Oh yo-yo, what up? What up? Good morning. Good morning. GMG Friday, February. What is it? 16th 2024 Four four. Look at that. Another beautiful day to have a beautiful day. I got my Co host in the house, OSF Mando, both with new backgrounds. You love to see that. How you guys doing today? My Internet is screwed. You look, you look, you look like you look really like, focused on something right now. Is it your Internet?
My yeah, I hate my up. Weirdly, my upload speed is really good, but my download speed is like one MB per second. I just don't understand. I can't hear you guys, but you guys can probably hear me really clearly. We can hear you perfectly and actually I see you pretty well like you and your rec jerseys in the back. Like it's literally crisp for what it's worth. But but I don't know it. We hear you well though.
We we we, we, we hear the well. But it's OK we can we can you can troubleshoot in the back and while we get, while we get this squared away. Mando, how you doing? I like the brick wall. I'm a big fan of the brick wall. Yeah, I'm currently in an old bar, one in central London doing the show. So I think as the as the show goes on and we get about four 4:30, this place is going to get absolutely rammed. But it was just the quickest place for me to be able to sit down and do the show.
I love that it sounds like a It sounds like I'm on my own today. I if if someone was to come on the stream and help me with this one, looks like we're down two men or like I'm. Here, I'm here. This song really is going to get rowdy. I know that. That's, that's why I'm saying if there's any reinforcements in the audience, are you drinking a whiskey Coke here or just just a Coca-Cola? What's in there? You're muted. I said, who knows?
You know I'll never tell. Never tell you It looks like you may have a little whiskey in there. It it looks like a little something in there. Mando love to see that, love to see that. Anyway, so today we got a, we got a, we got a front show today we got a, we got another great show for y'all. Of course it's Friday after all. Are we going to get our Shabbat candles or not? We'll see.
One thing's for sure is that the market definitely cooled down a little bit this morning versus what we got used to this morning of pure euphoria at 10:30 AM Eastern Standard Time. So that that's that's what's up. So we'll we'll go over market report as usual. We'll go over a few topics and what's going down in the space. And then there was a number another I think it was inflection number came in this
morning. So I'm sure OV given that the his Wi-Fi is fixed, given his Wi-Fi is fixed will be will be good on on that front. And of course we have some great topics lined up for you on the gaming side. One of them which was meant to be today the 8 chain. So Arbitrum is going to be you know hosting the 8 chain. They won the bid. It was dowvoed.
It was dowvoed actually it was not really bid but we'll get into details of that because on following that I I I just kind of like commented on on on on the founder of off chain labs you know Twitter account. I was like hey you want to come on the show And he was like yeah let's go. And so we made that happen quick on a quick turn around last night and so we'll be joined by by legend actually on this on the show today I'm I'm I'm hella hyped.
I'm not going to lie, I'm super hype because we are working with Arbitrim now for what we've got going on Rugby or the crib. But we're talking about a really a really, really big founder in crypto in general. So it's really exciting to be able to have Steven Goldfetter coming on to talk about all what's going on, why is it important for Theorem?
And also maybe we could squeeze in a few questions overall about the ecosystem Theorem ecosystem and how he feels about the market currently in the state of crypto. So that is going to be an exciting show. And as if the show is not good enough, at the end of this show it is Friday, so you already know it's Flute Box Friday. At the end of the show, we're gonna be picking two winners from the audience. So two people that retweet the space. At the bottom right, there's a
purple box. It's also pinned at the top. All you have to do is literally just retweet the space and be here. That's all you have to do. You were to the space you're here, you follow from our and Robit, obviously that's a given. We're not going to give right, you know, this money away to people don't follow us, right. And and then you'll have a chance, two chances actually to come up on stage and spend a $5000 loop box with us and potentially win a lot of money. So that would be fun.
That's today. So make sure that you retweet the Twitter spaces at the bottom right. And I got some good news for you all. I got some good news for y'all. It looks like. It looks like we got the OK to give money every day again on the show starting next week. So Mando, we got we got we got the approval I think this morning. So it looks like we're just going to keep you know, the the show goes on. It looks like we're just going to keep giving money away every day.
You know Razor was like why not. So we're going to keep it going. We're going to make it rain. So make sure you follow from our wow that's that's. Impressive. That's fucking impressive. I mean, you know, they're happy. We're happy, people are happy. This is a triple win. This is, this is the perfect thing. You know, this is perfect when everybody's winning. The audience, the creators, the brands, you know, we're happy. It's it's it's a perfect trifecta.
So anyways, anyways, anyways, why don't we get started and talk about this market? Yeah, GM everyone. So I have to admit I only just saw the market before I before I opened it up. Although I did the minutes this morning, it does look like we've we've taken a little bit of a of a dip over the last over the last couple of hours. You had strong coin base results last night, felt like crypto might even take another leg higher.
Very big inflow day yesterday again on the ETF I think, which was just shy of 500 billion again. And yeah, it's kind of got kind of an insane, insane week and 1/2 for ETF inflows I have to say. And I put it in the chat with broken OSF earlier today and I took off quite a lot of positions this morning. Is that one thing I would expect to see is, is it the weekends are probably not going to be as strong like as we've been seeing each day like we rally into the US Open which we were doing.
