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    SVM L2 on Ethereum: Bullish or Bearish SOL? with Neel Somani, Founder, Eclipse

    enSeptember 20, 2023

    Podcast Summary

    • Exploring the Benefits of Ethereum-Solana CollaborationThe Ethereum-Solana collaboration through Eclipse brings Solana's advanced VM to Ethereum, but Ethereum's liquidity and security are major advantages. The outcome could significantly impact the modular thesis in the blockchain industry.

      The Ethereum network is integrating Solana's Virtual Machine (SVM) through a new layer 2 solution called Eclipse. This raises questions about which platform benefits more from this collaboration, Ethereum or Solana. The SVM is known for its multi-threaded execution and advanced features, which some argue make it superior to Ethereum's Ethereum Virtual Machine (EVM). However, Ethereum's liquidity and security are major advantages. The integration of Celestia and Risk 0 into this equation adds complexity, as they are also relevant to the discussion. Ultimately, the outcome of this collaboration could significantly impact the modular thesis in the blockchain industry. These questions and more will be explored in the podcast with Neil Samani, the founder of Eclipse. Additionally, Layer 0, a platform that passes messages across different chains, has partnered with Google Cloud to help connect 15 different chains. This partnership could further impact the landscape of the web3 ecosystem.

    • Innovations in crypto and web 3: Kraken Pro, Mantle, Arbitrum, and EclipseKraken Pro offers advanced trading tools, Mantle is a DAO-led web 3 ecosystem, Arbitrum provides Ethereum scaling solutions, and Eclipse brings Solana's VM to Ethereum. Together, they offer faster speeds, lower fees, and innovative builder experiences.

      Kraken Pro and Mantle, Arbitrum, and Eclipse are leading innovations in the crypto and web 3 space, each offering advanced features and benefits for traders, developers, and users. Kraken Pro is a top crypto trading platform with advanced charting tools, real-time market data, and lightning fast trade execution. Mantle is the first DAO-led web 3 ecosystem, built on a high-performance Ethereum layer 2, reducing gas fees and volatility. Arbitrum provides secure Ethereum scaling solutions with flourishing DeFi and NFT ecosystems, and the ability to build your own layer 3. Eclipse brings the Solana virtual machine to Ethereum, using Ethereum for settlement and liquidity, and leveraging Celestia for data availability and Risk 0 for fraud proofs. Neil Samani, founder of Eclipse, shared the background of bringing the Solana virtual machine to Ethereum, facing constraints and motivations to combine four networks. Kraken Pro offers a powerful trading experience, while Mantle, Arbitrum, and Eclipse are revolutionizing the web 3 landscape, providing faster transaction speeds, lower gas fees, and innovative builder experiences. These projects demonstrate the ongoing advancements and collaboration in the crypto and web 3 space, offering solutions for traders, developers, and users to build, trade, and engage in decentralized ecosystems. To learn more, visit pro.kraken.com, mantle.xyz, and arbitrum.io, and follow them on Twitter.

    • Solana's choice of Solana Virtual Machine over Ethereum Virtual Machine for scaleSolana's SVM supports parallelized transactions, reducing network congestion during high volume events, while EVM's single-threaded nature can lead to it. SVM's battle-tested nature and existing codebase offer benefits for immediate library portability.

      Solana's choice to use the Solana Virtual Machine (SVM) instead of Ethereum Virtual Machine (EVM) is primarily driven by the need for scale. The EVM, which is single-threaded, can only execute transactions one at a time, leading to network congestion during high transaction volume events. On the other hand, the parallelized SVM allows for concurrent execution of transactions that don't affect the same state, making it more efficient in handling large transaction volumes. Additionally, the SVM's battle-tested nature and existing Solana codebase offer benefits such as immediate portability of libraries to Eclipse. However, it's important to note that Ethereum is also working on scaling solutions like roll-ups and Blob Space, which could potentially reduce the cost of data availability and make Ethereum a more viable option for projects with lower transaction volumes. Ultimately, the choice between SVM and EVM depends on the specific needs and projected transaction volumes of each project.

    • SVM vs EVM: A New Rival for Ethereum Layer 2 SolutionsSVM, based on BPF VM, offers better execution capabilities and localized fee markets, making it a promising alternative to EVM for Ethereum layer 2 solutions.

      The Solana Virtual Machine (SVM) is gaining momentum as a viable alternative to the Ethereum Virtual Machine (EVM) for executing smart contracts on Ethereum layer 2 solutions. The SVM, which is based on the Berkeley Packet Filter Virtual Machine, has strong network effects due to its open-source history and existing battle-tested extensions. The SVM is expected to provide better execution capabilities than the EVM, but the exact improvement is difficult to quantify. The SVM's advantage lies in its ability to handle multiple transactions accessing different pieces of state concurrently, making it more efficient than the EVM in most cases. Additionally, Solana's localized fee markets prevent fragmentation of liquidity and user experience by keeping all transactions on the same chain. While the EVM's dominance is largely due to network effects from its early adoption, the SVM offers both better execution capabilities and the benefits of Solana's localized fee markets.

    • Eclipse's Bullish Design Philosophy for SVM Network EffectsEclipse's integration with Ethereum leverages the existing ecosystem, user base, and ETH in circulation, while focusing on parallelism for more complex applications and new decentralized infrastructure.

      The Eclipse project, which aims to bring parallelism to Ethereum, has a design philosophy that is bullish on the growth of the SVM network effects. This philosophy is significant because it means that the Ethereum ecosystem and the SVM network can grow together, leading to new applications and increased value for users. And, by using Ethereum as the base layer and enforcing correct ordering through the Ethereum bridge, Eclipse leverages the existing Ethereum ecosystem and its large user base and ton of ETH in circulation. The project is not categorically similar to other layer 2 solutions, but it shares some similarities with optimistic rollups, as it also batches transactions off-chain for verification on-chain. However, Eclipse's unique feature is its focus on parallelism, which can lead to the execution of more complex applications and new types of decentralized infrastructure that were not possible on Ethereum before. Overall, the integration of Ethereum and the Eclipse project can lead to a more robust and versatile Ethereum ecosystem, with the potential for significant growth in new and innovative applications.

    • Optimistic Roll-Up System with Ethereum and CelestiaSolana uses Ethereum for secure settlement with zero-knowledge proofs and Celestia for data availability, creating a trustless bridge between the two ecosystems for faster, cheaper, and more scalable transactions.

      The Solana Virtual Machine (SVM) uses an optimistic roll-up system with zero-knowledge proofs for settlement on Ethereum. This system allows for faster and cheaper transactions, while maintaining security through Ethereum's enforcement of correct ordering and fraud proofs. However, there are limitations to Ethereum's current capabilities for data availability, leading to the use of Celestia for this purpose instead. Celestia's advanced scalability and network effect make it the most suitable option for making transactions available as of now. The decision to use Ethereum for settlement and Celestia for data availability is a strategic one, leveraging Ethereum's security and liquidity while addressing its limitations. This design allows for a trustless bridge between the two ecosystems, creating a more robust and scalable solution for blockchain transactions.

    • Celestia vs Ethereum Sharding: A Race for Scalability with Trade-offsCelestia, the first-mover in Ethereum's scalability landscape, offers faster transactions but trades off security. Eclipse, a Layer 2 solution, requires Ethereum's security and has comparable transaction costs to Solana.

      Celestia and full Ethereum sharding are in a race to provide the best scalability solution, but Celestia's advantage lies in being the first to go live. However, there is a trade-off regarding security. Eclipse, a Layer 2 solution being discussed, is technically a trade-off as it requires accessing transactions on Ethereum to create fault proofs, which means Ethereum's security is implicitly trusted. The cost of transactions on Eclipse is projected to be comparable to Solana. The economic implications of this choice involve Ethereum capturing value through settlement and liquidity, while Celestia captures value through data availability. The profit for Celestia validators might be close to zero due to high operating costs. Overall, Celestia's first-mover advantage and the trade-offs between security and cost make it an intriguing contender in Ethereum's scalability landscape.

    • Ethereum's Role in Layer 2 Scaling SolutionsEthereum and ether's roles are crucial for the functioning and value accrual of layer 2 scaling solutions like Eclipse and Celestia. Ether serves as the denomination for NFTs and gas for transactions, making it a significant source of value flow. Ethereum's security dependence and cheaper transaction costs make it valuable and essential to the ecosystem.

      Ethereum and its native token ether play crucial roles in the value accrual and functioning of layer 2 scaling solutions like Eclipse and Celestia. Ether serves as the denomination for NFTs and gas for transactions, making it a significant source of value flow onto Ethereum. The dependence on Ethereum for security is another source of value, as data is posted to Ethereum and smart contracts are updated, even if it's not a traditional state route. While Eclipse and Celestia buy Celestia block space for data availability, they still pay some gas to Ethereum for state updates and bridging transactions. The cost of these transactions is a fraction of what is consumed by optimistic roll ups today. Ether's role as the money of these networks makes it valuable and essential to the ecosystem. Ethereum makes a trade-off by extracting less rent from layer 2 solutions by providing cheap data availability, allowing ether to be retained as the money of these networks and capture the value flows.

    • Challenging Traditional Blockchain Divisions with Eclipse's Modular ApproachEclipse, a layer 2 solution, proposes a modular thesis that emphasizes collaboration and interconnectivity between different blockchain projects, using RISC-0 for fraud proofs and surpassing the capabilities of other rollups with ambitious ZK fraud proofs already live.

      Neil, the creator of Eclipse, is proposing a new approach to the blockchain landscape that challenges traditional tribal divisions. Instead of focusing on one blockchain being superior to another, Neil emphasizes the importance of different layers and their unique strengths. Eclipse, a layer 2 solution, uses RISC-0 for fraud proofs, allowing for the execution of existing programs and proving their correctness. This approach confuses the crypto community as it breaks the usual divisions between blockchains. The modular thesis, which emphasizes the interconnectivity and collaboration between different blockchain projects, seems to be the clear winner in this innovative landscape. Eclipse's ambitious ZK fraud proofs, already live, surpass the capabilities of other popular rollups, further emphasizing the importance of pushing the boundaries of innovation in the blockchain space.

    • Eclipse Project: A Multi-Chain FrameworkThe Eclipse project is a multi-chain framework, uniting multiple chains and offering advantages like sovereignty and unique capabilities within its ecosystem. It includes a roll up as a service and potential for multiple Eclipse chains, but raises questions about the need for multiple execution environments.

      The Eclipse project is introducing a new framework that goes beyond being just a layer 2 or a single network. It brings multiple chains under its umbrella, offering various advantages like sovereignty and the ability to achieve things only possible in the Eclipse world. The discussion also touched upon the presence of a roll up as a service component and the possibility of multiple Eclipse chains. A question was raised about the need for multiple execution environments if the Solana virtual machine is being used. The conversation eventually led to the bigger question of who will come out on top in the competition between these projects. Sponsors like MetaMask Portfolio, Celo, and Uniswap were highlighted, each offering unique solutions to simplify the crypto experience for users. Overall, the Eclipse project is adding another layer to the complex blockchain landscape, promising to bring multiple benefits while adding to the growing competition.

    • Eclipse team's vision for one dominant main net chainEclipse team advocates for one dominant main net chain for most apps, offering scalability and ease of deployment through their framework, with potential partnerships like MakerDAO and Rune.

      The Eclipse team believes that most applications should operate on a single dominant main net chain, rather than multiple interconnected chains. This is due to the economic inefficiencies they've observed with app-specific chains, as well as the scalability and practicality of their framework. The team plans for 95+ economic activity on the Eclipse networks to occur on this main net chain, with a smaller number of app-specific chains for those who desire more autonomy. The Eclipse framework, which is owned and operated by the team, offers scalability and ease of deployment for those who don't want to build their own layer 1 chain but still want a tie to Ethereum and Solana codebase. The team is currently in discussions with MakerDAO, and Rune could potentially use this framework instead of forking Solana. The team aims to reduce the number of chains and the complexity that comes with it, as they believe it looks ugly and is an anti-pattern. What has shipped on mainnet today is the Eclipse framework, and people can start deploying their applications on it. Celestia, which is a rollup solution, is not yet on mainnet.

    • Ethereum's Layer 2 Solutions Shift Landscape of Decentralized SystemsEthereum and Celestia are set to benefit from Ethereum's Layer 2 solutions rollout, with Ethereum's role as the value denominator and critical security and Celestia's imminent mainnet launch and potential value flow.

      The rollout of Ethereum's Layer 2 solutions, specifically Optimistic Rollups and zkRollups, is bringing about a significant shift in the landscape of decentralized systems. While multiple protocols are utilizing components of each other's technology, no single protocol holds all the pieces. The most apparent winners are Ethereum, due to its role as the denominator of value and the critical security properties it provides, and Celestia, with its imminent mainnet launch and the potential for significant value flow from rollups. Solana's position is less clear, as there are potential benefits from broader VM adoption but also risks as projects may move to rollups and away from Solana. The dynamic between Eclipse and Solana is also noteworthy, as Eclipse, with its fewer hardware nodes, has a much lower fixed cost compared to Solana. However, the importance of discussing decentralization in the context of rollups is overstated, as long as the same security properties are maintained. Ultimately, the only real impact on users is the potential for increased transaction costs when submitting transactions directly to Ethereum instead of using rollups. In conclusion, the rollout of Ethereum's Layer 2 solutions is creating a complex web of interconnected systems, and it remains to be seen which protocols will emerge as the clear winners. However, it is clear that Ethereum and Celestia are poised to benefit significantly from this shift.

    • Eclipse's SVM implementation could impact Solana token holdersEclipse's implementation of SVM could lead to increased competition and potential loss for Solana token holders due to lower costs and decentralization, but success depends on attracting liquidity and DeFi support.

      The implementation of the Scalable Vector Machine (SVM) on Eclipse could potentially lead to a win for the technology but a loss for Solana token holders. The SVM is seen as a major development for Eclipse, making it more decentralized and cost-effective compared to Solana. However, this decentralization comes with a cost that Solana does not have to bear. The economics of running an execution layer as a Layer 2 on top of an established blockchain like Ethereum can outpace what an independent layer 1 execution layer can offer. This competition between execution layers is where the real competition lies. While this news may not be welcomed by the Solana community, the potential for Eclipse to attract Solana apps and consumers through business development efforts could be a significant win for the new platform. Ultimately, the success of Eclipse will depend on its ability to bring liquidity and support for DeFi protocols, making it an attractive alternative for developers and users.

    • New projects and technologies in Ethereum ecosystem addressing scalability issueNew projects like Eclipse offer cheap block space without relying on traditional layer 2 solutions or tokens, allowing for the deployment of existing crypto applications that have been constrained by high fees on Ethereum.

      The Ethereum ecosystem is witnessing a significant shift with the emergence of new projects and technologies that aim to solve the scalability issue without relying on traditional layer 2 solutions or tokens. Eclipse, for instance, is an example of a profitable project that offers cheap block space and operates without a token, allowing every transaction to pay for itself. This is a significant advantage as we enter a new stage of the crypto cycle where cheap and plentiful block space is available. However, the question remains as to who will buy this block space and what new applications will emerge. It's expected that this process will take months, and initially, we may see the deployment of existing crypto applications that have been constrained by high fees on Ethereum. Eclipse, despite not fitting neatly into the category of a layer 2 or roll-up solution, represents an innovative approach to scaling the Ethereum network.

    • Defining new terms for Ethereum Layer 2 projectsEclipse, an Ethereum Layer 2 project, is working on refining terminology and IBC compatibility for interoperability with other chains, with a predicted main net launch within weeks.

      The crypto community is continuously working on refining terminology and building interoperability between different blockchain networks. Neil, from Eclipse, discussed the challenges of defining new terms for specific Ethereum Layer 2 constructions and suggested calling their project an Ethereum Layer 2 Validium. However, they acknowledged that the term might be confusing and instead opted to call it "eclipse" for now. Neil also shared that Eclipse's main net launch is predicted to occur within weeks, and they are working on IBC compatibility, which will enable interoperability with other chains. This is significant because Solana, a competitor, has had difficulties with bridging and executing IBC in the past. Overall, the crypto landscape is rapidly evolving, with teams focusing on improving existing infrastructure and creating new solutions.

    • Navigating the Crypto Landscape: Unexpected Challenges and New OpportunitiesConsider the economics of different solutions, be open to new ideas, prepare for the bull market with right tools, explore layer 2 solutions like Arbitrum and Mantle, increase yield through staking ETH, and stay updated on the latest crypto developments.

      The crypto space is full of exciting new projects and opportunities, but navigating the landscape can be challenging. Neil, a guest on the podcast, shared his experience of initially intending to bring Solana closer to Ethereum through rollups, but encountering unexpected issues. He emphasized the importance of considering the economics of different solutions and being open to new ideas. Another key takeaway is the importance of being prepared for the bull market by utilizing the right tools and understanding the different playing fields. Arbitrum and Mantle are two layer 2 solutions that are gaining attention, with Arbitrum offering a wide range of opportunities for various character classes and Mantle utilizing Eigenlayer's data availability solution to reduce gas fees by 80% compared to other layer twos. Moreover, staking ETH through platforms like Stater can increase yield and provide opportunities for DeFi swappers to team up with MEV bots through Uniswap X for optimal pricing and gas-free swaps. Lastly, Celo, a mobile-first, carbon-negative blockchain, is introducing a new layer 2 solution that could bring its rapidly growing ecosystem home to Ethereum. It's important to remember that crypto is risky and investors should do their own research before making any investment decisions. Stay informed and stay ahead of the game by staying updated on the latest developments in the crypto space.

    • Celo Layer 2: A Significant Step Forward for EthereumCelo Layer 2 brings decentralized sequencing, off-chain data availability, and 1 block finality to Ethereum, increasing security, enabling trustless bridge, and supporting real-world use cases without compromising decentralization. With growing adoption and low gas fees, it's crucial for individuals to get involved and shape the future of Ethereum.

      The Celo layer 2 is an exciting development for Ethereum, as it brings decentralized sequencing, off-chain data availability, and 1 block finality. These features result in increased security, a trustless bridge to Ethereum, and more real-world use cases for Ethereum without compromising its decentralized nature. This is significant because real-world adoption of Celo is already happening, with active addresses growing over 500% in the last 6 months. Moreover, gas fees will remain low, and users can even pay for gas using ERC-20 tokens. However, Celo is a community-governed protocol, so it's essential for individuals to get involved and make their voices heard. You can join the conversation in the Celo forum, follow @ateloorg on Twitter, and visit celo.org to shape the future of Ethereum. Overall, the Celo layer 2 represents a significant step forward for Ethereum, with potential for increased security, lower fees, and broader real-world adoption.

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    https://x.com/WatcherGuru/status/1811377447461339368 

    26:34 Stocks Up, Crypto Uhh?
    https://www.theblock.co/data/crypto-markets/prices/btc-pearson-correlation-30d 
    https://www.tradingview.com/chart/?symbol=NASDAQ%3AQQQ 
    https://x.com/EricBalchunas/status/1808155233274458605 

    30:38 BUIDL $500M Market Cap
    https://etherscan.io/token/0x7712c34205737192402172409a8f7ccef8aa2aec 

    32:48 Tokenized Assets
    https://app.rwa.xyz/treasuries 
    https://fortune.com/crypto/2024/07/10/goldman-sachs-launch-tokenization-bitcoin-etfs-crypto-mcdermott/ 
    https://www.mckinsey.com/industries/financial-services/our-insights/from-ripples-to-waves-the-transformational-power-of-tokenizing-assets 

    35:13 ETH Gas Fees Are LOW
    https://etherscan.io/chart/gasprice 
    https://www.growthepie.xyz/fundamentals/rent-paid 
    https://x.com/lookonchain/status/1808411819700277746 
    https://thedefireport.io/research/sol-discount-eth 

    42:08 Crypto Enters GOP Platform
    https://x.com/nic__carter/status/1810378813089718518?s=46 

    45:31 Donal Trump Joins Bitcoin Conference
    https://x.com/TheBitcoinConf/status/1811181245906506031 

    47:24 The Role of Crypto In Elections
    https://www.grayscale.com/elections 
    https://x.com/RyanSAdams/status/1811033027834708226 

    50:31 Celsius Sues Thousand Of Users
    https://x.com/CelsiusLOC/status/1808137312242479441 

    53:47 Ethereum Story Documentary
    https://paragraph.xyz/@ethereumfilm/not-just-a-film 
    https://www.reddit.com/media?url=https%3A%2F%2Fi.redd.it%2Fblo1x040x8d81.png 

    55:41 Raises
    https://x.com/romeprotocol/status/1810657493875294558?s=46&t=dAxCjT2P_GIrJMvMgWIpfA 

    57:04 Meme of The Week

    58:09 Moment of Zen
    https://x.com/BitwiseInvest/status/1810303321099366453 

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

    Bankless
    enJuly 12, 2024

    Why You Should Leave Your Country | Andrew Henderson

    Why You Should Leave Your Country | Andrew Henderson

    Is it a good idea to diversify your citizenship given the current global landscape? 

    We brought on Andrew Henderson, an entrepreneur, a global citizen to nearly a dozen countries around the world, and the founder Nomad Capitalist - a company that helps people maximize their freedom by getting multiple citizenships and passports.

    Hear why considering a second or even a third citizenship might be beneficial, the most crypto-friendly jurisdictions, and what an exit tax entails. Andrew also shares why he renounced his US citizenship and provides insights into the costs and process of obtaining a second passport. 

    ------
    📣DEBRIEF | Ryan & David Unpacking the Episode: 
    https://www.bankless.com/debrief-the-andrew-henderson-interview 

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

    ------
    TIMESTAMPS

    0:00 Intro
    6:04 Where Is Andrew?
    6:52 Andrew’s Citizenships?
    8:26 Audience Overview 
    10:47 Andrew On Multiple Citizenship?
    14:41 Option To Exit 
    21:17 Why Multiple Citizenship?
    29:01 Is Multiple Citizenship Urgent?
    35:20. What Is Exit Tax?
    41:32 Regaining US Citizenship
    46:20 Andrew’s Top 5 Citizenships
    51:36 Dual Citizenship: Factors & Process
    54:30 Who Is It For?
    59:31 Lifestyle Trade-Offs
    1:03:51 Crypto-Friendly Jurisdictions?
    1:06:02 Digital Citizenships?
    1:07:19 Is This Unpatriotic?
    1:10:54 What If There’s No Option?
    1:15:47 Is This Unfair?
    0:23:30 Summary & Resources 
    1:27:21 Closing & Disclosure 

    ------
    RESOURCES

    Andrew Henderson
    https://x.com/nomadcapitalist 

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

    Bankless
    enJuly 10, 2024

    Mike Solana: Trump, Crypto, Tech, Politics & Memetic Wars

    Mike Solana: Trump, Crypto, Tech, Politics & Memetic Wars

    Is the U.S going to be ok?

    Mike Solana (no relation to Solana the chain, that’s his name),is the editor-in-chief of Pirate Wires and the guy who broke the Trump Memecoin news.

    We brought him on the show today to try to make sense of the current state of politics in the face of the upcoming election, and what it all means for crypto.

    Expect to learn why tech has pivoted right, why democrats are cracking down on crypto, why media in 2024 is fundamentally broken and much more.

    ------
    🎬 DEBRIEF | Ryan & David Unpacking the Episode:
    https://www.bankless.com/debrief-the-mike-solana-interview 

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    ------
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    https://bankless.cc/uniswap 

    ⚡️ CARTESI | LINUX-POWERED ROLLUPS
    https://bankless.cc/CartesiGovernance 

    🛞MANTLE | MODULAR LAYER 2 NETWORK
    https://bankless.cc/Mantle 
     
    ⚖️ARBITRUM | SCALING ETHEREUM
    ⁠https://bankless.cc/Arbitrum 

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

    ------
    TIMESTAMPS

    0:00 Intro
    7:10 $DJT Memecoin
    16:36 Crypto Politics
    29:39 Mike’s Perspective on Crypto
    34:12 Memetic Wars
    37:58 Growth vs Degrowth
    43:22 Information Wars
    53:35 Social Media
    1:01:52 Being Terminally Online
    1:14:18 Media in 2024
    1:26:30 2024 Election
    1:31:15 Closing & Disclaimers

    ------
    RESOURCES

    Mike Solana
    https://x.com/micsolana  

    Pirate Wires Daily
    https://get.piratewires.com/pw/daily  

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

    Bankless
    enJuly 08, 2024

    ROLLUP: ETF Final Countdown | Polymarket's Huge Breakout | Chevron Defense | SEC Sues Metamask

    ROLLUP: ETF Final Countdown | Polymarket's Huge Breakout | Chevron Defense | SEC Sues Metamask

    Bankless Friday Weekly Rollup
    First Week of July 

    ------
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    ------
    📣 MANTLE QUEST ON AIRDROP HUNTER | WIN 1,000 $MNT
    https://bankless.cc/MantlesAnniversary 

    ------
    BANKLESS SPONSOR TOOLS:

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

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    https://bankless.cc/uniswap 

    ⚡️CARTESI | LINUX-POWERED ROLLUPS
    https://bankless.cc/CartesiGovernance 

    🛞MANTLE | MODULAR LAYER 2 NETWORK
    https://bankless.cc/Mantle 
     
    ⚖️ARBITRUM | SCALING ETHEREUM
    ⁠https://bankless.cc/Arbitrum  

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

    ------
    TIMESTAMPS & RESOURCES
    00:00:00 Happy 4th Of July

    00:08:04 Markets
    https://pro.kraken.com/app/trade/btc-usd 
    https://pro.kraken.com/app/trade/eth-usd 

    00:10:13 A Likely Outcome

    00:11:59 When ETF?
    https://x.com/NateGeraci/status/1807041501077110986 
    https://x.com/NateGeraci/status/1807548524910850284 
    https://www.youtube.com/watch?v=xaP5d1pmncY&ab_channel=Bankless 

    00:14:39 South America Is Growing
    https://thedefiant.io/news/defi/ethchile-highlights-triple-digit-growth-in-south-american-crypto-ownership 

    Crecimiento
    https://docs.google.com/document/d/15Mb1j9quuNAqZzuBfY60F9Y82emWjUktVfw8k--eeiw/edit#heading=h.u6pn408b547d 

    00:16:48 Why Are We Down?
    https://x.com/eli5_defi/status/1807712012342092145?s=46&t=2ZINVXJQKx6xO_6Wiiu_2g 

    00:22:40 Supreme Court overturned Chevron Deference
    https://x.com/JBSDC/status/1806799823107997893 
    https://www.supremecourt.gov/oral_arguments/argument_transcripts/2023/22-451_o7jp.pdf 
    https://youtu.be/JlsM_k7PutQ?t=1243 
    https://x.com/JTLonsdale/status/1806697088509469119 
    https://x.com/balajis/status/1806773841395675218 

    00:28:02 Negative Takes
    https://x.com/kylascan/status/1806706937083441274 
    https://x.com/JBSDC/status/1806809534322590069 

    00:29:38 SEC Sues Consensus
    https://www.sec.gov/newsroom/press-releases/2024-79 
    https://x.com/MikeSeligEsq/status/1806834455962652760 

    00:35:51 US Marshals Service picks Coinbase
    https://www.coinbase.com/en-gb/blog/u-s-marshals-service-chooses-coinbase-to-safeguard-trade-its-large-cap 
    https://x.com/ErikVoorhees/status/1806105760461726023 

    00:37:00 BNB and BUSD Sales Aren’t Securities
    https://x.com/EleanorTerrett/status/1806896212173328850 
    https://x.com/MetaLawMan/status/1807075663666434311 

    00:40:53 ZKsync Elastic Chain
    https://x.com/zksync/status/1808125972434067699 
    https://imgur.com/nYDhE9u 
    https://x.com/hudsonjameson/status/1808326321728283093 

    00:47:19 Zerion No-Fee Chain
    https://x.com/zerion/status/1806364593352016174 

    00:48:16 Election Season is Polymarket Season
    https://www.coindesk.com/policy/2024/06/28/crypto-unmentioned-at-first-2024-presidential-debate/ 
    https://polymarket.com/event/presidential-election-winner-2024?tid=1719919681564 

    00:55:53 Vitalik Likes
    https://x.com/vitalikbuterin/status/1808092065483436481?s=43&t=2ZINVXJQKx6xO_6Wiiu_2g 

    00:56:37 Coinbase and Stripe
    https://x.com/coinbase/status/1806425092513210492 

    00:57:06 Pay On Warpcast
    https://x.com/dwr/status/1806774735109562789 

    00:57:58 IRS issued crypto tax regime for 2025
    https://www.irs.gov/newsroom/treasury-irs-issue-final-regulations-requiring-broker-reporting-of-sales-and-exchanges-of-digital-assets-that-are-subject-to-tax-under-current-law-additional-guidance-to-provide-penalty-relief-address 

    01:00:23 Circle's New License
    https://x.com/jerallaire/status/1807791418489889279 
    https://x.com/paddi_hansen/status/1808085759947124778 

    01:01:44 Raises Of The Week
    https://x.com/astriaorg/status/1808534932060614983?s=46&t=dAxCjT2P_GIrJMvMgWIpfA 
    https://www.youtube.com/watch?v=5809YJpbhFg 

    01:02:59 JokeRace Update
    https://www.jokerace.io/contest/base/0x0bac0ec9b6aeafa6c2212f67a67950940eda63a7 

    01:04:54 Meme Of The Week
    https://x.com/testinprodcap/status/1806735419792302142 

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

    Bankless
    enJuly 04, 2024

    Chevron Deference: 40-Year Decision Reversed & Explained | Justin Slaughter

    Chevron Deference: 40-Year Decision Reversed & Explained | Justin Slaughter

    Is the Chevron Deference case good for crypto? Is it good for the U.S.? Or is this a giant tradeoff that will lead to bad outcomes? 


    Crypto enthusiasts, pro-tech individuals, and those on the right say this will stop regulators from making random rules.


    Non-crypto sources, mainstream media, and those on the left say it will lead to chaos, unchecked corporations, and poor governance.


    So, what’s the truth? That’s what we’re here to find out. Our guest today is Justin Slaughter, current policy director at Paradigm and previous senior adviser of the SEC and chief policy adviser of the CFTC. 


    ------
    ✨ Mint the episode on Zora ✨
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    ------
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    https://bankless.cc/spotify-premium 


    ------
    BANKLESS SPONSOR TOOLS:


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


    🦄UNISWAP | BROWSER EXTENSION
    https://bankless.cc/uniswap


    ⚡️CARTESI | LINUX-POWERED ROLLUPS
    https://bankless.cc/CartesiGovernance


    🛞MANTLE | MODULAR LAYER 2 NETWORK
    https://bankless.cc/Mantle
     
    ⚖️ARBITRUM | SCALING ETHEREUM
    ⁠https://bankless.cc/Arbitrum


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


    ------
    TIMESTAMPS


    0:00 Intro
    3:51 Slaughter
    4:14 Ex-SEC & Ex-CFTC
    6:52 Is D.C. Out to Get Us?
    7:50 (Loper Bright) Chevron Deference
    22:56 Arbitrary & Capricious 
    26:00 Impact of Shift in Power 
    32:04 Summary So Far
    37:57 Different Framing Argument 
    41:12 Congress Not Doing Their Job? 
    47:46 Good For The Left?
    51:06 Crypto Implications 
    55:04 Enforcement Action
    56:53 The New Power Fight 
    58:18 Closing & Disclaimers 
     
    ------
    RESOURCES


    Justin Slaughter
    https://x.com/JBSDC  


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

    Bankless
    enJuly 03, 2024

    ETH ETF: Bullish or Bearish? | Alex Thorn & Matt Hougan

    ETH ETF: Bullish or Bearish? | Alex Thorn & Matt Hougan

    Is the Ethereum ETF Bullish for ETH?

    Matt Hougan and Alex Thorn put together their own analysis of inflows for the ETH ETF. Remarkably, their numbers came in somewhere close to the same place.

    We discussed how much demand there will be for the ETH ETF, whether or not it will overperform or underperform expectations and the overall state of the Crypto Market today.

    ------
    ✨ Mint the episode on Zora ✨
    https://zora.co/collect/zora:0x0c294913a7596b427add7dcbd6d7bbfc7338d53f/24?referrer=0x077Fe9e96Aa9b20Bd36F1C6290f54F8717C5674E 

    ------
    TIMESTAMPS

    0:00 Intro
    2:18 When ETH ETF?
    7:16 Data Gathering Process
    13:59 The BTC ETF Datapoint
    24:17 Estimating ETH ETF Inflows
    42:19 Price Impact
    52:36 The ETH ETF Bear Case
    1:03:14 Solana ETF?
    1:05:44 The State of the Market
    1:13:53 Closing & Disclaimers

    ------
    RESOURCES

    Matt Hougan
    https://x.com/matt_hougan  

    Alex Thorn
    https://x.com/intangiblecoins  

    Bitwise
    https://bitwiseinvestments.com/  

    Galaxy Digital
    https://www.galaxy.com/  

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

    Bankless
    enJuly 01, 2024

    ROLLUP: Solana ETF? | $Blast L2 Launch | Solana's Blink & ZK Compression | ETH ETF Next Week?

    ROLLUP: Solana ETF? | $Blast L2 Launch | Solana's Blink & ZK Compression | ETH ETF Next Week?

    We’re on the edge of our seats with the potential Ethereum ETF launch just days away. Are ETH ETF products finally going to be tradeable next week?

    Solana is also in the spotlight, hinting at its own ETF while rolling out impressive innovations like ZK Compression and Blinks.

    The Blast token has also finally dropped! Are you eligible? We unpack everything you need to know. 

    Plus, Ethereum’s new execution client might unlock a hidden beast. And we cover everything happening price with prices. Are we in a crypto bull or bear? Tune in to find out. 

    ------
    ✨ Mint the episode on Zora ✨
    https://zora.co/collect/zora:0x0c294913a7596b427add7dcbd6d7bbfc7338d53f/23 

    ------
    📣PERMISSIONLESS | GET YOUR TICKETS NOW
    https://bankless.cc/PermissionlessDiscount  

    ------
    BANKLESS SPONSOR TOOLS:

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

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    https://bankless.cc/Mantle 

    ⚡️ CARTESI | LINUX-POWERED ROLLUPS
    https://bankless.cc/CartesiGovernance 
     
    ⚖️ARBITRUM | SCALING ETHEREUM
    ⁠https://bankless.cc/Arbitrum 

    🌐 TRANSPORTER | CROSS CHAINS WITH CONFIDENCE
    https://transporter.io/ 

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

    ------
    TIMESTAMPS & RESOURCES

    0:00 Intro

    3:19 Markets 

    3:53 Mt.Gox is ready to distribute the bitcoin
    https://x.com/WatcherGuru/status/1805168222645244311 
    https://x.com/Ian_Unsworth/status/1805251746354131379 

    9:07 Germany is about to start selling the seized bitcoin
    https://x.com/ArkhamIntel/status/1805542881454633282 

    9:30 Meanwhile, the U.S. government sent $240M of BTC to Coinbase 
    https://x.com/DegenerateNews/status/1806012142094614695 
    https://x.com/RyanSAdams/status/1806347784129290364 

    11:09 ETH Tailwinds
    https://x.com/Matt_Hougan/status/1804137327964438729 
    https://x.com/econoar/status/1805123906602144125 

    15:31 L2 Update
    https://l2beat.com/scaling/summary 
    https://rollup.wtf/ 

    17:33 Bitcoin flows
    https://www.theblock.co/data/crypto-markets/bitcoin-etf/spot-bitcoin-etf-onchain-flows 
    https://www.theblock.co/data/crypto-markets/bitcoin-etf/spot-bitcoin-etf-on-chain-total-net-flows 

    18:21 All spot ETH ETF S-1 amendments are now in! 
    https://x.com/NateGeraci/status/1804264951315403233 
    https://x.com/matthew_sigel/status/1805624888821989576 
    https://x.com/Matt_Hougan/status/1805941968838533534  

    21:20 Cooked Airdrops
    https://x.com/k1z4_/status/1804498112154620370  
    https://imgur.com/a/q7riQXD 

    27:41 Is Solana getting an ETF? 
    https://x.com/matthew_sigel/status/1806313241431138434 
    https://x.com/JSeyff/status/1806322096924217412 
    https://x.com/JSeyff/status/1806324109045031034 
    https://x.com/EricBalchunas/status/1806319656694628659 
    https://x.com/JSeyff/status/1806330548887093414 
    https://x.com/jchervinsky/status/1806331553594675563 
    https://www.coingecko.com/en/coins/solana 

    32:10 Solana’s Blinks + ZK Compression
    https://x.com/solana/status/1805587979723063440 
    https://x.com/phantom/status/1805588661213220968 
    https://x.com/dabit3/status/1805955810800947472 
    https://x.com/0xCygaar/status/1804536674338357368 
    https://x.com/ufukaltinok/status/1804362153903681823 

    39:20 Blast launched their airdrop
    https://x.com/Blast_L2/status/1805630569830924310 
    https://www.coingecko.com/en/coins/blast 
    https://x.com/blur_io/status/1805631184028024909 
    https://x.com/OlimpioCrypto/status/1805634498358366697 

    45:44 Ethereum execution client Reth was launched! 
    https://x.com/gakonst/status/1805920383390154845 

    48:52 MiCA is about to enforce strict rules for stablecoins  
    https://www.theblock.co/post/301989/eu-crypto-mica-stablecoin-disruption 
    https://x.com/SethHertlein/status/1799102535459877201 

    52:15 Gary Continues Taking Ls 
    https://x.com/MinarikLaw/status/1805715857030439306  
    https://x.com/EleanorTerrett/status/1806334142432293142 
    https://x.com/milesjennings/status/1806354239092080665 
    https://x.com/WatcherGuru/status/1806303516694122663 
    https://www.coindesk.com/policy/2024/06/27/coinbase-accuses-us-sec-fdic-of-improperly-blocking-document-requests/ 

    56:39 Winklevoss twins donated $2M in BTC to Trump’s campaign 
    https://x.com/tyler/status/1803872859938549920 

    59:10 Raises and BVC Investments  
    https://x.com/hotpot_dao/status/1806357081231909168 
    https://x.com/KAndrewHuang/status/1805632313759514783 

    1:01:47 Voting on Bankless Nation podcast suggestions starts today! 
    https://www.jokerace.io/contest/base/0x0bac0ec9b6aeafa6c2212f67a67950940eda63a7 

    1:03:34 July schedule…
    https://lu.ma/k0amrrnz 
    https://x.com/TrustlessState/status/1805381346510225776 

    1:04:58 Meme of the Week
    https://x.com/BitwiseInvest/status/1806326930477654147  

    1:05:43 Closing & Disclosures

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

    Bankless
    enJune 28, 2024

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    159 - Exploring Cluster Mapping with Joel Miller & Umar Khan

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    https://pod.link/1609313639 

    🟢 Get the GreenPilled Book 🟢
    https://greenpill.party/  

    Apple Show Link
    https://podcasts.apple.com/podcast/id1609313639 

    Spotify Show Link
    https://open.spotify.com/show/0l6aXWC94dd0RA3tkKfxjd 

    -----
    What is Cluster Mapping?

