The $69mil NFT, eth1/eth2 merge update & more - The Daily Gwei Refuel #76 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the daily gray refuel where i recap the latest news in the ethereum ecosystem i'm your host anthony sosano and today is the 12th of march 2021 all right everyone considering it is the 12th of march you know what that means it's the anniversary of black thursday so this was one of the worst days in the crypto markets history if not the worst day bitcoin fell i think 45 percent in a day i think e fell a bit more than that in a single day now you know in crypto we're used to these drawdowns of like you know 30 40 50 but normally not that fast right it usually takes a little bit i mean we just had a drawdown of like 37 uh for eth um from like i think it was 2k or like 1300

but that was over a week right so you could imagine that happening kind of more than that like up to like i think it was like 47 percent for eth in a day uh that was scary right and i mean you know the fact that we've come so far since then as well i mean uh you can see here on the on the chart basically a year ago you know just above my head here we we basically fell in one day from 200 down to 100 in in one day so yeah basically i guess like a 50 dip there which was just absolutely insane and then obviously since then we've gone up to you know we went up to 2k which was a 20x from there now we've settled at around 17.75 so almost an 18x now just in a year which is absolutely crazy

but i mean i did want to kind of like zoom in on the chart here to to march 12th back then and you know it's funny because you can see here that you know we we kind of like we're in 2019 we're still in that bear market right and then eighth kind of like double bottomed around kind of here in the i guess like 110 dollar mark and then started moving right right up again right but then you know around february i think of 2020 people started kind of taking covert a lot more seriously right it was becoming a thing like okay this thing's serious it's like everywhere it's it's you know people are people are dying right and all this stuff was happening and then you know the markets kind of went sideways and they started going down right this was not just crypto this

was like the global markets right then sideways a little bit more and then march i think is when it really kicked into high gear where everyone was like you know all the you know countries around the world were pressing their oh button right like close all the borders you know all this sort of stuff um which was which was quite crazy and then yeah from i guess like the what was it the the kind of like 7th of march here at 250 dollars to the 13th of march went down to like 90 so you know within uh six days here uh we we fell a lot right uh but you can see the structure is just like pretty pretty incredible right i mean if if it wasn't for covert we would have the bull market i mean obviously still continued but we we would have just like been able to

delete this whole section here you know basically uh from from about february 15th to like july kind of 25th uh until i guess i got back over you know the previous high here we could just delete all that and still be on the same kind of trajectory here because of the fact that uh we were still in a bull market which is which is quite insane here um but yeah i mean i just wanted to talk a little bit about how like i felt on on kind of like black thursday back then and kind of like um like i'm sure you guys have your own memories of it but for me you know i was kind of um talking to a bunch of friends about it and we're watching it go down and you know watching the global markets as well and we're like you know

holy crap like what's gonna happen right we didn't expect it to fall like this but it did and you know you guys know me i'm like an ultra perma gigger eath bull or whatever right i'm always bullish on eve always have been bullish on eighth i mean all through during the bear market i was still bullish on ethan you know i didn't care that the price was was low i was like you know so bullish on anything i'm going to keep buying and eventually it's gonna it's gonna go back up and obviously like all the people that thought like that were right but for the first time in my life on on march 12th like i was i was bearish on eighth right i um i actually thought it was going to zero like because it was it happened so fast but you couldn't really have time to

collect your thoughts so as it was falling i was like you know holy crap like this is actually going to zero like you had that kind of thing for like you know a few minutes it wasn't it wasn't something that persisted but it was like until i collected my thoughts and was just like okay okay what's happening right and this is crazy you know and then i kind of like looked at this and i'm like this is like more than blood in the streets right this is just like absolutely slaughtered like everyone's washed out right all the leverage positions are absolutely wrecked because one of the major reasons why it fell so fast or at least the major reason why it fell so fast was because of um uh cascading liquidations especially due to bit mechs um kind of like they had an issue there

where too many positions were being like liquidated at once uh which obviously you know kept triggering more and more liquidations and the price kept falling and you just had that kind of snowball effect there but you know once i collected my thoughts i was like he's back at like a hundred bucks right it hadn't been back at 100 since uh basically i guess what was it like december 2019 um you know that was like four months prior and then it didn't really last that long either and you know i was buying here as well but then i thought like you know look look how far we went in february like we went like a three x from here almost in in february and i'm like i i know the market's still bullish like even though you know there was so much uncertainty around covered i was like the crypto market structure