I think because even rallying when I last checked it and then we dumped when we when that buying is done because everyone's like fuck, you know we're not going to get any more buying after the initial buys are done and we're not going to get any more buying till Monday now. So I I think people just should be a bit more wary that the the market might trade a little bit. Weak. On let's say Friday afternoon into Sunday, Sunday evening and
then probably pick up then. So personally I'm not buying this dip yet and the reason is for that I think, I think, I think funding was a little bit high and if you're not having ETS buying 500 million for the next few days then then it could we could fall back a little bit. So yeah I'm I'm going to wait and maybe I missed it slightly but but just given how far stuff ran up I think it's a little bit dangerous. But the thing that I'll I will be buying is E on this dip.
It still feels like the thing that I would want to buy, maybe Solana. I think Solana's on the full decent amount for the last few days. But but yeah, those two at least, at least on the weekend, you know? Yeah, I didn't realize the Wick was so. I mean, I didn't realize. Look at the Darth Vader looking wet, Wick. Yeah dude, that's why I was. That's why I was scared. If you you you you got caught like. Almost. Almost. I almost got caught bad. I almost got caught bad last
night. You know what happens to me? And that that's why I was telling you and OV. So I may as well talk about it here because I'm curious if some people can relate to that in the audience. When trading in here we see the Asia Open at like 8:00 PM from the East Coast. And every day without fail in this market like at around 8:00 we rally like literally. You can go back and check on all coins around like 7/8, 9:10 PM.
And usually sometimes I catch a trade before bed like a bit I scalp, sometimes I just go to sleep and before bed I just like catch that. And last night I left it open thinking yo like surely tomorrow we have another day of ETF inflows we may see another leg up $100 on ETH. That did not happen thankfully. Thankfully, like an hour before the show I was like OK, this is not working. Or two hours before I woke up early enough and I was like OK
this is not working. This sounds like one of those places where I made a lot of money this week trading for my bag and I'm going to get give it back and so I cut it and then it tanked even more so I I nearly round trip like a whole trade here. Thankfully I, I, I did it. So we're good. The the the we're good for the week. But that was that was scary. Mando. That was that was a scary one. I think you muted again. Oh, there you go.
I mean I did obviously. I've been saying that I think you should hold hold on for a median term like I I guess I I I didn't. I still have a large bit of my trade on, but I took off pretty much all of my alt, alt coins yesterday and this morning Sorry for a little bit that just because just because it felt like I could imagine the weekend being a little bit scary and you could see some very, very big
Wicks slower than some of those. But yeah, I'm I'm going to be buying this weekend like I I think this movie is nowhere near done. Like nowhere near done. So I yeah, I'm going to be buying the pain, but it's not today because I think you know things would get a little bit scary. So I think the next 24 hours and that's that's great opportunity. You know, I mean, it's a great
opportunity. Yeah I I I actually I actually agree I mean I don't see this move going stopping in time soon but that's really mostly what you and and what we talk about usually I'm I'm just I'm I'm just a permeable that's all I am and it's very tough at times to be that because you have to calm
down and calm yourself down. The other big out, the other big, big one yesterday that had a big day, I mean Mando, it was really say, right, I know you were, you've been talking about it for a minute now, say reached a dollar, yes, a dollar O 2 a dollar O1. I forgot what it was. Obviously it was all over a timeline. I guess it's a big mental like thing like when we see these
round numbers and everything. So that's that was a big, big one that happened on the market yesterday, went all the way up to what is it 1103. But you've been talking about this one for a minute. Yesterday morning you explained about the big ecosystem on what that happened over there, so.
Yeah, I took off. I took off about 90% of the trade at $0.96 there but Mists listed run up but then I was like it's that's $10 billion fluid in market cap put in perspective like suey which we spoke about it's at 18 two years or something similar I think sale keep going but it moved 50% in a week like let's just put that into perspective like it moved 50% in a week that's that's quite a big move. So I just felt like it could, it could move around.
But I like that story for the next few months because like if I look ahead, May is going to be their big release in C2. I think that'll be, that'll be a big deal for that. And then yeah, what are the other stories? But the other big stories that were happening yesterday were in AI. So if you look at all the big movers, at least from this morning it was, it was all the AI related points. It seems like cow render fair.
A few others like they all started moving because of because of the release of this Sora Black Sora text to video chat from Open AI, which I saw that just got everyone. I mean, it's kind of silly because a lot of these coins A either really do nothing or like the people who own them don't really know how they're going to be used and B, even if they do do something, It's not often related to what the bit of AI news is that came out and this sort of news is just like a, you
know, it's a text to video. It looks looks pretty incredible, particularly if it starts being used, things like games and stuff like that. But yeah, like why someone sees that and needs to buy, I don't know how or buy that, it's just a bit of a jump. But yeah, AI as a narrative has LED crypto for the last two weeks. So if you go onto the AI coins, you'll see they're all up. You know, they're all up 30 to 50% over the last couple of weeks. I'm up even more.
Yeah, the the store thing is interesting. Text to prompt what is it prompt prompt to a video and I've seen some pretty impressive use of it so far. So it's I it's getting scary every time. It just gets better and bigger and crazier. So I saw the Sora access and of course digens were very quick to jump to making a shit coin about it. So I have to say Mando, I really admire the speed at which digens in this industry are at creating things and just I'm very
impressed at the speed of which. Two chains. On Two Chainz, you know what I mean? Like you know, I have to say like the the speed at which people in this space are to create buddy out of vaporware like air. You know what I mean? Like in the magical Internet money is is impressive. So whoever, whoever is running those, you know, those are people that just like copy pasta contracts, right?
