Bankless

Welcome back to Bankless Takes! On the show today we walk through David’s recent article on the unified architecture theory for Ethereum. 

Where does Ethereum stand in a world of many chains? How does ethereum compare to Bitcoin, Solana, Celestia, and many others are fighting for users in the space. The comparisons and top competitors might surprise you.

------ 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24  https://bankless.cc/spotify-premium 

------ BANKLESS SPONSOR TOOLS:

🐙KRAKEN | MOST-TRUSTED CRYPTO EXCHANGE https://k.xyz/bankless-pod-q2    ⁠ 

🔗CELO | CEL2 COMING SOON https://bankless.cc/Celo 

🔐 SAFE | ATTEND SAFE{CON} https://bankless.cc/SafeCon 

⚖️ ARBITRUM | SCALING ETHEREUM ⁠https://bankless.cc/Arbitrum  

🛞MANTLE | MODULAR LAYER 2 NETWORK https://bankless.cc/Mantle 

🗣️TOKU | CRYPTO EMPLOYMENT SOLUTION https://bankless.cc/toku 

------ TIMESTAMPS 00:00 Start 02:08 Reason For This Article 06:32 Bitcoin Block Size Wars 17:51 Modern Day Big vs Small Blockers 22:06 Sophisticated Vs Primitive Blocks 33:19 Functionality Escape Velocity 37:17 The Root Of Trust 45:57 Cosmos, The Lost Tribe 56:02 Sovereignty Escape Velocity

------ RESOURCES

Davids Article: https://www.bankless.com/the-unified-architecture-of-ethereum 

Vitalik Article: https://vitalik.eth.limo/general/2019/12/26/mvb.html?ref=bankless.ghost.io 

Ryans Tweet: https://twitter.com/RyanSAdams/status/1778865602121060863 

L2 Beat: https://l2beat.com/scaling/risk 

Cosmos Tweet: https://twitter.com/hxrts/status/1774504453682405467 

------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures⁠ 

In today's episode, David delves into the interesting dynamics between Ethereum and Celestia. While Ethereum and Solana are often seen as the main rivals, Celestia shares similar design philosophies and goals but with notable differences. Is it Ethereum's true competitor? Joining us to help answer that question and much more is Nick White, COO of Celestia Labs.

------ 📣 SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24  https://bankless.cc/spotify-premium  

------ BANKLESS SPONSOR TOOLS:

🐙KRAKEN | MOST-TRUSTED CRYPTO EXCHANGE https://k.xyz/bankless-pod-q2    ⁠  

🔗CELO | CEL2 COMING SOON https://bankless.cc/Celo 

🔐 SAFE | ATTEND SAFE{CON} https://bankless.cc/SafeCon

⚖️ ARBITRUM | SCALING ETHEREUM ⁠https://bankless.cc/Arbitrum  

🛞MANTLE | MODULAR LAYER 2 NETWORK https://bankless.cc/Mantle 

🗣️TOKU | CRYPTO EMPLOYMENT SOLUTION https://bankless.cc/toku 

------ TIMESTAMPS

0:00 Intro 5:28 Celestia 2 Years Ago 6:30 Build Whatever & DA 11:29 Celestia Design Architecture 19:15 Ethereum vs. Celestia 22:26 Celestia No Virtual Machine Trade-Offs  29:57 Sharing DA Layers & Blockchain Interoperability 37:23 Celestia Trustlessness 42:09 DA as a Commodity?  54:09 Network Effects of DA 57:35 $TIA’s Role in Celestia Ecosystem 1:01:50 Lightnodes  1:04:57 $TIA’s Moneyness 1:10:20 Execution & Settlement Layers 1:16:46 Cosmos & Celestia & Ethereum 1:21:56 Sovereign Endgame  1:26:42 Closing & Disclaimers   ------ RESOURCES

Nick’s 1st Bankless Episode  https://youtu.be/bmSU3cZhe3U  

Nick White https://twitter.com/nickwh8te  

Celestia https://twitter.com/CelestiaOrg  

------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures ⁠  

✨ DEBRIEF | Ryan & David unpacking the episode: https://www.bankless.com/debrief-the-raoul-pal-interview 

------ Bankless Nation, we’re having none-other than Raoul Pal, a frequent guest on this show, who needs no introduction.

Expect to understand debasement, how to navigate the different crypto seasons, and Raoul’s secular thesis. Besides his key learnings, Raoul also gives a peak into his portfolio and shares some hot takes on the current state of AI.