    Joining the podcast today is Joel Miller, a Researcher and PhD candidate who has been working with Gitcoin for the past six months and Umar Khan, a Data Scientist on the Program WS at Gitcoin. In this episode we get into the depths of Cluster Mapping, we explore criticisms, infrastructure that’s being built and what’s next.

    Take the green pill anon.

    -----
    SPONSOR PILLS:

    🌄 ValleyDAO | Build the SolarPunk Future 
    https://bankless.cc/ValleyDAO  

    -----
    TIMESTAMPS:

    0:00 Intro
    3:41 What is Cluster Mapping?
    9:22 Cluster QF
    12:10 Exploring Criticisms
    15:52 Cluster Mapping Infrastructure
    24:21 What’s Next
    31:31 On Governance Algorithms
    35:43 Closing Thoughts

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    SPEAKERS:

    Joel
    https://twitter.com/CS_Synthesist  

    Umar
    https://twitter.com/umarkhaneth 

    Kevin
    https://twitter.com/owocki 

    -----
    RESOURCES:

    First Green Pill Ep on Cluster Mapping
    https://www.youtube.com/watch?v=ueQDnq-J2mY 

    Joel’s Paper on Quadratic Funding
    https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4311507  

    Gitcoin Playlist
    https://www.youtube.com/playlist?list=PLF5CNzrKS9so4N7Dz-uYR1REQE-gB4X5b  

    Joe Rogan & Sam Altman Episode
    https://open.spotify.com/episode/66edV3LAbUXa26HG1ZQaKB?si=e5660176b75643d8  

    -----
    SOCIALS:

    🐦Twitter - https://twitter.com/greenpillnet  
    🎵 TikTok - https://www.tiktok.com/@greenpill.network 
    💼 LinkedIn - https://www.linkedin.com/company/91100841  
    🎧 Discord - https://discord.gg/greenpill  
    📞Telegram - https://t.me/+g9TM8i7GpxAzMGUx 

    -----
    Music by WABI SABI - snowflake - https://thmatc.co/?l=7786B012  

    -----
    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 

    141 - The Village that Accidentally Slayed Moloch with Victor Rortvedt

    141 - The Village that Accidentally Slayed Moloch with Victor Rortvedt

    ✨ Subscribe to the Green Pill Podcast ✨
    https://pod.link/1609313639 

    🟢 Get the GreenPilled Book 🟢
    https://greenpill.party/  

    Apple Show Link
    https://podcasts.apple.com/podcast/id1609313639 

    Spotify Show Link
    https://open.spotify.com/show/0l6aXWC94dd0RA3tkKfxjd 

    -----
    What is the Purpose of Community Rituals?

    Joining the podcast today is Victor Rortvedt, a former attorney turned Ethereum developer who recently helped launch Hydra Ventures. He tells the story of The Tribe that Slayed Moloch and touches upon what we can learn from it.

    Take the green pill anon.

    -----
    SPONSOR PILLS:

    🌄 ValleyDAO | Build the SolarPunk Future 
    https://bankless.cc/ValleyDAO  

    -----
    TIMESTAMPS:

    0:00 Intro
    2:50 Introducing the Story
    3:51 Moloch TLDR
    7:27 The Tribe that Slayed Moloch
    33:48 The Purpose of Community Rituals
    38:48 Closing Thoughts

    -----
    SPEAKERS:

    Victor
    https://twitter.com/twoirtter  

    Kevin
    https://twitter.com/owocki 

    -----
    RESOURCES:

    Hydra Ventures
    https://www.hydraventures.xyz/  


    -----
    SOCIALS:

    🐦Twitter - https://twitter.com/greenpillnet 
    🎵 TikTok - https://www.tiktok.com/@greenpill.network 
    💼 LinkedIn - https://www.linkedin.com/company/91100841  
    🎧 Discord - https://discord.gg/greenpill  
    📞Telegram - https://t.me/+g9TM8i7GpxAzMGUx 

    -----
    Music by WABI SABI - snowflake - https://thmatc.co/?l=7786B012  

    -----
    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 

    David and Anthony on Monolithic vs Modular Blockchains

    David and Anthony on Monolithic vs Modular Blockchains

    Hey Bankless Nation

    Here's some weekend content for you!

    Every now and then, Anthony Sassano and David hop into a live stream and chat about things. We thought the conversation was especially useful this week, so we're putting it on the podcast feed. 

    Enjoy!

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    📣 ZERION | Your Gateway to the Metaverse!
    https://bankless.cc/Zerion

    ------
    BANKLESS SPONSOR TOOLS:

    💰 GEMINI | FIAT & CRYPTO EXCHANGE
    https://bankless.cc/go-gemini​

    💧LIDO | DECENTRALIZED STAKING
    https://bankless.cc/Matcha

    👻 AAVE | LEND & BORROW ASSETS
    https://bankless.cc/aave

    🦄 UNISWAP | DECENTRALIZED FUNDING
    https://bankless.cc/UniGrants

    -----------
    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://newsletter.banklesshq.com/p/b...