They're just just ready to go. They're on on the Internet all day long and they see a new meme, they see a new thing. They see something Elon is saying online or like, you know, a new invention like Sora. And they just, they just go right into it. So if you're lucky enough, you're online, you catch it and if and if you're unlucky, you're usually buying the top and then you know it follows by a dump 99% where you lose all your money.
So I would be careful and beware when it comes to to to trading those. But it's definitely funny to see
that happening. Mind the one thing I see, I, I, I, I, I actually, we could use over here, 'cause I didn't want, I didn't want to ask him about inflation, miss fixing his Internet. But one thing I want to ask you here, I find it so funny and that's something I was talking to you before the show about, is a few weeks ago we were saying we can't wait for the weekend, GBTC can't dump on us, and now we're saying the opposite. Now we're saying can't wait for
the week almost. Or like weekend's gonna be a dump or like dibs but the week is gonna have inflows. This, this minds, this shift in mind is interesting. Is that I don't know is that a good or a bad thing? Like I don't know how I feel about it. I feel like in a bull market or in the core cryptos not to be super correlated like that to the to the markets. Like what? What do you think? What do you think of this mindset shift going on? I think you just have to accept it, yeah.
I think a lot more of the flows are now going to be having during working, working, working hours for like the rest of the market. So yeah, I think we just gotta we gotta live in that world. Yeah. Definitely definitely gotta just OK fine that was you know that was that was a very clear answer that was a very clear answer Mando. You just have to accept it. That's just how it is and you're gonna have to deal with it.
So it's it's very interesting dynamic So but it just shows you for me I want to point out because it shows you the the the the the mental behind it like we one week you'll we're bearish, one week we're bullish. One week this is good. One week no this is bad. One week it's a southern news one week it's never mind like this is something you should
have. So it's just it's just interesting when you when you when you look at it from this perspective and how we tend to play mind games on ourselves actually and that's just that's just something I wanted to point out that I find that I find kind of funny. It looks like all we still having Wi-Fi issues.
It's so funny. Ovi was so excited to move because he moved over last week that's why he was on the show one or two days then and and and he and it's so funny because he was excited the most about his new Wi-Fi and it seems like his new Wi-Fi is just not working. It seems like the boy is having a one MB per second download speed so that that's not working. He can't hear us. He can't talk to us. And that's, and that's a tough one. And it looks like Mando is sort
of logged here. Am I gonna have to like, am I gonna have to talk? Am I gonna have to just talk NFTS here on my own? Because I can cover that. I can. I can cover that very easily. So I guess, I I guess before we have Stephen. Come on. So Stephen's going to be on in about 7 minutes. Let's talk about ape chain. So make sure you're retweeting the spaces, make sure you follow four more hour and that you're sharing it. Because at the end you're going to have the chance to win a lot
of money, that's for sure. And I Oh my God, I had to fix a little bit of the boxes too. OK. This is such a typical show for us. Oh my God, I love this. This is you. Can hear me, but it's going to be really loud now. No, it's better. You sure? This is better. OK. I have to say this is better I I I mean that maybe cuz these headsets are not meant to be like a Bluetooth connected thing that well cuz I've tried this headset before for calls.
It's the worst though. It cost an arm, but they're not bad anyways. Yeah, see we got stout Connor in there saying way better everybody. Sorry y'all we're back. We're still back. I'm going to post it back. I also have to post the broadcast link on our on our on their account and everything. So where's back? We're here, Mando. What was this size Chad? We got size watching the video broad guy saying, yeah, Mando, your mic was shit, yo. Peter Size, Chad. Yeah.
Yo, why don't you come on? Why don't you come on the stream with us? Why don't we? Why don't we? Why don't we tell side chat to join us on this stream? I'm sending. I'm sending him the link. I just sent him the stream yard link over here if he wants to join us on video. Amanda, what was his inflation number this morning? Is that something we should care about? And did that have anything to do with the market? Yeah, that was the 2nd inflation figure of the week.
So that was PPI that came out and PPI is producing by some slight inflation. It just came in slightly higher than expected. So I mean, no one really was expecting now a March rate cut. I think there's only 8% chance that we'd have a rate cut in March. It now seems like that's going to be pushed out for sure until later in the year, probably May. These aren't like massive beats, but they're beats that show that inflation is a little bit more
persistent than expected. So well, I mean, it's still producer price inflation was actually higher, but but consumer price inflation has still been falling. It just fell less than expected but it's not this isn't terminal like we're we're talking about at the margin you know so the market I don't think will be that bad. OK. OK. That's good. Just checking in on that and to see how we're on that front anyway.
So on the NFT front, I mean I may as well, I may as well just give a breakdown on the NFT side because we haven't been able to much this week. It was really heavily market related and usually when the markets move across all chains, NFTS tend to cool down. One thing that I found interesting and actually like we could talk about that but. That was I I. It happened late last night I saw this morning but the son, one of the one of the children of the richest man in the world, Alex Song.
