Can TRON Really Be The Biggest Winner This Cycle?!

Transcript

bankless Nation it is the 4th week of August it is time for the bankless weekly rollup it's rollup time David the uh Democrats dropped their 90 page policy platform I'm sure they they mention crypto how many times yeah we're not going to spoil it okay we got to we're not going to spoil everyone guess your number think of a number right now how many times was crypto mentioned yeah and the question of course this week as well as the the last was was this the week for the commic crypto it or here's here's the other side of this uh maybe she's going to nominate Gary gendler for secretary treasury oh two po opposites yay which which one is happening also in the world of crypto why optimism disabled their fraud proofs

uh good bad why is that even possible what happens next why do they do that and the new meta in crypto this week Tron all the meme coin Traders are bridging over to Tron and if you are hearing that line right now and you're like o I better get on Tron you're probably too late uh speaking meme coins we got to talk about the Grimace coin David um is it a scam or is this something real that McDonald's has their Instagram from McDonald's Instagram scam or real everyone plays your bet scam or real David these headlines man it's one of those weeks but at least we got this and you're going to have to wait till the end of the podcast finally vitalic makes an ethereum bull post on Twitter maybe they eat Bitcoin ratio saved David maybe there's some hope here that's vitalic doing his best to save the Bitcoin e

ratio I'm also doing my part uh announcing that me and Kane Warwick are fighting F fight this this ethereum and ethereum fighting yeah karate combat uh it was Once Upon a Time Nick Carter but now Nick Carter uh he's just like way out of my league he's already killed a guy uh well he has not killed a guy uh and so I'm committing elder abuse uh by fighting Kane Warick at permissionless on October 11th uh the last day of permission list yeah so uh the fight's on uh getting getting back out of retirement uh that I never got out of in the first place uh to fight Kane Warick so if that interests you if if yeah two

crypto Twitter people fighting at permissionless interest you yeah you should get a ticket I mean that's that's another reason to go to permissionless of course is to see you beat up Kane Warwick right which this is obviously going to happen uh let's get the poly Market ready to to be fair uh Kane has 30 lbs on me uh he's like 6'2 I'm like 510 he's he's got like three to four inches on me he's he a he sure bigger Human Than Me yeah uh but he's agreeing to come down to we're fighting at 175 uh so I'm going up 15 he's going down 15 uh that's gonna be down 15 it's all going to be like lean muscle if I know Kane I mean he's a competitive dude yeah yeah he when I was talking to him about

potentially doing that he was he was waiting for uh suzu to get back to him about potentially fighting but suzu being um the spineless fraud that he is just ghosted him uh and so he gave he gave suzu like 72 hours and then suzu didn't say anything and so then he's like okay now we're going to fight uh now down to fight um I'm just trying to like close my Saga on the like two months of training that I did with Nick like I I did that uh and now I would like to put that to use even though I haven't done anything since then um uh Kane has much less fighting experience uh I'm assuming uh but he's also apparently in really good shape because he's been like free diving for he said he's in the best shape of his life in

cardio terms uh and so I've got fighting experience he's got he's got cardio like Readiness and we've got seven weeks to train that's not a lot of time David and I know you're in Argentina I'm so like it's going to take you while to get back I'm not going to join an MMA gym in Argentina I got to wait until I get back to New York so I have five well we we'll see what the odds look like once the the prediction markets kind of release them but okay uh I if if who wins which one's bullish for ethereum or is it just like bullish for ethereum that we're having this fight is that is that how you're say I don't know man it's just it's just something something if that wasn't reason enough to come to permission list to watch David beat up Kane then uh

we've got a lineup here which is an incredible lineup David you should you should name a few guests I know Chris Dixon is top of my list also bology shiny voson who else we got though the permissionless lineup I think is one of the greatest lineups of a crypto conference that I've ever seen uh Kon from monad Ram of course uh Ben Ben uh Jones from optimism Nick white from Celestia Harry from arbitrum Luca from py Penguins Kane of course uh Vance from framework uh Tommy from Deli uh Santi from Empire podcast and previously parfi hie Tom Schmidt Dan Robinson from Paradigm uh Lucas from jeto tar and Kyle from multicoin like who who else do you want Oh do you want stonie because we also have stonie uh what what else who

else you want Samara Cohan from Black Rock like the the queen of the ETFs like we got everyone we got everyone uh it's going to be really really cool three days a lot of content there there's somebody else on this list who I'd rather see fight you should go fight Mt David was that not an option I do not I will not be fighting will not be fighting well of course guys if you don't have a ticket for permissionless you can go grab one there's a link in the show notes and if you're a bankless citizen you get uh what is it 30% off that ticket 30% off bankless bankless listeners non-citizens get 10 % off bankless 10 bankless citizens get 30% off on your guys' perks page where we per all of your guys' perks amazing all right well uh let's talk about markets

this week David the the the Bitcoin markets what's the price point are we above 60k looks like we are yep holding Head and Shoulders above 60k 6,600 up 2% on the week uh eth price start of the week at 2,640 ending the week 2610 down 1% on the week call it flat for both I would say uh eth Bitcoin ratio not doing great at 043 but we won't talk about that um The Ether flows the ETF flows are terrible they're pretty bad they're not great they're not great uh they have been negative since August 15th uh and soga 40 million on the 15th uhga 15 million on the 16th negative 13 million on the

