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Masa Foundation 7

Speaker A: Brian, I want to talk about the blobs. I want to talk about how optimism is using the blobs. I want to talk about how Starknet's using the blobs. Arbitrum is using the blobs in a very special way. So we're going to talk about that. We're just going to talk about the blobs. We're going to talk about Blob space. We're going to talk about the blob contention. There's a new phrase just dropped. Blob contention. Gets me all hot and bothered. I'm pretty excited about blobs, Ryan, I can't talk to you enough about blobs.

Speaker B: Well, this is going to turn into a blob cast. I could tell bankless nation it's the third week of March.

Speaker A: Blob week. It's Blob week. The blob week of March. Blobs everywhere.

Speaker B: Yeah, Dave, we gotta talk about the blobs because this is Ethereum shipping, an absolutely major upgrade. Would you say this is the biggest upgrade since the merge?

Speaker A: Biggest upgrade, second biggest upgrade ever. Biggest one being the merge, yeah. Now we have Blobspace on Ethereum in addition to some other cool stuff that is in the Ethereum protocol. Now it's really EIP 4844 that is now fully a part of the Ethereum protocol, enshrining blob space into the protocol itself, allowing layer twos to become super fast. All the layer twos are celebrating and boasting their super speedy, super quick, super cheap transactions, transactions across the optimistic roll ups right now. Like even some of the more complex stuff are $0.00.

Speaker B: Oh my God, they are.

Speaker A: $0.00 feels so good. Will it last? Is the big question, is this just a short blip in time on blob space or is this going to be the new meta in Ethereum layer twos?

Speaker B: That's a good question for sure. So we're going to talk about all of that. Also, bitcoin hit another all time high this week. A legit David Hoffman all time high. You did not dispute this all time high. Are you capitulating right? Bitcoin all time high.

Speaker A: I'm not capitulating, I'm declaring. The all time high has been hit.

Speaker B: By it past David's line.

Speaker A: Okay, where dollar 3000 or something?

Speaker B: Also Eth tipped over 4k. We're going to talk about that. Also, I want to talk to you too about the wider context of this. Where are we in the cycle? How early is it? The forever question and also, are we going to get this Ethereum ETF a bit of banter on that. Justin Drake says yes.

Speaker A: Other people say no. Ethereum is getting its first restaked layer two. Another layer two on Ethereum. As if we needed any more. Just kidding. We need all of them. But it's a layer two with new superpowers. Who is building it? What to expect? Also, some things in the Solana world. Tensor has announced their tokenization. The biggest protocols on Solana is basically the blur for Solana. Very hyped. They're getting their token jitto on Solana, also getting rid of its mempool. Turns out Solana discovers Mev is a thing. And also a crypto project is going to be on the Vegas sphere. So maybe that Ryan answers a little bit about where we are in this cycle. And then also the bankless podcast gets its fourth birthday ever. So something special for bankless podcast enjoyers. It's not the only birthday on the podcast today, Ryan. Sup?

Speaker B: What? Is it my birthday today?

Speaker A: I don't know.

Speaker B: You noticed.

Speaker A: That's a question to you, brother.

Speaker B: I have a question for you. Okay, so a mysterious package arrived on my front porch this morning, okay? And it was addressed to not Ryan Sean Adams. It was addressed to Ryan dad Adams. Okay. And I have a thought to myself, who in the world would do this? Like, it looks like it was a package from Herman Miller. I was like, did one of my kids see that? And I'm like, no, my kids can't afford a Herman Miller piece of furniture. Like, what is this? So I brought it inside. Still, like, having no idea who actually sent me this, but I'm thinking, David, and we haven't talked about this yet, I'm thinking it may have been you. And what awaits me in that package is a brand new chair.

Speaker A: Can you show the podcast viewers the chair that you have been sitting on four years since the inception of this goddamn company? Take it, step back and show just, like, the absolute lack of lumbar support that this fucking stool has. David, for the podcast listeners, this is like a counter height stool for your kitchen. It's a renegade took from somewhere else in his house. And he's like, oh, I need a chair for my office. And has not invested in his lumbar spine whatsoever.