I don't know. So Bernard's son who is the CEO of Tiffany I believe is the CEO of Tiffany is listed. Did you see this tweet man though he yeah I know, I know, he posted. He posted. This is a bargain period. And he posted the link to his Crypto Punk 3167 that is for sale, which is his 3D glasses. It's a it's a sick punk. For what it's worth, I love this
punk. And it was actually marked two times above, above the, you know, above the the, the, the, the real value of it. Above the real value of it. And then Sergito came in just now actually during the show and put it a underneath bid. Are you? Would you buy Alexander Arnold's crypto punk Mando? I feel like this is something you. Should do. Why is he selling?
His crypto punk? To me, it's It's less why he's selling it. It's more why is he posting that it's a bargain when it's double the four price, But I don't mean that in a bad way. I I don't want to get in, you know? Yeah, I'm not trying. To yeah, it just it doesn't strike me as the son of the of like the richest man in the world to be doing that, but. Yeah, I think. I think so. What I don't understand is, haven't there been like several partnerships between Yoga Labs and LBMH?
Brands no. So not unofficial right? Like the crypto parks pending with Tiffany. So he is ACO Tiffany. So it's actually it was him that right? But like, so why the hell is he selling? I don't know, maybe they're trying to buy the alien that was listed yesterday for 5500 ETH. Who knows? I mean, it's not like they need an extra 100 ETH. I mean you're. I mean, shit, never mind. I mean, how much is LVMH? What is LVMH? Market cap, €412 billion. What is Bernard Arnault net worth?
Wow. He's worth $216 billion, though. Doesn't feel like he needs 200 grand. Well, that family doesn't. I I I I don't. I don't know. I I don't know. I thought it was funny. Like I said, I saw it this morning and I thought it was so funny. I'd see it was posted last night late.
But it's he's selling it. So if anybody wants to own Crypto Punk 3167, formerly, formerly owned by the CEO of, or currently, shall I say owned by the CEO of Tiffany and Son and the hair of of of of the biggest, one of the biggest companies on earth, you have a bargain happening here. And I'm not getting it cut out of the sale, so I'm just putting it out there. You get Do you get the Tiffany chain or? Dude, because he, you know what?
See that would have been see see, you see see that's actually not stick to that. The first chain was made for him because he did it for himself first to showcase it. I remember the marketing of it and so imagine if he would have posted that. It's actually a thing where like the punk comes, the first chain made see now that now we're talking for for, for that extra. Because I know for a fact on
that punk OTC and and OTC. A lot of punks have been going with a premium for the chain because it it ended up paying that a lot of people like them. And so some people are like they want to pay the extra. Some people think it's stupid to pay extra for it, which like, I get it, but some people like it and they're like purposely shopping with punks with chains. So hey, you never know. Maybe it's the case, maybe it's
not. So I thought that was funny to see this morning and and to share that in other news, you know, just punk's still selling pretty well.
There was also like some nice sales on it and when it comes to like some board apes another hoodie punk it's one wallet lowered up a bunch of ace bought a sick pipe hoodie punk and which is I don't know if it's not showing on the tops here but I'm pretty sure it's sold yesterday forgot where it's this one I wanna put a bid on it sorry for for this one for 2:20 and then besides that you know just it was a lot of movement on Bitcoin side it was Bitcoin D gods saw a huge rise which oh
it's not being indexed on here but the Bitcoin D gods saw and rise to oh never mind may it's not but I saw them here yesterday all the way to half a Bitcoin yesterday the. Trades may have happened more than 24 hours ago. That's. Yeah, that's why. That's why it's probably what happened. So the Bitcoin D gods saw a huge rise in floor price. I heard Frank on his face last night, yada yada yada. So that's a .55 Bitcoin. So that's quite a lot of money.
So there's that RSIC saw rise 2 on the back of the boosting that started. So you could you know either in scrub you're on FT like I said the other day or you could I found out Mando. That is, if you're too lazy to describe. If the fees are high, you could have just gone and like bought a floor like RSAC boosted inscription and it would boost your wallet so like it came out cheaper. Sometimes to do that instead of like the other way around and describing everything because
the cost of that. So that came out to around $200. Quantum cats saw bounce above .16 back to .2, the puppets going lower, actually grinding lower now under .06 and OMB .8 Bitcoin. So that's again a lot of the attention is on there on Solana, Solana, of course Matt Lazant and Sorans have been grinding higher based on the fact that you know they keep on getting those. It's really part of that the the, the meta of like the ecosystem airdrops happening on there.
Quick shout out to. They're talking about the backpack exchange. They're doing mad volume like 30 billion the volumes over the last 24 hours on that, on the backpack. Huge volume on that front. It's insane to watch. Congratulations to them again. Reminder they have they're one of the rare people exchanges that have the license in Dubai and so they're they're grinding. So I'm actually a huge fan of Armani and that entire team
personally speaking. But Dogos, I saw something with Tensorians and then their show now is sponsored by Tensor in the morning. So something there, I don't know. But they did this really funny videos, the nifty Portal crew with like picking an exchange and putting a hat on. And they put the they put the tensor HQ hat on I thought was hilarious. Shout out to them. They're very good with content.
We're fans and we're friends. So on the Solana side that was like really what I that I picked up on. And on the East side, the biggest news to me was what we're actually gonna cover now as I see Steven in the studio and coming on stage here, some of bring up on the stage here was really, I know it's not yoga directly or board ape directly, but it was the news that ape chain is going to happen and be launched on the best L2IN existence.
