This podcast episode delves into Bitcoin's rise to $50K, Ethereum's catch-up trade, and the excitement in the Ethereum ecosystem. It also explores Starkware, a layer two ZK roll-up protocol, and the controversy surrounding its airdrop, where some users received a significantly higher number of tokens than others. The episode discusses the role of airdrops in rewarding developers and attracting users, as well as the challenges of designing fair and effective airdrop mechanics. It also explores the impact of airdrops on token retention and price discovery. Additionally, the episode introduces Ethena and SUSDE, offering a unique approach to the cash and carry trade and decentralized perps. Concerns and criticisms raised are also discussed.