Speaker B: That's literally how it happened. This is just a chair from another place in my house. And every time we talked about this, you've been absolutely incredulous. You've been like, Ryan, when are you getting a new chair? When are you gonna do this. So you just sent me one. Thanks, man. I appreciate this. So what am I getting? What awaits me in the package?

Speaker A: It's a Herman Miller embodied chair. It's the one that I use. It is a very fun chair. You get to bounce around on it. It curves up your spine. You get to sit on it all day. I don't know how your spine doesn't hurt.

Speaker B: That's expensive. You spent some money on this, David. It must be a bull market.

Speaker A: It was a company expense.

Speaker B: All right? That would have a comfort, spending our money. I appreciate it for my spine. I'm sure my spine appreciates that as well.

Speaker A: Oh, my God.

Speaker B: I appreciate you. Hey, no, no, no. I wanna talk one more thing with you because this is in your apartment. All right. This is the plant wall. Tell us about the plant wall. I'm showing it on screen.

Speaker A: Happy birthday, Ryan, and happy birthday from the bankless nation.

Speaker B: Thanks for the chair. Bankless nation.

Speaker A: Thanks for the.

Speaker B: Appreciate that. All right, so what are we looking at here? I have noticed in your background some on kind of the left side.

Speaker A: My left kind of green.

Speaker B: Yeah, yeah, it's getting a bit more green. And I remember in the 2021 cycle, like, you were in your San Diego apartment, it just kept getting more and more green every. Every day that we would do a podcast until your entire back, like, a part of your apartment, was covered with plants.

Speaker A: Yeah. You actually.

Speaker B: Are you doing this again?

Speaker A: Yeah, slightly off camera, actually. So there are some plants that have made it on camera, but you can see the wall of plants that is just to the left of the. The reason why this became relevant is because me and Ryan were prepping for the show this morning, and then my circuit breaker pops, and I just go completely dark. And it's because, like, I have these studio lights, um, for podcasting for whenever I want to do an in person podcast. But they are also, like, very powerful, uh, plant grow lights. Uh, and so I have them, like, turned on and pointed to my plants because, like, why the hell not? But then they're also really hot, and it's a solid 69 degrees in New York right now. Nice. Uh, and my apartment gets very, very sunny. And so I had to turn on my air conditioning in. What is it? Marsh? And so between the grow lights and the air conditioning and my computer, the circuit breaker pops, uh, and I just, like, disappeared on. On Ryan during prep for the show.

Speaker B: Yeah, that's. You're in a negative flywheel there. If you have more plants, more lights, more heat, more air conditioning, more electricity, these things could keep happening, David. Anyway, I'm really excited about your plant collection, and I want to.

Speaker A: I'm really excited about your chair.

Speaker B: We'll keep the bankless nation updated on those two things.

Speaker A: Plants and shares. Yeah.

Speaker B: Speaking of updates, can you tell them about. All right, David, tell us about bitcoin all time highs because we have officially crossed David Hoffman's bar to all time highs. Thank you for tweeting that at me. I appreciate knowing from you that we had hit bitcoin all time highs. I think it happened maybe sometime Sunday, something like this.

Speaker A: Yeah, it was on Sunday. Where are we on the week currently at 71,200. Started the week at 67,400, up 5.5. A modest 5.5% on the week. Did you know, Ryan, that actually we've had one red week in the last seven weeks and it was only a down 1% week that week? We are up 70% on bitcoin in seven weeks. On the note of calling all time highs, I did think this one YouTube comment from last week was pretty funny, which is like, maybe the guy who doesn't own any bitcoin doesn't get to call when the bitcoin all time highs are, which I do understand. I do take that point.