There is only one Arbitrum and we are joined by the Co founder of Off Chain Labs, Steven Goldfetter. What's up Steven? Good morning. How you doing? Hey, good morning. Great to be here. Yes, super exciting week and super excited to be here and talk about it.
And by the way, before we get into this week's announcement, obviously I just wanted to give a shout out to arbiter and rug radio which had you know their partnership announced a couple months ago or weeks, I don't know all the time, just sort of blends together. But the point is I was not on here to give that shout out. So I just wanted to lead off of that. I appreciate that. I I appreciate that. You know, it's it's really fun.
I love to see that. You know, we had this beautiful, you know, oh, that was so nice when it came out on stage. I'll never forget it was during the Art Basel event and and Sam from, you know, your CMO, you know, flew down just for that one night to spend it with us for the announcement so big. Shout out, of course we got to. Be there dude. It was fun. We're excited to build with you guys. You know, obviously we have good friends building with you guys, including zai.
So a quick shout out to you know, Sobi and and Sobi and Toby over there at zai. They're cooking you know first layer of three over there. So you guys have a lot going on right now ironically actually yesterday we had our first activation with our partnership with Gigi and reboot with rock radio as well where they came on our on our stage on rock radio we went on theirs to play the game.
So which is also an Arbitrum. So like Arbitrum like you guys are left right off chain labs you know in Arbitrum it's left right run and center of of of the attention right now. But the big news really was with eight chain yesterday. Do you want to do you want to kind of like maybe start with an intro here Steven and then we can get into like what why this is important for theorem because it was really on your your tweet that I picked up there. Yeah, absolutely.
So this actually goes back a really long time. If you remember when you got to the other side launch, I don't know was that 2021 again, time is this is just all blended together. I've been in this in this space for over a decade now. So who knows sometime in a couple years ago and basically broke Ethereum for for the day and you know you got put out a tweet maybe that night or the next day like hey we need to like scaling solution.
You know we basically need a chain and that led to like intense conversations in public behind closed doors. Everyone was vying for this and that includes like the theorem scaling solutions that were around at the time that includes all the all Tel ones. Everyone wanted to be the chain where Yugo launches games and Fast forward a couple years. There's obviously there's eight eight coin Dow now, which is the Dow that is associated with the apes.
And I think the recent there again there were private conversations going on for a long time and I can tell you we've been part of those and just trying to understand you know what the plans are for the ecosystem.
But really recently, a couple months ago Polygon put out this proposal out on the eighth coin Dow that started the initial conversation said hey, you know they put us this proposal out there build on Polygon and that you know of course let everyone say OK, they're going to make a decision. Now there's a forcing function. So Arbitron followed on with the proposal. So did others optimism decay sync and it started off a little bit chaotic because you have
like these different proposals. There was no like glue connecting them. And actually on the Polygon one went up for a vote and then it didn't pass and then like the thought was OK, I guess the next one goes up for a vote now. And then finally the I think the special counsel's like, you know what, we're going to actually run a process here. They had a like request for proposal said OK, anyone who wants to get a proposal and can get one in now you ready to
propose, that's fine. And we're going to do like one process as opposed to like otherwise kind of weird. It's like if they win, it's over, otherwise it goes to the next one. Kind of like it's like weird relay relay race type thing. But so they did this, this, this vote basically. And it was two weeks of actual voting, but you know, months of preparation for it and this was what I guess you're showing now on the screen and. This is what this. One, right?
Actually, so this first one is, is they had a vote that said should we build a chain, Like forget about the technology provider provider, should we build a chain that was one where just about everyone could unite and say yes, you should build a chain. And then there was another one which actually started a little before that There's like select the provider for for the H chain community and that's the one where there were four different opportunities and they were
actually all Ethereum based. So when I said I started off and said couple years ago everyone was buying Ethereum one from day one because everyone that they were considering was Ethereum base which is like huge shout out to to the holy doubt community for being Ethereum aligned, being super excited about Ethereum and and basically saying hey you know we'll consider Ethereum skinning solutions.
But Arbitrum was one of the four different proposals there and the community came out, the community came out in force and Arbitrum had a a decisive victory there and that's when the fun starts. Now we get to build. I like that decisive victory you know we you love to see that I I you know this this type of stuff really excites me given that you know feels like we made the right decision on our end.
But I think I think this is a big deal and I I want to bring back the tweet that you just mentioned that I'm sharing on screen here and and and just a reminder for everybody we are live on on video and audio and Steven join us on video so you can find our our stream. I think I posted it Sims. If I didn't post, I'm sorry Sims or our producer in studio I'll get it done right now. But you said understated in the ape chain news. This is a big win for theorem.
Every proposal in the recent vote was a theorem based. We already knew a theorem would win but a few years back the Alton ones were vying for ape chain. Glad that ape coin has doubled down on a theorem. And one thing I really like about I guess you in general Steven, is you you often you know a lot of the conversation right now on the space like oh L twos are taking all this energy away from Ethereum. L threes all this and that and like everything's ticking away from here.
But you seem to always bring it back to theorem the conversation, and you seem to think that this actually just adds value to theorem as a whole. So can I ask you like to explain that for people so they can understand like from your perspective how you see it?