has changed like this kind of price rise here is not something we saw during the bear market besides i guess over here in mid-2019 and that was actually attributed to the plus token ponzi uh pumping up a lot of this and this was also a kind of like bull trap like a massive bull trap um but this was very different and the market felt very different so for me i was like okay all the money that i had like available at the time i didn't have much because i was still buying eighth like over here i didn't have much spare fear i just kind of bought ethio um but that didn't mean i was just like hyper hyper bullish on ethan thought it was just going to go back uh go straight back up or whatever but from a long-term perspective i was still like

you know i nothing's changed like the fundamentals didn't change you know and then i kind of over the next few days kind of even thought about it more and i was like okay well if covert is going to shut the world down if everyone's going to be stuck at home and if everyone's going to be you know embracing a more digital life then won't crypto go up because of that like crypto is like totally digital right and i wasn't the only one thinking of this there was everyone talking about this at the time um uh like you know eventually throughout throughout 2020 um but yeah that's that's kind of like i remember distinctly one of the earliest thoughts i had and why i doubled down specifically here but even though i bought like here it didn't go back up to the prior high until july right so there was

still quite a quite a weight there and i mean you can see here that most of the movements kind of happen like it's it's funny because like eth likes to go sideways for a while then move up i mean you can see here i guess if i if i kind of like zoom in here you know heath went sideways from like april till july you know pumped up from like 2 35 up to like almost 500 came back down went sideways till like november again right and then kind of like went up uh you know not not as it didn't explode up here but it it it went up nicely i think it kind of followed bitcoin up here uh but basically yeah it went to like 7 30 and then we exploded up again you know almost at all-time high and then we kind of went up there

and now we've kind of been like trending sideways i mean i i it's funny because like you you have the kind of same patterns playing out all the time i'm not going to spend too much time looking at the charts but i think you know it's just it's incredible how far we've kind of come from from here and you know on the anniversary of that date you know people were saying oh we're going to crash because the anniversary and everything blah blah and i didn't i never thought that was true maybe we kind of dumped here because uh people were anticipating it right like dumped like the the most recent dump that we had i don't think that's true either i think we were pretty overheated especially bitcoin um you know without a kind of a kind of major dump here um but you know bullish selling right as

i like to say but anyway i'm not gonna do like a whole technical kind of analysis chart here but yeah if you did get liquidated or anything during kind of black thursday and you kind of lost your your money or lost it all sort of thing i hope that you were able to rebuild your position i hope that you know you you were able to kind of like get through that i had a couple of friends who did that and and you know that was a dark time for a lot of people right i mean i personally don't trade with much leverage um so i wasn't i wasn't affected by that but still you know even if you weren't on a leveraged position seeing your net worth kind of evaporate was was crazy i mean i saw my net worth go from from you know what whatever it was at the

time which is a lot higher than um you know than it was during 2019 to basically back to you know bottom of 2019 levels and i was like wow like that was fast you know that came out of nowhere um but yeah anyway i'm not going to say happy anniversary here because it's not a happy anniversary but i think it's always good to kind of look back at you know a year from you know a pretty major event in crypto and see how far we've come the fundamentals are strong stronger than ever for eth right i mean there's no doubt about that uh basically um you know we have layer two scaling going live this month uh we know d5 exploded in growth since since march 2020.

we had eth2 go live i mean so many things to be bullish on nfts i mean geez i'm going to talk about nfts in a sec but yeah just so much so much bully stuff going on and you know i mean it's it's crazy i don't know how anyone can be bearish at this stage but yeah we'll see where the market takes us so speaking of nfts i'm sure you all saw this by now but i did want to talk about it so uh people's every day is the first 5 000 days piece on uh christie's which is an auction site for art kind of like different art pieces sold for 69 million dollars it was actually 60 million when i first checked but then got corrected to 69 million uh later but i think nine million of that is actually a fee for christie's which is

which is quite a quite a nice fee but um yeah so anyway it sold for 69 million dollars which is just absolutely insane this makes people the third uh uh i guess like um sorry in terms of like living artists in in in terms of like the the value of their artwork uh people's like third so i think there's two other artists on there but they're not digital artists that sold pieces for more than people did but people just becomes the third and for those of you who don't know people is a i guess a 3d designer that has been doing these things called every days for for 13 years or over 13 years where he does a piece of digital art every day he has a massive instagram following over a million followers on there i mean he he's been posting stuff about ethereum

and nfts for a while now um and it's just crazy to see that this sold for so much money right i mean people are always going on about you know nfts aren't valuable it's a bubble and you know this and that i mean maybe it is a bubble maybe some of it's a bubble i mean i think there's a lot of things that are going to hold their value i think beeples are one of them because people actually was one of the first kind of i guess non-crypto people to start doing nfts and he hasn't just come in like as an opportunist and just done things for for the money even though he's made a lot of money he's kind of put a lot of effort into it as well and you know he's been doing this design stuff for for a very long time

