What's Hot in Arbitrum? | Arbitrum Ecosystem Guide

Transcript

bankless Nation we've got an excellent episode prepared for you today what's hot on Arboretum that's the question David it feels like it's Layer Two Season I know we've said that a few times in the past but this time it feels like a real bright spot in the crypto Community layer twos are up and among all of the layer twos that are doing things in terms of getting more transaction volume getting more users deploying more applications arbitrary is kind of in the lead and so we are doing a deep dive exploration on the arbitrim uh Community uh why don't you tee up what's in store for us in this episode yeah so we got three Community leaders who are also the experts the co-founders the core contributors of whatever

particular app on Arbitron that they contribute to but they're also just defy nft power users across the broad arbitrum landscape and so we're gonna have a panel today of three arbitrum power users that are building on arbitrum that are just community members of Arbitron Community leaders of our arbitrum because of all things that happened in 2022 all of the down bad things that happened in 2022 arbitrum was not one of them they were one of the few ecosystems that was growing throughout 2022 and you can really feel it in the energy of the community so I want to know why is Arboretum so hot right now what is arbitrum specifically as the team what are they doing right

and what is on arbitrum that these nft organizations these C5 apps are really really leveraging there's a there's a bunch of energy going on and I want to know why that energy is so high guys uh we're gonna get to the episode before we do a few things to talk about number one is uh crypto tax calculator here is Ryan Sean Adams the tax Optimizer himself telling you have you done your taxes yet have you taken a look at them at least I know last year was kind of a mess uh you might be thinking about ignoring it don't make the mistake I have made a long time ago that's why David it always gets on me for like what Ryan why are you always talking about taxes it's because I felt the pain before in not having a tax credit strategy ready and getting

totally burnt there's this new tool called crypto tax calculator that uh actually the CEO of bankless um Rachel Cusack uh let me know about and I wish I had had this in previous years David because there are lots of different ways to do your taxes in crypto but what I found is no tool covers like all of the different hard complicated transactions right like layer twos and D5 does it support this application in that application what about nft support crypto tax calculator is actually the most uh user-friendly comprehensive way of getting all of these Integrations in there like they do the hard D5 dgn transactions do you guys

hear the excitement in Ryan's voice right now I'm seriously excited about this tool and here's why I'm excited is because it's literally going to save me hundreds of hours right like you just plug in your address and boom you get the results you deliver that to your CPA or whatever do it yourself uh anyway taxes don't actually excite me but getting taxes done quickly excites me fair and that's what you can find at crypto tax calculator David I think there's a discount there's a big discount it's like a 30 discount how do folks activate that yeah there is a link in the show notes to activate a 30 discount for Bank list listeners but if you're a bankless premium subscriber there's a 40 discount in the Discord so go find that code there uh but otherwise for you non-premium subscribers you can

go ahead and click a still healthy 30 discount in the link in the show notes and I think that the code is Bank am I right bank 30. I got that discount I have hope that's right I will go check it out go check it out all right so arbitrome David you've teed up the episode um what should listeners really be paying attention to from these three panelists yeah like I have frequently say on Bank list there's always a bull market somewhere and the energy across the layer 2 ecosystem is probably at all-time highs uh and that is is especially uh true about the arbitrum ecosystem Ryan did you know that the arbitrum bridge contract is the seventh largest holder of eth number seven number seven yeah it's also one of the largest uh burners of eth and

so the energy of the arbitrum smart contract burning all that ether is coming right out of the arbitrum community you can see them in the chat right now yes I am looking at them uh and uh there's and so like I said in the intro there is there's I want to explore how did how did arbitrim do this what about the builders on arbitrum uh why do they choose arbitrum uh arbitrum doesn't even have a token uh things like Avalanche Solana like all these other layer ones have had tokens yeah arbitrum is lapping them in tvl and transactional volume what is going on over in arbitrum uh so these are this is going to be the meta of the show these are going to be the questions that we were asking the three contributors uh in the arbitrum app layer we got a representative from

the treasure Dao we got a representative from the GMX uh lever um what do you call these things margin trading apps uh which fun fact Ryan was the best token to hold throughout 2022 where everything was down like 90 GMX coins up 20 it was up twenty percent in 2022 yeah uh uncategorically winning 2022 uh and then also we got a game the beacon and so we're going to explore defy we're going to explore nfts we're going to explore gaming because apparently you can do it all on arbitrum uh and I should say that there are disclosures that we usually we don't have too many disclosures to disclose but on this episode we do uh I own a material amount of magic tokens and also small brains which are The

Unofficial pfp of the treasure ecosystem and the bankless fund also owns some small brains as well oh and arbitrum is also a currently a bankless sponsor so there are plenty of conflicts of interest in this episode but we've been promoting layer Twos for a while to now so this should really come as no surprise David also owns some eth too we may talk about youth here there certainly I'm excited about this episode because I I feel like I'm going to learn a bit more about the arbitrim ecosystem so guys if you want to join us in that then stay tuned we'll be right back with our episode with folks uh at Arboretum exploring this ecosystem but before we do we want to tell you the sponsors that made this episode possible starting with our favorite number one recommended crypto exchange and that is Kraken stay

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you anytime one of your wallets has a new airdrop for it to make sure that you never lose an airdrop ever again you can also upgrade to earn five premium to unlock access to airdrops that are beyond the basics and are able to set reminders for more wallets and for just under 21 a month it probably pays for itself with just one airdrop so plug in your wallets at earnify and see what you get that's e-a-r-n-i dot f i and make sure you never lose another airdrop all you David ladies and gentlemen welcome to this state of the nation where the state of the nation is hot because that is exactly what harbitrum is in the top right corner we got Corel Corel is the CEO and co-founder of treasure dial Corel welcome to the show

so happy to be here thanks for having us uh in the bottom left corner of your screen we got uh Diego Diego is over at the uh the beacon which is a game I believe inside of the treasure ecosystem we're going to ask about how that works uh Diego welcome back hey guys happy to be here I'm the CEO and co-founder of the beacon and then also in the bottom right corner we got coin flip Canada the only anon on the stream this is why we've got his little profile picture over the zoom chat uh coin flip welcome to the show thanks for having me here David long time fan on this show Cheers well it's been a while since we've had a panel uh up on Bank list which is which is why I'm juggling both the stream and also the questions uh but I think this is

gonna go this is gonna be pretty fun guys because uh this is exactly what the systems these protocol systems are supposed to do uh bring people together in the app layer to allow for some interoperability and also some Lively uh Healthy Growth uh that's what we're looking to talk about here and so I want to start with this question what exactly is arbitrum doing right uh because the arbitrary ecosystem is one of the hottest things in ethereum but not just in ethereum in all of crypto uh like I said in the intro in 2022 uh the crypto like deflated in 2022 uh except for arbitrum uh and so I want to know why that is true uh so uh Corolla I'll throw this first question to you and