Definitely. The reason we're here and the reason we started this years ago and the reason though that's renewed we're here today is to scale Ethereum because we believe, I believe we at Off Chain Labs believe I think we, many of us in the community believe that Ethereum is the best from a security and decentralization perspective, the best smart contract platform.
But it also needs to scale right because you can like sit in your ivory tower and say this is the best, but if people can't use it because it's too expensive, doesn't have enough bandwidth, then it doesn't work. And so the question we set out to set out to decide here to to figure out years ago was can we scale Ethereum without compromising on these core principles. And the decisively, yes. And if you look actually back, it's not just me.
If you go back to 2021, Vitalik had this blog, blog post which which was the roll up centric road map for Ethereum. So we're very aligned there. Vitalik had now one perspective of hey we're going to build Ethereum into a chain of chains if you will chain that supports roll ups and that's how we scale and Arbitron was one of the only ones back then. Now there's a ton of others which is great. That said, OK, we're going to take this Mantle and actually build that roll up centric road map.
We're going to be that role of centric road map. We're going to be part of Etherium. But to forget that now would be silly where you know, Arbitrum is extremely successful. And it's true if you look at the like the leaderboards and forget that Arbitrary is an L2, you could say, OK, it's like the number 2 blockchain or the number 3 blockchain in some metrics like it can stand in its own right, but but that's not the point here.
The point here is we're bringing the security and decentralization of Etherium. We'll bring it to mass market or bring it to users at a price point that they can afford. And to be honest, I think a lot of this like L2L3, Etherium is not. It's like all like pushed by those that have an agenda to push it. So, you know, I'm not going to name names specifically like Waltel ones. You you can fill in the blanks.
The Altale ones are basically, you know, have an agenda to try to, you know, split here and say, oh, this is not Ethereum. We're better than Ethereum. These are just other things. They're parasitic. You know, some of them even go ahead and say, like, oh, we, we are more Ethereum aligned than you. It's like, dude, what? Like, what? What are you even saying? And then they point to things that they're like, well, you have your own token. I say go back and read Vitalic's
2021 blog post. He said one of the benefits is that that each one can have their own token. And they're like, oh, you guys fight all the time. It's like, yeah, we fight time because Etherium is a community that a lot of people care about and there are lots of opinions. Probably the art from Dow is the same way. Any time you have a real community that's not monolithic,
there's gonna be fighting. I'm gonna look at world governments like people care, People are passionate, people have different opinions, and that's what makes the world go around. And if everyone agrees and there's no discord, probably no one cares. So you know, it's a little bit like spicy, I guess. But we are here to scale Ethereum. We are built on Ethereum. The ones trying to drive the wedge are the ones that are afraid to compete with this powerhouse or Ethereum plus L twos.
But that's what that's what we are and that's what we're here for. Wow. I'm I'm about the Max long theorem right now these I've I've this guy's got me fired up this morning I love that and and I and I no I think you're right and and I think it's it's important for some for people to hear it from from you because you know there's only so much we can explain and and people have to you know understand that like all the L twos actually add a
lot of value to that. So just to go back to the APE chain and everything, because that's really what we wanted to cover today because we think it's like a really big deal for gaming in general. And of course you guys have a massive gaming ecosystem on Arbitrum. What, what happens now with APE chain, like what does it mean for for for the board of Yacht Club and in general.
So one of the coolest things of the night was after the vote was over, Yuga Labs put out a tweet which said basically we're really excited to, among others, to see what we can build a name chain and sort of everyone that was always like in like the background. Everyone kind of assumed that and went unspoken. But to hear hear them, yeah, there it is. That one.
That was like a very, very big deal because Yuga has an incredibly strong ecosystem with incredibly strong IP and they took, you know, a couple of minutes to lean in and lean in hard and that's really exciting. So you mentioned, yeah, Arbitrim has it. It's emerging basically as an ecosystem of ecosystems and gaming, which is kind of what it is in D5 too. Like you have like a bunch of different derivative protocols. You have GMX obviously, which is just a really strong protocol to others.
And they all sort of compete and work together and lift each other up. And it's the same thing In gaming, you have treasure. You have a Zion like you mentioned, shout out, Toby, and you have other emerging ecosystems as well. And now you have ape chain, you know, joining there right up there. And they're going to have some nice pull and nice advantages. Obviously the Yuga Connection is going to be huge and they'll also, I think be able to draw in others.
It's a very, very strong community, a very passionate community, but it'll also be benefited by the larger ecosystem and arbitrary. So what happens now? And now we, we start building, you know, we take a celebratory pat on the back and then we say, all right, let's get back to work and we build this. And one of the cool things about Arbitrim is that you can customize it. You can take this technology and customize it.
You don't have to take the technology of vanilla and say, hey, boom, here's a chain use it. It's just does what every other chain does. You can say, all right, community, like, what do you want to do? Do you want to enforce creator royalties on chain? Do you want to share back some of the royalties with the, you know, with the creators, with the community? You can do whatever you want and and encode that in the rules of the chains.
There's got to be a conversation now with the community. We're going to put a proposal out like, hey, we think this is a way where a chain can be pretty unique and we're going to present some of that to the community. But I expect the chain to be up and running. It's the end of Q1 now or the middle of Q1 by by next quarter. You know, during next quarter, I expect the chain to be up and running and I think that's a very, very fair and reasonable
timeline. Wow. OK. This is, this is a nice timeline like and like mid, mid, next, next quarter is nice. This is really just. Any reason why that wouldn't happen? OK, okay. I like that. I like that and and and just, you know, I know I don't want to take too much of your time. Sure you're very busy. Very busy, man. But like what are what are dude? I mean, I'm glad you. I'm glad this was really like on a whim by the way.