so yeah that's i mean though like i do get people's kind of hesitation here when they see you know 69 million dollars for a piece of digital art that's absolutely insane and you know when you think about it yes that's a ton of money right that that's especially for like one person but i think at the end of the day nfts are valued on a variety of different factors one of the biggest factors is kind of like the scarcity of the piece there's literally only ever going to be one of these pieces i mean i'm pretty sure people's not going to mint another one of these considering that he would just devalue the um the the kind of um i guess value of the rest of his work so uh but in but in saying that if he did print another one it still wouldn't

be uh this one right it would be like a another kind of one that that everyone knew came after it so this would still be the original right and you know people nfts aren't the only thing going up like crypto punks are still going up for example i mean the alien punks that i spoke about sold another one today sold for 7.5 million dollars which is absolutely insane right but crypto punks were the first nft on ethereum so that's the that's that that's huge in of itself right and you know they're very scarce there's only 10 000 of them probably actually less now because some of them have been burned some of them have been lost so i don't think like i actually put out a tweet out before that i think there's going to be trillions of nfts right um and i said there's only going to be

10 000 punks but to extend on that there's going to be trillions of nfts uh and if we're just talking about like i guess like collectible nfts like art and in-game items not other nfts like insurance policies and stuff like that uh most of them pretty much almost all of them are going to be you know not going to hold their value they're going to be worthless right people are going to mint them people are going to buy buy them and they're not going to be long-term valuable because they just don't have the you know culture behind them the the community behind them the significance uh in terms of like in terms of like when it came into the space scarcity right all these sorts of things and maybe they're just not great nfts maybe they're just like crappy stick figures or something i don't know but

basically uh if you aren't kind of like investing in the nft space and i mean this is an investment advice but in general i would just write off any money you put into it because like you're basically making a bet that you think this piece or this kind of art or this collectible is going to be worth more in the future uh you know and and it's actually like it's a much bigger bet than just betting on like a token or something right um because of the fact that you're betting on i guess you know a lot of times you're betting on the artist you're betting the artist becomes big and because you were you know you bought one of their first artworks there that it's going to be worth more in the future right you know with people that's the risk because people's already big right

and by buying it now i mean maybe you overpay for i don't know maybe maybe this person overpaid by paying 69 million dollars i don't think so but um you know and then a lot of the other people nfts that are out there actually started going up in price as well because everyone's just like well if this piece is worth 69 million then all these other things should be worth you know a lot more than what they are right now uh and i'm sure he's going to release other things as well but in general yeah if you're if you're in the nft space right now and you feel like you're missing out on fomoing and being like wow i should have bought crypto punks back in the day i mean there's a reason why you didn't buy crypto punks back in the day right is because they weren't

worth much so if you're only buying it now because it's worth a lot and you're getting fomo i mean maybe maybe rethink that but in general i do think crypto punks are going to hold their value long term for the reasons i kind of mentioned before but um i i just it's hard to invest right because i do think a lot some of the values of these things are inflated up due to the wider crypto market being hot because a lot of people got like you know wealthy off of crypto recently and are kind of diversifying that or wanting to spend some of that on these art or like collectibles or stuff like that um but still you know it's hard to say right i'm not someone who's an expert on this or anything but i have a lot of people asking me about it and

i think the nft space is going to get absolutely insane i think i don't think there's i mean it's probably in a bubble but who cares right i think there's just so much untouched potential here and so many things left to create um you know we i've spoken about kind of like the scaling coming to nfts as well with immutable x launching soon that's going to unlock even more kind of stuff you can do with nft so yeah i i would be cautious about like what you buy what you invest in i would basically only invest as much as you can afford to lose um because it actually is a lot harder to sell nfts as well right there's not like a uni swap pool that you can go to and just sell your nft into um you know you have to find a buyer for

it like i know there's um index products where they kind of wrap a bunch of nfts into something and then you can kind of get liquidity that way and that's a kind of good solution as like an index product but if you have like a a one you know a one one of one piece like like these people for example you can't sell this unless there's a buyer right there's no unisop pool for it there's no liquidity for it there's no market makers there's nothing there's hey i want to sell this and then people will come along and kind of bid on it if they want it or maybe no one comes along and bids on it because it's just not worth anything to anyone so that's where kind of like the danger comes into it i think but yeah i guess like this this beeple thing

