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ROLLUP: 3AC Meltdown Continued | BlockFi Down Bad | Grayscale Sueing the SEC | Contagion Market?!

Bankless

Bankless

Technology, Tech News, News

4.71.2K Ratings

🗓️ 1 July 2022

⏱️ 99 minutes

🧾️ Download transcript

Summary

Last Week of June, 2022

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📣JUNO | Crypto Friendly Banking
https://juno.finance/bankless 

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🚀 SUBSCRIBE TO NEWSLETTER: https://newsletter.banklesshq.com/ 
🎙️ SUBSCRIBE TO PODCAST: http://podcast.banklesshq.com/ 

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BANKLESS SPONSOR TOOLS:

🚀ROCKET POOL | ETH STAKING
https://bankless.cc/RocketPool 

⚖️ARBITRUM | SCALING ETHEREUM
https://bankless.cc/Arbitrum 

❎ACROSS | BRIDGE TO LAYER 2
https://bankless.cc/Across 

🦁BRAVE | THE BROWSER NATIVE WALLET
https://bankless.cc/Brave 

🌴MAKER DAO | DECENTRALIZED LENDING
https://bankless.cc/MakerDAO 

🔐LEDGER | SECURE STAKING
https://bankless.cc/Ledger 

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Topics Covered:

0:00 Intro
5:10 Markets
5:15 BTC Price
5:35 ETH Price
6:55 ETH BTC Ratio
7:05 Crypto Market Cap
7:50 FED WATCH
8:00 Who’s to Blame For Inflation?
https://ritholtz.com/2022/06/inflation-blame-15/ 
11:58 How’d We Get Here? Dan from Pantera
https://panteracapital.com/blockchain-letter/the-feds-twin-policy-errors/ 
15:10 WSJ: Rising Interest Rates Will Crush the Federal Budget
https://www.wsj.com/articles/high-interest-rates-will-crush-the-federal-budget-inflation-debt-spending-costs-recession-economy-11656535631 

20:00 3AC Meldown Continued
20:22 Crypto Hedge Fund Three Arrows Ordered by Court to Liquidate
https://www.wsj.com/articles/crypto-fund-three-arrows-ordered-to-liquidate-by-court-11656506404 
23:55 Voyager $660M Unsecured Loan
https://decrypt.co/103892/voyager-digital-issues-three-arrows-capital-default-notice 
29:49 Three Arrows Capital Liquidation Ordered in British Virgin Island
https://www.coindesk.com/business/2022/06/29/three-arrows-capital-liquidation-ordered-in-british-virgin-isles-report/ 
29:55 Su Zhu’s Yacht
https://twitter.com/AutismCapital/status/1540001243795542018 
31:25 Vitalik Subtweet
 

33:19 BlockFi
33:22 Where it Started https://www.coindesk.com/business/2022/06/16/blockfi-liquidated-three-arrows-capital-report/ 
35:25 FTX Seeks to Acquire BlockFi
https://www.theblock.co/post/154929/ftx-blockfi-deal-sources 
35:30 New Morgan Creek Bid
https://blockworks.co/blockfi-has-a-new-bidder-in-morgan-creek-report-says/ 
40:15 BlockFi Is Pursuing Plans to Go Public
https://www.coindesk.com/business/2021/07/22/blockfi-is-pursuing-plans-to-go-public-even-as-regulators-close-in/ 
https://www.theblock.co/post/155069/ftx-walked-away-from-celsius-deal 
42:15 4 Big Takeaways
https://www.theblock.co/post/154681/a-leaked-investor-call-revealed-morgan-creeks-bid-for-blockfi-here-are-four-more-big-takeaways-from-the-call 

43:30 Grayscale Sueing the SEC
40:35 SEC Rejects Grayscale’s Spot Bitcoin ETF Application
https://www.coindesk.com/policy/2022/06/30/sec-rejects-grayscales-spot-bitcoin-etf-application/ 
45:35 Michael Sonnenshein Didn’t Like That
https://twitter.com/Sonnenshein/status/1542311510055292928 
45:45 Grayscale Sues SEC
https://www.globenewswire.com/news-release/2022/06/30/2471737/0/en/Grayscale-Investments-Initiates-Lawsuit-Against-the-SEC.html 