So at some point like I do need to like you know do a proper interview with you with the boys you know OV had some issues etcetera like we wanted the proper one and and background. So out to Arbitrum they just came on stage and shared this as well with super last. Just a reminder for everyone, make sure you retweet the spaces at the bottom right, it's a purple box you know what to do dropper GM while you're while you're at it but what do you, what insights are the most right
now given this market. You know, we talk every day about the market, we talk price, we talk innovation, we talk, you know, what's coming, what's leaving, whatever, like what do you, what do you, what is the state of the market for you broader crypto where are we at right now?
Yeah. So I think market wise one of the exciting things that I see now is increased interest and this always happens with market cycles where more and more people come in and build and and are interested and just you know people don't forget about crypto. So the last time the circle expands a little bit and those people kind of are there and then they'll come back and then
it expands a little bit more. And you know we we build, we just keep building, we don't care about what the market does, we keep building. But obviously we like when more people are are using the technology and we're ready for
that. And we've been building for the past you know a couple years during the bear market even though people say hey do we need a layer two scale solutions anymore prices are cheap, usage is down and we just keep building saying no, you're going to want this, you're going to want these features. There's going to come a day and that day I feel like is increasingly coming and.
But there's more and more interest in in Ethereum as a whole in doing things on Ethereum from you know industry like non non web, three companies institutions doing things on Ethereum in the financial space and the gaming space and other spaces as well. And so it's sort of the moment where all that work that we've been building for the past couple of years is going to be appreciated and we're going to see prices and gas prices likely go up in the next couple of
months would be my guest. And we're going to see more and more of a need for for for arbitrary and scaling solutions generally. And we're going to see people benefiting from the other features we've been building quietly for the past few years like Arbiter, Stylus, which is set to come live this year on main and it's already on test. That which will allow industry developers to build in other languages like Rust and C and C++ on these chains.
All these things that have been building in private building during the during the beer as more users come on. It's super exciting for us to have a larger audience and we're ready. You know, we've been building because we said, hey, we know there's going to be more demand and we need to scale now because the last thing you want is to wait. And then the demand comes like, hey, where have you been? Like, hey, you guys told us to go away. No, no, no, We know what we need
to be here. We've been building, we've been ready and we're excited for a new surge of users and new use cases. And gaming by the way is like just emerging and I was just like exploding on Arbitrum and you know people would say one of the complaints we've got sometimes like hey you don't guys don't give enough focus to gaming. I think you know we're we're, it's just that the industry's a little bit younger, but hopefully we've demonstrated that we care a ton about gaming
and actually hear some alpha. So there was the Arbitrum, there was the Arbitrum Odyssey a couple of the years, a year or so back which was like really popular. The next one is coming live in a couple weeks and it's only about gaming, so we are super, super pumped for for this next era. OK, this is big. We got some alpha here. Y'all heard that. Y'all heard that we we definitely we we definitely got some some alpha here and I love
that. What are what are some of the of the things you're most excited about when it comes to that right like on the on the arbitrary eco that are like more imminent. Is there anything that people should be paying attention to right now? Yeah, so the the three, the three pillars that I I'm super excited about an Arbitrum and I think Arbitrum is doing super well on is D5 of course, right. So let's not forget about that.
Arbitrum is king of D5 and we're trying to expand, but like D5 is not going anywhere and D5 is strong as ever. An Arbitrum. You can look at the numbers. Actually, just yesterday Arbitrum surpassed Robin Hood to be the number four largest wallet underneath, so that the number four largest ETH holder is the Arbitron Bridge. And that's obviously a testament to to. To. D5, which drives a lot of that.
The second pillar is gaming which is a huge focus and the third pillar which is a bit like again in the in the woodworks now, but we're starting to see some coming forth is what they call RW as do I hate that term. But like we're world athletes and that's the institutions, the financial institutions, the like that are coming and tokenizing things on chain. I would say those are the the three big pillars that's going to be a little more nascent for some time.
You know, we'll see some come through, like Franklin Templeton to launch an Arbitrary, which is a big deal, but I think gaming is having its moment right now. Wow, wow. Totally agree with that dude that is crazy. 4th largest holder of ETH. No. Third. Third. Now third. Sorry, third. 4th but but the first two. By the way, #1 is like a staking contract. #2 is raft ETH number 30. Those are. Transactions. Right. These are the transactions.
Yeah, that was Arbitrim, Nova yesterday, which is the gaming stained. Arbitrim did more transactions than any other layers do. That was like there's actually this like a project called Arbius, which is like an AI project I think, which I think is driving a lot of that, but
that's like Nova taking off. But the other one is if you look at an Ether scan they have, they have like a list of accounts and the number one account is like the the staking beacon contract the number two accounts do. You see that? What do you see the top accounts on ether scanning let? Me. Grab that. Hang on a second. I forgot I always check on D5 llama for everything like that but. Yeah, but this is like a a particularly interesting stat.