is just gonna so many so much headlines i mean there's already been articles written about it it's gonna bring in so many more people into this space i actually can't believe like how much nfts have blown up and in hindsight it's pretty obvious why they blew up as much as they did um but the fact that we have like an actual kind of mainstream vehicle now for people to come into crypto with is just absolutely amazing and i'm really really bullish on not just nfts but like the people that nfts can bring into this space and and like the capital and you know the um the talent it's just going to be absolutely insane and there hasn't been something this bullish in in a long time i think so ryan watkins from masari put out this really interesting tweet today where he said the american

dream may be dead in america but it's alive and well on ethereum there are a few places in the world with as it as even a playing field and as much opportunity to create generational wealth and the best part is that ethereum is accessible to everyone on earth now i think over the last few refuels or one of them i spoke about kind of this concept of ethereum's kind of openness and like extreme openness i think it was yesterday actually about the generations thing where a lot of young people kind of like feel disenfranchised by the existing systems um and you know the american dream for them is is dead right because the american dream was was this concept of you know back when i guess like america was like a younger country you'd go to america and it'd be like all these wealth for you to be

for you to have like you'd be able to create a business and kind of like you know um you know build wealth for yourself and your family buy a house like buy a big nice house right be relatively safe compared to where you were coming from and all these sorts of things uh that really isn't true these days right um you know a lot of the pretty much all the major cities in america or at least most of them are extremely expensive to live in now um the boomers are most of the wealth as i as i explained yesterday the institutions the politics they're all controlled by the the same kind of players it's all the all the boomers right so young people just do not feel like they belong there but in ethereum if you really don't give a about your age to start with right

but if you're a young person you're at a massive advantage because you are um one you grew up with technology as i explained yesterday and two you are more inclined to accept new kind of technologies because you are you're young and ambitious and you're you're more inclined to take more risk so that dream is alive and well in ethereum and not and as ryan notes here the best part is that this is available to everyone on earth so and and from from from where they are that people don't have to move like to to experience the american dream you actually had to move you had to uproot your whole life um from where you were uh to move to america to hopefully get a better life and this wasn't the only kind of um a kind of like instance of this happening i mean australia has like a ton of um of

immigrants we're a nation of immigrants like a lot of them came from europe i mean my family background is is is italian so you know my grandparents came from italy to australia to seek a better life uh but they had to leave behind all their kind of like siblings and their family and everything like that uh you know which was obviously really really shitty but with ethereum you can literally be anywhere in the world stay with your family stay where you want to stay live where you want to live right and still get the benefits of being part of this kind of revolutionary new economic system revolutionary new kind of like human coordination system and all that sort of stuff and directly invest in it from wherever you are in the world right all you need is an internet connection and a piece of hardware whether that be

a laptop or a mobile phone or anything and you're good to go right even if you haven't got fiat on ramps in your country to get crypto i'm sure you could find someone that'll pay you in crypto or you can go online and go to get coin or something and complete some bounties and start earning crypto um so that you know and then you know if you want to trade that crypto for stable kind of dollars you can trade into stable coins and stuff like that so you know all these sorts of opportunity available to you within ethereum and the wider crypto space from anywhere in the world i mean that's just amazing to me like for me i i love living where i live and i've thought about moving before you know to other kind of like places around the world and i kind of think to

myself why like why would i do that why would i upgrade my whole life for what benefit everyone's online anyway it's not like i have to go and live somewhere specific to be close to like where people are in crypto um you know and and whenever i want to go to conferences i can just travel right maybe not now with with covered times but in general like i can just travel to these conferences and then just travel home um you know for anyone who's ever been to melbourne or if you kind of live in australia you know how amazing you know the kind of this country is but i'm not going to go on about that but still like i'm sure a lot of you live you know in different countries around the world whether that be like the europe or the us or in asia or wherever right um

and you probably love where you live right and if you don't you can still move but the thing is ethereum doesn't move right ethereum is always there no matter where you are in the world uh so that to me is really really special i think and actually i kind of like um after i saw this from ryan i put out this tweet here basically and i wrote about this in the delegate newsletter today but basically kind of like uh going through how the ethereum is like a digital nation that maps there's there's a lot of properties that map to kind of like things that we experience in in the real physical world so you know the protocols on ethereum can be considered cities right like the city centers where everyone goes through like uni swap compound you know their own cities you know arva all that

