Topics
DeepSummary
The episode begins with a discussion of the latest market trends, including Ethereum's price hitting $3,000 for the first time since April 2022, Bitcoin's performance, and the growth of layer 2 scaling solutions. The hosts also analyze the recent surge in AI-related crypto tokens and the impact of Nvidia's strong earnings on the stock market.
A significant portion of the episode is dedicated to examining the launch of the Starknet token and its airdrop, which is being touted as potentially the largest in history. The hosts delve into the implications of token unlocks and the fully diluted valuation of Starknet compared to other layer 2 solutions.
Additionally, the episode covers various news and developments, such as the Pudgy Penguins NFT project's partnership with Walmart, Andreessen Horowitz's investment in Eigen Layer, the launch of the Athena mainnet and its novel stablecoin mechanism, and the acquisition of Proof by Yuga Labs. The hosts also discuss regulatory issues, including a lawsuit against the SEC and the ongoing stablecoin wars between Circle and Tether.
Key Episodes Takeaways
- Ethereum's price hitting $3,000 for the first time since April 2022 is a significant milestone, with the hosts considering it a potential new floor for this cycle.
- The launch of the Starknet token and its airdrop is being touted as potentially the largest in history, raising questions about its fully diluted valuation compared to other layer 2 solutions.
- The surge in AI-related crypto tokens and Nvidia's strong earnings are indicative of the growing hype and potential bubble around artificial intelligence in both the crypto and stock markets.
- The Pudgy Penguins NFT project's partnership with Walmart and its brief surpassing of the Bored Ape Yacht Club floor price highlight its success and potential in the NFT space.
- The ongoing stablecoin wars between Circle and Tether, with Circle's push for regulatory action against Tether, underscore the intensifying competition and regulatory scrutiny in the stablecoin market.
- Andreessen Horowitz's investment in Eigen Layer and KelpDAO's issuance of synthetic Eigen points demonstrate the growing interest and innovation around Ethereum's upcoming scaling solutions.
- The launch of the Athena mainnet and its novel stablecoin mechanism based on yields from staked Ethereum and funding rates represents an intriguing new approach to stablecoin design.
- The acquisition of Proof by Yuga Labs and the optimism airdrop to builders highlight significant developments and incentives in the NFT and layer 2 ecosystems, respectively.
Top Episodes Quotes
“I personally believe that no company should be allowed to reference the US dollar without having those democratic values inside the company, inside their us dollar backed stablecoin. And so I think if treasury thinks that it needs additional authorities to go over that, then I think this committee should consider that.“ by Caroline Hill
― This quote from Circle's VP of policy, Caroline Hill, underscores the ongoing stablecoin wars and Circle's push for regulatory action against Tether, citing concerns about Tether's lack of democratic values and potential illicit activities.“Basically, it is a claim on an Eigen point that Kelpdao is earning from all of their ETH deposited into Eigen layer. So basically they have tokenized Eigen layer points that they have in their quote unquote, treasury. And so now restakers will be able to transfer and trade their earned points as tokens on ethereum.“ by David Hoffman
― This quote explains KelpDAO's decision to issue synthetic Eigen points, representing a claim on the Eigen points earned by their Ethereum deposits, and highlights the tokenization of these points for trading on Ethereum.
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Episode Information
Bankless
Bankless
2/23/24
Last Week of February 2024
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------ TIMESTAMPS & RESOURCES
0:00 Intro
3:01 Markets 3:23 ETH Price https://x.com/RyanSAdams/status/1760078604178792728
6:30 Bitcoin observations by Nic Carter https://twitter.com/nic__carter/status/1758159340886774270 https://youtu.be/acWTaENmYFw?si=da7JbWp_6SrSdtGK
10:18 L2 Update https://x.com/pseudotheos/status/1760612134189199462
11:30 Movers of the Week https://x.com/OpenAI/status/1758192960116785459 https://twitter.com/WillSmith2real/status/1759703359727300880 https://coinmarketcap.com/cs/currencies/worldcoin-org/
15:22 BTC ETF FIRST https://www.fidelity.ca/en/investments/solutions-portfolios/all-in-one/ https://dune.com/hildobby/btc-etfs
BTC ETFs gained $8.5B on gold ETFs in organic growth since Jan 11 launch! https://twitter.com/EricBalchunas/status/1760281449373065558
19:54 Coinbase earnings beat the expectations! https://x.com/coinbase/status/1758239866234839254 https://nft.coinbase.com/mint/coinearnings
21:38 NVDA Earnings https://www.cnbc.com/2024/02/21/nvidia-nvda-earnings-report-q4-2024.html https://x.com/TrendSpider/status/1760310911213207849 https://companiesmarketcap.com/assets-by-market-cap/#google_vignette
27:10 Starknet token is now live! Was this the Largest airdrop in history? https://twitter.com/StarknetFndn/status/1759910415335600584 https://www.coingecko.com/en/coins/starknetc https://token.unlocks.app/starknet 32:23 You can now check your eligibility in Claimables! https://twitter.com/BanklessApp/status/1760059308077654142
33:33 Pudgy Penguins & Luca Netz https://x.com/pudgypenguins/status/1760040978281271715 https://twitter.com/LucaNetz/status/1760042076379451693 https://twitter.com/Walmart/status/1760088434549395492 https://www.theblock.co/post/277947/pudgy-penguins-briefly-flips-bored-ape-yacht-club-in-floor-price
40:30 Big investment - A16z Invests 100m into Eigenlayer https://x.com/eigenlayer/status/1760666731859833048?s=20 https://x.com/TrustlessState/status/1760672144697229352?s=20
43:30 KelpDAO issues synthetic Eigen Points token https://x.com/KelpDAO/status/1760020436195389561?s=20
44:50 Ethena Mainnet https://twitter.com/ethena_labs/status/1759546702187696437 https://twitter.com/ConorRyder/status/1759706195709849806 https://x.com/0xngmi/status/1759734299861852372?s=20 https://twitter.com/sassal0x/status/1759772880014069989
48:00 Yuga Labs acquired Proof! https://twitter.com/yugalabs/status/1758583237964947796?s=20 https://x.com/kevinrose/status/1758586303095177229?s=20 https://twitter.com/HollanderAdam/status/175859548883878343 0?s=20
50:23 The announcement of a large $OP airdrop to builders on February 21. https://x.com/Optimism/status/1760002821120983200?s=20
51:40 THE PEOPLE VS THE SEC https://twitter.com/amandatums/status/1760346084323344480?s=46 https://twitter.com/jchervinsky/status/1760349436713050249?s=20 https://x.com/RyanSAdams/status/1760428150863913195?s=20 https://x.com/jchervinsky/status/1760480771444294046?s=20
55:28 Do Kwon is heading to the US! https://twitter.com/WatcherGuru/status/1760348316288667763 https://twitter.com/RyanSAdams/status/1760354192458232039
59:29 Stablecoin wars are heating up! https://twitter.com/Pledditor/status/1758243599446089799 https://x.com/circle/status/1760108597218889998
1:04:35 Raises and BVC Investments INIT Capital raised $3.1M seed investment! https://twitter.com/InitCapital_/status/1760273773667004620
1:05:40 Reddit “Airdrop” https://warpcast.com/rsa.eth/0xb4d6eb5c
1:09:10 MEME of the Week https://warpcast.com/banklesshq/0x8180df86
1:09:44 Closing & Disclaimers
------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures
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