I'm going to drop it here in the chat if I figure out where that is. There you go. Let me pick that up. From you. Oh, yeah. Yeah. Yeah. OK. I see, I see, I see, I see. Here you go. Here you go. Boom bridge. Crazy bridge. You know #4, right? So speaking the project contract which is literally the steak Eve, it's wrapped Eve, it's finance it's Arbitron bridge. So you know Defy is is exploding on Arbitrum and again the pie is expanding, Arbitrim is leading in multi and that's what it is.
So it's a general purpose chain and it's exploding. We have a lot of work to do. We want you know to make sure that as more and more verticals emerge and they will that you know Arbitrim is front and center. But I'm super excited about where the ecosystem is now and shout out to folks like you who see the, you know who love Arbitrim and are using it and building on it and that's really where it drives it all. It's not me.
We can build technology from today to tomorrow all year, and if people don't use it, it's not gonna go anywhere. It's really folks like you and the 8 chain community, etc. That are driving all this awesome adoption. Let's go. Love to hear that, Mando. I know, I know I didn't go to you too often, but figured I'd ask a few questions here. But did you have any last things you wanna ask Steve before we take off or any?
No. I think it's it's interesting to see this like obviously I think Origin came up as a defied chain mainly like that's where a lot of the stuff happened we had the magic ecosystem but it was really like the bastion of all the perk decks's and that sort of stuff.
So 8 chain eight coin 8 Dow like it's been a it's been I don't know I wouldn't say controversial it's been a difficult difficult thing to to get right and I think I think you're the right team to have a go at it that's that's what I think. Thank you. So you've got a lot, lot of work to do. I think Horizon as well are a great partner to do alongside. They're very smart like their team. So yeah, all the best to you. I'm sure that April will get behind it. Thank you.
And yeah, shout out to Horizon by the way. So I'll just tell you one more brief thing which is you know, because you mentioned it when this whole proposal came out, you know, I know, you know AJ So AJ and I sat there and talked to
foundation folks. We said you know we want to like propose here and like we'd love for this to be us, but like we feel like we're kind of outsiders and again we can build technology, but like we want to also need the lead growth of the ecosystem, make sure we're implementing the vision of the ecosystem. And we were kind of like on the fence and that's sort of when exactly the partnership with Horizon came on. Like these guys have been there
from day one. They built some of the initial, So we build the core technology, they lead growth and and really lead the community efforts and make sure that these two things connect. And that's like OK, we're all on board together. This is going to be a success and that's why, you know, we were so excited and I'm so excited to now have the opportunity to build it.
Hell yeah. I remember Speaking of Dean Steinbeck early on and they even we hosted the first we actually hosted the first ever Acorn Daos Twitter spaces when the first council was was put in place with Alexis Ohanian and and Mario Bajwa. Yeah. Amy Wu and Dean and it was somebody else. I forgot it was 1/5. It was yeah. Yeah. So the five of them. So I remember that very well and this whole thing taken off and I think that I think that it being in the hands of professionals
like yourself is fun. But anyway, Steven, I'll hit you up another time so we can get a background because that AJ can spend hours talking about you. Okay, let me tell you, I go. I do have to give a shout out to my boys size Chad, AJ, Sam and my girl Nina, the foundation. Because those people are always here to help, always here to generally trying to scale it up. There's a reason why we've decided with regular and decrypt to work with you guys. It's not just, it's just in the
whim, right? There was a lot of research that went behind this and I've heard some great things about you in your passive Princeton. You know how you've been thinking about L twos and stuff like that for 10 years now. So I know you're a big brain, Steven, I can talk with you more. So thank you so much for coming in and and good Shabbos actually. Thank you for having me. Yes, Shabbat Shalom. All right, man. Have a good one. Thank you. Ciao. All right. All right.
Well, looks like looks like OV decided to join the show at 11:23 AM. It's it's a pleasure to have you OV. Thank you for joining. Fucking Internet, man. Like move to a new place. Get the the fastest Internet you can get in this country and it still plays up like I'm just. And you've had a leak as well. Which? I had a few. Solid start this move. A few leaks, yeah. A few leaks. And well, yeah, in the new place. That's horrible. That's. But there's some nice jerseys
behind you. Are you bringing me a size large? Yeah, we'll have these in Paris for for Web Three FC to. One that web Three FC guys. First of all, can they stop doing their events like 50 minutes away from the conference first and foremost and 2nd? Pictures aren't in central Paris or in central CCD's like. It's definitely on central Paris. And then can they? Can they also other things stop doing their events, like the same hours of the conference?
That would be great, you know, just putting it out there. Number one, you will never find a football pitch in the middle of a city. Number two, people don't. People don't. People don't go to the conference usually so. Well, NFT Paris is one of those conferences that people go to. Proof is in the pudding. You have a bar set up in our booth area and but you, I agree with you on a lot of things. I think I I get it. It's true. Maybe the right the right pitch
is true. But maybe I'm maybe I'm meming. Maybe I'm exaggerating. I I like the Web 3 football guys. I don't want to guys I I don't you know maybe I'm meming that it's not that far just because last time I was like outside of Brooklyn and everything was happening like Manhattan. So that's what happened in in New York and I was so bummed. I'm just salty because I couldn't play and this time I can't play again because during the conference and I have to like work it, work the
conference. So I'm just salty because I want to play. I'm dying to put the rec jersey on. It represents the colors OK of of of of rec guy. I have my jersey still in the in the in the in in my stuff.