from your perspective what's what's going right in the world of arbitrum uh I'd say a ton of things I mean you know we're coming into this from the vantage point of uh you know gaming and nfts of course but you know I think for us like we we came into arbitrum you know late kind of 2021s you know kind of shortly after they launched so we were fairly early into everything and you know I think the major theme and just kind of working not only with arbitrim but also everyone else here is that like this is a super collaborative and it's like you know largely kind of Community Driven sort of effort and so working shoulder to shoulder with everyone here I mean they're focusing on the right things growing organically um I mean you kind of mentioned it and

you know looking at uh you know when token which I I think is a common theme across the board um but yeah I mean I think there are so many different sort of Game Changers that have come out of this you know I think from a technology perspective as Builders and users I mean that that's been you know a a huge thing for for us at Treasure and all the games that we're supporting as well um so I mean definitely I think you know there's there's that that that's been a huge kind of part and and you know I think why they're you know kind of playing uh the the right cards and um you know I think the other part of that is everyone who's come here to build on top of the arbitrum um you know uh Network and so you know for us all the

games um you know a network is is kind of dead without you know dapps and protocols and things that are coming here and so I think you know there is that sort of flywheel Network effect um that is coming out from just having a thriving sort of ecosystem that is uh growing and building together uh Diego I want to throw kind of the same question I think we're gonna just take this one by one by one uh Diego from your perspective over at the Beacon uh and perhaps you could kind of illustrate how the beacon works on arbitrum because if I understand it correctly the beacon the game is built on top of treasure Dao which was built on top of arbitrum is that how this works and overall like can you talk about just the network effects that you've been able to experience over

there yeah yeah so to some degree so in yes the beacon interacts with treasure but it's not precisely built on top on top of treasure it's built in fact in top of Barber Shop like all our contracts or smart contracts are deployed in arbit room right but thresher is like this sort of ecosystem that powers games for the most part and the beacon essay game pretty much just stepped into Treasures infrastructure in order to not only will help it grow but also us benefiting from the thriving system that they have but technology wise yeah it's an arbitrary project in that sense like it's everything is everything is just on the arbitrum it's an average of on the um on the technical side of the equation what I do think that they've been doing well is a few things I mean Corel

actually summarized it pretty well but it's a it's the fact that there's like this set of interesting initiatives that are being that have been growing in arbits from lately uh very cool projects and most of them are very Community Driven and very open towards collaboration and I'd say that that's one of the key aspects to it but it's also the fact that for developers and I would say that for users alike orbital is a fantastic experience like for us when we deployed our contracts and and everything we did on the arbitrary layer um the experience was fantastic it was really smooth and from the side of our users transaction speed is fantastic and it's also on a very low cost basis so I'd say that if you add like all these factors together they really Grant an experience that makes people well

delighted of the ex of the experience I'd say that that's one of the main things um yeah that's that's from my sighted list and of course uh Corral and Diego are part of the nft gaming ecosystem side of Arboretum but the D5 part of arbitration Arbitron is just is hot and so I'm going to turn now to coin flip Canada out of the GMX ecosystem so coin flip talk to us about defy on arbitrum well I think that's kind of where arbitrary really started is starting with D5 apps uh nfts and treasured out came not too shortly afterwards but arbitrine really got started with his roots in defy talk to us about the health of the the defy ecosystem on arbitrum what about it is so special to you well in many ways I mean and without it without making it sound too grand for me

at this point Arboretum Defy is ethereum D5 it's just it's just become the natural home where the applications the daps the the collaborations that you want to do are possible in the environment that arbitrary has built safe secure secured by ethereum which I think has been such a fundamental part of its success the fact that so many people have you know been willing to come over bring their assets over to arbitrum they said the number seven wallet in all ethereum is the arbor Chrome Bridge it just shows that the Comfort level with remaining you know closely aligned within the ethereum ecosystem has been just such a boon but it's also been that you know and again I I was probably involved in DFI

in the early days but I wasn't involved with let's say in ethereum in the early days and you talk to a lot of people and they they say that we have that sense that it's a small community still it's not a community that what it's really a community where people are building the conversation is around product people are looking at how Innovation actually applies how it works together how there is product Market fit I mean I I think it's just it's it's really interesting that it sort of runs at a pace that is very you know oh sorry I'm going to put it in crypto nothing is human but in a very human Pace where people are actually trying to figure out how they do sequential pieces that are not rushing to deploy things that don't work and see what happens it's I don't know there's

the real sense of sensibility over there and uh coin flip like I said in the in the intro GMX is one of the few applications that ended up green on the year in terms of the token price but also trading volumes and I also butchered the uh the description I believe the perhaps the correct uh correct description of what GMX is is the derivatives exchange but for people that never have interacted with GMX before or maybe derivatives exchanges in the right name and can you just explain a little bit more about the defy app what it is and what does it do and what can what you can do on it yeah so GMX is a oracle-based uh perpetuals and spot exchange on arbitrum and uh Avalanche uh it basically works by aggregating the

best the best off-chain data from large centralized exchanges and in time decentralized exchanges as their volumes grow to help create you know a deep liquid on-chain Market and we've really been able to try to create an environment where people have confidence that they're getting transparent pricing everything that happens is still executed on chain you're able to verify what the market price was what you what you were executed at what you were liquidated at using chain link oracles uh it's it's really just helped to try to bring I think a sex-like experience over into the on-chain experience but most interestingly doing so without

external market makers or other participants but instead relying on called one of the great defy Innovations which is a liquidity pool a sex-like experience and of course you mean centralized exchange like experience of course YouTube comments you've already caught up on that maybe not that good but it is pretty good try to get max out and then told me um coin flip you you mentioned that um Arboretum D5 is ethereum D Phi which is kind of interesting uh take on things I I'm curious from all of our panelists maybe starting with you again coin flip and and we'll work the other direction uh how would you describe arbitrary culture how is it the same how is it different than ethereum culture and then

GMX is also deployed on Avalanche how is arbitrim similar or different from an ALT layer one like Avalanche foreign I think the starting point between ethereum and Arboretum and and obviously I think being spending so much time in Arboretum maybe for me the line has become very fuzzy because I I you know and maybe I've had the opportunity sort of GMX has been very privileged we've been sort of you know the biggest player on Arboretum and it's given us a chance to probably talk to so many protocols and those conversations are always about how they can come in how we can integrate sort of if I take the you know the great idea of being able to be composable uh have permissionless contracts I mean those discussions have

been very Central so I think a lot of things that people were hoping to do on ethereum and which just I think just from a gas standpoint even now with lower gases were not practical settlement times you know I think you know people have sort of said well great we've been able to solve that by coming over to arbitrum and now actually sort of conceive a lot of the ideas people had a few years ago so I think now it's really a conversation about so how do we do it uh I think my conversations to be fair you know in the Avalanche ecosystem have probably been very similar uh I think it's you know I think when you actually get down to conversations with Builders it there is a I think a lot more sensibility the markets obviously and The Wider ecosystem gets you know it's noisy but

most Builders have been you know really focusing on you know what piece of the puzzle they can work on and how we can work together and I think Arboretum I've really been I've really appreciated working with uh you know other other collaborative collaborating with other protocols to have also said look we've got one piece of the puzzle and hopefully all of these pieces put together start to create a tapestry they start to create that experience uh in defy that uh you know doesn't require you to now need to you know move off chain for anything Diego how would you describe a kind of um crypto gaming culture and arbitrum and uh what does that look like I mean I I remember there was a period of time where ethereum mainnet had more crypto games they were very sort of you know

primitive but uh most of those have have kind of now migrated is arbitrim sort of uh an epicenter for crypto gaming right now how would you describe that and is arbitrim going to be the long-term home like arbitrim1 or are there talks is there talk about like arbitrum Nova or some of these other you know game Centric uh layer twos as well so it seems to be that Arboretum is like the epicenter of L2 gaming at least uh but I would say that that's not in no it's not a coincidence the fact that we have treasure Dao into arbitrum is actually one of the main I would say one of the core drivers of that adoption but not only it's not only Treasure of course the arbitrum team is also putting serious effort on making this uh

environment more friendly towards developers like for instance Nova is actually quite the promising approach to build games upon and for users to use it uh to me it's the fact that it would seem to be and this is just my personal opinion that currently the community in arbitrome at least in relation to games and perhaps like other price as well is more cohesive it's like more united than what you would find let's say on the other um chains maybe maybe on foreign it would seem to be to me at least but maybe I could be biased because I'm building here right that it's more cohesive more driven more welcoming at the same time it's like maybe because it's also the fact that arbit room is let's say I wouldn't say the new kid on the Block but it's like fairly newer to

some degree than maybe like all these cool initiatives have been being built upon it that it also brings the hype thing you know like people are actually quite enthusiastic about the future of orbitrum and the fact that it's also tied to ethereum makes the let's say makes it to be perceived as a more secure BET right it's like you're well you're building games we're having games and everything but it's also tied to ethereum so that sort of thing set up to me the main feeling I derived from this is that the communities is more united but and I will give the the ball to Carell uh in this one is that it seems to me that a good portion of that is also due to the fact that treasure Dow has been uh pushing this sort of ethos forward as well so it's like it's hard

to distinguish one from the other to something very tight together but yeah Carol if you want to add to that yeah it sounds like treasure is a main reason for the gaming ecosystem really taking off on uh arbitrine in the way it has so can you describe kind of the the gaming culture and um yeah what why um why do you think treasure and arbitrary are becoming the Nexus for layer 2 Gaming as as Diego says yeah absolutely thanks uh thanks for the alley-oop uh Diego um so so I mean I think the arbitrum gaming and nft culture I mean it's it's largely treasure culture as well and you know I think because of that and I'll I'll give some some background maybe on

Treasure um really quickly I'll kind of speed run through it but I mean we're effectively building you know what we like to call the decentralized Nintendo so a crypto native game publisher that is leveraging web3 to its fully fullest extent um so breaking down old Gardens transforming how game publishing is is done in a bottom-up and Community Driven Manner and all of this is tied together through interoperability shared resources magic as our token and so as we think about this kind of context um and you know I think why we sort of view this as as the culture of treasure as well as you know I think a lot of the gaming and nft activity certainly from a transaction perspective I mean we we really dominate the scene right now and

I think we account for across all of our different games like over 95 percent of you know related transactions on average room so um you know kind of looking at it from that lens you know I think a lot of it is because of how we're approaching things and you know in the same way that you know you have a Nintendo you have different cartridges different games that you can slot in and out you know there's this cohesiveness that spans really the entire ecosystem so between the games between the you know different types of kind of infra and tooling that we're building out everything is connected and you know you're kind of looking at this in in the you know sort of viewpoint of um you know this sort of

broader uh degree of network effects that really kind of drive both players and Builders you know into this epicenter that is kind of forming um it's a very I think deep contrast to you know some of the other um sort of ltus networks out there where in a lot of you know ways any game games that are kind of building there for the most part anyway we haven't necessarily seen a kind of treasure like Community form quite yet is that they're kind of building in isolation and so really this like Rising tide lift saw boats ethos is you know is something that we live and Breathe by and um you know it is you know kind of shared across you know all the games that we have and and who you know we have the pleasure of working

with and and so as that um is that basically arbitrim1 is that going to remain home for Treasure um I mean I mentioned arbitrim Nova earlier and then we've also talked about Avalanche but you know what about arbitrim one feels like home and and how would you kind of expand into other chains if you do yeah absolutely I mean arbitrim1 is you know in in a lot of ways a relic of which has served you know I think a treasure quite well um but just in terms of how we migrate and moved everything over from ethyl one you know onto arbitrim right and so um Arboretum Nova wasn't there at the time you know it was um a good bet on on us to kind of transition there

um where as I guess if we think about the future of treasure and where we're going to go from here I mean certainly I think there there are no you know plans to move away from arbitrim kind of period um you know at this point in time um but you know I think with the Nova question you know I think just thinking about from a even technology perspective and speed and transaction costs I mean it makes a ton of sense as you know they are really kind of uh and and by the I mean arbitrum you know they're positioning this as the uh gaming and social um kind of chain for for different um sort of applications like that so I think um you know we we did law launch support via our Marketplace for arbitrim Nova I think in the fall so you know could

there be really a question you know a you know a subset of games that also emerged there I think it's very realistic um and you know I think it's there's a bigger question on the liquidity kind of front as well as we think about this token that unifies everyone having that fragments it is also a big question so it's not something we're looking at lately but uh definitely considering for sure Diego my hearing memories of thoughts from you yeah I mean I was just wanting to add something that girl said to before I mean I don't want to to throw us lower in any other chain or anything like that but I actually haven't been able to explore I haven't been exploring the audit chains for a while because as we said on arbitrary and treasure we just like stop looking but I could add that

at some point when we were like deciding which chain to launch on one of the key challenges that we sort of find out what found out was that uh even though there was there were initiatives for this chains to build games upon it sort of felt like every game you had on these different chains was like a siled operation it seems like there was no communication between the community of one game with the community of another game even though they were in the same chain let's say as avids whilst on the other hand with treasure an arbitrum for that matter you sort of found that there was like this deep connection of community and I'd say that that was like the deal breaker for us to to jump in um it wasn't that those other chains didn't give you support or any of those things but it seemed to me that the

community aspect was like stronger On the Origin side and for that for us that meant that was like a deal breaker like Community is King if you want to build a blockchain coin flip you have any thoughts yeah I I called what Diego said the community aspect I think really should not be underestimated the fact is that if I if I go through sort of you know our side chats within GMX the dialogue actually isn't just about D5 but there's a lot of conversation about treasure other people building game environments so a lot of interesting sort of uh gamified vaults and and game five that that's also developing out I mean I know Treasure's also looking at a few things within the ecosystem that we might be collaborating on so I mean I think that's that's the

interesting thing that people are sort of pulling out and testing out those different models because because there's been such an interesting you know intersection between those two sort of areas um and it'll be interesting to see how things keep developing but the fact that people in these communities are overlapping it's not like we have a NFTA community and a D5 Community there's really an arbitrary community that sort of overarchs and people are dabbling across that whole ecosystem and there's a lot of crossover between defy and and gaming you mentioned game five but that's really I mean that's been talked about a lot but is that really happening on arbitrim coin flip yeah so there are there are there are platforms that are looking at um well you know copy trading in a sort of a social aspect you're looking at

people doing gamified vaults like there's a project uh protocol called I think uh dsq who's working with us I think they're doing something with magic as well I know even matric's been talking about looking at LP positions and other things to sort of back the the game their their ecosystem so you know I think there's a lot of things there where we're trying to see how do you how do you optimize um you know for idle Capital because there is a lot of inefficiency that sort of lies in the system so there's you know obviously well we're all a little careful because you know we don't want to go too quickly but I think those conversations have happened and we see a lot of potential for overall app and I think I think that if I use an example the GMX has done very well with you know

attracting a good amount of capital and trading activities so off of that you're getting a lot of people looking at you know well gaming which crosses over into gambling and a lot of other things that are sort of happening so that you know I think you're going to see a lot of happening space I'm actually reminded of what you were saying coin flip from all the way back in D5 summer where we had this concept called composable communities where I think this really came out after like yams came out where you could deposit your synthetics tokens your maker tokens your Ave tokens your uh like your D5 project tokens and it was all these communities coming together to farm yams and it was like this great like composability of all these ecosystems come together under this one defy app

and so this one brand new defy app yams was collectively owned by all these other communities it seems to be there's a little bit of that playing through in the arbitrum app layer but it's it's interesting to me that this is not really something that uh is technical this is not a protocol competing against another protocol right this isn't like arbitrum going over and competing with avalanche on their protocol even though I'm sure they could but it's really something much more in the social layer that is really allowing arbitrim to to rise to what it to what we see today do do you think that's a fair take of it's actually the culture that has been created more than the protocol yeah I mean I I think I I'm not going to get into a technology conversation

because I think every every system has its own merits but I think that what you know in some ways as you said 2022 was a very interesting experience if I think about when Arboretum main net went live if I recall it was basically November 1st which of 2020 um one it almost kicks to like the peak of the market of the bull run and that's when Arbitron went live and in and you know there's no there's no arbitrum token there's nothing on that front so what happened was it did become it did become a community that got to focus on the protocols and everything that was being built um I think I mean I'll say that you know listen I can take Avalanche I can take Phantom I can take all these other

ecosystems in some ways as token went down communities got you know you know their emotions got tied with the token price as opposed to what was being built right so it's been built in other spaces but in arbitrum everybody got to only focus on what was being built and I think that was it just really helped to you know Snowball and keep growing in the right direction for us I got one more question for you that uh since you uh when you hopped into the uh Zoom you said that you're familiar with bankless content and that means that you're generally familiar with the Banker's thesis which means you're generally familiar that bankless has kind of been promoting the all or the layer two thesis much more than it has the alt layer one thesis uh and since GMX has straddled both uh Avalanche and

arbitrum I I think you're actually in a pretty well equipped position to give an audit as to the bankless thesis uh in what ways were do you think we were right in what ways you think we were wrong oh well okay so I I will say I I'm a great believer that the the ethereum network from us from a security standpoint is the most valuable system of security and I think that that's been a real big aspect of where you know from a defy standpoint I think uh there's a lot of potential I so I think that thesis is extremely strong when it comes to l2s and you know as you said we're we're deploying on Avalanche as well and there's even governance proposals for us to go to other uh to go to other l1s I think it really comes down to what is

getting built on on each protocol I mean for something like GMX we're a base layer and we want to work with other people who can build on top of us who can build liquidity under us and it largely comes down to each ecosystem if there's if there's an active number of builders so I don't know I mean I'm not sure there's anything I think the thesis is sound I mean I think that you know ethereum will continue to snowball and grow and for any alt L1 to stand up they will have to differentiate themselves I'm not sure if that's in D5 if that's in gaming or whatever area but there's a I mean I don't know I'm a black holes after anything but there's a there's a center of gravity around ethereum and then the l2s that is that's very strong you know what's so exciting to me about

this whole conversation is um how much David this feels like we are exploring new lands you know and kind of like settling we've called Layer Two the kind of the New Frontier it's moved from ethereum maina into the new frontier and what we're seeing in uh arbitrum is um entirely different kind of ecosystem of of players and important applications in the stack so like treasure being incredibly important GMX being in incredibly important this whole gaming ecosystem that is so much different than kind of the cast of applications and uh important ecosystem participants on mainnet and um you might have assumed like a sterile world of yeah all of the

big D5 apps and all of the big kind of apps on mainnet will just replicate across all the layer twos we're not seeing that at all it's almost like um you know our analogy of of ethereum is kind of like a the um nation of States uh you know every state being kind of a different blockchain it's like some of these things are uh almost like like cities so when we look at arbitrary and compare that to optimism it's it's almost like looking at the difference between like New York and San Francisco there's entirely different cities with different networks and different ecosystem participants and sure there's some crossover and but they're all United under this one kind of you know uh I guess settlement uh Assurance of a nation-state anyway that that's very striking to me and it's also very very

exciting because what it means is there is a whole new world of opportunity for uh Builders to uh make their Mark in new chains and in addition to like kind of lower gas fees being a uh you know place for Innovation to to sort of Thrive we have these new ecosystem participants that can try something different and I think we'll get a lot of variety that way is that what you're seeing or like am I am I off here or you know because I know you've explored l2s a little bit more deeply than I have and this is a question for you actually David oh this is for me oh yeah yeah this is absolutely what I'm saying and so like yeah there's uh the different cultures in different cities but also

free uh Transportation free access across each one right so like you can walk uh I mean you can't really but in theory you could walk from San Francisco to New York right there's nothing stopping you from doing that and that's what it feels like Layer Two Bridges but you what you do find in these different layer twos is different cultures uh and it's easier to compose inside of cities than it does across cities uh so that's kind of what I'm saying there uh coin flip I got one last question for you about specifically GMX before we turn the the conversation into the more nft and gaming ecosystems how are other D5 protocols on arbitrum hooked into GMX because we all know that D5 is what it is because of composability what's the current state of composability on the

arbitrum layer too foreign exists and it's growing and so I would say that you know I'll just use an example that if the if we're doing any sort of update to our protocol at this point I'm sending you know we're probably sending out updates to 50 different you know protocols Builders groups who are already sort of you know tied into GMX in one way or the other and roughly an equal amount who we know are already in the process and that's across both you know our existing employment and our upcoming GMX synthetic markets which is kind of a bit of a successor to what we've done with uh with GMX and glp um you have you have countless people building delta neutral vaults you have people building compounding vaults you

have people building trading strategy involves now that will that are utilizing DMX you have options protocols already deployed and more who are deploying who are able to use GMX to provide Capital efficient uh hedging strategies for being able to you know expand their marketplaces so you know I think everybody has really uh looked and found value in bringing that Capital efficient structure on chain and being able to ensure that you have you know we have transparent settlement you're not you're not needing to move beyond the chain to be able uh to you know effectively add risk or offload risk but that's that's a nice way to say for on protocols you know for Traders it's typically you know doing the same

thing but for protocols that I think it functions very differently and that's continued to be you know a build out so I I really do feel like 2023 you're definitely going to see you're going to see you know that the notion of the Lego really you know the tower being built up with multiple protocols you know feeding liquidity into GMX and multiple protocols building and utilizing that liquidity Carlton and Diego uh the way I kind of think of you guys are founders of your respective projects but Power users of the rest of arbitrom so that means d52 I'm assuming uh do you guys use arbitrum for all of your defy activities is it like 50 50 between arbitrum and the rest of the ethereum mucus system like I know

