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Masa Foundation 7

Speaker A: We are seeing Dexs on Solana surpassing Ethereum. Dexs, at least for a couple of days. Do you think you have underestimated Solana up to this point?

Speaker B: David.

Speaker A: Bonkless, nation. Welcome to the fourth week of March. Yeah, David. Wow. I said it. This is the Bonklist podcast today.

Speaker B: If you are a listener in the state of California, this is the Bonkless podcast. If you are a listener anywhere else, welcome to the Bankless podcast, where we cover the entire weekly news in crypto, which is always an ambitious endeavor. Why are we bonkless in California?

Speaker A: Well, California made us change our name, and there's a very good reason for this. In the state of California is apparently in that state. Anything, any brand name, any company name with bank anywhere inside of it, either a prefix, a suffix somewhere apparently in the word. That's illegal.

Speaker B: Unless we have, like, a banking license, which we don't.

Speaker A: Yes, and the reason for this is a very, very good reason, is we could be tricking people. People who see bank lists in California could think that we are bank.

Speaker B: They might mistake us for a bank.

Speaker A: Yes. And they might start depositing funds into the account.

Speaker B: Yeah.

Speaker A: And, like, you know, we might be swindling them. We might be frauding them with citizens.

Speaker B: Solana pre sales. I think that actually is a pretty likely event, actually, guys, this is actually a true story. This is real.

Speaker A: They keep sending letters to my house, by the way. David, they will not stop, even though we have officially. California sent us a cease and desist, said, you can't be bankless. We went back to them and we're like, but, like, we're not a bank. We're not pretending to be a bank. And, oh, by the way, what are you going to do with food banks?

Speaker B: Yeah. Wait, did you ask them that?

Speaker A: Our lawyers did. What about this? Look at this. River bank, LLC. River bank. There's a 187 infringers with bank in Riverbank. What are they going to do with blood banks? What are they going to do with sperm banks, David?

Speaker B: Wow. These are important questions.

Speaker A: Yeah, it's a blood bonk.

Speaker B: Now, just like how we are complete frauds, and we do indeed have a bank account. We also have bonk as well. Well, at least I do.

Speaker A: I didn't know this.

Speaker B: Yeah, this is actually. These are actually not company funds. These are David Hoffman funds, because when I bought my mad lad, I got the bonk airdrop on Solana for bonk. And so I actually am not bonkless like the grifter I am.

Speaker A: So now I do feel kind of low integrity here in, like, renaming our company to bonk list, because I didn't realize that one of us had.

Speaker B: One of us had has bonk.

Speaker A: Yeah, I am legitimately bonkless. I have no bonk, and I'm very sad about that, actually. I would have loved some bonk right now.

Speaker B: Sorry about it, but, yeah, your boy's got gut bonk. Sold my mad lad, though.

Speaker A: All right, should we get in the box this weekly roll up, then? David, let's stop talking about California.

Speaker B: Over the last seven days, the market crashed, which is why you never invest in bitcoin, because it always crashes at least six or seven or eight times throughout a bull market. And we just had our first one. So is this the end? And we'll talk about that. Solana meme coin presale meta over $100 million in soul was sent to meme coin presales over the last month or so. Uh, unrelated, but also definitely related. Solana all time high. Uh, what else we got, Ren?

Speaker A: Uh, we got, uh, the blobs.

Speaker B: We got to go check in more.

Speaker A: Balls on the blobs, see how they're doing. And maybe these blobs are actually triggering a base season. The l two base. You know, coin base is l two. Getting real cheap over there also, David, huge, huge, huge breaking. Blackrock is on chain. Blackrock has a token.

Speaker B: Which chain are they on?

Speaker A: Ryan, we can't share everything here. David. We got to get into the episode. All right, this is why people listen. This is why people listen to the commercials. And also, is the Ethereum foundation being investigated by the SEC. David, that was a headline this week, if you can believe it.

Speaker B: Unreal. There is a bunch of shenanigans that happened all throughout this week, so we're going to cover that and more here on the bankless weekly roll up.

Speaker A: But first, you said bankless.

Speaker B: The bonkliss weekling roll up. If you're a listener in the state.

Speaker A: Of California, David, are you dialed into the Spotify bonkless premium feed? Cause it is free.

Speaker B: I actually do not have that loaded up on my phone. I use the apple iOS, but I should really.

Speaker A: No, you should switch over to Spotify. It's way better. And also, I'm very excited to see Spotify citizen wrapped at the end of the week.

Speaker B: Oh, yeah, Spotify wraps.

Speaker A: Let's see how many hours our citizens get in particular. It's gonna be fun. I'm gonna beat you this year, too. I listen to our episodes.

Speaker B: You listen every single bank of eight.

Speaker A: Every single one.

Speaker B: All right, let's go ahead and get right into the markets. Thank you, Kraken, for telling us all about the state of the markets right now. Bitcoin down 6.5% on the week. Just, sir, just a huge sell off. Start of the week is $71,300, ending the current week at 66,900. Why'd we sell off? Why did. Why did we go down? We never go down. Why'd we go down?