19 on the 19th uh negative 6 million on the 20th and negative 18 million on the 21st wow oof totaling of all time since since Inception $458 million yikes this was a bad week for net outflows of ethereum so like and so when you say uh inflows outflows like not great I mean historically they've been pretty good I mean if you look at all of the ETFs uh eth is like number five in terms of you know best top performing to new inflows yeah yeah the the problem is particularly this week we got absolutely slammed with a whole bunch of outflows all of that of course coming from grayscale ether e so you could all com from yeah you could say look it's just you know accelerating this needed to

happen anyway but the net of it is like last week when we were saying these numbers we were at you know 360 net outflows right we want to get that to zero and then we want to get that to positive territory this week we're at uh 460 million net outflows so uh that's not feeling great do you think do you think some of the Bears were right that like institutional investors don't care about ethereum uh well I will say granted the amount of time that we were all surprised about the Bitcoin outflows from the gptc uh when with the Bitcoin ETFs launched that was like that was about two weeks of outflows and like dashed expectations about the Bitcoin ETFs and then things reversed and we are at two plus like a little over two weeks

two weeks we started on the 5ifth we were at the the 22nd so like it's about the same amount of time before things revers for Bitcoin uh and also when the gbdc hole really got plugged uh on the bright side of things um eth a from Black Rock passed a billion dollars in total inflows that's so one one billion 4 million of total inflows into the Black Rock ETF uh Fidelity doing great at 375 bitwise doing great at30 and then like almost like no third fourth place uh vanc is is in fourth at 60 million but it's really those those three contenders here I guess I would say it's probably still too soon to tell would be the tldr of whether this has been bullish or bearish but it hasn't been

bearish yet I mean I I don't think the data is fully in we just had a bad week um let's say on that side of things total crypto market cap 1.2 trillion about flat from last week I think David 2.2 trillion that's why I do it oh did I get it wrong it's 1.1 it's 1.2 trillion 2 point no it's 2.2 trillion I was looking at this what is this oh this is Bitcoin yeah that's why you do it David I was looking yes this is why I do Bitcoin is 1.2 trillion and total crypto market cap is 2.2 I can't believe I just like lost a trillion just became a Bitcoin temporary Bitcoin Maxi everything else is shitcoin there's only Bitcoin um okay well I'm doing this

section for you David because I know you are a an enthusiastic uh Tron Shiller uh and uh you like pumper and so uh and this is not I'm being a little fous here but like uh David actually lately you've been you've been ad dming me and you've been like hey do you see what's going on with Tron like well you should buy some Tron like we should get some Tron uh and you've been doing it on justifiable reasons which is you say the fundamentals are great I don't know if your uh experience in Argentina is also confirming this like if if people in Argentina are actually using uh Tron but here here's Tron on the 7day 20% up one of the top movers number number four just behind a which also had a great

week and and polygon well let's talk about Tron okay in your words explain to me why is Tron doing things in the market uh this week or this year like pick a time frame for me because there's two different answers depending on the on well are you bullish on the week or are you bullish on the year David uh I'm more bullish on the year than I am on the week then there you go let's pick that time Tron Tron on the year is doubled uh it started uh and even uh so going back two years so like call it January 2023 so a year and a half Tron was at 5 cents is currently at 15 cents so it's 3x in 18 months uh strong outperforming the market uh hasn't outperformed salana but it's outperformed basically everything else on like just very strong network-based

activity largely stable coin transfers uh and a lot of TRX being burnt $271 million of Tron was burnt uh over the last year how much eth was burnt uh in net Ryan over the last year would you say do you think wait what what's the number for Tron or $271 million of Tron was net Burnt Over the last 12 months how much eth was net Burnt Over the last um year 400 million we issued yes 12 million we issued 12 million ether was net inflationary year over-year whereas Tron burned 271 million of Tron on dominantly stable coin transfer volumes you saying all over the world and so this is like

not really activity in in Europe maybe it's a little bit in Europe not actual activity at all in the United States but like Eastern Europe South America Africa like at in Argentina Tron is like the dominant blockchain for stable coin payments I was like I think I mentioned this on the podcast not uh the weekly world not too long ago tun chetra was in the country of Georgia not too long ago and he said the whole country of Georgia just runs on uh tether on Tron and so this is how Tron how has just like performed an outside amount of just burning from network activity yeah you're saying burning right so it's just fees and then they burn a por that that that fees that's why I was getting a little wrapped up but it's actually just like total fees is impressive so here's

a chart for you on token terminal uh David Tron is in pink here so ethereum in kind of this uh Aqua type color and ethereum was crushing Tron in terms of total fees generating generated um yeah well during the bull market was that a bull market uh you during March you know kind of April ear the yeah the ghost Market well you can see it's it's all it's all ethereum right in terms feated and then pink starts to take over for theast like to months and now pink is like dominant so uh let's see at the beginning of the last 90 days Tron was pulling in just 44% of the revenue now Tron accounts for staggering 93% of the top five chains

Revenue 9um Bitcoin salana binance chain Tron Tron accounts for 93% of the revenue and so this is why I've been like I've been like pinging Bank list venturers being like hey we should just like Buy guys we should buy some Tron we should put some Tron we don't got we don't got to tell anyone we don't have we don't no one needs to know fundament fundamentals is your is your use case here and then also uh let me give you another explanation for why Tron is up maybe on the week or maybe this is one okay the week news is very different okay this is Sun pump. meme you remember pump. fun I do remember salana has that going on it's still going well U Justin Sun not to be outdone has Sun pump. meme and uh it's doing some activity here uh look

here's a d board it's incentivizing they are incentivizing memes on Tron uh so there is like over2 200 $300,000 of a prize pool based on performances of specific coins yeah there's also a partnership between Sun pump. fun and ponx a centralized exchange so if you launch a meme coin on sun pump and it maintains a million dollars of trading volume for three days in a row it will get listed on poniac there Dam it do you feel good about that now do you feel good about Tron it's just all meme coins and pumps damn it dude I was really like having fun with my stable coin like fundamentals get meme coins you I mean we like poetron on the level of decentralization Etc um like that's all

you know and Justin Sun you could say all sorts of things about him of course you could say all sorts of things but one thing that is impressive you are right is is the fundamentals like people users are actually using it it's actually generating Revenue so you can't take that away that's all in nonchain data and like I think the the meme coins are actually like the much less dominant price mover it's the local price mover for this week because like it's getting some marginal New Capital marginal new users say what you will like there has been 250,000 new addresses and not 24 hours on Tron and so that's that's kind of responsible for the short-term price action but really the big Iceberg under the water is just like the the fact that like Tron is like the world's stable coin payment provider well David the

meme coins aren't enough to restore investor sentiment in crypto at least not yet but um you know the stock market's doing pretty well when it comes to sentiment so it was just a few weeks ago earlier in August was that August 4th August 5th we got that like massive drop on a regular Sunday and then into Monday in the stock market and uh the markets the NASDAQ S&P 500 all Swang into extreme fear territory well we are back to uh neutral in this stock market on fear and greed index uh Market sentiment so stock stock market's kind of feeling good willing to let the um the Yen carry trade Shenanigans just like uh you know gone forgot it G it's

gone we forgot about it it's gone resume the bull and Jerome po you know it looks like he's cutting rates in September that has not been the same with crypto so we are still in the fear territory in crypto kind of lagging behind not extreme fear at this point in time but Ste still kind of fearful I think people are kind of just worried that like crypto just doesn't have momentum and we're losing momentum uh and if we don't have we if we don't if we can't continue to go up then like then therefore we go down at least like doesn't have to be that that way but Traders might make it become that way like oh we stopped going up let's sell and then you have like another like liquidation candle like sometimes that's how crypto markets work do these people not see progress that we're making on

sun pump. Meep how how dare they deny the innovations that we have all right we got more coming up uh the Democrats had their National Convention this week so did it include a crypto I hope you have that number in your head of how many times crypto was mentioned in the policy also the Harris campaign did say something about crypto on the week was this a pivot or is Gary kensler going to be the new Secretary of the Treasury um also some metrics for you David do you know how much eth Trump holds do you know uh not very very much not zero amount well yeah we're going to give you that not zero amount in the next section he's also like this onchain entrepreneur with tons of reoccurring Revenue so we'll talk about that too

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National Convention this week uh news media was a buzz and released their 94 page policy platform I've got the index here David so the answer to how many I'm sure you read you read every single word right you're the between you and I you're the reader I read a few words uh not every single words but I did do a nice uh you know control F to search for a keyword which is crypto so how many times David did crypto was crypto mention this policy paper drum roll zero times zero it was Zero times y zero times what about Bitcoin uh Bitcoin had zero times you bitco about blockchain what about blockchain uh also zero you want to give me some more um digital digital assets

zero [ __ ] man I'm out of ideas it's all of them yeah no no tokens uh you know like nothing nothing bad about crypto just like nothing at all just complete silence well okay inside of the comma campaign Democratic status quo bad like nothing is bad nothing I mean that's how we have to interpret it because I mean nothing means yeah more of the same which is bad now some some people are saying look this is a uh party platform document that was created before KLA Harris you know took the um nominee position so this is under Biden basically so it doesn't include all of the the changes that kamla might make so maybe there's some opportunity for uh refresh but they they touch on a lot

they talk talk about uh corporate greed housing education foreign policy nothing on crypto I'm a little jealous because there is an AI section here look at this uh seizing the promise and managing the risks of AI I this is one of the sections I did read um I got to say it's not necessarily um great is it positive toward towards AI or is it more like AI safety stuff there are is it D Cel or Asel it's feels more D Cel than Asel to me um you know it's basically the the first the first line is AI holds extraordinary potential for both promise and Peril see promises Peril so they're trying to split split the difference here but kind then the remaining Focus uh paragraphs mainly focus on the Peril

part of things so definitely a little bit different so okay I interpret that as the bell weather for Tech in general and if they have a biased Dell towards AI they're going to have a bias diesel towards crypto even more so yeah um there there was somebody who said okay well point me to the Republican platform before you get upset start Pearl clutching around this and uh the Republicans actually do have a platform on crypto they have a paper yeah that's the whole thing yeah there's it's I mean it's not long but it is good so what Republicans in their platform on crypto they say we will defend the right to mine Bitcoin and ensure every American has the right to self- custody of their digital assets and transact free from government surveillance and control so

nothing versus this stat compare and contrast it's a little bit better and I got to say I I was actually expecting something was actually expec all right you you were expecting crypto to be in here I was expect I mean it's 94 Pages dude like right AI got a section I was expecting something like the AI section promise and Peril uh to be stated about crypto um some good some bad but like something so the Silence has been kind of unnerving and here's the context David is crypto has never been more politically active than this year right I feel like we've shown Democrats votes I think we've shown money we've educated many of the policy makers on uh crypto

policy and this feels like again the silence does feel like a doubling down on anti- crypto um I you know so that is what it is I do kind of I do kind of think it okay so some to put my head inside of like the KLA campaign for whatever I can do that uh they like there's they still want kamla to be generic Democrat they want to be like they kind of want to position her as like as as normal as possible uh same thing with the vice president Tim Walls pick like just High School football coach just be normal and so the policy that they have is like just middle of the road Democrat stuff just like hey Democratic party like here's our party stance it's what you guys expect and

want and I think if I was like generic Democrat like active political person uh and I saw like crypto in there I'd be like what's that doing there like that's weird like I don't think she's trying or the whole campaign that the whole party is like sticking their neck out about anything so like adding anything new crypto or not would be like a weird move for them because they are just trying to be very like no sharp edges just like generic Democrat and so that kind of fits in that whole thing I don't think we're going to see anything we're not going to know anything about kamla until if she gets elected and then we're going to see what she does about crypto and then I think everyone is like rightfully worried that like yeah it's probably not going to be good yeah I think this is a

sign that this is going to be status quo right the the fact that like I can see that case for why she wouldn't say anything about crypto or anything big but like in a policy document in like 94 pages of the the Democrats policy it's not they can't feain ignorance this time I mean Trump has made it a major uh political issue um there was the the Sab 121 veto that b like they're very aware that crypto is a subject in public Consciousness at least they're aware of this kind of like single-issue crypto voter Force and everything the industry is is is doing to kind of like push back on these policies and they say nothing to me I mean you could inter I I sort of interpret that as as a spit in the face like I interpret this as like we're

keeping the um the status quo policy and like we're just totally ignoring uh what's going on on the other side so I mean everyone can interpret this differently and there was also this rumor floating around which is like fits too perfectly I think with the narrative here which is uh kamla Harris is likely to nominate Gary Gensler as secretary treasury if elected okay so if you think crypto if you think KLA Harris campaign is kind of spitting on the face of the industry this is definitely a headline that sends you to full fear Panic oh my God our arch nemesis Gary gendler as the Secretary of Treasury isn't this what he always wanted imagine that and so my first question on this this is a publication called the Washington reporter. news is okay is this true this

was a rumor circulating all around um crypto Twitter so I asked this publicly on Twitter breaking kamla nominates Gary gendler as secretary it's the truth don't like no Source here's a picture yeah yeah uh from the Insiders and people I I've talked to David it doesn't look like this is likely at all that this is probably one of those things yeah the quote the quote in here says in an interview with the reporter Tom emmer previously warned that Harris May pick Gensler or Senator Warren to serve as her s Secretary of Treasury that's the news yeah that's not that is that was the rumor like it's not that like we heard anything new it's like one time this one guy said that she might do this yes and

that's what turned into a breaking tweet around Twitter and then every like crypto Twitter being very viral and like knee- jerky was like KLA is the worst thing to ever happen to crypto because she's going to nominate Gary gendler as the treasury secretary fits the narrative perfectly it fits the narrative so well it's it's fake news it's just stra up F new it seems like it's fake news and it's probably the type of news that's put out by a um like political campaign injected in the media so that it goes viral so now there's that se it's malicious fake news right and Target Target targeting the virality of crypto Twitter and people's wanting to confirm their own bias yeah I I it's now I should say it's probably not a zero% probability I mean anything could happen you never know but the idea that this is a serious Contender for this

position I don't think that's ever been true and certainly uh hasn't been true this week at least according to everything that we're seeing in the wake of this though David there was there was a bright spot so there's this news headline here this is uh in Bloomberg crypto vice president KLA Harris will back measures to help grow digital assets a policy adviser to her campaign said highlighting efforts to court an emerging cryptocurrency industry and the headline here is if I can get past the pay wall the headline here is something to the effect of Harris supports policies to expand the crypto industry Aid said so this is like a Breaking of the silence this is not happening from the comma campaign this happened like Wednesday Wednesday the 21st uh yeah

it's it's a real statement real statement a real Post in Bloomberg um the question is what does it mean you have any takes on what it means is it real though like what's going on here yeah so the the guy who uh made this statement his name is Brian Nelson um actually by the way David do you ever use um perplexity a I have I have started to recently use Perle it's so it's so much better than Google right so like uh you asked the question of like uh I asked who is Brian Nelson that's this um this Aid to the kamla Harris campaign so he's formerly in the the Biden Administration and then what's his position on crypto and the summary was just fantastic Nelson's position appears to be one of cautious engagement with the crypto industry focusing on address

addressing potential risks and illicit activities while recognizing the need for Clear regulations he's the type of guy to come to crypto conferences to take crypto calls this is a source from him at consensus this is Brian Nelson and he gave a talk at consensus in the wake of tornado cash it was very much um like we're we don't want to destroy crypto Innovation but look AML kyc is necessary and all actors need to play by those rules it's that type of so it's not like comforting okay but he is not someone who has previously ignored crypto he tends the events and like as kind of the being at a crypto conference

is like a huge like gold star from me he's an aid to the commo campaign yeah he's an aid and he's former B Administration on the um dud [ __ ] guy this is how we get him this is our in it's not I don't think it is at all I think he's actually kind of um an AML kyc Maxi kind of a you know um that type of person he's not he's not a foot in the door maybe I don't know maybe maybe there's so I I got to say we have seen no evidence yet again another week that's gone by of AA pivot and of course even these statements are just statements uh there's nothing really substantial behind them so that's the story man oh this you want to get a Nick

