Bankless Bankless

In this week's State of the Nation, we bring on Jeff Dorman, Chief Investment Officer and Arca, to measure the magnitude of $COIN on the public markets.
State of the Nation is live-streamed on Tuesdays at 11am PST.
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State of the Nation #43: Coinbase Goes Direct
Guest: Jeff Dorman
Jeff Dorman is Chief Investment Officer at Arca, the digital asset management firm. Jeff leads the investment committee, focusing on risk management for cryptoassets. His work history in both legacy and crypto finance puts him in a unique position to work as a bridge between the two worlds.
The Coinbase Direct Listing also acts as a bridge between the two worlds, and it's undoubtedly a landmark event for the legitimization of the crypto industry. What does this mean for the Banks, Fintech, and Wall Street? What does it mean for Gemini, Uniswap, and Binance?
The first item to discuss to answer these questions is how the media and crypto twitter alike were off in their interpretation of this event. The volatile price action in the first moments of the listing were surprising to many, but Jeff explains that this shouldn't be surprising at all, given that there are no underwriters or built-in stability in a direct listing like $COIN's. He expects that there will be volatility and price discovery over a longer stretch of time before the stock moves to a more stable valuation.
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Resources:
Jeff's Article on Coinbase:
https://www.ar.ca/blog/crypto-market-recap-02-28-21 
Arca:
https://www.ar.ca/ 
Jeff on Twitter:
https://twitter.com/jdorman81?s=20 
$COIN Price
https://www.tradingview.com/chart/?symbol=NASDAQ%3ACOIN 
Coinbase S1 Filings:
https://www.sec.gov/Archives/edgar/data/1679788/000162828021003168/coinbaseglobalincs-1.htm 
Coinbase Analytics:
https://www.theblockcrypto.com/data/crypto-markets/public-companies 
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This Week on Bankless:
📛 Bankless Badge Week (4/20): https://newsletter.banklesshq.com/p/how-to-win-free-stuff-with-your-bankless 
📈 Market Monday (4/19): https://newsletter.banklesshq.com/p/6-tips-to-succeed-in-this-bull-market 
📖 Before Bitcoin (4/19): https://shows.banklesshq.com/p/-before-bitcoin-pet3rpan 
🧢 Weekly Action Recap (4/17): https://newsletter.banklesshq.com/p/price-discovery-mode-weekly-recap 
🗞️ Weekly Rollup (4/16): https://shows.banklesshq.com/p/-rollup-btc-and-eth-ath-coin-berlin 
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Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.
Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here:
https://newsletter.banklesshq.com/p/bankless-disclosures 

Peter Pan has been a key member of the Ethereum Ecosystem, and in 2018, he wrote a 4-part series titled "Before Bitcoin," which covers the modern history of cryptography.
We first bring him onto the podcast for an interview, followed by a reading of the full series by David.
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BANKLESS SPONSOR TOOLS:
💰 GEMINI | FIAT & CRYPTO EXCHANGE
https://bankless.cc/go-gemini 
🦊 METAMASK | DEFI PASSPORT
https://bankless.cc/metamask 
🦄 UNISWAP | DECENTRALIZED FUNDING
http://bankless.cc/uniswap 
🔀 BALANCER | EXCHANGE & POOL ASSETS
https://bankless.cc/balancer 
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📣 DHARMA | From Dollars to DeFi in a Tap!
https://bankless.cc/dharma 
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Bankless Podcast #61 - Before Bitcoin
Guest: Pet3rPan
Pet3rPan is a community-first investor at 1kx and part of the leadership of both MetaCartel Ventures and VentureDAO. His involvement in the crypto space is broad and deep, exemplified by his authoring of the Before Bitcoin series that we dive into in this episode.
He was compelled to write the piece as he entered the crypto space, determined to build a depth of knowledge about the history and underlying technology of distributed ledgers powered by public-key cryptography. Modern cryptography doesn't exist in a vacuum, and there is a vast historical landscape to explore and provide context for the underlying principles that power the internet today and drive the innovation of the internet tomorrow.
The story of today's cryptocurrency did not begin with Satoshi's Bitcoin whitepaper in 2009. It began decades earlier in the 1970s as cryptography was revolutionized by Cypherpunks, who discovered new mechanisms for the secure transfer of information. They pursued these ends through their shared values of privacy, self-sovereignty, freedom of information, etc.
This episode begins with a brief interview with Pet3rPan, followed by a 'David Reads' of all four Before Bitcoin articles.
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Resources:
pet3rpan on Twitter:
https://twitter.com/pet3rpan_?s=20 
Before Bitcoin Part 1:
https://pet3rpan.medium.com/history-of-things-before-bitcoin-cryptocurrency-part-one-e199f02ca380 
Before Bitcoin Part 2:
https://pet3rpan.medium.com/history-of-things-before-bitcoin-cryptocurrency-part-two-94c4576005  
Before Bitcoin Part 3:
https://pet3rpan.medium.com/before-bitcoin-pt-3-90s-cryptowars-e857915fab82 
Before Bitcoin Part 4:
https://pet3rpan.medium.com/before-bitcoin-pt-4-00s-new-millenium-426d6e3dcb1a 
The Digital Culture Revolution:
https://newsletter.banklesshq.com/p/the-digital-culture-revolution 
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This Week on Bankless:
🧢 Weekly Action Recap (4/17): https://newsletter.banklesshq.com/p/price-discovery-mode-weekly-recap 
🗞️ Weekly Rollup (4/16): https://shows.banklesshq.com/p/-rollup-btc-and-eth-ath-coin-berlin 
🏴 Cryptex & Element (4/13): https://shows.banklesshq.com/p/sotn-42-ethereum-devs-building-defi 
⚒️ How to Use dYdX (4/13): https://newsletter.banklesshq.com/p/how-to-trade-on-the-dydx-rollup 
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Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.
Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here:
https://newsletter.banklesshq.com/p/bankless-disclosures 