------ 📣 SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24  https://bankless.cc/spotify-premium 

------ BANKLESS SPONSOR TOOLS:

🐙KRAKEN | MOST-TRUSTED CRYPTO EXCHANGE https://k.xyz/bankless-pod-q2    ⁠   

🔗CELO | CEL2 COMING SOON https://bankless.cc/Celo   

🏠 CASA | SECURE YOUR GENERATIONAL WEALTH https://bankless.cc/Casa 

🛞MANTLE | MODULAR LAYER 2 NETWORK https://bankless.cc/Mantle 🗣️TOKU | CRYPTO EMPLOYMENT SOLUTION https://bankless.cc/toku   

🏙️ CONSENSUS | SAVE 20% WITH CODE BANKLESS https://bankless.cc/4aykesD 

------ TIMESTAMPS

0:00 Intro 6:35 SEC Suing Uniswap? 9:57 US Regulation Handbrakes 19:48 State of the Bull Market 29:45 Navigating Interest Rates 35:40 Understanding Debasement 47:25 Crypto Adoption 57:11 Crypto Summer 1:03:12 The L1 Race 1:07:17 The Role of ETFs 1:13:37 The Next Winter 1:17:52 Crypto Skeptics 1:22:15 The Secular Thesis 1:26:20 Raoul’s Portfolio 1:30:47 Real Vision 1:33:01 The State of AI 1:36:31 Closing & Disclaimers

------ RESOURCES

Raoul Pal https://twitter.com/RaoulGMI  

Real Vision Festival of Learning https://www.realvision.com/festival-of-learning 

Raoul Pal The Journey Man https://www.youtube.com/@RaoulPalTJM 

------ Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.

Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets.

See our investment disclosures here: https://www.bankless.com/disclosures  

Crypto's OG darling exchange, Uniswap is under attack after it received an enforcement notice on Wednesday, April 10th, 2024 from none other than Gensler's anti-crypto SEC.

Uniswap’s CEO Hayden Adams joins us on the podcast to share what happened, how they plan to fight, and what the industry can do to support. 

------ 🦄DEFEND UNI | FREE MINT  https://zora.co/collect/base:0x3cc5c167ff67ff31f8bee4b5523c684ce1172bfd/1 

------ BANKLESS SPONSOR TOOLS:

🐙KRAKEN | MOST-TRUSTED CRYPTO EXCHANGE https://k.xyz/bankless-pod-q2    ⁠  

🛞MANTLE | MODULAR LAYER 2 NETWORK https://bankless.cc/Mantle 

🏙️ CONSENSUS | SAVE 20% WITH CODE BANKLESS https://go.coindesk.com/4cBztCA 

🏠 CASA | SECURE YOUR GENERATIONAL WEALTH https://bankless.cc/Casa 

🔗CELO | CEL2 COMING SOON https://bankless.cc/Celo   

🗣️TOKU | CRYPTO EMPLOYMENT SOLUTION https://bankless.cc/toku   

------ TIMESTAMPS 

0:00 Intro 3:15 Uniswap’s SEC Wells Notice  5:02 Comms Between SEC & Uniswap 7:23 Is $UNI a Security?  11:12 Supreme Court  13:13 Consequences of U.S. Crypto Entrepreneurs  22:01 Uniswap Labs vs. Uniswap Protocol  31:35 How Far Will the SEC Go?  33:55 Why Uniswap Is Important 39:08 Who Protects Investors More?  42:25 Are Hayden & Uniswap Ready?  43:16 Will Crypto Win?  43:29 How to Support 45:08 Closing & Disclaimers

------ RESOURCES

Hayden Adams https://twitter.com/haydenzadams 

Uniswap https://twitter.com/Uniswap  

------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures ⁠ 

Bankless Friday Weekly Rollup 2nd Week of April, 2024 

------ ➡️ Apply to the Cartesi Grants Program here:  https://bankless.cc/Cartesi 

------ 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24  https://bankless.cc/spotify-premium 

------ BANKLESS SPONSOR TOOLS:

🐙KRAKEN | MOST-TRUSTED CRYPTO EXCHANGE https://k.xyz/bankless-pod-q2    ⁠ 

🛞MANTLE | MODULAR LAYER 2 NETWORK https://bankless.cc/Mantle 

🏙️ CONSENSUS | SAVE 20% WITH CODE BANKLESS https://go.coindesk.com/4cBztCA 

🏠 CASA | SECURE YOUR GENERATIONAL WEALTH https://bankless.cc/Casa 

🔗CELO | CEL2 COMING SOON https://bankless.cc/Celo   

🗣️TOKU | CRYPTO EMPLOYMENT SOLUTION https://bankless.cc/toku   

------ TIMESTAMPS & RESOURCES

0:00 Intro

5:50 MARKET https://www.coindesk.com/markets/2024/04/11/grayscale-bitcoin-etf-sees-record-lowest-daily-outflow-of-18m  https://cryptohayes.substack.com/p/heatwave  https://www.growthepie.xyz/fundamentals/daily-active-addresses 

