Hey, Bankless Nation. Welcome to another episode of State of the Nation where we do a deep dive into a topic.

I'm fresh back from a week off, David. Feels pretty good, except I get a little bit of a case of COVID.

And so I might be muting through some of this and coughing.

But I'm really excited to get into this because this was some breaking news when I was out.

D-Y-D-X, are they abandoning Ethereum? That's the question we're putting forward to Antonio, who is the founder of D-Y-D-X.

And of course, D-Y-D-X is a very popular, very successful, derivatives exchange that has formerly been built entirely on Ethereum, first on Maynet.

And then on Layer 2s, we've had Antonio on the podcast a couple of times to discuss this.

David, what are we going to dig into today with Antonio?

Yeah, this has really taken the App Chain world by Storm, not just the App Chain, just like Smart Contracting World, because where will the applications live when this crypto industry finally matures and settles into its long-term future?

Is it going to be an App Chain world or is it going to be a Layer 2 world?

And it seems with this move from D-Y-D-X from the Ethereum Layer 2 ecosystem to the Cosmos App Chain world,

that the App Chain world has gotten a big victory mark, a big point.

And so we're going to explore this world and explore all of these questions.

Is this going to become a trend? Is this Alpha? Is D-Y-D-X leading, is D-Y-D-X the first of many apps to leave an Ethereum Layer 2 and go on to an App-specific chain?

Or from the Ethereum perspective, is this just short-term thinking and impatience on Layer 2 development?

We're going to explore these things, we're going to understand why D-Y-D-X decided to make the move to an App-specific chain, why Cosmos was the right place, and all the pros that come out of this and also explore some of the cons as well.

Yeah, I'm really excited to dig in and get a lot of questions from Antonio.

As does the bankless community, I think you guys have been feeding us some questions, we'll get those into the episode as well.

Of course, one other thing to discuss is, well, all of the centralized, not all of them, but many of the centralized lending and borrowing exchanges are kind of melting down.

There's still some safety and still some solace in D-Fi because D-Fi has actually performed very well and our friends at Notional want to remind you that you could still get a fixed rate D-Fi loan.

Let me share some of the rates here on USDC. There's a fixed APY 4% annual USDC loan, you can lock that in for up to a year, also ETH as well on Notional.

It's definitely exciting to see how well D-Fi performed, particularly the lending and borrowing protocol side of D-Fi, throughout the bear market so far.

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