we've said that arbitrum is defy at this point uh but to what degree like is your activity or defy activity whatever that may be contained inside of the arbitrary ecosystem uh Corel let's start with you and we'll go to Diego afterwards yeah I I'd say if you know it's it's fairly limited um you know speaking from a kind of treasure lens um but you know aside from um sort of from a liquidity standpoint you know we had recently kind of made a slop from you know kind of gamified um like protocol on liquidity that was previously just you know kind of through Sushi magic ease kind of pools and moving that to to GMX I mean we have initially we haven't put that in place quite yet but at least we got the governance for bolster through um so

there is that kind of you know crossover that is uh beginning to kind of take shape but beyond that I mean everything is you know that that we sort of do and interact with is is all on all on arbitrary I guess it's important to disclose that our project does not have a token per se like our own token we don't have one and that's we may we may have one in the future but we don't have one because we pretty much rely on our Treasures infrastructure uh economic infrastructure to be the unit of account of our game to some debate and so most of the D5 product actually sort of Outsource towards thresh or towards towards Corel in that sense um but I do Envision that if at some point let's say we have a token we will share like use arbitrary infrastructure

on the D5 side too to fuel it right but there's no need to do that now on the personal side I do use arbitrine D5 but um and like the speed and the transaction to us is it's quite delightful but yeah in the case of our projects mostly this we Outsource the problem towards Corel for that in that sense yeah and if I can if I can add there I mean I think there there are home brew or homegrown kind of you know I'd say um uh products that like we're we're in development um for you know to kind of bring this to life as as we think about just the cross game economy so we have something called Magic swap which right now you know is essentially just using magic as the base pair I mean that's similar to a lot of the other kind of

protocols out there there is an evolution of that that's kind of coming that is you know more focused around you know how we can do this but from an nft perspective and you know for as we think about um and you know I think there's there's a big debate right now across gaming you know in web3 on kind of the financialized sort of aspects of it and the other side which is more the intrinsic sort of value um that you can kind of derive from from you know um essentially kind of building here and so um there's there's a lot of that that you know we're kind of building up towards as well and you know certainly that will sit on on arbitrary well I uh Carl I really want to dive down into the uh the economics of the treasure ecosystem and the the whole

idea of treasure as a like a Nintendo for web3 with different cartridges to slot in and out uh there's always been this idea in the world of crypto of composable games and composable gaming uh and up until this point I've been kind of a Skeptics like all right that's a cool meme that's a cool narrative but it's hard to say that uh what treasure Dao is doing is actually executing on that narrative and so this has gone from a narrative to an actual real story so I want to dive down into that specific part of this conversation uh but first I want to talk about a moment to talk about some of these fantastic sponsors that make this episode possible uniswap is the largest on-chain Marketplace for self-custody digital assets uniswap is of course a decentralized exchange but

you know this because you've been listening to bankless but did you know that the uniswap web app has a shiny new Fiat on-ramp now you could go directly from Fiat in your bank to tokens in defy inside of you not only that but polygon arbitrum and optimism layer twos are supported right out of the game but that's just D5 uniswap is also an nft aggregator letting you find more listings for the best prices across the nft world with uniswap you can sweep floors on multiple nfts and uniswap's Universal router will optimize your gas fees for you uniswap is making it as easy as possible to go from bank account to bankless assets across ethereum and we couldn't be more thankful for having them as a sponsor so go to

app.uniswap.org today to buy sell or swap tokens and nfts arbitrim1 is pioneering the world of secure ethereum scalability and is continuing to accelerate the web 3 landscape hundreds of projects have already deployed on arbitrum 1 producing flourishing defy and nft ecosystems with a recent addition of arbitrum Nova gaming and social dapps like Reddit are also now calling Arboretum home both arbitrim1 and Nova leverage the security and decentralization of ethereum and provide a builder experience that's intuitive familiar and fully evm compatible on arbitrum both Builders and users will experience faster transaction speeds with significantly lower gas fees with the arboretum's recent migration to

arborstone Nitro it's also now 10 times faster than before visit arboretum.io where you can join the community dive into the developer docs Bridge your assets and start building your first app with arbitrum experience web 3 development the way it was meant to be secure fast cheap and friction free and ladies and gentlemen we are back in the second half of the show we're going to dive down into the nfts the pfps the web3 gaming side of arbitrum in this conversation uh and so Carl I'm gonna I'm gonna start with you uh I interviewed the treasure team uh back in last April uh still living in San Diego at the time and the community that showed up in the chat was absolutely insane they were the craziest but also

extremely friendly uh the most friendly community that I've ever engaged with which was really refreshing at the time because in April of 2022 I had gotten in like three fights in a row with various different frog armies first dokwans and before that Daniel cess does uh so it was really refreshing to have all of these like small brain people coming into the chat even though I didn't really know what the hell the E thing was uh but it was just and and so like fast forward to where we are now I poked in my head into the uh into the treasure ecosystem to see what's up with that community did they make it through 2022 or they do it all right uh and uh I'm mean they were just as crazy and energetic as ever so dude how the hell did you do that in 2022 how did you keep

your community so engaged throughout one of the worst years cryptos ever happened like what how did you guys how did treasure inject so much energy into its ecosystem yeah no it's uh well one thing thanks for stopping in there um we will definitely have Ryan I think do a big e at the end of this uh is uh I've already asked him what is this but um yeah I mean and definitely it's a team effort I mean I think part of it is um we've just gone uh you know I think looking back to April 20 22 and I'll bring up like one of the things that you kind of talked about um to cap off the last um kind of call we had which you know the the kind of

framing of you know we have the centralized Nintendo but then there's also treasure as like the web 3 nation and it's the ecosystem made up of many Network states of which you know those are games or the metaverses and so as we think about this like GDP of the network right it's like the economic activity it's all the builders developers contributors of all the you know many games and metaverses and then you know of course the players I think that has you know there's just something special about game meaning which in a lot of ways is anti-fragile to you know everything we're sort of doing um and certainly I think with with the pace of the you know just macro and Market overall where you know people are kind of you know sticky because they're

here for the content and the games and you know of course like there's been a big change in a way from you know kind of early 2022 P to e you know that sort of era has you know I think very much sort of changed the landscape of gaming and how we kind of approach things um and so I think there's that sort of natural just path as the treasure ecosystem at large you know matured we brought more games a lot of them also matured as well and you know they went from what was much more kind of simple sort of game mechanics and game Loops into something that's a lot more immersive that's fun you know and it is really kind of going through that that Evolution um you know you have uh games like the beacon uh coming out and you know I

think a lot of these you know know I think changes and you know just us maturing as an ecosystem you know the players kind of sticking around because they're just having fun and being part of the community um you know I think there is a also just a provenance of you know I think being kind of early and being you know part of this and kind of contributing in meaningful ways and you know I think there's a cultural sort of aspect to it as well the the social kind of moat that you know I think can sort of emerge from that and you know you spending time in the small brains community and you know we in a lot of ways view them as kind of the blue chips and uh you know and kind of the the punks plus big plus whatever you want to kind of you know compare

them to but and in its kind of unique way and you know we like to call them the the Mario of treasure and so I think there's a lot of that that you know it has this emotional kind of connection um but really I mean at the end of the day it's you know I think you know there are just things to do here and you know it it leads to I think people kind of sticking rounds and contributing or playing and you know we're hoping to have a lot more of that yeah it was definitely something I learned throughout this last bull market is that like the attention game is really where it's at in in crypto and gaming has this Edge over most other things in that like there are things to do so there's always a reason to deposit your attention into it into a game uh I

we've we've talked about The Narrative of like treasure as like the Nintendo of web3 and what that means what I did not understand that that Meme when I first heard it so I think we need to take some time to explain it uh Corral can you kind of explain this Vision this what does this mean to be the Nintendo of web3 and how do Game cartridges fit into this whole thing yeah yeah absolutely so um you know when we think about you know just game publishing and you know kind of the Nintendo I mean that's one really good analogy there's also the the valve and the steam and the half-life which is also another one that you could probably use as well but really thinking about this from like you know breaking down these walled Gardens um which you know I think is kind of looking at this in in a

brand new way that you know previously probably wouldn't have been possible in web 2 or was not you know uh feasible from a business perspective um but now you know enter kind of web3 you know and really coming at this from how kind of treasure started I mean it was um you know a derivative of loot I won't go through all the history because I we have another uh you know a pod on this already but um you know and and kind of approaching this from just like a bottom-up manner you know as a fair launch free minutes you know we distributed magic we distributed you know the kind of initial nfts that led to free mints that led to small brains that led to kind of bridge world and Legions and so that was our approach of one taking this thesis of

how can we kind of create and Bridge and connect games that could share common resources so this interoperability thesis um but kind of do this in a way that helped to kind of showcase what a proof of concept could look like so you know like a Nintendo you know there are first party bets and IPS that you know need to kind of form and that you know ultimately our hope is that we can kind of create some hits from them but at the same time because of the nature of the space and what you know I think you know magic sort of unlocked for a lot of people was the ability for other builders and other games to come into treasure and you know again it's permissionless anyone can pick it up and do whatever they want with it

um and but that said it needs to kind of be done in a way that the Dao can formally kind of accept and and bring in you know one folks who are kind of well aligned with treasure and magic and really what we're trying to accomplish and you know kind of build together and so this you know enabled this sort of like bottom-up you know manner of building that um you know maybe the Nintendo of you know kind of web 2 probably wouldn't be able to kind of tackle it and so we're doing this as and and you know my my aspiration is that we no longer have to refer to this moniker of the decentralized Nintendo in a few years and we just call it treasure certainly and I'll say my first initial reaction to that was

that's a great that's a great narrative uh all like web3 gaming platforms want to have this interoperability this uh you know just come build your game on Treasure but then my my initial like skeptical I was optimistic that we could do this somebody could hopefully do this but my initial reaction was like well why would you just build your game on Treasure when you could just build your game independently and not be subjected to the economics of treasure uh and so this is what I was really waiting for when after doing the interview back in April and then I come back in June I was like oh that that's actually playing out for some somehow they've they've managed their coordination incentives to actually encourage people to build on Treasure rather than defect and go out and build on their own and one of those games I think is is uh the beacon so

Diego Diego I want to turn to you is like why what resources did treasure the treasure ecosystem have to offer you and and what you're building and why did you decide to build uh alongside treasure instead of just forking off and building your own ecosystem sure I mean there's quite a few I'd say that one of the things that I wanted to mention that I don't really know precisely how how treasure achieved this this culture that they have like this e kind of thing I really don't know how you recreate that I think that's impossible and when we actually found out about this community we were like what is up with these guys like who are these people like what how how are they all like so well coordinated and so sharing like the same I don't know like ethos to some degree yeah we quickly sort of

that was quick uh well so we quickly realized that we found this community that had the interest that we were looking for which is people that are interested in the crypto space but also highly interested and invested in the gaming side of things much like we were you know like we are we're all Gamers we love the crypto space but we found out that this community had like that those two interests interests like very at heart and they they have built a community that was not only fun but very contagious right so we quickly realized like hey whatever is it that this guy's built is actually quite unique quite hard to replicate and we don't really want to replicate it I think that this was like the audience that we're to some degree like looking for right but besides like the community side which is

actually quite the big one if you're building a game I'd say that's that's the hardest part is the fact that treasure also offers a set of let's say an infrastructure that is very hard to build on your own let's say one of the main reasons why most projects in gamify fail is because they develop they develop um tokenomics that don't really make economic sense or they sort of Orient the game design towards a token and usually they fail on that right but what treasure sort of Grants you is a it's a token that has utility outside of your game while also providing you with a community that wants this talk and this infrastructure to throw and this let's say this whole ecosystem to tribe and also providing your infrastructure to build upon like a Marketplace and and other stuff like that right so they sort

of help you in different ways that is very hard to come by if you're building on your own to me one of the core aspects where games fail is because they focus on building a token first rather than just focus on building a game first um so with treasure we sort of realize that we could focus on creating what's actually engaging for players which is the game right we also sort of Leverage the fact that treasure impulses interoperability right the fact that an asset on my game can be used in another game and so on and so on and so forth right which actually adds more value to whatever exists to this inside the ecosystem so this let's say the treasure has like this property that the more it grows the more it's enticing for games to hop into and the more games that hop

into the more it keeps on growing because sort of everyone benefits from it and you can certainly see that the community has that in mind to some degree that's what they created that I say it's very hard to replicate it's very very hard um so that's my answer I guess yeah it really seems to be that Treasures uh moat is a distribution where games could be independent if they wanted to they could attempt to build strap if they wanted to but maybe they just want to take the easy route and plug right into treasure and have just like these crazy e Fanatics and immediately start playing their game uh and that seems to be like kind of the Bold case for for Treasure is that is that how you you guys see it it's I I'd say it's one part uh and I'll start Diego I mean I'll clip that for

for later and show the team because it was a great testimonial um but yeah I mean I think when we think about certainly like from the the gaming and sort of Builders perspective like we we like to talk about our flywheels a lot but there is a bit of this like Builder flywheel where you know you have this like vibrant and kind of intimate ecosystem there's the community sides you know it's bootstrapping player adoption tap into that you know it's the the ease in the crowd and you know also the Beacon Community I mean you know they're they're you know I think this player base um and especially as this grows like it you know there is that kind of cross-pollination that's kind of happening there's this other side of it which I think is maybe more builder-centric and in a lot of ways it's almost like a a Founders group you

know if you kind of put your your VC hat on you know it's a group of just like it's other entrepreneurs other builders and you know I think for us to be able to kind of curate and bring you know really talented folks together who can spend time talking about very openly you know struggles and challenges that they have you know with regards to game design tokenomics go to market operations I mean there's a chat going on right now on like generative Ai and you know the use of that in like art production and it's a very just like collaborative kind of effort versus it being you know really kind of competitive in that certain nature so there's a big kind of bucket around that ecosystem um so distribution I think is is really key to that but also um kind of this