Download the crypto meta to your brain in this weekly show.
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BANKLESS SPONSOR TOOLS:
💰 GEMINI | FIAT & CRYPTO EXCHANGE
https://bankless.cc/go-gemini 
🦊 METAMASK | DEFI PASSPORT
https://bankless.cc/metamask 
🦄 UNISWAP | DECENTRALIZED FUNDING
http://bankless.cc/uniswap
🔀 BALANCER | EXCHANGE & POOL ASSETS
https://bankless.cc/balancer  
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📣 DHARMA | From Dollars to DeFi in a Tap!
https://bankless.cc/dharma 
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Topics Covered:

Compound TVL
https://twitter.com/defipulse/status/1380889501283799042 
$COIN Price
https://www.tradingview.com/symbols/NASDAQ-COIN/ 
Who’s Buying COIN?
https://www.theblockcrypto.com/linked/101760/cathie-wood-ark-246-million-coinbase-stocks 

RELEASES
Maker / AAVE Proposal
https://forum.makerdao.com/t/discussion-direct-deposit-dai-module-d3m/7357 
Gas Fees Down?
https://twitter.com/0xEther/status/1381513763661176834?s=20 
Binance Tokenized Stonks
https://www.theblockcrypto.com/post/101335/binance-launches-tokenized-stock-trading-tesla 
Raid Guild Smart Invoice
https://medium.com/raid-guild/introducing-smart-invoice-211776245a0b 

NEWS
Coinbase Public Listing
https://www.sec.gov/Archives/edgar/data/1679788/000162828021003168/coinbaseglobalincs-1.htm 
Coinbase Giving Shares to Employees
https://twitter.com/CoinDesk/status/1382163782315704322?s=20 
Ethereum Berlin
https://blog.ethereum.org/2021/03/08/ethereum-berlin-upgrade-announcement/ 
JPM & Mastercard invest in Consensys
https://www.coindesk.com/ethereum-hub-consensys-raises-65m-from-big-banks-and-blockchain-builders 
Gitcoin Raise
https://twitter.com/gitcoin/status/1382411085161099265 
dYdX L2 Volume
https://imgur.com/a/nFdygKj 
MakerDAO Real World Assets
https://twitter.com/nomos_paradox/status/1381684052969721856?s=20 
Epic Games Raises $1B for NFTs
https://venturebeat.com/2021/04/13/epic-games-raises-1-billlion-to-fund-long-term-metaverse-plans/amp/ 
41:20 Immutable Integrations
https://twitter.com/Immutable/status/1382548807083204610 
Regulation
https://www.theblockcrypto.com/linked/101595/us-senate-confirms-gary-gensler-as-joe-bidens-sec-commissioner 
https://www.theblockcrypto.com/linked/101553/sec-peirce-token-safe-harbor-update 
HSBC Bans Crypto
https://twitter.com/cameron/status/1380526047188369409?s=21 
TAKES
WSB Allows Crypto
https://twitter.com/cyounessi1/status/1382519260392591361 
Hard to Use ETH?
https://twitter.com/RyanSAdams/status/1381618315513200643?s=20 
NYSE vs. Uniswap
https://twitter.com/haydenzadams/status/1381677367358283783 
“Thereum”
https://twitter.com/ryansadams/status/1382701166757347350?s=21 
How Long Bull Market?
https://twitter.com/ryansadams/status/1382503698442678273?s=21 
ETH Killers vs. Infrastructure
https://twitter.com/JimmyRagosa/status/1381613502276775946?s=20 
Vitalik on Maximalism
https://twitter.com/BanklessHQ/status/1381468493317505028?s=20 
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This Week on Bankless:
🏴 SotN w/ Cryptex & Element (4/13: https://shows.banklesshq.com/p/sotn-42-ethereum-devs-building-defi 
⚒️ How to Use dYdX (4/13): https://newsletter.banklesshq.com/p/how-to-trade-on-the-dydx-rollup 
📈 Market Monday (4/12): https://newsletter.banklesshq.com/p/coinbase-week-market-monday 
🎙️Podcast w/ Hester Peirce (4/12): https://shows.banklesshq.com/p/-the-sec-and-defi-hester-peirce 
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Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accou