13:40 Revenue from Base at $40million https://twitter.com/davidomaraX/status/1777998689874628885 

15:00 4 weeks later, EIP-4844 is still a game-changer  https://twitter.com/liamihorne/status/1777689828848525607 

16:20 Movers of the Week  https://www.bankless.com/toncoins-epic-rise 

21:30 Bitcoin Ordinals taking top 10 NFT positions  https://twitter.com/ercwl/status/1777550883082875095  https://imgur.com/UnLO0F2 

22:40 Inflation hotter than expected in march - 3.8% up from 3.2% in Feb https://www.nytimes.com/2024/04/10/business/cpi-inflation-fed.html 

25:30 Gloomy news from ETH ETF frontier https://twitter.com/NateGeraci/status/1777386609760936183  https://twitter.com/NateGeraci/status/1777768937943445568  https://polymarket.com/event/ethereum-spot-etf-approved-by?tid=171284490744  https://twitter.com/dunleavy89/status/1777751802118631594  https://twitter.com/jconorgrogan/status/1777016899567604095 

34:04 Uniswap received an enforcement notice from the SEC https://x.com/Uniswap/status/1778127813138071904  https://twitter.com/haydenzadams/status/1778126466984575166  https://x.com/Uniswap/status/1778127815642075219  https://twitter.com/lex_node/status/1778167441903722768  https://twitter.com/ammori/status/1778128325996675577  https://x.com/iampaulgrewal/status/1778149863072670169  https://x.com/iampaulgrewal/status/1776292735063888374  https://twitter.com/jchervinsky/status/1778141231190552784  https://twitter.com/jchervinsky/status/1778455631277572241 

47:58 EigenLayer and EigenDA are going to mainet!  https://twitter.com/eigenlayer/status/1777757913718899074  https://twitter.com/sreeramkannan/status/1777791230556119183  https://x.com/TrustlessState/status/1778463830219092476  https://x.com/ayyyeandy/status/1778439191010873835 

1:00:40 Solana Tensor’s Airdrop https://twitter.com/TensorFdn/status/1777350377895043537  https://x.com/TensorFdn/status/1775193013230489721 

1:02:25 Bankless Airdrop Hunter https://www.bankless.com/airdrop-hunter 

1:03:25 Circle Announces USDC Smart Contract for Transfers by BlackRock’s BUIDL Fund Investors https://www.businesswire.com/news/home/20240411966052/en/Circle-Announces-USDC-Smart-Contract-for-Transfers-by-BlackRock’s-BUIDL-Fund-Investors  https://x.com/RyanSAdams/status/1778430676984897970  https://x.com/RyanSAdams/status/1778421743977173290  https://dune.com/steakhouse/tokenized-securities 

1:09:10 Raises and BVC Investments  MonadLabs raised $225M!   https://twitter.com/monad_xyz/status/1777687376136982767 

1:17:38 Bankless is hiring!  https://www.bankless.com/jobs 

1:18:00 MEME of the Week Nic vs David! 🥊 https://x.com/TrustlessState/status/1775883303268081891  https://x.com/TrustlessState/status/1774176205190709489  https://x.com/nic__carter/status/1774070020873535536  

------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures ⁠ 

While there is always a lot of activity on Crypto Legal Front, this particular moment in time feels especially active. Today on the show we have Jake Chervinsky and Amanda Tuminelli, two of crypto’s most impressive lawyers. 

Every single court case, of which there are 5 different ones discussed in this episode today, brings new precedent and new clarity to the crypto space. The theme of this episode today might be… crypto bites back.

------ 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24  https://bankless.cc/spotify-premium 

------ BANKLESS SPONSOR TOOLS:

🐙KRAKEN | MOST-TRUSTED CRYPTO EXCHANGE https://k.xyz/bankless-pod-q2    ⁠ 

🛞MANTLE | MODULAR LAYER 2 NETWORK https://bankless.cc/Mantle 

🏙️ CONSENSUS | SAVE 20% WITH CODE BANKLESS https://go.coindesk.com/4cBztCA 

🏠 CASA | SECURE YOUR GENERATIONAL WEALTH https://bankless.cc/Casa 

🔗CELO | CEL2 COMING SOON https://bankless.cc/Celo   

🗣️TOKU | CRYPTO EMPLOYMENT SOLUTION https://bankless.cc/toku   

------ TIMESTAMPS 00:00:00 Start 00:05:18 Life as a Crypto lawyer 00:10:20 Coinbase Court Case 00:15:21 Are Airdrops Securities 00:19:34 Amanda's Take 00:22:22 Some Bad News 00:27:32 When Can We Expect Clarity? 00:30:11 Politics vs Policy 00:32:39 SEC vs ETH ETFs 00:36:55 ETH ETF Denial? 00:42:59 SEC Lying? 00:50:41 Leveraging Against Corruption 00:55:17 DeFi Education Fund vs SEC 01:03:56 Roman Storm 01:15:06 Can Courts Remain Impartial? 01:16:57 Elections Impact