this kind of building side of things um you know I think we're moving to this um you know maturity of the the network where you can have and kind of bring out just these like more immersive kind of gaming experiences so interop is like a really big sort of theme there I think there's also this meta game that is emerging because everything is tied together in so many different ways so you have this meta game that we're trying to Foster that is like inter-game intra game and then just you know add a kind of layer of identity as you know kind of social the play you know the social graph that players can kind of you know tap into and then coordinate you know we're talking a lot about guilds that could form that could span

different games and you know the way that you know what might have emerged in World of Warcraft but you know think of having something that could have you know kind of um you know take shape in multiple games um uh XP identity et cetera Etc so I think there's there's so many different parts there um that we can kind of play a role to help kind of cultivate and and you know really kind of bring this to life girl I'm curious what's holding you guys back right now so there was a time where I I might have said yeah game five is being held back by really high transaction fees uh and kind of scalability constraints of of uh decentralized blockchains I don't know if that's still the case uh maybe another aspect is user experience I mean wallets are still kind of hard

onboarding into crypto is still kind of hard but what would you point to like what's holding treasure the entire ecosystem and GameFly in general back um I I get the impression that this is maybe a in terms of number of Gamers we're in the you know the tens of thousands or so maybe close to hundreds of thousands maybe uh what's it gonna take to get to the millions what's going to take to get to kind of the the big boy numbers that the nintendives of the world are pulling in yeah absolutely I think uh I mean my perspective is a lot of it is from that user experience I mean I think there's definitely a scaling and um kind of cost and and speed question um I mean I think in a lot of ways

though you know and you're you're seeing more of the kind of hybrid like on off chain sort of models emerge and you know I think there's a there's room in a place for like fully on-chain games um but I I do think that there was a period of time where like that was the end goal for a lot of folks but I think we're maybe still a bit far off from that um that said though I think there's um you know that wall experience the you know uh like I think and this may be a hot take you know I think at the end of the day you know a user and a player shouldn't even know what network they're on they shouldn't have to worry about kind of the tokens you know and so this is where you know whether it's on arbitrum and hopefully it's on arbitrum

but it could be anywhere else that like it's abstracted away you know you don't have to manage your wallet and so we're making quite a number of strides there's a ton of Partners out there a lot of people just working on the really the picks and shovels to you know take make that experience like you know much better for the end user um so so I think that is is maybe the the biggest kind of uh blocker right now for us to kind of get there I think the other side of it is just you know the the types of games that you know could appeal to um you know that kind of mainstream audience or mass Market I think we're still a bit far off from that um but you know I think you know like there's a

number of them that are you know which I would point to with the beacon being like one that I think has like you know the ability to really kind of capture that you know that sort of audience um and you know I think we had like you know come from a stage where like there's a ton of games that weren't free to play you know you had to buy and mince an nft in order to participate or and it cost you know quite a bit to for you to kind of enter and you know play so I think you know there's just a bit of a shift in in terms of how games and how Builders are approaching it but I'd love to hear Diego's uh perspective yeah yeah absolutely I mean there's plenty to touch in there uh to me I agree with Carl for the most part I think that on

ramps are quite the important part just make this frictionless for regular players to me one of gamifies May most like biggest problems is gameify itself right the fact that you create uh a game that spins around a certain token and that you need to use D5 to participate into it I think that that that's not necessary well the approach that we took in our end was to why don't we create a game that sort of leverages the well the benefits of blockchain without necessarily requiring it for you to play the game so do it well by doing that we achieved to some degree to create a fun and engaging experience that also has the benefits of blockchain and that at least as for now has been has worked well because people are really really

people really want to play games on the blockchain the only issue that you have is that you don't have that many and the the way to play them is to well to purchase tokens and participate on this strange economic Loops there's also to me like a change in some Tendencies like game five let's say a year ago was way different in the sense that there was like this notion that every aspect of the game had to be in a blockchain everything had to be centralized I mean decentralized which I think that is not the case anymore I think that to achieve Mass adoption we need a game that is like a hybrid that has the aspect even the benefits of blockchain but that has the technology that allows it to be a fun game like you need to have a game that's to some degree centralized in

order to create an engaging experience because if everything is on the blockchain there's just no way to do that and create a fun game by having like everything in the centralized you need like this sort of hybrid approach and I think that we we're seeing a tendency now where games are actually focusing on the fun aspect first and blockchain sort of second to some degree and yeah I think that's one of the things that's going to drive adoption is if you want to appeal to the web 2 crowd give them what they want which is to have fun right and if you so show them the benefits of web3 which are quite quite substantial to begin with they will immediately inevitably keep on using the technology the way I sort of Envision it some degree is that people will be using blockchain in games without realizing that they're using log

chicken games the same way that we don't realize many of the technologies that we use nowadays I think that's sort of the way to go and and I certainly certainly see that happening Sunday although we're still we still have the the old game if I approach let's say that's token based so that's just my take by the way it might be wrong on this one of course it's just like Jesus you're saying we don't we don't make kind of Finance the the focus or the end all be all right it's got to be more than that and yeah I'd say I would just say we're depending on you guys to build some really cool stuff because I don't know if you notice but the uh The Gaming Community kind of hates us right now absolutely hates nfts thinks it's all a Ponzi scam and it's up to you guys the builders to uh

to prove that we have something really fun and engaging and I think we're seeing that in kind of the the community the treasure communities that's sort of stuck around and is exploring this ecosystem right now they seem very engaged and excited but it's up to you guys on that note uh I think when people hear the words like web3 gaming they think actually infinity and they really understand it to be like there's a UI there's a skin on top of this economic game okay actually what what is what's the beacon game what do you do in the game what are the objectives can you like pitch the game for us like sure how do you play the game so the beacon is a road like uh RPG game that leverages the social aspect of MMOs together with nfts right

um so the game basically spins around two Core Concepts the first concept first concept would be assault a solo Dungeon Crawler uh roguelike game that's pretty much based or inspired on games like Hades or The Binding of Isaac If you experience those games like fast-paced action heavy skill required screen repairing games right that use procedural Generations so that every time you enter it's going to be a different experience right and the idea is that players as they play they the farther they get into his dungeons the better or the more loot they can take home and this little could be sometimes and a piece sometimes it's just cosmetic items right that's one of the dimensions of the game and the second dimension of the game will be a highly social gameplay where every player just for the sake of existing owns a house a house

right and they can decorate this house with the items that they find during their dungeon runs right so you have like a character you have your house most of the items inside the house are nfts and the idea is that you can invite people over and visit other players houses and it's pretty much have this sort of social experience right but besides that we have the fact that characters are highly customizable as well by nfts and by different items so players can have like their own unique looks right and besides the housing system and the social experience we are planning to have like this sort of open world kind of city like that mimics the experience that most MMOs have like most MMOs that you ever played at a town or a city that you need to go to in order to interact with the core aspects of the

