ROLLUP: Google’s Quantum Warning | Trump’s Iran Speech | Ethereum Economic Zones | Drift Hack

**Ryan Adams** (0:04)
Bankless Nation, welcome to the first week of April. It's time for the Bankless Weekly Roll Up. Google released a major quantum warning directed squarely at us, David. Not you and me, but at crypto, let's say. They have an algorithmic breakthrough that just 20x'd progress towards cracking ECDSA and some of the crypto signatures that underlie Bitcoin, Ethereum, and basically everything we do here. How bad is it for crypto? I think it's pretty concerning. Some might call me a panicking, though. We'll get into the paper and see what Bankless listeners decide.

**David Hoffman** (0:39)
It's certainly worse for crypto when we can't seemingly come to consensus about how big of a deal it is, which makes it an even bigger deal. It's like a little bit of a coordination problem, if you will. Meanwhile, back into the Trump side of things, he addressed the nation last night about the state of the Iran War and the state of Operation Epic Fury. And my take was that it was a 19-minute speech basically to deliver the bad news to the markets that we are in this for three more weeks. He said, we're going to talk about that, all that and more. He said the Strait of Hormuz will just open up naturally. Gas prices will come down and stock prices will go back up, but not before three weeks from now, at the very least.

**Ryan Adams** (1:20)
We'll see if the market is reassured by that when we get into it. But also, did Ethereum just come up with a plan to finally unite all of the Layer 2s? They're called Ethereum Economic Zones. We'll spell out what that means. Aavev4 just released. What's new in that? Also, the biggest hack, I think, in Solana history, a $300 million hack, the Drift Exchange, this is a purpose exchange, was hacked. What happened and what can we learn? It's all about the lessons we learn along the way, isn't it?

**David Hoffman** (1:47)
Before we get started, Ryan, can I tell you a fun fact?

**Ryan Adams** (1:50)
Yeah, it genuinely needs to be fun, though. No, I don't want any of your not fun facts, okay? This needs to be a fun one.

**David Hoffman** (1:56)
It's fun because it implies good buying prices. Okay.

**Ryan Adams** (2:01)
Yeah. Okay. It's a bearish fun fact. Tell me.

**David Hoffman** (2:05)
We just survived the worst Q1 in Bitcoin since 2018

**Ryan Adams** (2:10)
Oh my God, this was it?

**David Hoffman** (2:12)
Can I give you another fun fact?

**Ryan Adams** (2:13)
Wait, how, like what was the percent down? I mean, percent down.

**David Hoffman** (2:17)
Down 24% in Q1.

**Ryan Adams** (2:20)
And that was the worst Q1 we've ever had since 2018?

**David Hoffman** (2:23)
2018, yeah.

**Ryan Adams** (2:24)
It wasn't that bad. Great.

**David Hoffman** (2:25)
In 2018, like the market topped December 2017, and then it fell like, I think, 60% in Q1 2018 I remember that Q1 very well, because that was the foray into crypto. But my second fun fact for you, Ryan, is that Bitcoin had five red monthly candles in a row, but March, which the March candle finished two days ago, eeked out a green candle.

**Ryan Adams** (2:49)
Is that it? Is that that tiny thing?

**David Hoffman** (2:50)
So we have the monthly candle for the month of March was green after five red monthly candles. Five red monthly candles in Bitcoin is, I don't, I think this happened a very low number of times.

**Ryan Adams** (3:02)
David, I gotta say, that is a tiny green candle right there. That is a candle for ants.

**David Hoffman** (3:06)
But it is green. It's a tiny green candle, but it is green.

**Ryan Adams** (3:10)
The smallest green candle, I think, on this chart maybe, but it was green in March. That's good news. You mentioned in the intro the Trump speech that happened on Wednesday night. So he said he was going to address the nation. I think he gave some 24 hour advance notice. All TV networks have to broadcast it. What was the news? What did he say?

**David Hoffman** (3:31)
Yeah, so 19 minute speech about Operation Epic Fury, the War in Iran, after a week of just like posturing from Trump, two weeks even about posturing about negotiation talks, how the negotiation talks are going well, talking about how he's kind of done with Iran and de-escalation.

**Ryan Adams** (3:48)
Weird stuff. Like it was hard to know what was really going on, right?

**David Hoffman** (3:52)
Well, no, I would say he was firmly posturing and signaling to the people in the market that like, we're kind of wrapping this thing up.