Speaker B: Bankless owns bitcoin. Unless you all of it on my chair here. But we sell some bitcoin. So buy proxy, you own bitcoin. Okay, well, that's exciting. So we are in uncharted territory. Uh, bitcoin's been going up, only this is why people are actually asking, are we going to have a reversion to some, some local mean here? So maybe we'll get to that in a little bit. But another thing to celebrate is bitcoin actually surpassed the market cap. The total value of silver this week. It's down a hair below.

Speaker A: Down below it.

Speaker B: But look at this next.

Speaker A: It'll get there.

Speaker B: It'll get there.

Speaker A: So silver is, is a thing of the past. And like next week, well, silver is.

Speaker B: 1.4 trillion and bitcoin, uh, is 1.4 trillion as well. So silver must just have a decimal edge here.

Speaker A: Silver has 80 million more dollar market cap than bitcoin.

Speaker B: Wow. The number two asset. So I guess bitcoin is gold. Silver then. Litecoin has nothing to do with this, huh, David?

Speaker A: That's right. Well, litecoin has always been irrelevant. It's just taken time for the market.

Speaker B: To realize that this is Dan McArdle keeping receipts as always. He says this. They tried to tell you bitcoin outperformance was a one time thing due to 0% in government stimulus checks. But this is the long term scoreboard. Look at all of that green, David. This is year by year bitcoin returns versus gold versus s and p 500. And if you kind of compare it. Yeah, that's a 14 year return of 2.4 billion% on bitcoin.

Speaker A: We have some measurement subjectivity going on here, but the point still stands that, like, bitcoin has been the greatest investment compared to all traditional investments since its incession.

Speaker B: Yeah.

Speaker A: Over the past year, it only was really bad if you got in at 20, 2017, 2021, and maybe in 2025.

Speaker B: Yeah. I mean, a lot of people just missed out on, I think, once in a lifetime gains by just fading crypto too early and thinking it's a me, thinking it's a meme, think it's a scam, think it's a ponzi. The tulip mania thing has cost a lot of people a lot of money, I would say. Let's flip over to ETH. What's ETH looking like on the week?

Speaker A: ETH starting the week at 38. 40, up 1%. Up dollar 40 on the week. You know, actually, ETH price action was more exciting than that. Really accounts for, like, we got up to $4,200, $4,100. But we are basically down around full circle to where we started the week. $3,880.

Speaker B: Well, that above four k, I mean, 4k is kind of a round number here. We haven't been that high since, like, for two years. It's been over two years since we've seen that.

Speaker A: We spent very little time, Ethan spent very little time above $4,000.

Speaker B: Yeah. Look at this. Like, a brief period in May. It looks like May 2021, and then a brief period between November 21.

Speaker A: Yeah, November to January, I think, into January.

Speaker B: So can I ask you so we can have consensus on this? David, what is the ETH all time high number? What? Like, what is kind of where. When will you celebrate hitting ETH all time highs?

Speaker A: I think the true accurate number is somewhere in the 4900, low 4900 ish, if I remember correctly. Like high 488, low four 9000. But it's really. We got to go for the round numbers. So it was 70,000 for bitcoin, 5000 for ETH. Once it hits 5000, equipment, like, we've hit a new round number.

Speaker B: So you're playing hard mode. You don't want to call a specific, you know, 4800, something like this. By the way, that's coingecko all time high price, 4850 or something like this. You want to just square it up to five k and then you celebrate.

Speaker A: Yeah, exactly.

Speaker B: All right.

Speaker A: I want to see five number. Come on. Like, the new all time high is going to be something like 1520k. So I'm not going to just, like, get excited about the difference between $4,880 and five. I'm just going to go for 5015 to 20k.

Speaker B: Wow. Dude, I can't wait for that. Look at this. This is global crypto market cap. We are at 2.82 trillion fast, moving really fast. And this is, like, getting close to all time highs. Yeah. So look at this. We hit 3 trillion. Just very briefly, 3 trillion. We're almost there.

Speaker A: We're basically there. Yeah.