Carter tweet on all this sure he says uh from VP Harris look I understand that I'm currently in power and have the ability to change literally anything regarding our Max hostile anti-crypto policy but instead of doing that I'm going to make an extremely vague promise about potentially changing things later maybe that's his take on what the k campaign is doing here okay the the anti- take to that is that like K is the vice president not the president and as vice president you only have as much power as the president lets you have and so like the but there's still a CH but there might be a chance take is that like well Biden's not going to do anything because like why would he like he's in his whatever few months

left uh and then kamla might actually pivot but Biden isn't like the Biden Administration is the way to go uh but like if this is what I'm saying if Comm gets elected and we and it hasn't been with the support of the crypto industry she's not going to then pivot I know like she's already in the point of Maximum Leverage is right now is right now which is so dis which is so extremely disappointing for anyone who has hoped and dreamed of making crypto bipartisan where you have both parties fully support crypto as a credibly neutral you like uh open democratic technology for the world and for the United States and um that's doesn't look like that's happening maybe there's a sliver of a

chance you and I are talking to Rana tomorrow so he is a crypto uh positive Democrat in Congress I think that's going to get us the best insight as to like what we can do here what the status quo is what what are the state of things I think that's the best conversation we're going to be able to have to like get a peek into like what's going on David you want to know if you're if you're a believer of just like hey uh in order to like truly reform the Democrats would be Pro crypto they need to lose this election and so they can rebuild it's going to be the Rana Democrats that like rebuild the Democratic party into the party that we want it to be in the crypto industry that is true yeah so you you got to maintain that dialogue I

that's why we're having Rana on obviously David meanwhile Trump is doing things on chain he's making a lot of money on chain okay Donald Trump and start contrast he's uh the onchain entrepreneur of the year maybe I'm not sure if you think of this as uh you're good but this apparently he re re uh released his financials or at least some of his financials publicly I'm not sure that this includes tax returns but blockworks put together this chart uh this is how much Trump currently earns on both nfts and uh on Meme coins I actually didn't know Meme coins were actually paying Trump I thought there was like a bunch of fake mem coins but apparently there are some mem coins out there in

which every time they're traded he gets 2% to the Trump wallet and and they're not his meme coins he didn't launch the meme coins it's other people's meme coins that in order to gain legitimacy pointed the tax to his wallet yeah it took me it took me a second to realize that we have the Trump nfts these are not official Trump meme coins then these are not these are not official Trump there's there's I think there's three or four of them one of them is called save America uh another one is called Trump bucks uh there's a few others as well they pay a 2% tax on all transfers not trades transfers so if you transfer it it like goes 2% goes to the Trump wallet uh these meme coins have generated $354,000 in eth over the past four

months wow for Donald Trump Donald Trump yeah yeah that's a lot and then in addition to his meme coins he's got uh $2.14 million of eth from sales of his nft collections his three nft collections three Trump CS along with two more million doar of royalty fees from secondary sales of these nfts these David these are the nfts the these are the ones that he uh gave kind of name you know image license to and gets royalties from this these These Are official Donald Trump nfts yeah the meme coins are not but what What's the total of that so apparently in total all of his assets Supply is huge yeah not crypto assets but in total he has 635 million assets according to this so not

a billionaire according to this how do we know that how do we know that well that that that comes to the these things right here disclosure for final discl I thought I thought he like was trying really hard to not give us that I don't I don't know all the details here but I think these Financial disclosures are here but like everyone's asking for the tax uh forms and we don't have that we do have these Financial disclosures so in summary Trump has about $5 million in crypto most of that looks like it's uh ether at least the stuff we could see on chain and it's a steady stream of Revenue at this point so it's like daily he's getting like four to 5K a day at this point and it's more than the amount of Revenue he's doing for The Apprentice you know the royalty to the The

Apprentice wow or the acting gigs he's done in the past like he you know he was in home alans you get some royalties on that it uh it dwarfs all of those Revenue sources at this point yeah so he gets he gets 10% of uh royalty fees for his Trump cards I actually think he gets polygon I think he gets madic token uh because they're on polygon yeah I don't know man he's just the onchain entrepreneur Donald Trump officially a polygon ball what do we got coming up David uh coming up next optimism disabled their fraud proofs r r uh what does that mean uh why is that a big deal should you be concerned uh McDonald's the Instagram was hacked or maybe they just really wanted to launch Grimace coin I don't

know was Grimace coin a scam I don't know place your bets uh and also a 4 $140 million raise for a new blockchain that's not the valuation that is how much cash went into the bank account for this new layer one blockchain that you totally need to know about haven't heard one about these in a while but we're going to get to all of this and more but first a moment to talk about some of these fantastic sponsors that make this show possible new projects are coming online to the mantle layer 2 every single week why is this happening maybe it's because mantle has been on the frontier of layer 2 design architecture since it first started building mantle da powered by technology from Igan da maybe it's because users are coming onto the mantle layer 2 to capture some of the highest yields available in di5 and