Stefan Ionescu is a Founder of Reflexer Labs, the team behind the RAI stablecoin (or is it fair to even call it a stablecoin? Tune in to find out!)
Like all our AMAs, the interview is live and incorporates questions from our Inner Circle Discord and live YouTube Chat. These are hosted the 2nd and 4th Wednesday each month, so mark your calendars, tune in, and ask questions!
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🎖 CLAIM YOUR BADGE: https://newsletter.banklesshq.com/p/-guide-2-using-the-bankless-badge 
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BANKLESS SPONSOR TOOLS:
💰 GEMINI | FIAT & CRYPTO EXCHANGE
https://bankless.cc/go-gemini 
🦊 METAMASK | DEFI PASSPORT
https://bankless.cc/metamask 
🦄 UNISWAP | DECENTRALIZED EXCHANGE
http://bankless.cc/uniswap 
🔀 KWENTA | SYNTHETIC ASSET EXCHANGE
https://bankless.cc/kwenta 
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Resources:
Reflexer Labs:
https://reflexer.finance/ 
Stefan on Twitter:
https://twitter.com/stefan__ionescu?s=20 
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This Week on Bankless:
🏴 SotN w/ Cryptex & Element (4/13: https://shows.banklesshq.com/p/sotn-42-ethereum-devs-building-defi 
⚒️ How to Use dYdX (4/13): https://newsletter.banklesshq.com/p/how-to-trade-on-the-dydx-rollup 
📈 Market Monday (4/12): https://newsletter.banklesshq.com/p/coinbase-week-market-monday 
🎙️Podcast w/ Hester Peirce (4/12): https://shows.banklesshq.com/p/-the-sec-and-defi-hester-peirce 
🧢 Weekly Action Recap (4/10): https://newsletter.banklesshq.com/p/the-coinbase-tsunami-weekly-recap 
🗞️ Weekly Rollup (4/9): https://shows.banklesshq.com/p/-rollup-coinbase-ipo-fei-protocol 
-----
Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.
Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here:
https://newsletter.banklesshq.com/p/bankless-disclosures 

Both Preston Van Loon of Cryptex and Will Willanueva of Element Finance have helped build the Ethereum Protocol, but are now both working on DeFi apps.
In this State of the Nation, we dive into what it's like for Ethereum Devs building DeFi.
State of the Nations are Livestreamed on Tuesdays at 11am PST.
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BANKLESS SPONSOR TOOLS:
💰 GEMINI | FIAT & CRYPTO EXCHANGE
https://bankless.cc/go-gemini 
🦊 METAMASK | DEFI PASSPORT
https://bankless.cc/metamask 
🦄 UNISWAP | DECENTRALIZED EXCHANGE
http://bankless.cc/uniswap 
🔀 KWENTA | SYNTHETIC ASSET EXCHANGE
https://bankless.cc/kwenta 
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State of the Nation #42: Ethereum Devs Building DeFi
Guests: Preston Van Loon & Will Villanueva
Tremendous work has been (and is still being) done to develop Ethereum 2, and just as much innovation is happening in Ethereum's app layer, DeFi. In this week's State of the Nation, we bring on guys who have done both: Preston Van Loon and Will Villanueva.
Preston Van Loon is a former Google software engineer who switched to crypto full-time after Vitalik put 1000 ETH into Prysmatic Labs, which Preston founded. Prysmatic labs is now the most popular ETH 2 client. Preston is also the co-founder of a brand new DeFi app ‘Cryptex’, which is a collateralized synthetic asset that tracks the total market cap of all crypto-assets.
Will Villanueva is a former team member of the Quilt team at Consensys and contributed to a mountain of R&D on Ethereum sharding. Will is now the CEO of Element, which offers high yield fixed income for DeFi assets. Element works by breaking a single token into two different ones; a yield-bearing token, and a principle token.
We brought both Will and Preston because their unique work histories of first helping build the Ethereum Protocol and now building DeFi apps. We discuss how their experiences have shaped their current projects, the trajectory of Ethereum and its app layer, and the timing of it all.
"The Hardest Problems Draw the Smartest People."
- Preston Van Loon
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Resources:
Cryptex:
https://cryptex.finance/ 
Element Finance:
https://element.fi/ 
Preston on Twitter:
https://twitter.com/preston_vanloon?s=20 
Will on Twitter:
https://twitter.com/wjvill?s=20 
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This Week on Bankless:
⚒️ How to Use dYdX (4/13: https://newsletter.banklesshq.com/p/how-to-trade-on-the-dydx-rollup 
📈 Market Monday (4/12): https://newsletter.banklesshq.com/p/coinbase-week-market-monday 
🎙️Podcast w/ Hester Peirce (4/12): https://shows.banklesshq.com/p/-the-sec-and-defi-hester-peirce 
🧢 Weekly Action Recap (4/10): https://newsletter.banklesshq.com/p/the-coinbase-tsunami-weekly-recap 
🗞️ Weekly Rollup (4/9): https://shows.banklesshq.com/p/-rollup-coinbase-ipo-fei-protocol
🏴 dYdX & StarkWare (4/6): https://shows.banklesshq.com/p/sotn-41-scaling-defi-with-dydx-and 
⚒️ How to Crypto Tax (4/6): https://newsletter.banklesshq.com/p/how-to-do-crypto-taxes-for-the-lazy 
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Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.
Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here:
https://newsletter.banklesshq.com/p/bankless-disclosures 

Bankless Fan and SEC Commissioner Hester Peirce comes on the podcast to discuss tokens, DeFi, 'self-driving banks,' and regulation.
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BANKLESS SPONSOR TOOLS:
💰 GEMINI | FIAT & CRYPTO EXCHANGE
https://bankless.cc/go-gemini 
🦊 METAMASK | DEFI PASSPORT
https://bankless.cc/metamask 
🦄 UNISWAP | DECENTRALIZED EXCHANGE
http://bankless.cc/uniswap 
🔀 KWENTA | SYNTHETIC ASSET EXCHANGE
https://bankless.cc/kwenta 
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Bankless Podcast #60 - SEC & DeFi
Guest: Hester Peirce
Hester Peirce is one of five SEC Commissioners and has been a knowledgable advocate for crypto as the world works out how to regulate the budding industry. The main goals of the Security & Exchange Commission are threefold – to protect investors; maintain fair, orderly, and efficient markets; and facilitate capital formation. The SEC governs far more than crypto, but increasing attention is coming to the space as capital gravitates into it.
Regulating crypto begins with officially establishing the asset class, e.g. currencies, capital assets, commodities, equities, et al. The next step is giving these assets legitimacy in existing financial institutions through exchange-traded products like a Bitcoin ETF.
Below the base money layer, there exists Layer 0, the social layer. Layer 0 must be willing to officially play ball with the cryptoeconomy, and that's what makes regulators like Hester so important. The net optimization of these layers makes for an unequivocally better society: a more inclusive, equitable, and efficient one.
Hester believes in governing principles, not specific technologies. It's important here to remember the three main goals of the SEC. The value propositions of crypto – providing a permissionless, trustless, and verifiable means to transact – are in accord with the values of a free state. The role of government is to encourage and protect mutually beneficial, voluntary engagement among citizens.
Although the harmony between crypto's core values and those of a free state are readily apparent to a seasoned Bankless listener, the rest of Layer 0 must still be convinced. Crypto is a frontier with infinite possibilities, and effectively regulating such an ecosystem is a massive task. However, based on this conversation, there seem to be many reasons to be optimistic about the future of Crypto & DeFi regulation.
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Resources:
🚀 Atomic Trading 🚀
https://www.sec.gov/news/speech/peirce-atomic-trading-2021-02-22 
Get Ready For Self-Driving Banks
https://www.ft.com/content/c1caca5b-01f7-41be-85a4-3ecb883f2417 
Gary Gensler MIT Crypto Course
https://youtube.com/playlist?list=PLUl4u3cNGP63UUkfL0onkxF6MYgVa04Fn 
Hester on Twitter:
https://twitter.com/HesterPeirce?s=20 
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This Week on Bankless:
🧢 Weekly Action Recap (4/10): https://newsletter.banklesshq.com/p/the-coinbase-tsunami-weekly-recap 
🗞️ Weekly Rollup (4/9): https://shows.banklesshq.com/p/-rollup-coinbase-ipo-fei-protocol 
🏴 dYdX & StarkWare (4/6): https://shows.banklesshq.com/p/sotn-41-scaling-defi-with-dydx-and 
⚒️ How to Crypto Tax (4/6): https://newsletter.banklesshq.com/p/how-to-do-crypto-taxes-for-the-lazy 
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Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Do your own research.
Disclaimer: The views expressed in the episode are those of Hester Peirce, not the SEC nor any of her fellow commissioners.
Disclosu