Speaker B: All right. Does this worry you? Does it feel like it's happening too soon?

Speaker A: No, I am not worried generally about frothiness or anything until I will start to be worried about, like, the teetering ness of the market and the paper gains of the market after ETF inflows. Stop being insane. Until further notice, you are allowed to be as bullish as you want to be until the ETF flows, like wean and there's no sign of them weening whatsoever.

Speaker B: So how far are we in the bull market, do you think? I mean, are we entering into the second half, would you say? Are we still in the first half, or are we, like, are we actually top signaling and things are kind of starting to flash.

Speaker A: The thing is, we got one year of top signals from 2021 to 2022, and there were still plenty of gains to be made after top signal started to come. I had the same conversation with micah Bolido on the podcast not too long ago when we were like, it was the beginning of the fourth inning. About is kind of what we said, but it also really depends on when you started counting the bull market. And I think we are in the beginning of the fourth inning if you count a very early bull market, and it's a very long game, I think really the Jito airdrop on Solana and then the Solana defi summer is kind of like the soft, official, unofficial launch of the bull market, if anyone can really put any date on it. But I think this thing could kind of, like, if the ETH ETF gets approved by November, of which the odds are still pretty good, I don't care what anyone says, that's just good. Continuation of more flows into crypto and the bitcoin ETF flows have potentially a ton of life in them, potentially three to six more months of net new buyers from different corners of tradfi coming in to buy bitcoin that has a ton of life and energy left in it to me. I'm calling for an idea. You have six to nine months where I. We have free paper gains because of all these inflows into the ETF's and everyone is speculating downstream. That being said, it doesn't matter how strong the fundamentals are, if there's too much total net paper gains in crypto, that will end the bull market because people will take the chips off the table and selling will beget selling and all of a sudden we'll discover a bear market.

Speaker B: I am terrible at timing these things, David, but I feel like we have at least twelve months left. And again, I could be wrong and I feel like 3 trillion is not the top in terms of total crypto market cap.

Speaker A: Oh, hell no.

Speaker B: I think ten. Now what could happen is we could spike up to four or five and then tank all the way back down, even below three, below two again, and people could think that that was the top and we're headed back down. But like, I think we'll have multiple, multiple cycles of different top signals and this is just kind of like the first class of top signals.

Speaker A: David, I think a longer, grander bull market because of ETF flows is like a reasonable base case.

Speaker B: Let's talk a little bit about layer twos. I know next section is going to be completely about blob space, layer twos, how cheap the gas fees are. You're going to get sick.

Speaker A: We're talking about a theory. I mean, this weekly roll up is.

Speaker B: An Ethereum roll up, but before we get there, that's going to be in the next section. Let's just gander at total locked value because we are up on the week and there are some pretty big movers, including base is up significantly on the week to 1.4 billion on base and total value locked.

Speaker A: That's pretty good. Yeah, we have 38 total billion dollars inside of layer twos. I think that's actually stayed about the same week over week. We are threatening, we are teasing. 10 million and layer twos in ETh terms, ETh denominated. Yeah, base has really had a killer week, but overall layer twos are always kind of just up, up, up, just kind of to spit out some of the numbers just to give people an anchor point. Arbitrum, 15.6 billion. Optimism, 8.9 billion. Blast. Insane. 2.8 billion. Yes, really good, really good, healthy numbers here. But yeah, the big outperformer right now is base blasting. Base blasting its way with plus 25% week over week to $1.4 billion.

Speaker B: Layer two beat added a new a tab here where you can see where the chain itself, the layer two, is storing its data. What data availability solution is it using? Is it using Ethereum mainnet or is it using something else? Some are enshrined like arbitrum op, some like Manta Pacific. There's really no da bridge. And others are using Celestia and other third parties for this. So, yeah, layer two beat always kind of showing us the way here and showing us what's up with these layer twos. This recurring theme we've been talking about the last couple of weeks is, is retail here. This is Eric Conner saying, yes, they are here. That is retail. They just aren't in bitcoin and ether. And he's looking at a Google search index for meme coins, and it is just a spike. Absolutely. Up the clip that we play, the tick tock dude that we played last week, he was talking about some meme coin. He's definitely not talking about the fundamentals of bitcoin and ether. What do you think about this, David? Do you think retails here? They're just buying meme coins instead of buying like, you know, our bags with great fundamentals?