Speaker A: I feel like you're not taking this sell off seriously enough, David. Now it's at 66. At the time of recording, it got almost like down into the fifties.

Speaker B: Wow.

Speaker A: For bitcoin, we got down to like 61k, something like that. And there was some. A little bit of like, panic. I'll call it minor panic.

Speaker B: Were you panicked, Ryan?

Speaker A: Well, I was not panicked, no. As a listener of the bank, the bonk, this podcast, I do not get panicked, panicked, panicked by these events. I just took this one in stride. I wasn't worried at all. A lot of people were made the end, people thought it was all over.

Speaker B: You know, we hit the double top on the. On bitcoin. Like, we hit 69,000 last cycle. We hit 73,000 last cycle. And you know what? That's all bitcoin had in it. You know, all bull markets, they all come to an end sometime. So, you know, we're down to $63,000. You know, we got a lot, lot further to go before we hit zero.

Speaker A: Can you explain why? Give us some reasons to help us all feel better about this.

Speaker B: Because markets go down and they also go up here. Here's actually like all serious and all joking aside, seriously, here's what I think happened. What is going on is right now, people on the margins, prices discovered on the margins. And when we saw a decreasing flows into the bitcoin ETF's this week, they were very happy that did happen. Flows were very strong last week and they were weaker this week. And so people who are pricing bitcoin on the margins had to readjust their expectations of flows because the trajectory of flows changed this week to decreasing a little bit, which we would totally expect to happen. And so as a result of the decreasing flows, there was a shift in expectations of the future price of bitcoin. And so the buyers stopped buying and they actually started selling once they saw the flows happening. And so this just recorrected. Bitcoin on future, different expectations as to the state of flows going into the future. The thing is, these people who are pricing bitcoin on the margins are pricing in what, a few, what they think is fair for the future. But then they, they're just front running. They're, they're front running the opportunity. So, like, the flows will actually produce the expected price in the future. Inevitably, they are just pricing in a difference in time. Uh, and so they, the, the people who are pricing bitcoin, the margins, the traders, the people on leverage, uh, said that, you know what, $73,000 is too far into the future to price this thing because the flows are slowing down. So we're selling, and then it sold down to $63,000. As soon as flows pick back up again, people will price in a more bullish future. Or you can also just wait and, like, that $73,000 will not become the future, will become the present. Like, the fundament, the fundamentals will be, will actually be realized. This is what happened.

Speaker A: I feel like you're telling me nothing to be worried about.

Speaker B: Yeah, just, just wait longer, and the future expectations will become reality. Like, people are pricing in flows, expectation flows in the future, then flows happen, and then price is realized. Does that make sense?

Speaker A: I think so. But I feel like we're on some sort of a, you know, like a flywheel here of, like, you know, cause effect. Cause effect. And, of course, yeah.

Speaker B: Markets are a hall of mirrors. Markets are hall of mirrors.

Speaker A: This is how Jesse Ectel put it. There are bearish sell offs and there are bullish sell offs. This is clearly a bullish sell off. It's flushing out the leverage and putting some healthy fear into the markets. Markets crawl up a wall of worry. We resume the climb soon. You agree with this 100%?

Speaker B: Yeah. We're saying the same thing. In all bull markets that we have ever seen, there have been very regular 20% to 40% sell offs. We've been seeing them, expect them. This was the first one. We went so long without one of these. Like, it was pretty crazy how long we've gone without a 30% to 40% sell off. Like, it's been since, well, since the bull market started. This was the first one. And so, like, people kind of forgot that markets go down because we're just used to these, like, flows, which are also going to, like, legitimately push us up only. But we are still, it doesn't matter if you can be up only because the frontier, the, the margins of bitcoin will be priced at the maximum level of risk. And there's, like, some efficient frontier of risk being priced in here. Uh, and so, like, yeah, this is the, the first, uh, bitcoin actually was only down from peak to trough. Ryan, 17% from, if you measure it, this the absolute peak.

Speaker A: We didn't even get our 30% to 40% drop.

Speaker B: Oh, yeah. Like, it's between, like, 20 and 40. Like, 30% has been the average. But bitcoin is like, it's the biggest mover. It has the most bids. Like, the fact that we only went down 17% is extremely bullish. Like, yeah, like, I mean, maybe we more, but, like, I kind of think it's over.

Speaker A: Yeah. You think it's over or.

Speaker B: I think, yeah, I think we're resume up only now.

Speaker A: Yeah, yeah, we'll see. I don't know. I mean, just because these I do. We should expect these 20% to 40% drops all the time. And this didn't even hit 20%. So, like, well, doesn't even feel like.

Speaker B: Bitcoin didn't hit 20%. ETH did hit 25%. He peaked. A trough is 25%.

Speaker A: Okay. All right. Well, this kind of thing happens during infinite bull markets here. Let's talk about ETH. By the way, Kraken pro charts once again showing us the, the price of ETH. Look at that.