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talk to toku today to get a free initial token valuation the optimism Foundation disabled permissionless fraud proofs I thought they just enabled them what what happened here what's the story uh there was a bug discovered in them uh no funds were ever at risk no funds were lost a bug was discovered uh and so they turned off the permissionless fraud proofs uh just so they could go and patch that bug why why are fraud proofs important fraud proofs are the mechanism in which a layer two becomes like totally user Sovereign totally decentralized uh if the sequencer is doing something that you do not like you can use fraud proofs to prove fraud uh if they are trying to push forward like an invalid State transition so if they try to steal your money you basically you have a fraud

back up to be like no I I can prove that that was fraud and I I actually can exit my funds on the layer one exactly so like uh because of all the state in layer 2 it gets like merized and then using a fraud proof you can trace the Merkel on the Merkel tree and then you can prove to the system the prod system that like an invalid tra State transition happened on a particular Leaf of a Merkel tree uh and then you can uh you know take like actually either slash to the sequencer withdraw your funds some technical stuff uh but it's what it takes in order to have like fully autonomous layer twos that uh preserve user sovereignty uh they are brand new technology uh like optimism was one of the first ones is the first one to ship permissionless fraud proofs arbitrum has

uh fraud proofs but it's not permissionless this a committee uh can submit a fraud proof uh but not like the general public uh but uh fraud proofs are really hard there's like a lot of edge cases there's a lot of permutations there's a lot of weird weird attack vectors uh and so this was the first one so uh kind of rolled back a security uh measure uh so they could patch it and then release it um I don't even know if like perfect fraud proofs are without a secondary measure are like an actual possibility like you can have multi client fraud proofs like you could have a ZK proof uh do validity proof and a fraud proof all both work and if one fails and the other one is a fallback you could also have a third fallback as

a multisig um so there's multiple ways of like kind of solving this but I think people are kind of currently investigating like can you actually really do perfect uh fraud proofs uh and this is kind of the the first hurdle the first like um uh trip in the system that that we're kind of like going through as these things become um ready for prime time so there's a there there was a bug in it that doesn't feel great the part that does feel good is that the optimism team was able to kind of like uh push a fix and so right now permissionless fraud proofs are disabled in a few weeks like I think in early September they're going to push a patch and reenable them but this does bring into the the conversation of uh well you like the optimism team they have the ability to

upgrade the code for optim optimism and isn't that a centralization vector and it totally is a centralization vector and the reason you need it is because of situations like this uh if if we had hands off if the keys were burnt if there's no way to upgrade the optimism uh code then basically this bug would be kind of like out until you had you like I guess I don't know a fork of the entire system it would be a lot Messier so I think it's going to take a long time to fully get these training wheels off and when you have bugs like this you kind of like remind yourself wow you know bad stuff can happen we have to give this years to sort of in the ecosystem without issue without hack before we like make this fully decentralized with no ability to push

and upgrade yep that's right uh so the upgrade process will take about three weeks uh and then a new hard Fork uh scheduled for September 10th will be the first um phase of this getting fixed uh and that's that um ready for more pump. fun metrics yeah yeah been waiting for yeah yeah holding your breath okay I I know we kind of did it a bit like this uh last week but some even more more data about pump doc fund metrics of of memec coin Traders successful mcoin Traders have come out uh okay uh say like say you make like $1,000 on pump.

fun where do you think if youve if you've made in profit $1,000 from pump.com where does that place you on like the Continuum Continuum of successful to not successful Traders on pump. fund like better than 55% assuming like you know like base case 50% of people have lost money 50% % of people have made money if that's if that's a possibility where do you think making $1,000 places you I mean a thousand isn't a lot and we talked about this um a little bit last week so I feel like I'm more like prepared to make a guess but it would definitely be under you know 1% but still a thousand is not a lot so I would just say like uh I mean that's a pretty low bar pretty low threshold I mean like you just you just hold a a crypto asset for like I don't

know a few weeks you can make like you can make that kind of money on just like something go yeah exactly okay so what's the answer to that making $1,000 or more what's that hurdle if you make it if you in profit on pump. fund by $1,000 you are in the top 3% of all people who have ever played on pump. fund if you've made over $10,000 you are in the top half a percent if you've made over $100,000 you are in 0.037% and if you've made a million dollars you are in the top 0.28% of all wallets which I think people have started to realize like pump. fun is not an even playing field it is a lottery ticket like it's not it's not roulette where like you know

you lose some you gain some it's not Blackjack uh it is the odds are just like it's not invested it's the odds are like you default lose but there's a very small chance that you make a lot of money uh and that's actually I think people are coming to terms with like meme coins are kind of like that it's also different from the lottery in that if you are positioned to make a lot of money it's probably because you have some information Arbitrage or you're an influencer or you're like you like one of the devs in the project right so it's it's not even created the token yeah it's not even like a a lottery which like hey the odds are bad and it's gambling everyone knows this but at least it's like credibly neutral I mean there's some randomization of like who wins the lotto ticket there's not that

here which kind of feels bad man it's like you know you never hear anyone about like rigging the lottery numbers like that doesn't happen right um but guess you know the the hope that you're going to make a a million dollars on Meme coins is um just like not happening for a lot of people there was a notable release on pump. fund though this week David and that is Grimace coin what I have to assume is McDonald's official coin for their official legitimate meme coin from from McDonald's what's what's Grimace the word Grimace have to do with McDonald's do you remember do you remember this character this is like early '90s lore I think like this guy this big purple fuzzy guy purple F's what creature he is or whated this

is grim you know he used to team up in the early like late late 80s early 90s with like Ronald McDonald yeah his name's Grimace it's part of like ancient McDonald's I don't know uh so this is and what we're looking at right here is uh the official McDonald's Instagram account and it says this and McDonald's experiment on salana with the eyeball emojis and then they link to it and salana address yeah it's a Sal address and it is the uh what appears to be because this is the official McDonald's Instagram account this appears to be the official McDonald's uh Grimace coin they even got picture have pictures of of Grimace with uh Ronald here and uh you know people are excited right so if this

is real this is insanely bullish is one of the the top comments here okay okay so it was launched on pump. fun because of course uh token the token went up to 200 $20 million market cap uh before nuking straight back down to below $650,000 uh the hacker of the uh obviously because this is not actually McDonald's oh foral this is not the official Grimace coin yeah yeah this is not the official gri coin there is no official Grim coin the hacker of the McDonald's Instagram account not even the Twitter the Instagram uh got about $700,000 out from this um scam uh he they use pump. fun to snap up 75% of the

total circulating Supply and then spit it out between a 100 different wallets and then sold those wallets into the the pump that happened okay here's my question I'm sure both both are correct but what is more correct people saw this on on Instagram and they were like oh my God McDonald's is launching an official Grimace meme coin I have to buy okay or or people saw this on Instagram and they saw oh the salana Instagram was hacked I'm going to go buy this before everyone else and then I'm going to dump it which which is more correct are you asking me whether innocent people got hurt in this yes yes uhhuh I have to I have to believe very few innocent people

actually got hurt in this uh maybe there's a few out there that are like hey I've been waiting my whole life for the Grimace coin on salana and they also know how to use like a crypto wallet and our experien enough to go like from this Salon address go buy that on like exchanges so maybe so you you've got the chart pulled up can you zoom into the charts Okay so we've zoomed into where this token was launched um it's green candle this this green candle is a spike at 11:15 a.m. and then it goes all the way back down like most of the way back down it's kind of hard to tell cuz it's not in log but like by 12:00 p.m. so this happen the most of the activity

happened inside of 45 minutes like our our normies who don't know what the uh what's up with mcoins and pump. fun buying this thing inside of 45 minutes because they saw it on Instagram or is it people with their finger on the trigger because they're like in the meme coin trenches and they're just like ready to go I I think it's the ladder I do not think any sweet old ladies got hurt in this uh like fortunately um although I will say I mean that's quite the price you go and you hack a corporate um social media account you make a cool 700k Miss putting quite the price tag on uh like for all of these hackers to exports yeah to make this amount of money so so on the way at out the door after this is all said and done the hacker of the McDonald's Instagram

page edits the Instagram bio and says sorry my nword you have just been rug pulled by India X crew thank you for the $700,000 on salana o just asking for it that level of hubis huh just asking for it right yeah there you go that's the legacy of of grim coin maybe we'll have a real official Grimace coin at this like at some point in the future but it's not we're all just going to we're all just going to Let It Go by because we're going to be like that's a scam yeah we'll really missed out on the opportunity uh all right let's talk about some raises of the week this was an absolutely major one massive one monster it feels very very bully largest of the year yeah uh so this is a announcing $140 million from the story

protocol that's the raise amount that's not the valuation um this is a layer one blockchain called story which is uh the world's IP blockchain okay and some notable investors here a16z the world's IP blockchain yeah bology like some notable investors here the actual this was actually a series B so it was 80 million so I think they're announcing their bigger amount which is 140 million total this amount specifically was was 80 million but they've raised 140 million total so it's an IP it's a layer one IP blockchain I have to admit what is an IP blockchain I they did they just make that up they just made that up it's um programmable IP so I imagine it's I don't know it's things like um tradable

IP things like um I don't know what other IP the they just different copyright licenses I suppose um could be patents you know programable IP okay there if you don't have something nice to say David there is more uh information about like the the thesis behind this from one of the the founders here um Jason Z and then he actually goes through why it had to be a layer one apparently they they tried with optimism uh first so they wanted a smart contract um protocol again like here's a bull case maybe IP is just another type of asset you know you're a Believer aren't you David aren't all of us that all real world assets will eventually be

on chain So that obviously includes IP patents this kind of thing licenses to to songs all of this and uh they tried to do it in a lay or two at first uh it turned out they couldn't kind of get that working wasn't as programmable as they needed they to build it from scratch and then you have a layer one the world's uh first IP blockchain so you should read you should read the entire I have not read this some of these premises uh do not fit inside of my model for how blockchains work they don't that layer 2 is as equally as programmable as anything else like there's no loss of programmability because maybe I misstated that I'm like I I've kind of skimmed it I need to give this more uh more thought too but um

that's what's going on I think your model it doesn't fit in your model because you're probably reminded of as am I like chain like flow for instance remember flow is going to be kind of the the gaming n collectible n layer blockchain layer one and that really just hasn't amounted to anything it was a absolutely massive raise uh like during the peak of of last cycle so I think you're probably getting flashbacks or something like that that's right I don't know open mind I suppose but that is a massive raise and we haven't seen the likes of of this for a very long time in crypto okay uh since we are talking about IP on the blockchain this is not the first time that this has been like worked on this is not the first idea of bringing IP on the blockchain uh people out of

the DCI space have just contribut contributed this open source standard called the IP nft so intellectual property non-fungible token to provide a secure and IM immutable proof of ownership for intellectual property on chain these tokens ensure the details of Ip ownership are unique transparent tamperproof enabling researchers to asset ownership raise funds and monetize IP this is from like this open source document out of the dii community for like a legal smart contract structure to host IP inside of an nft and this is an open standard uh that people have worked on people in the gitcoin community have uh worked on this um uh vaita da the Dow trying to build like longevity Tech in

the space uh has has worked on this as well uh so I would also like since we're talking about IP I'd also like to point over to that open standard uh which exists and is maybe worth your attention as well second raise on the week sella Labs raised 7.5 and a seed round to solve me on etherium and also specifically Unis swap yeah obviously like uh solving me is um is a pretty large like design space here but they're doing it in a cool way how what are they up to so this is specifically around uh Unis swap in Unis swap V4 they're building a a hook to kind of solve the uh like impermanent loss the just arbitragers eating away at liquidity inside of Unis swap from largely sex decks trading um so like since ethereum

has 12C block times or just any block any even Layer Two has slower block times than like say binance which binance doesn't have block times it's just like real time and so because um blockchains lag binance uh LPS and Unis swap get their liquidity nibbled away from sex Dex arbitr it's a very big problem it's one of the reasons why like lping and Unis swap has not been able to be as profitable as it could be because they're getting eaten by Arbitrage uh so sella Labs is building a hook on Unis swap V4 that LPS can deposit their liquidity into Unis swop through the hook and then Traders if they want to access that liquidity through the hook have to trade trade through the hook and they and the hook uh is an extension of Unis swap it was discussed when uniswap

V4 was announced it reorders the transactions it it does the me but it points the me back into the lp positions rather than giving it to the lp bot so rather than LP Bots capturing 99% of the Arbitrage for the me uh the hook captures 99% of the LV me and points it back into Unis swap liquidity providers with the goal of trying to make lping and Unis swap great again that's the deal I mean I think this is an example of like in the background the builders are continuing to build and solving some big problems you remember we were looking at um Dex volume uh a little while ago as as a percentage of a total Market volume and right like when we first got into crypto you know uh at least defi was launched you know 2019 2020 there was nothing there's no

activity on dexas uh there's just like it was below zero it was below 1% right and now we're at about 15% so 15% of crypto market trading volume activity now happens on dexas but that's still leaves 85% happening on on Sexes that's where the price Discovery is that's where the Deep liquidity is all of that if we're if we want to get that to 30% on chain or 50% on chain or completely invert that and get this to like 80 5% on chain 15% on uh Sexes then you need to make it attractive for Capital to locate here and liquidity to locate here and solving this type of infrastructure problem does that anyway it's bullish I I think we're going to get Beyond 15% in the coming years as we solve problems

like this you like towards 20% towards 25% and then the majority of our trading at some point in the future will be bankless on train transparent that's kind of how we solve this right incremental gains like this getting price discovery on chain is like one of the most important landmarks that we can claim as an industry right now Dex trading deck like onchain price Discovery lives in the shadow of binance we need that relationship to invert we need binance to respond to what is happening on blockchains not the other way around uh and mechanisms like this designs like this are crucially important to make making that happen all right we got the meme of the week David this is not only a meme it is a vitalic

bull poost quite literally what are we looking at here uh metallic says I have been told on Twitter I have been told that I need to do less philosophizing and do more ethereum bull posting hence here is an ethereum bull post courtesy of stable diffusion and in painting plus [ __ ] and is a picture of a bull with a sign around his neck saying ethereum is good do you see the traction that this got like I just like so many retweets so many likes there so much more than 2.5 million views yeah he said it defeated he he wrote an essay this week too I don't know if you got caught up on that it's a long one it's like 10,000 plus words read about 3,000 of them yeah this destroyed the engagement of that long Post in like just like three minutes uh

he said so there there's your vitalic bull post uh that's all he's willing to do he never comments on price David does he like very rarely uh the last time I saw him comment on price was when salana was $8 and then he tweeted out like I hear there's a lot of really good builders on salana and that that tweet perfectly marked the bottom of salana in 2022 yeah was that other famous tweet was this in uh 2017 have we earned it tweet that was the other time I'm recalling of vital comenting he top ticked ethereum and he bottom ticked salana with his two price price tws this the should take up trading yeah for real all right got to end with this of course you know crypto is risky

including meme coins uh you could lose what you put in but we are headed west this is the frontier it's not for everyone but we're glad you're with us on the bankless journey thanks a lot [Music] [Music]