------ RESOURCES

Amanda https://twitter.com/amandatums 

Jake https://twitter.com/jchervinsky 

------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures⁠

The Ethereum community is currently in debate, are we going to change the monetary policy of ETH? Why should we? Who gets to decide? What should it be?

Today's episode of Bankless Takes is a masterclass on monetary policy for Ethereum and beyond. ------ ➡️ Apply to the Cartesi Grants Program here:  https://bankless.cc/Cartesi  ------ 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24  https://bankless.cc/spotify-premium 

------ BANKLESS SPONSOR TOOLS:

🐙KRAKEN | MOST-TRUSTED CRYPTO EXCHANGE https://k.xyz/bankless-pod-q2    ⁠ 

🛞MANTLE | MODULAR LAYER 2 NETWORK https://bankless.cc/Mantle 

🏠 CASA | SECURE YOUR GENERATIONAL WEALTH https://bankless.cc/Casa 

🔗CELO | CEL2 COMING SOON https://bankless.cc/Celo   

🗣️TOKU | CRYPTO EMPLOYMENT SOLUTION https://bankless.cc/toku   

------ TIMESTAMPS 00:00:00 Intro

00:03:23 Defining Monetary Policy

00:07:35 Total Monetary Base

00:12:46 M1 Chart https://fred.stlouisfed.org/series/M1NS 

00:15:54 M2 Chart https://fred.stlouisfed.org/series/M2NS 

00:20:05 Inflation + Purchasing Power https://fred.stlouisfed.org/series/CPIAUCNS 

00:22:50 Bitcoin Issuance Policy https://river.com/learn/who-creates-new-bitcoin/ 

00:30:22 Ethereum's Monetary Policy https://studio.glassnode.com/metrics?a=ETH&c=native&m=supply.Current&resolution=24h  https://notes.ethereum.org/@mikeneuder/iiii  https://ultrasound.money/ 

00:35:27 ETH Social Contract

00:37:23 Bitcoin Monetary Policy

00:43:09 History Of ETH Issuance https://github.com/ethereum/consensus-specs/pull/971 

00:50:58 Proposal Breakdown https://ethresear.ch/t/endgame-staking-economics-a-case-for-targeting/18751 

01:01:57 ETH Supply Curve https://imgur.com/pVrZ9Ii 

01:13:37 David's Opinion on Moving Forward

01:19:08 Ryan's Opinion

01:25:06 Policy Option 2

------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures⁠ 

Today on the show, we have the founder of Stability AI, Emad Mostaque.

Emad recently left his company citing “You can’t beat centralized AI with more centralized AI” and decided to venture into the frontier of decentralized AI.

We touch on the economical consequences of AI, why it needs to be open-source and distributed and the role of Crypto in decentralizing AI.

------ 📣 SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24  https://bankless.cc/spotify-premium 

------ BANKLESS SPONSOR TOOLS:

🐙KRAKEN | MOST-TRUSTED CRYPTO EXCHANGE https://k.xyz/bankless-pod-q2   ⁠  

🔗CELO | CEL2 COMING SOON https://bankless.cc/Celo   

🏠 CASA | SECURE YOUR GENERATIONAL WEALTH https://bankless.cc/Casa 

🛞MANTLE | MODULAR LAYER 2 NETWORK https://bankless.cc/Mantle 🗣️TOKU | CRYPTO EMPLOYMENT SOLUTION https://bankless.cc/toku   

------ TIMESTAMPS

0:00 Intro 5:26 Navigating AI & Web3 10:52 AI Governance 18:03 Decentralizing AI 26:54 Balancing Coordination 33:52 Decentralized AI Infrastructure 40:10 Emad’s Projects 48:40 Decentralization Trade-Offs 58:53 Governance Structure 1:02:50 AI Regulation 1:06:36 Custom AI Models 1:12:21 AI Economical Consequences 1:17:11 AI x Crypto 1:20:47 Closing Thoughts

------ RESOURCES

Emad Mostaque https://twitter.com/EMostaque 

------ Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.

Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets.

See our investment disclosures here: https://www.bankless.com/disclosures  

Bankless Friday Weekly Rollup First Week of April, 2024 

Major thanks to Anthony Sassano for filling in for Ryan as he takes some time off to update his firmware. https://x.com/sassal0x  ------ 🌐 CRYPTEX | GET INVOLVED WITH GOVERNANCE FOR THE FUTURE OF DECENTRALIZED MARKETS https://bankless.cc/Cryptex_pod 

------ 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24  https://bankless.cc/spotify-premium 

------ BANKLESS SPONSOR TOOLS:

🐙KRAKEN | MOST-TRUSTED CRYPTO EXCHANGE https://k.xyz/bankless-pod-q2  ⁠  

🛞MANTLE | MODULAR LAYER 2 NETWORK https://bankless.cc/Mantle 

🏠 CASA | SECURE YOUR GENERATIONAL WEALTH https://bankless.cc/Casa 

🔗CELO | CEL2 COMING SOON https://bankless.cc/Celo   

🗣️TOKU | CRYPTO EMPLOYMENT SOLUTION https://bankless.cc/toku   

------ TIMESTAMPS 00:00:00 Start

00:02:24 Markets https://pro.kraken.com/app/trade/btc-usd  https://pro.kraken.com/app/trade/eth-usd  https://pro.kraken.com/app/trade/eth-btc  https://www.coingecko.com/en/global-charts 

00:09:47 L2 Check-in https://l2beat.com/scaling/summary 

00:17:19 ENA Airdrop https://twitter.com/ethena_labs/status/1775060005953421401?s=20  https://www.coingecko.com/en/coins/ethena 

00:23:42 Wormhole Airdrop https://wormhole.com/w-launch-roadmap/  https://www.coingecko.com/en/coins/wormhole 

00:28:14 Blobs Update https://warpcast.com/0xrob/0x0357eacb  https://warpcast.com/sassal.eth/0xae93359e  https://dune.com/hildobby/blobs  https://twitter.com/rob_0x/status/1775130717774626839  https://x.com/TrustlessState/status/1775494227222315274?s=20 

00:37:48 Base Ecosystem https://warpcast.com/jessepollak/0x078c9b74  https://x.com/ptrwtts/status/1774963873936011638?s=20  https://x.com/Uniswap/status/1774465349716435298?s=20 

00:43:10 Degen Chain https://x.com/syndicateio/status/1773351144858750990?s=20 

00:52:48 The Issuance Debate https://twitter.com/mikeneuder/status/1774072228839117307?t=C4VaAFdu-LRU1yDM31GCFQ&s=19  https://twitter.com/jon_charb/status/1774182126608380041 

01:05:02 LST vs LRT Dynamics https://x.com/hildobby_/status/1775123732534603919?s=20 

01:13:10 AAVE vs Maker https://x.com/lemiscate/status/1775116242019299404?s=20  https://governance.aave.com/t/arfc-risk-parameters-for-dai-update/17211/9  https://twitter.com/hasufl/status/1775157933501796465?s=20 

01:17:48 Meme of The Week https://x.com/TrustlessState/status/1774791420504674325?s=20 

01:22:34 Check Out The Daily GWEI! https://www.youtube.com/@TheDailyGwei  ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures ⁠

Welcome Bankless Nation, to the Summer of Protocols!|

Summer of Protocols is an ongoing research and evangelism effort that aims to catalyze broad interest in the study of protocols as a first-class concept for thinking about the world.

To explain a little more about what Summer of Protocols is all about, we brought Tim Beiko of the Ethereum Foundation and Venkat Rao of the Ribbonfarm blog on the podcast. Additionally, this episode contains three short interviews with three of the 35 total Summer of Protocols researchers. 

You’re going to experience something a little different here on the show today. Some more storytelling, a different kind of frontier exploration, but all around the idea of protocols. 

------ 🎧 Listen On Your Favorite Podcast Player:  https://bankless.cc/Podcast 

------ TIMESTAMPS & RESOURCES

0:00 Summer of Protocols Explained 12:05 Sarah Friend https://summerofprotocols.com/research/good-death  https://twitter.com/isthisanart   37:16 Timber Schroff https://summerofprotocols.com/research/module-three/safe-new-world   https://twitter.com/tmbr_ss   1:01:52 Nahee Kim https://summerofprotocols.com/research/re-move   https://twitter.com/AppNahee   1:18:44 Summer of Protocols Future https://forum.summerofprotocols.com/t/blockchain-protocol-problems-braindump/223  https://summerofprotocols.com/research/sop2024   1:28:59 Closing 

------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures