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WIN 5ETH w/ Coinage x Base Scavenger Hunt
Recorded: Oct. 6, 2023 Duration: 0:44:40Space Recording
Full Transcription
You're a coin base user,
you know,
you're a coinbase user,
you're a coinbase user,
you're a coinbase user,
you're a coinbase user, you could actually send funds directly to base.
remiss not to have a huge shout out to the OP stack, which makes deploying base so easy not to
by any means sort of, you know, downplay the efforts of our internal engineering and product
teams, which has been tremendous. But it's really the ability that we could just build on this open
source and permissionless stack to get base out there to the masses so much more quickly than we
would have if we had to start from scratch. And on that topic of safety, we now have this alignment
with all these other teams that are actually building on the OP stack to make it a very safe
and enjoyable browsing experience. But last and certainly not least is a big thank you to all of
the builders, yourselves, Julian over at Unlock and everybody else that's actually contributing and
spending their time and efforts in making incredible experiences on base. You know, when
we launched, it was, first of all, really exciting to see that many of the big players, especially in
my remit of DeFi, like the Uniswaps, the Aave, the Compounds, right? These folks that have been
deployed on many other chains before and Ethereum mainnet, that they were excited to then come over
and actually build and cater to this audience on base. But now what we're seeing is these,
you know, net new and novel experiences that are launching on base and really just not found
anywhere else. And it's so exciting. I mean, it's something that we don't take for granted. We really
cherish the fact that these builders are bought into the same vision that we're bought into here at base
and at the broader Coinbase. And that is, you know, we really think that we can be the reason to get
the next billion users on chain. And hopefully we could we could get there. But it's not going to be
without having all these amazing builders creating these these experiences.
Yeah. And I mean, again, it's it's become one of those things where, you know, in the bear market,
especially gas fees do matter to a lot of people. It's not exactly the time where you can just be
throwing money around necessarily on on small little transactions. So it's been super helpful
for us. And Julian, he was just talking about what's kind of enabled here by unlock. And obviously,
you know, you guys were super helpful in helping us get this game designed, rolling it out. And
you guys kind of plug into various different ecosystems as well, different chains. I mean,
how has it kind of changed for you guys? And and specifically to what Armand just talked about
real use cases, real things to do.
Yes, absolutely. So we've been deployed on the mainnet since 2018, early 19, actually,
for the first version. And then actually pretty quickly realized, like, if your mainnet is fantastic
and amazing, but it won't be able to scale to non, you know, large defi large money use cases,
it will not be suited for ticket to conferences to media membership, like your Patreon, you know,
subscriptions or your Netflix accounts will not be able to live on the mainnet because the gas costs
will be too expensive to justify this. And so we very quickly believed in the idea of like multiple
EDM ecosystem. And we've been really excited to see, you know, L2 rollups emerge about two years ago
now. And obviously, very, very excited to see Bayes in the system, because one of the things that we
realized quickly as well about these L2s is like, they're hard to onboard, people have to go from,
you know, Coinbase to Ethereum mainnet to the L2. And so that creates a lot of friction, a lot of
complexities for users. And I'm really excited to see, you know, what Bayes has been doing specifically
with the integration of the Bayes ecosystem inside of the Coinbase experience itself. And so going from
like, you know, the very familiar UI of Coinbase, of the web app, all the way to Bayes without having to
think too much about bridging tokens or any of its complexities. So really excited to see the, you know,
Bayes emerge on that front.
Yeah, Armand, I mean, on Bayes, when we talk about that, too, I mean, it's something that's, you know, I think
pretty important when it comes to metrics, right? And you can talk about any chain really in Web3 or
in crypto. It's kind of what are the goals. And when Jesse Pollack was on with us, I think, you know,
maybe a month ago or so, you know, we were talking about what metrics base really cares about. And
obviously Coinbase kind of being the incubator here to get it off the ground. I mean, there are so many
different metrics to watch, whether it's wallets, whether it's, I guess, TVL, whether it's, you know,
anything. I mean, what are you guys really watching when it comes to, I suppose, more native growth and
what goals you guys have in mind?
Yeah, that's a great question. So I agree with you. There are so many metrics that might matter to
a select few of us like TVL or, you know, other aspects that feel very like crypto native terms.
But even going back to our earlier comments on gas, how affordable can we make an experience
on base? And I know that if we're thinking about the broader mission of Coinbase, and that is like
increasing financial freedom to pay $5 to do a transaction on Ethereum mainnet, I don't think
that's going to get us there. But if we can actually do things like help work on EIP 4844,
that's like proto dank sharding for my fellow nerds in the room. If we can get things like EIP 4844
expedited and bring layer two transactions from like four or five cents down to perhaps a penny,
think about how much more exciting it would be to then go out and say, okay, let's look at how many
more users we could onboard because we're actually making transactions or bringing transactions close to
the realm of global affordability. So I'd say that's definitely a key piece of it. And then the
other piece that's maybe a little less quantitative, if we're going to even further go from that is
thinking about how long does it take for a user to have some sort of meaningful experience on base?
Julian just mentioned how difficult, you know, onboarding to an L2 used to be. And I think hopefully
we're trying to break some of those notions and make it as easy as possible. But what is the time
that, you know, someone as a net new user of being on chain, how long does it take for them to have a
meaningful experience? And maybe that is participating by minting an NFT. Maybe that is doing something on
DeFi. Or perhaps it's playing a game that they're actually going to then latch on to and really,
you know, enjoy spending their time on. So that time to meaningful experience is another area where
I feel like we could just have a much more qualitative measure of a metric that feels more
human. Yeah, I think it is interesting. And I think it's always, you know, nice to focus on more human
metrics because it's really hard to tell what they mean when you're just watching kind of dollars flow
from chain to chain or what that even looks like. I know, according to the latest numbers here,
I think it's a little over 440 million, I think, bridge in terms of total assets over to base.
You know, you can look at that number and say, wow, that's a lot in a short period of time. But I,
as a user, kind of, you know, having minted a few things on base, even outside of the coinage
scavenger hunt to win 5e, it's just been really an easy and cheap process. And I think there's a lot
of cool new projects, obviously, in on chain somewhere and after to start to be building in base and
friend tech and some others as well. I mean, Julian, when you kind of think about how the
space has evolved to where we are here in 2023, I know you and I were just kind of joking around
because in New York, main net was maybe, you know, more policy focused for sure. Brian Armstrong was
there and a lot of big names were there. But, you know, I don't know if it matched the energy that
we saw from devs at the other global conference that you were at. A lot of people building in the
bear still projects popping up. I mean, how have you kind of looked at enthusiasm in general from a
developer's perspective and also from a user perspective and, you know, where we are in
2023? Honestly, I think a lot of the difficulty right now is like the money cycles and the
developer cycles are completely uncorrelated. You definitely see a lot of activity around
builders right now. But, you know, the mood around, oh, it's, you know, crypto, Bitcoin,
DeFi, Ethereum going to eventually be a thing. Outside of builders, it's really hard to have this
conversation, I'd say, at this point. And the sad thing is like whenever, you know, whenever
the markets are high or, you know, climbing high quickly, you get a lot of people really
excited about the money, but the builders are actually hard to find at that time as
well because they're buried under loads of people asking, you know, hey, can you help
me with that project? Can you help me do this? And kind of looking for the short-term thing
rather than actually building in a long-term sustainable way. And for me, that's been one
of the struggles. I mean, I've been in that space for almost five years. I mean, more than
five years actually. And that's been one of the struggles like reconciling the, oh, I'm excited
about the tech right now. I can't find people because it's a bull and people are all saying
crazy things about crypto and blockchain, which honestly, yes, they're exciting, but
they're also not true. And at the same time, whenever markets are down, getting people to
say, no, nothing's interesting in that world. Yes, actually, a ton of stuff is interesting.
The thing that was interesting two years ago is still interesting, maybe even more today
because we've made progress on the UX, et cetera, et cetera. So it's, you know, I try to not
focus too much about the prices. I know everybody says this. It's true. I think it's unhealthy
at some point and really being excited about the tech, trying to learn about, okay, what
are the missing blocks? What are the missing, you know, Legos that we can build to make it
as easy as Armand was saying for people to just use these technologies as they are to
use other Web2-like technologies. Before the call, we were joking about, you know, the 20
years ago that people were onboarding the web for the first time and calling, you know, support
lines. And I keep reminding myself, like, whenever I first connected to the internet and I'm
pretty the oldest guy in the room here, but my mom had to buy a modem, plug that into a
specific computer port, which, you know, wasn't normal. And then we plugged that modem into
the telephone line, which if you think about this, doesn't make any freaking sense. Then
there was like a weird noise coming out of the machine. And then should anyone call during
when I was connected, it would just, you know, break the connection. This was hard. And yet
20 years in, we're all using the internet as it's, you know, breathing and eating. It's that
simple. And I think crypto will come down to this if we start focusing on like, okay,
removing friction step by step. And I commend what Coinbase has been doing on that front in
the last two or three years.
Yeah, I think a lot of people have. And I think a lot of people commend also the way
that Coinbase has really stepped up, I think, as a leader in the Web3 space to, you know,
fight for a lot of the ideals, you know, not just kind of on the regulatory front. But I think
also on, again, how this technology is supposed to be applied. And Armand, when we think about,
you know, how Base plays into the rest of the ecosystem, as you mentioned and emphasize here,
the OP stack, what the evolution of Base starts to look like, you know, still pretty early in the
way of wallets being created, people realizing what they can do on Base. But how do you kind of
put out the check markers or the guideposts for what maybe next year or the year after might start
to look like? Yeah, and real quick, Julian, I am a lot older than my DeFi degen activities may
suggest. So I also remember dial up. And I think one other thing that I remember is this like long
history of open source software sort of being copied, pasted and and used by other entities,
other companies, other industries without actually ever attributing credit to it.
And I think one thing that I get very excited about that Coinbase has done is say, hey,
we're building a layer to something that's probably only possible in this market condition,
because if it was a bull market, I'm sure there would have been a lot of activity keeping all of
these teams busy to perhaps maybe not actually release Base. We'd love to get Jesse's take on
that at some point. So it'll be exciting to hear that. But, you know, it's it's probably only possible
in this market condition. And yes, it's open. Yes, it's permissionless, which is already an amazing
sort of feat that Jesse was actually able to get approval for. But more so, it's open source.
And we decided to actually pay for it, which is something that you just don't see a lot of in
technology these days. So Base is very proudly contributing 15 percent of our sequencer revenues
to optimism for the OP stack. And that is something that's outlined in like the law of chains and some
other governance that we're doing. And when I think about, you know, all the ways that Coinbase is
helping on a regulatory front and stand with crypto as an initiative, etc., I also think about what this
means for open source development in the long term. And the fact that a very large publicly traded
company is using its own employee base, right, the lifeblood of the company to contribute to open
source. And how exciting that is, that regardless of if Base is, you know, a wild success or even if
Base is not as successful as we hope for it to be, we could still contribute to open source and
contribute to the broader on-chain ecosystem in the future. That, I think, is fantastic.
Yeah, no, absolutely. And I think also it's been really interesting. Shout out to the Standwith
Crypto team, too, as well. I think to watch some of, you know, the initiatives starting to pay
dividends when it comes to, again, just kind of getting that information out there, knowing what's
what. And, you know, we focus so much on the U.S. I was catching up with Darren on the Standwith
Crypto team at Mainnet, and he was talking about El Salvador and kind of so many stories that aren't told.
And this is kind of where we start to shift into what coinage is all about a little bit. And of course,
getting back to the game that we're concluding today for our players, is just this idea of what
can you do when you start meshing media with traditional, I'm saying traditional, but really,
what can you do when you start meshing media with this technology? It's not really traditional in
the sense of crypto is revolutionary. And I think the idea of co-ownership in Web3 is indeed
revolutionary. And so coinage comes along as a community-owned outlet. Never in the history has it
been possible to allow your viewers to really go from being a static eyeball. You might mint an
NFT, as Jesse did, Armand, as you point out, to unlock our content and watch our content. But now,
for the first time, you can actually become a co-owner of the outlet by becoming a member in our
DAO cooperative to steer the narrative, to vote on the guests we have, to vote on the stories we tell,
and start to unlock dividends as we grow an audience, which I think is, again, something that
really hasn't been done in the NFT space, but also something that is completely there if you use
the technology correctly. And that's where I want to give a shout out to Unlock and Julian,
what you guys have been able to help us with, because as we put this game together, it was,
okay, sure, we've had a lot of good content in season one. I don't know how many people have
watched it. I don't have the numbers in front of me. But I will say we had more than 2 million
people watch our Doquan episode. So how could we design a game to where people can play for free
on base, to mint an NFT, to collect these clues, to solve riddles, and eventually on day 12,
which we are now here today, someone's going to win 5 ETH for doing so and spending the time to do
it. And hopefully along the way, they learned a little bit about our DAO co-op and what we're
building here at Coinage as a community-owned show. And I think it might be fair because people
in the Discord are shouting at me to say, what exactly do I need to do for day 12? We'll get there
in a second. But really, Julian, I guess it's worth recapping kind of some of the complexity,
how we were able to do this on base, how it makes sense to really, I think, use your guys'
technology to start to enable, again, with cheap gas fees here, the ability to kind of
solve something, unlock it, mint it, and move on.
Absolutely. So just for context, unlock the protocol for memberships. And that means that
basically we have created a set of smart contracts that are NFT-driven or NFT-plus, if you think about
this. It's like they're a much better contract than the normal NFT contract that you can get out
there. We have a ton of extra features like the idea of making recurring payments and things
like this. But what we've used specifically for Coinage is the ability to program these
contracts so that they would work as a group rather than independently. So one of the things
that we've done, for example, is it's not possible to mint day 12 NFT unless you've previously minted
day 11, day 10, then 9, all the way to day 1. And so it's kind of a way to make things in a way
that would basically create this journaling of things. And so really kind of 12 days, well, you actually
have to play every 12 days. You can actually cheat and get to day 12 from the beginning.
Another thing that we've done is leverage what we call our password mechanism. So it's basically
a system that we created. And I think it's very unique in this space. We've looked about
it for people who are interested in technical details. But the ability to set password on-chain
so that no bot can actually go mint tokens. They would have first to know a password in a safe
way. And these passwords, if you play the game, and I hope you did play the game, are
basically were different every single day. There was 12 of them. And Zach and Tim did
a good job at hiding them inside of the Coinage ecosystem. But really, they are the thing that
blocked basically the minting unless you knew the password. And the password for day 12,
we haven't put out yet. Hey, easy now, easy now.
I'm not saying anything. But once it's there, basically, hopefully people will find it and
we'll be able to start minting day 12. Another feature that we've added is obviously kind of
the time mechanism. So you can't mint before any day starts. So even if you kind of by chance or by
accident new day three on day two, well, you would have to wait for day three to actually start
before minting these. And the last final small addition that we've done, obviously,
is adding these prices on day four, day eight, and day 12. So on day four and eight,
they were pretty simple mechanics where the first five people would earn a prize. On day 12,
this is a bit more complicated from a technical perspective, but I think also more interesting,
and maybe we'll come back into this in a couple of minutes, but there's kind of a randomization
mechanism that will randomly pick one of the minters to get that day 12 price.
Yes, that's an important thing to note. And again, I want to stress it to everyone who's
been playing the game, because sometimes it makes sense to mint first. Of course,
in day four and day eight, you would have unlocked 0.1 and 0.2 ETH. But on day 12 today,
it might not behoove you to be so quick. I will just say there is no advantage to minting this first.
If you're listening and still playing the game, there's no advantage to minting this first. If
you're on day two or whatever in this journey, in the scavenger hunt, there's no penalty to catch up
in time as long as you mint today on day 12 and solve the clue just like everybody else.
So I don't know. I think it's pretty interesting. And Armand, I'm curious to you to kind of step back
a bit and just think about why we're all here in crypto, in Web3, because for where I come from,
I just see this as really efficient ways to align incentives. If you think about what Bitcoin kind
of did the first time around is just, hey, we're going to put money on chain and we're all going to
align incentives in growing this. If you tell other people about how Bitcoin works, theoretically,
the value of your own coins go up. We've seen that kind of replicated across the ecosystem and
maybe somewhere along the line, people started gaming these things to where it got farther and
farther away from like the core theses of what crypto is supposed to be all about. But specifically,
you know, in kind of, I think where we looked for partners and what I really respect from Coinbase
is just this idea of really focusing on core principles in Web3 and aligning interests. And for this game
specifically, I don't know what's going to happen if someone loses on day 12. If they're not chosen
as the winner, they might share clues with other people. But I'm curious to kind of get your take
on, you know, where we are as a space, why you're here, why you're building base with Jesse and the
team. Like what really gets you excited about Web3? Yeah, that's a great question. So I actually,
I thought we were here to win 5e. I thought we're here for the bags, bro. Where's my money?
No, you know, I think a lot of folks who were who were here for that have maybe departed from
the space, maybe have found other reasons to stick around, you know, these these market swings and
cycles, which I'm sure this is not the first for for all of us on this call. And many of the folks
listening in, they could be rough. So it is good to just take a step back and remind ourselves, I think,
you know, something that you said, Zach was aligning incentives. And the way I used to describe like
crypto to friends and family, etc. was it was all about it's just solving the human coordination
problem. Right. Now, I am increasingly of the belief that AI will play a big role and in on chain
activity and crypto and in a positive way, actually. So it might not just be the human coordination
problem, but it's just generally a coordination problem. Crypto brings a lot of transparency,
crypto makes up for the fact that trust in society has been eroding over time as more folks spend their
time online. We don't necessarily know if something is a deepfake. We don't know if someone is incentivized
to sort of sponsor a megaphone on social media of having a bot army of sorts, you know, saying something,
whether it be kind or salacious about a specific individual or idea. But crypto has many opportunities
for us to solve some of the biggest problems that have sort of come into our lives as a modern society
due to some of these own technologies. And that phrasing, even though a lot of us have moved away
from it, of Web3, I think was so appropriate at the time, because it really gave us the opportunity to
take back ownership of the web and online as we all manifested it. We all played a role, whether we
were just, you know, commenting on a social media post or actually directly contributing and building
Web1 or Web2. So Web3 has quite a few things, but I'd say it goes back to, you know, that human
coordination element, that ability for us to actually own the Internet that we're contributing to and hopefully
make for a much more even and open playing field for folks all around the world to contribute to, you know,
what is going to be the the online and on chain crypto economy.
Yeah. And I think that's a really important point as actually in live time, by the way, we are doing this.
What I need to do is I need to bridge the ETH into base from coinage and then I need to put that money
into the contract. So we're doing this in live time for people who are wondering, when's this going to
happen? It's happening right now, actually, is what's going on. And, you know, to that point, I think,
you know, that's where coinage came from, this idea of aligning interest in media. People talk so much
about bias. People talk so much about, you know, what happens to traditional media. I think that,
you know, what coinage is trying to do is offer an alternative. You might complain about this,
but really this is the first time where you can weigh in on the narrative yourself. You can influence
the media as a community owned outlet. And again, you can own the upside in where coinage goes by
becoming a member and upgrading to join our Dow cooperative and steer what we do. But Julian,
I think to Armand's point, that really hasn't been possible. If you think about the technology in
maybe where it's lagged since Bitcoin came around, then you needed Ethereum, then you needed all these
things like base to make gas cheaper. I mean, how quickly do you think we can maybe get to the
point where everything is the promised land?
I mean, that's a five or $5 billion question at this point, I guess. Like, it's really hard to
know. But I do think that the only way to get there is to actually go do it. It's, you know,
it's not going to fall from the sky right away in the same way that, you know, a seamless web
experience did not come from the sky right away. We had to start with the dialogue that we talked about
earlier. And then step by step improved our way through, you know, downloading maybe plugins for
your browser all the way to go, well, I'm just using, you know, Netflix to quote them without
actually thinking about how it works. And I think it's kind of the same for crypto. So if you do
believe in the promises of crypto, I think, and that's what you guys are doing both at Coinbase
and at Coinage, obviously, but you need to, you know, walk the walk. It's not always easy,
but use a wallet when you do something, right? You know, maybe driving a party tonight with some
friends, you know, don't use any of these money transmission things, you know, say whether it's
Venmo or others, try to use crypto for this. And there is multiple wallets. Again, it's going to be
painful at first, but that pain is going to be noticed. It's going to be seen and it's going to be
something that other people are going to work to simplify. Step by step, you know, friction by friction
we'll get to a point where, yes, these things become seamless and we don't think about them
as much as we do right now because we're still in kind of the early days of the technology.
Yeah, no, I think that's a great point. And as I continue to do this, because I need to actually
put the money into the contract, Armand, I'm going to ask you kind of one of our other leading
questions here in terms of, I think, you know, you guys at base have kind of, again, designed this
whole on-chain summer experience. I know a lot of people maybe who just caught into our scavenger
hunt maybe missed some of the things you were working with, but you were working with some big
names. We talked about this with Jesse when he was on the show. Coca-Cola launched a whole art
campaign on base. I think, you know, a lot of people saw that and then maybe played our
scavenger hunt and are now wondering what comes next in terms of activations or what exactly
the base ecosystem is focused on for the rest of the year and moving into next year. I'm curious,
again, when you align kind of what you're trying to do, whether it's wallets, transactions,
TVL, I mean, what is maybe the thrust that we should expect on base?
Yeah. You know, I think summer may have ended in the Northern Hemisphere, at least,
but on-chain summer never ends. The vibes are still here. So we are very, very actively,
if you check out like the build on base handle on Twitter, we are actively promoting projects and
showcasing builders of all sorts that are doing really fun things for folks to participate in.
On-chain summer was very much so a sprint. It was roughly 30 days of highlighting, you know,
marquee artists from like crypto native artists like DK to other folks like Coca-Cola and Atari that
were traditional brands. We saw a ton of traction with that. It served as a great launch pad to get
folks into base, excited to use base and many folks just excited to sort of like be on-chain for
the first time because they're seeing brands or artists that they recognize and they're actually
able to mint NFTs that they can now afford. And it could be a lot more fun versus them feeling like
they have to make a very, very large investment to participate in some on-chain activity. So what
we're going to be doing is highlighting some more of these very exciting sort of like on-chain
activities. We'll be bringing those to you on Twitter. So be sure to follow us at build on base.
And hopefully we could go beyond and make it something that, you know, even if you're not
interested in an activity, maybe one day, then maybe next week or later on that week, you'd find
something that actually really excites you. So we could slowly start to level up everyone and say
like, hey, you know, being on base is about having fun. It's also about like getting things done in a
very, you know, gas efficient and effective way. So we're going to keep on highlighting and showcasing
those opportunities for folks to participate. Yeah. And I wish I could share this right now on
my screen to kind of go through the process to actually bridge ETH over to base. But I know,
you know, Jesse's documented this a number of times. It's actually, it's quite easy. And I'm
going to do it right now and just hope that it, you know, gets here on the space so we can set this
clue and give the money away to someone who's playing. But again, it's not a rush. So do not
immediately go into doing this and solving the clue. And we'll get to the clue in a second. But Armand,
one of the questions I have when we're kind of doing games like these is obviously there are a number
of players who are here from the U.S. Since we are just decentralized, we have members from all
around the world. I'm curious kind of how base has seen some of the uptake in terms of mints,
in terms of where your most, you know, loyal enthusiasts are based, because it is, again,
a global project. It's not just like in Coinbase's backyard, wherever that might be is a global company.
But I mean, what have you seen? Yeah, well, I think it's an exciting frame, right? So Zach,
the idea that base is inherently a international product. And, you know, Coinbase as a company,
as much as we aspire to help folks globally, there's only certain jurisdictions and areas
where we're actually able to operate. So base is now something that allows folks from many of those
countries where we would like to operate, but we perhaps cannot because we're just not there yet.
It allows those folks to still participate. And I think that when I see other on ramps,
whether it is, you know, crypto native on ramps or other centralized exchanges,
like I had said earlier about like Binance and Bybit and these other folks who are now adding
support for folks to buy base Ethereum, not have to worry about bridging and just send that Ethereum
directly to their base wallet. That gets me very excited because I know that we're going to have
an opportunity to reach not just users, but builders all around the globe. So, you know,
when we see all this activity happening, it actually becomes a good question. Like, how do we measure
how the activity is happening globally in a world where wallets are not necessarily associated with a
country of origin or a place of origin? Do we measure it by the developers and the builders who
actually built that project? Maybe they're building a project in, you know, Australia, for instance.
Do we say that all the activity that's happening on that DAP could be attributed to Australia as a
country? Or do we actually work with other folks to try to get a better sense of where this activity
is happening based on some sort of other on-chain metrics that we haven't uncovered yet?
So, I think that's going to be a really interesting problem to solve in the future. But in the meantime,
just knowing that base is increasingly available for everyone is the primary goal. So, if there's
any other folks listening that offer on-ramps or are part of centralized exchanges, then perhaps they
should consider adding support for base Ethereum and other base tokens to allow for folks to more easily
transfer, whether it's Ethereum or USDC or something else, to their base wallets and make it that much easier
for their users to participate in what's happening on base.
Yeah, it's been fascinating to kind of start to see once you drop the fees associated with building some of these
experiences, what becomes possible, right? A lot of things that even, I don't think this is an exaggeration to say,
even things maybe a few months ago might not have been possible. And that's how quickly this space moves.
And it's been fascinating to watch. And again, as you are answering that in that amount of time,
we've seen the block confirmations come through for this transfer over to base mainnet. And now the
5E that will be unlocked by somebody today is there on base mainnet. So, as I load this in,
Julian, it might be worthwhile for one last kind of walkthrough here on what exactly is going to be
happening today. We don't need to get too specific. But specifically, someone who has now gone through
and minted these free NFTs on base each day to unlock the clues now has 11 out of 12. Today,
when we push this live in maybe just two minutes and then sign off, someone's going to unlock it. But
again, it's not about speed.
It is absolutely not about speed. So what you're doing right now, I guess, is depositing these 5E on
the contract that's going to pay out one of the winners. The winner is going to be selected,
obviously not by us, not by me, not by you, but by the machine in a very randomized way. The core
idea is like whenever you're going to know, and I actually don't know the word, but like when
listeners are going to know the word for day 12, they're going to enter it like they've done on day
11, 10, and before. And the smart contract will, you know, kind of do a drawing, a draw, and will
decide whether this minting at the time of it at which it happens is the winning one. If it is the
winning one, it will immediately send the 5E on top of the day 12 NFT, obviously, to that person.
And that's it. That person is the winner. People can still get the day 12, but at this point,
there's no more prize to be had. Everybody else get the day 12 NFT and might get a bit later,
hopefully I'm not spilling any secret here, a little commemorative NFT for playing the game all
the way. I want to insist on one aspect. To mint day 12, you need to first have minted day 11,
one, 10, and all of the ones before. As I'm speaking now, I think there's slightly more
than 100 people that have minted day 11, which is one and six exactly, which is great. But
anyone who has minted at least day one can catch up. But if you have not minted day one
until now, you cannot mint day one. So basically, at Moffs, there's going to be 1,171 players
are going to be entering the race to get these five.
Yeah, and it's been fun to kind of watch as it's spread, right? I know the base team has
been great in amplifying what we've built here. And it's been kind of cool to start
to see. It was unfortunate because just today we saw a huge influx of players right as we're
wrapping this up. But I think it's a good reminder that maybe we should return to this game again,
because it was really awesome to see the players in this game. Again, it's not about just kind
of unlocking a clue. It's about working together, collaborating. In our Discord, our NFT holders
were actually sharing clues without any expectation of unlocking the prizes that have come before
on day four and day eight. Someone on day eight could have won point to eat themselves.