Speaker A: Fundamentals, yeah, I think maybe even at this point, like retail, quote unquote retail outside of crypto has heard of bitcoin enough times where they're like, that's just not cool anymore. You know what's cool? A dog with a hat. I'm gonna buy that thing, or Joe Bowden or whatever, some nihilist financial stuff. Because I think with a lot of retail who comes speculating and de Jenning, they're not taking their entire savings and putting it into Dogwiff hat. They're putting amount of money that they can be nihilist about and see if it goes to zero, whatever. And I'm trying to shoot for the moon, and bitcoin is just not going to do that for them anymore. So, yeah, I think it makes sense that retail skips straight to meme coins. I mean, they all saw jpegs, tokens with jpegs last cycle, so why don't they just. They just go even more degen, you know, it's crazy.

Speaker B: David, this is a tweet from Franklin Templeton, like the bank, you know, Franklin Templeton, the asset manager. And this is a report on the value between meme coins and their narrative networks. This is kind of like a bullish report on meme coins.

Speaker A: Oh, my God.

Speaker B: From Franklin Templeton. You believe that?

Speaker A: Wow.

Speaker B: I thought you'd find that interesting. Right? They're catching a bid from the institutions as well.

Speaker A: What the hell?

Speaker B: Another what the hell moment, David. It's happening. So dog with hat is potentially going on the Vegas sphere, and there was a fundraise this week. I think they. They made the fundraise. So apparently this will be what looks like the first crypto project on the Vegas sphere.

Speaker A: And, David, from a long time ago.

Speaker B: You and I pinned this as, like, this could be an absolute top signal for the cycle is the first crypto project. Just like the FTX stadium of the past, the first crypto project that is on a sphere, that's a top signal. And we were joking around, like, there.

Speaker A: Was also a race to get your crypto project on the sphere. And when I kind of made my tweet, like, the first crypto project to get their project on the sphere loses, I actually didn't really consider crowdsourced meme coins as one of the ways to race a guitar. I kind of was thinking about some semi legit startup. Layer one brand new layer one Ethereum killer on the scene advertises themselves a legitimate attempt. I know, I know, but this is a farce attempt at advertising. It's for the lulls, it's for the memes. And I wasn't really accounting for that. It's gonna counting. I'm not counting this top signal.

Speaker B: That's the problem with top signals is once they come, you just find a way to justify it. You're just like, eh, it's not really a top signal.

Speaker A: As soon as I see an ETH killer on the Vegas sphere, that is. That's the top signal.

Speaker B: I don't know. I worry we're moving goalposts here in this bull market. This happened a lot earlier than I thought, I'll say that. But it's not that expensive to actually put your project on the Vegas sphere, at least in crypto terms, 650k. So maybe our top single calendar, 50k.

Speaker A: Worth of dog whip hat donations had to be made so that people are just giving away their dogwiff hat money in order to make this happen. But because they're kind of. Kind of cool.

Speaker B: Yeah, because it's a meme, it's going to, like, increase the, you know, the price of Dogwift hat. Like, I don't know, five fold or tenfold, you know, just getting this. This kind of press. So there's good Roi.

Speaker A: I don't think it'll do that. I think it's more for the lulls.

Speaker B: You're doing an entire episode on meme coins, which I am disappointed to have to miss, but I want to get your take high level on meme coins. Like, some people think that they're, like, fun, that this is what crypto is all about. Other people think that they're toxic. I guess my take is I think they're fun. I think that I get annoyed at them when they start to suck all the auction out of the room and they get all of the attention, and.