocol right and so then you got this and even if you trade and you are also creating labor too right and so like

this is like if uber air airdropped a bunch of equity to its uber drivers and then also a little bit of equity to uber riders right and like that is just like blurring the lines between capital and labor and like that's something that i feel really passionate about and that's kind of how i think this world is going to like go overcome this like this very chaotic very like uh class warfare-ish type times right we're going to we're going to need to like reintegrate capital and labor together and this is something that chris burniske talks about a lot as well who i also really respect uh and so i i think there's a theme going on here and i think unit swap is like kind of the first to really get this going and so this went to uni tokens went to

about 180 000 um 180 000 users of the uniswap protocol so not not an insignificant amount um hey david are you there yeah i may have lost you no i i still have you but your video is off i think your computer's a little sluggish and your video's off but okay yeah i think zoom slowing me down all right so yeah so it went 180 000 um users of the unit swap protocol which is absolutely amazing and it's not an insubstantial amount right right so you compare this to the stimulus package um it's about 1200 dollars at current uni uh uni prices 1200 to 180 000 potentially people of course these are all accounts so some people in

more than one account um not an insignificant amount and comparable to what the americans received as part of the corona stimulus package so i mean i i guess pretty amazing from that perspective but like what did you do with yours david so there's this uh discussion question we threw out last week about so should you hold your uni should you sell your uni or should you buy more what uh what side are you on there i'm on the hold i have not bought any more i haven't sold any i'm on the hold side uh why are you holding well the scream up to eight dollars was nice uh but then it has fallen back down to like four uh four dollars because uh we're in a little bit of of a local bear right that's why it's what the topic of

eip1559 was about um this is uniswap dude this is like the most beloved protocol of all time with like the most insane amount of cash flows with the most insane amount of token distributions right and so like i'm holding right like i why would i ever give up my my ownership over a uniswap right that's that's mine i don't want to give that up no way it does feel like uniswap is a blue chip and so if we're in a wider bull market if you believe we are then um maybe not the time to sell your blue chips uh but who knows i mean maybe something could happen from a macro perspective and turn us back into a full bear market so i guess you're hedging your bets there i mean when you when a bunch of people just received like twelve hundred

dollars and actually now it's fourteen hundred uh sixteen hundred dollars because you know what's trading around four dollars now so four times four hundred likes people could receive the minimum sixteen hundred dollars some people received way more uh yeah i feel like a lot of people were kind of quick to the trigger and to sell right because oh free money let me lock in my profits i kind of feel like that to you and i know i know you read this book right you remember that book um red notice yeah bill browder totally unrelated to crypto and defy so if you're into that totally unrelated but yeah but but but here's how it is related so um we talked a little bit of of course not the only book talk about this but it talked about the the privatization of former um communist russia companies

private companies so like everything was state-owned communist russia in the early 1990s like energy gas all the sectors every industry was state-owned what they did this is very popular at the time was they issued vouchers these are actual like stock certificates to citizens and 98 of russian citizens received vouchers so they got air dropped essentially capital assets in the same way unit swap was there dropping its capital asset so to double down on this what the voucher enabled you to do so soviet russia was going through its reorganization right like it figured out communism wasn't gonna work and so it was gonna hand over the basic because the state owned everything like every single thing right and it needed to turn

it into companies so that the free market could take over and they needed to figure out how do we get all the state-owned assets into the hands of the people right and so they gave people vouchers that would allow them to trade in for ownership over companies and businesses right and they airdropped it they aired they uh like as something that you could redeem to own part of russia right and so it was it was like very it was like it was one of the maybe the most fair air drops of all time except i think what you're about to get into is that at the end of the day it wasn't that fair in result yeah so what happened and this didn't take very long to happen a period of like 18 to 24 months to maximum of three years is

um most of the citizenry the like the vast bulk of them were like poor hungry didn't understand fully what they received and capitalists the large capital pools came in and essentially bought them from the city from the citizens at like super low prices right right they're uh different you want like do you want like a free weeks of pay and people like is that what this is worth yeah give me a free weeks of pay exactly yeah they had no idea what it was worth they didn't remember they had been in communism for the past 40 years like they were not educated about how capitalism works right so they were like yeah free free free meals yeah yeah popular airdrop all the citizens

received it but then immediately just took a couple years and it was consolidated back to these large capital pools and the plutocracy rain that we've seen until today kind of um you know kicked off uh at that point in time so i you know again this is a little different of course but part of part of me wonders if some of the unit swap sellers like i saw a lot of trades going through and it would be like 400 uni um to a wallet that has just purchased you know 10 000 uni right with eth i'm like okay well you know some of these capital pools are taking big bats and these whales are taking big bets on uni at these prices and expecting that to pay off so anyway it reminded me a little bit of that and it's also why airdrops are hard

but this is probably the most widely distributed in d5 today and one of the fairest launches i think we've seen as a result of that so pretty cool stuff i think what is different about this one versus like the the 1980s or 90s reorganization of russia is that it was airdropped to people that are like seeking profits right like if you used unit swap you were trying to trade in for a profit right so like you're probably a capitalist you probably understand how these things work so like on an educational level way better off than like the average like i don't know russian surf or whatever yeah and for sure because um like using uniswap prior to september 1st 2020 took a little bit of yeah you had to know some things in d5 right in order to do

that so um but anyway there's an element of that uh certainly an echo of that david i think that's kind of what we have time for today man this is the state of the nation so it's uh certainly feeling very memey we don't think the bull run is over uh so uh you know maybe don't maybe don't rush to sell those uh defy tokens that's what you're doing but this is not financial advice definitely not um all this stuff is risky and we always we always end with this is risky so is crypto so is d5 you can absolutely lose what you put in but we are headed west this is the frontier it's not for everyone but thanks for joining us on another episode this is episode 15 of state of the nation