They half solved the clue. And then I think they had to run to a meeting and they just posted what
they solved in the Discord and said, if anyone unlocks this, hit me back with maybe a half
of what you win. It didn't even ask like, hey, here's my wallet. It was just like, I'm sure you'll
do the right thing. And then the other guy picked up where he left off and solved the clue. So it was
really kind of cool to start to see these collaborations exist. So many people talk about trust in Web3
and all crypto is supposed to be trustless. You don't need to trust an intermediary. It doesn't
matter. I think we've seen time and time again, and certainly coinage has covered this, whether
it's the FTX collapse, whether it's Luna, there are certain things sometimes that, you know, again,
as we go along on this Web3 journey, it's very depressing. If you think about you can't trust
anybody. And I think that's the reason why we build communities like the ones that we've been able
to build on the Internet is you can trust people. And hopefully, you know, what this game shows is that
when we work together, we can unlock even more than just five ETH that someone's going to do today.
But we can start to do really cool things together. And again, I can't thank the unlock team enough.
I can't thank the base team enough for kind of enabling what we've built here with our community.
And I think with that, maybe we can start to talk about what today's clue is, which if you kind
of go to it on the site right now, we're talking about whether or not it's possible to change art.
The clue is hinting at whether art on the blockchain is immutable. We talk so much about maybe some of
these things aren't immutable. What really is an NFT? With today's clue, we are going to make
you think a bit. The clue is the blockchain is immutable. Is art immutable? We think you should
check. And I will say no more than that.
Zach, already somebody had found the word. So we've seen already somebody find the word.
The price is not suited yet. That person did not win, but they've already solved the hint
very, very quickly. So that's impressive.
Yes, we did put the hint. Yes. If you were in the discord, if you've been looking at the
game, you may have known, okay, there's something to do with immutable here today, but no one's
won yet. And again, the first people to solve and unlock this clue most likely won't be the
person who wins. As we see throughout the day, people solve this and unlock it. But continue to
play. And if you haven't started, stay tuned to CoinEdge. Perhaps we can run this back and do it again
in the future. Armand, I thank you so much for coming on here, man. I don't know if there's
any parting words or any things that we should pump here before we let you go, but I'll let
you have the last word.
Let's pump the vibes, right? Let's keep it going. So on-chain daily activities and other
activities coming to BuildOnBase Twitter handles soon. So very excited to get those started,
get more folks playing around in this sandbox that we sort of helped create and see more builders
sort of participate in that space, as well as users getting in and on-chain.
I will echo that. It's been an incredible experience building on base, as CoinEdge has
with this one. And Julian, I would be remiss if I didn't let you chime in as well. I thank
you and your team for what you guys have been able to do to make this as seamless and as
easy a process. I think there were a lot of compliments from everyone who played in terms
of it being, all right, I solve a clue. I meant an NFT. No problems outside of that.
Yeah. Thanks for the kind words. Obviously, this was a very fun and exciting play and game.
I want to echo what Armand said. Let's bring everything on-chain. Games of all kinds, paying
friends, tickets to your next party or your next conference. Eventually, your gym membership,
your Netflix account, all of these should be subscriptions, should be NFTs, on base, and
other chains, I should say as well, if you want to as a creator. But obviously, on base,
ideally. Let's bring everything on-chain. Because I want to echo what Armand was saying a lot
of times earlier. We're building on shoulders of giant. We're building collectively something
that is going to succeed. If we do this together, we build a better world together. It's not
about somebody building in their corner of the world and capturing more value than they
create. It's really about, let's actually all create more value than we capture so that
we actually all benefit from a better, smoother, more fair world with more equity from a financial
perspective, but also from our information diet, as I call it. And I'm really excited
about what Coinage does on this one specifically, because I think we should all agree, or we
probably do all agree, that a lot of the media models of Web 1 and Web 2 now are more detrimental
than beneficial for societies. So I'm excited to see what Web 3 can bring on that front.
Yeah, it's been fun. And I thank everyone for playing the game. Obviously, again, it was
free to play. So if you don't win, don't attack me. Don't be so sad. There may be some
little freebies on the other end as well. And if you haven't checked out Coinage, head
to Coinage.media to check out our content. And again, the first community-owned Web 3
outlet for Armand, for Julian. I appreciate everyone tuning into this space. Good luck
to the players still trying to solve the clue. Someone's going to win 5 ETH, folks. Thank
you for playing. And thank you, as always, for tuning in to another space from Coinage.
Have a great weekend. We'll see you again soon.
And I believe we're clear. That's it. We have two unbuckers. So people are finding
the way.