game such as questing and crafting and stuff like that and it's usually that place where people hang around and just talk with each other and we were planning to recreate this experience in our game so we're basically just a mix between uh Hades and stardew Valley that also sort of includes the the social aspect of kind of novels right and we're using nfts to power most of us like in the sense that you have limited items that you can share towards others and a highly competitive gameplay that we can leverage to well to have people competing against each other and stuff like that right so it's basically a game that is a game first approach that uses the blockchain to its benefit rather than relying on the blockchain as its main source of existence let's say it's main motive of existence and that's why we think that will be

um one of the ways to go in blockchain gaming is just using the power of the blockchain to Leverage The assets inside of a game instead of instead of just pursuing Financial financialization although you can actually add some Finance financialization approach into it if you want to but it comes with its risks of course that's like a broader uh explanation of the game but I can dive deeper if you want to no I love that I'm already getting excited because I the roguelikes are my like bread and butter that's my my favorite kind of like casual game to hop into uh guys this has been just a great like overall landscape uh overview of of the Arboretum app player but uh I want to talk about this this last conversation before we wrap things up here which is the pfp landscape of Arboretum because that's

actually how uh I really just got like zoomed into the arbitrome ecosystem as of recently is like trying to ask myself what are the pfps worth collecting in the arbitrum ecosystem uh and so like what what uh uh Carl I'll throw this one to you like what are the pfps in the arbitrum ecosystem because people definitely Rock them can you like kind of run us through the the landscape of arbitrine pfps yeah I mean you're you already have one one is uh definitely the the small brains side of things uh I mean for for for a backdrop you know the kind of Genesis for it I mean obviously super cute monkey very zany just amazing uh kind of pixel art um but the concept of it was you know it had um you know ever kind of increasing

head you know as you kind of staked it uh by the way you should be tossing up Trove on here not openc uh right here okay I'll be right back but um you know you you would have those uh kind of you know small brain that would you know grow over time and um you know the longer you stick to the more IQ it would it would gain and um you know with that though the kind of collective worlds would also Advance at the same time so I mean it was definitely one of the first and and you know a few that kind of came to Arboretum I mean certainly there were many that um you know were were kind of there before as well but you know this is really that

kind of Blue Chip you know it's the cultural icon of of treasure um I mean how do we know that that's a fair statement to make is it the blue trip of our blue trip of arbitrum uh I mean I I guess so so look at it from maybe like a kind of there's the price angle but I think from a cultural relevance as well um just in terms of you know kind of where it's it's stood uh overall sort of volume I don't know what that translates to in terms of hard numbers but it's on quite a bit um but certainly I think um you know but but the hope is that there are going to be many more um so you know we we just announced another kind of uh and I mean there's certainly the beacon you know I see a lot of people representing uh

their Beacon characters on on Twitter and and Discord and all that as well um we just announced a partnership with a game called uh career before the holidays which is effectively a Pokemon of uh kind of web3 and so they're building an ecosystem and you know they'll have uh you you know a pfp collection as well which I'm you know super excited for um maybe I'll I'll bump it to coin flip because I know that they also have one in the GMX Community as well I think General thanks for that shout out yeah no um gbc's on the GMX blueberry club which I guess depending on if I'm talking or not you might see on the screen yeah it was a real fun part of our community

it's actually well again we are we are very much you know a D5 protocol but uh you know early in 20 early last year as you know the bear was setting in and people wanted to really focus on you know how they were appreciating and enjoying the community actually a few community members came together and created uh DBC which has you know it has also grown and you know you'll find them all over Twitter and it's a great way for people to show the support for the protocol but it's created this interesting Community because we we kind of in a very different way I'm remembering part of the dialogue it was that we just wanted to show a hobby friendly place and that was kind of a hard thing of arbitrum and GMX and

everybody coming into our community so you know gbcs are happy they're they sort of you know they it just it again I think it became a very nice way for people to just show their their loyalty respect however you want to turn it for this community that was being built out and I think everybody's very proud of that and I think that's what's one of the things with pfps it doesn't need to be you know it doesn't always need to be about signaling um you know status and anything else it's just about being part of a community I'm I'm loving the uh the synergies here between D5 which is of course what GMX is and nft pfps which means it's just kind of showing the case that like it doesn't matter if you're a D5 app you can also have a pfp nft as well uh and I do appreciate the happy go

lucky like Vibes of this uh of this uh collection and also if you and told me in 2017 that I would be uh having a podcast where we talk about blueberry profile pictures I would have thought that crypto went off into you're in the territory but turns out this is actually how we uh we scale this out to the masses it's it's interestingly enough for like one of the most uniting aspects of the whole Technologies like people really just they put the pfps of the projects that they like and they sort of identify with them and that's yeah I mean it's it's big yeah we're all looking for our tribe absolutely yeah well guys this has been a fantastic exploration and I know none of you guys are the actual arbitrum team

but I have to raise the topic of the question of the token you guys know anything about the token because they are not telling me anything and you guys guys got any Alpha what token they are the arbitrum token I could never I I wish I did I'm sure it's like the first second third and 100th question they get and yeah they just they don't but you know what I mean jokes aside I actually appreciate the fact that that's not their focus it really has ended up being one of the big uniting factors for building out this community people as you said instead what have people done they've come across to Arboretum because

everybody has heard of it and they've they've gone and looked into the magic Community they looked within GMX in our extended ecosystem they've gone into no Banks's ecosystem uh you know there's there's all these dexes that are coming across now and and opening you know like I like Trader Joe's come across Camelot swamp face I mean it's just like you know and everybody's instead focusing on projects and protocols not a token hmm but yes one token sounds like y'all I'll share that sentiment yeah nevertheless because I forgot we're all very very excited for what we hope to be is an eventual token drop some way somehow in some mechanism I'm sure the arbitrum team is listening right now uh chuckling a little bit uh so I got one last question this one's actually for uh for

for Ryan uh Ryan what is the letter that comes after d in the alphabet they talk about e David yeah could you say a little louder I'm just talking about e is a letter nothing to do with any any pfp ecosystem it's just the letter e a b c d e well they're gonna love that one right you want to close this out here yeah um guys it's been a lot of fun uh look thanks for making uh crypto fun again and weird again I feel like we got sidetracked in 2022 but um the arbitrim community is really uh really delivering some cool stuff so I want to thank all of our panelists for this I appreciate you and message the bankless nation it's a bear Market but it's time to explore this is kind of the most

fulfilling time I think you can be on your crypto Journey because there's a lot less noise there's a lot more Builders uh the communities are much cooler there's much more signal and less noise so go check out the treasury ecosystem today or the link in the show notes you can just Google it you can figure this out also uh go play Beacon the game uh it sounds really cool Dungeon Crawler mixed with crypto economics very cool go check out GMX as well we'll also include in the show notes a link to some of our arbitrim guides that we've published on the bank list newsletter so you can get started with this but most of the tools you're familiar with on ethereum and other places in the ecosystem will work here so but I think that the first point of alpha I say is uh on Treasure use Trove

not open c that is one of the first things that I learned there you go uh I I just learned that now so guys we're all living lineup together uh and disclaimers of course gotta let you know that uh arbitrim is risky so is off Defy is as well you could definitely lose what you put in but we are headed west towards the frontier we're glad you're with us on the bankless journey thanks a lot