Speaker B: Look at that engulfing candle. What are you looking at? Four hour candles, yo. No, one day candles. Wow. Yeah. So, like, one day candles. No, that's fine. He started the week. $38,000. $3,800 down 9%. Current price, 335. 40. Excuse me. Yeah, 3480. It's about $3,500.

Speaker A: You know, that SEC investigating the Ethereum foundation didn't seem to affect the price of Eth very much. We'll get, we'll get more on that in a little bit. But interesting to observe here.

Speaker B: It gave Eth some volatility, but not some bearish price action.

Speaker A: How about the ratio here? Eth, bitcoin?

Speaker B: Yeah, your ratio doesn't look great. It's at 0.052,053.

Speaker A: Ethereum hasn't had its moment, this bull.

Speaker B: Because everyone is taking bitcoin exposure because the whole market is, like, it is in the middle of accepting flows from, like, everywhere tradfi. And ETH is like, it's just not in the meta because, like, why would you, why would you buy ETH right now when, like, the bitcoin is currently getting the bid and all the meme coins are on Solana? Like, ETH is just patient and patiently waiting its turn. Like, the traders will get there at some point in time when the ECTF, like, finally gets priced in. But even if it is getting approved in May, which, like, there's uncertainty and, and maybe, like, we finally saw the last nail in the coffin for the, for the approval here. There are some, like, ETH ETF approval holdouts who still think is getting approved, but, like, I think it just doesn't matter. Like, once the Eth ETF gets priced in to the. To the. To ETH, it is just going to be like a gargantuan movement because of.

Speaker A: How price sensitive ETH is between now and then. We could just continue to trade meme coins, right?

Speaker B: Right. We can just trade meme coins and.

Speaker A: ETh at this point.

Speaker B: Why would I be an ethnic.

Speaker A: Yeah, that's the short term. Look at it. I want.

Speaker B: Why would I be an ethnic? Farming eigen layers while you're in ETh.

Speaker A: Zoom out. Zoom out. Okay. Total crypto market cap. Just to talk about it for a second. 2.65 trillion, or less than 3 trillion, have not hit all time high total crypto market cap. Oh, have we? No. Almost. Did we, did we real close?

Speaker B: No.

Speaker A: Real close?

Speaker B: No.

Speaker A: You would know, David, because I would know. I know the only person who gets to decide.

Speaker B: That's right.

Speaker A: Whether we hit an all time high.

Speaker B: Finally. Finally, you're with it.

Speaker A: So tell me, David, did we hit a Solana all time high? We got to talk about that because it looks like we did.

Speaker B: No, we hit a Solana market cap all time high. Solana, the asset, the actual sold token, is still pretty far off of all time high because of the issuance of the Solana network, of which we have discussed plenty of you know what in.

Speaker A: My book, because I get to say here, too, in my book, market cap all time high is all time high. And because it's the most legitimate all time high. Okay. The total value of your actual network and it.

Speaker B: Sure. It's. Network all time high. Sure.

Speaker A: Network all time high. And that is the one to pay attention to because it contains all of the sort of inflation, the increase supply, supply and the dilution. I think it's a big moment for Solana.

Speaker B: Yeah, I agree.

Speaker A: Um, can we go through some other stats here? So look at this. Solana peaks in popularity. This is a search engine traffic interest over time. It's like, absolutely spiking. Uh, this is. You'll find this interesting. Solana managed to flip ethereum for 24 hours. Trading volume.

Speaker B: Well, yeah, of course, all of the meme coins are on Solana.

Speaker A: Uh, not just that. Look at this. If you zoom out, see even more impression. Impressive. This is. This looks like a TVL volume absolutely spiking into 2024. And other things. Number of new addresses. 1.16 million new addresses on Solana in March. Total fees on Solana. We'll get back to this in a second. 5 million in March 2024. Those transaction fees, total active address.

Speaker B: That's not much.

Speaker A: Solana is just up only, David.

Speaker B: Okay, so, like, the whole repricing of Solana from $20 sol up to, like, $100 sol in December of this year, was pricing. Was pricing in the future of basically this, like, the retail coming in, experiencing the UX and the cheap fees of Solana, and be like, yeah, this is the place where I'm going to buy meme coins. And so, like, honestly, congrats to all the soul holders who listen to this podcast, of which I'm sure there are just thousands who held Solana through the bear market and, like, had the conviction to, like, ride this wave all the way up. And also, congrats to the people who haven't sold. Sold yet. Like, wow.

Speaker A: Yeah, there was a flipping as well in the app store. So Phantom, briefly flippant, metamask, and Phantom.

Speaker B: The Solana wallet.

Speaker A: Yeah, it's a primary wallet for Solana. One thing that impresses me most, because this is actually a fundamentals metric. Now, of course, this has just recently happened, so, like, it has to happen over a longer period of time, but this is actually impressive. Solana is selling blocks. Okay, what do blockchain sell? Blockchains sell blocks. This is a chart of fee revenue, Solana fee revenue over the past seven days. I took this earlier.

Speaker B: Wow. It's actually registering.