52:10 NEWS
52:30 MakerDAO
52:42 Controversial MakerDAO Governance Vote
https://twitter.com/labsGFX/thread/1541488156909912065 
https://vote.makerdao.com/polling/QmWYajMq#vote-breakdown 
54:22 Post-vote Thread From Hasu
https://twitter.com/hasufl/status/1542196610775629824 
57:03 Lido Voters Reject Growth Limit For ETH2
https://thedefiant.io/lido-rejects-self-limiting/ 
57:25 Hasu Co-authored a Proposal for Lido stETH Governance
https://twitter.com/hasufl/status/1535275167177490438 
57:30 Proposal
https://research.lido.fi/t/ldo-steth-dual-governance/2382 
59:20 Arbitrum Odyssey
1:00:25 Odyssey Paused!
https://twitter.com/arbitrum/thread/1542159105946787840 
1:01:15 Dune Analytics Data
https://dune.com/springzhang/arbitrum-odyssey-event-tracking 
1:03:39 Optimism’s TVL Doubles
https://thedefiant.io/optimism-layer-2s-surge 
https://l2beat.com/ 
1:05:00 Merge Watch
1:05:10 Sepolia on July 6th
https://twitter.com/sassal0x/status/1540352501605490689 

1:05:30 NFTs
1:05:35 NFTs Down Down Down
https://dune.com/hildobby/NFTs 
1:06:00 ENS.Vision
https://www.ens.vision/market 
https://dune.com/makoto/ens 

1:06:45 BITCOIN
Michael Saylor’s MicroStrategy $10M Purchase
https://www.coindesk.com/business/2022/06/29/michael-saylors-microstrategy-purchased-another-10m-of-bitcoin-over-past-two-months 

1:09:19 REGULATION
China Covid Bankrun Stoppage
https://twitter.com/NeerajKA/status/1541397028089073664 

1:11:58 MISC
Horizon Bridge Hack $100M
https://twitter.com/harmonyprotocol/status/1540110924400324608 
North Korea
https://www.coindesk.com/business/2022/06/29/north-korean-hacking-group-behind-100m-horizon-bridge-hack-report/ 

1:13:10 RAISES
Digital Wallet Maker Dynamic Raises $7.5M a16z
https://thedefiant.io/dynamic-wallet-fundraise/ 

1:14:08 Jobs
https://pallet.xyz/list/bankless/jobs 

1:16:30 Community Questions
1:16:52 L2 vs Cross L1 Bridging Risk
https://twitter.com/miner89r/status/1542272305627283466 
1:20:38 Best dApps to Get Started
https://twitter.com/kangaman_gus/status/1542179373070970881 

1:23:48 TAKES
1:23:51 Why CeFi is breaking
https://twitter.com/TrustlessState/status/1542284015796895744 
1:24:50 Ryan Follow Up
https://twitter.com/RyanSAdams/status/1542493426687541250 
1:25:50 And You’ll Be Happy
https://twitter.com/aubreystrobel/status/1541509159455277058 
1:26:34 Internet Security
https://twitter.com/kobigurk/status/1539140832615440385 
1:27:22 Ethereum Rollup vs. Cosmos
https://twitter.com/bkiepuszewski/status/1541065105634385922 

1:28:55 What David’s Bullish On
1:30:09 What Ryan’s Bullish On
https://twitter.com/RyanSAdams/status/1542504457140707341 

1:35:20 MEME of the Week
https://twitter.com/jackniewold/status/1539939621848727555 

1:38:20 Disclaimers

1:38:43 Moment of Zen
https://twitter.com/functi0nZer0/status/1542571158905786368 

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Not financial or tax advice.
https://newsletter.banklesshq.com/p/bankless-disclosures 

Transcript

Click on a timestamp to play from that location

0:00.0

DeFi markets performed flawlessly, transparent, on-chain.

0:04.4

It all worked.

0:05.4

We did the same liquidations that the CFI lenders did,

0:09.3

except DeFi didn't screw anyone over.

0:11.8

It actually performed exactly as it was supposed to,

0:14.4

it's because our regulations are based in smart contracts.

0:18.3

So the SEC and other regulators could view DeFi

0:22.4

as part of the solution here.

0:24.4

Hey, Bankless Nation, happy Friday morning,

0:29.6

and happy fourth week of June.

0:31.6

This is the last week of June.

0:33.0

We got a lot to cover here, David.

0:34.8

I'm fresh back from last week.

0:37.0

I did get COVID last week.

0:38.7

I wouldn't have any tests and fun, but also got COVID.

0:42.1

So I'm a little bit under the weather,

0:43.4

so I'll try to meet the coughs, David.

0:45.4

But how you doing, man?

0:46.3

Your new place looks great.

0:47.4

Yeah, thanks, man.

0:48.7

Doesn't the brick look pretty good?

0:50.0

I got some big plans for what's going on behind me

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