the suburbs are like layer two right because the city's obviously expensive but the suburbs are much cheaper much more scalable most people live out in the suburbs and that's what layer two is you know the citizens are ethereans we're all ethereans we're part of the ethereum ecosystem uh we're all part of the generation e um that i spoke about um i think was yesterday uh our currency our native currency is eth right we use eth to do everything we use eth to pay our taxes aka gas fees on the network right uh and and the financial system of this network is defy the culture is nfts of course uh and our passport which actually i should have said bank account here is our ethereum address and this is all decentralized all self self-sovereign all self-custodial and accessible anywhere in the world

i mean honestly like how can you see this and think that ethereum isn't just going to take over the world right i don't get it like it's just a thousand times better than what we have today like just just d5 is like 10 000 times better than what we have today in the traditional system and you know it's it's it's just when i drew these analogies and when i think about them deeply it just makes me even kind of more bullish on the ecosystem and i know i say that a lot but it got a title to be bullish right i mean i wouldn't be doing all this stuff on the daily gray if i wasn't this bullish about ethereum but yeah i mean if you want to uh read more about that you can go in the daily grain newsletter it's in the description below and kind

of like read today's piece to get a bit more of an overview there so uh philippe put out these tweets today where he says ethereum miners we will 51 attack ethereum to protest eip1559 and then he's got vitalik uh and then he's got a picture of quick merge via fork choice change now basically what he's saying here is that vitalik posted a new post here uh uh basically what did he say um basically going through how um how we could do a quick merge like emerging eth1 into eth2 and then kind of like uh before this was posted actually there was a there was a pr a pull request opened on github or on the ethereum github section for the eth1 to eth2 merge and basically going through like the spec

that they're basing this on which is a spec called the executable beacon chain which has been around for a while now uh you know since november 20 2020 uh and this is basically the direction that they're going to take to do the merger and then just got like the steps they're going to take here which i thought was was really bullish right um and you know i mean i've spoken about the miners before i'm not going to go on about them today because i think they're the ones disliking the my videos by the way but i don't know for sure but every time i talk badly about miners i get dislikes on the video so on that note you should like the video please um but anyway um yeah so this kind of like quick merge i guess that vitalik wrote about is taking the concept of this but just

doing it like in a faster way right like if we kind of really wanted to we could do the merge like much earlier than in than we then we you know we have planned for but i would still er on the side of like let's just do it like in a in a in not a proper way but in like the best way that we can and not not i guess like rush it out there just for the sake of it as i've said on the refill before i think that we can get to the merge by the end of this year if not uh early next year and you know once that's done i mean that is that is the vision right because we'll have layer two you know this month and by by that point we'll have layer two like you know basically be a

bustling ecosystem and then we do the merger um and we basically uh have like get rid of sorry get rid of proof of work uh we have one five five nine in because that's going in july uh we have proof of stake uh just securing the network we have very low issuance uh which i mean it all just comes together right and i think sharding is also being worked on in parallel here so then when we get charting we basically have a massive scalability unlocked there for layer 2 because layer 2 can use the shards as what's called data availability layers which increases the scalability up to hundreds of thousands of transactions per second potentially millions of transactions per second on layer 2 and that's like the full vision so we are realistically we are maybe a

year maybe a year and a half i wouldn't say that maybe maybe 18 months i guess like at most but i would say we're realistically a year away from having the kind of like full vision of what we wanted with ethereum right we had we have erp 1559 we have the layer 2 ecosystem finally being built out we have uh the merge done so we get rid of proof of work that to me just signals that like i mean i was saying it before 8th is so undervalued right now like uh i say it a lot on twitter but it just i mean i said today i put out a tweet it's like it pains me how much you know how undervalued ethio is considering all the fundamentals that are going on right now and you know maybe the mic is just being inefficient i don't know uh

but yeah i i just think it's it's worth paying attention to the merge because it might happen sooner than you think uh but yeah for now i will leave it at that and i'll keep you guys updated on on how it progresses there so austin griffith everyone's favorite uh ethereum builder put out a optimism dap starter pack today so it's basically uh at this blog post here and this is for developers um it's from adam fuller actually i don't know if it's from maybe austin kind of like uh helped helped him with it here but basically adam has posted this this on on on medium and basically it's it's for developers to get started building on optimism using this tool called scaffold dash e and it's basically a guide on how to do

this so if you're a developer and you want to check out how to play play with optimism which is obviously the layer 2 scaling solution then this is for you so i'll link it in the youtube description and you can go check it out so danny ryan posted his eth2 quick update today uh this is the 23rd one but he renamed it to finalize so it's called finalize number 23. and the reason for the rebrand is that i guess they're trying there being the researchers are trying to push this kind of like nomenclature around ethereum's kind of consensus layer versus versus its application layer so what this means is that ethereum's consensus layer is uh i mean tldi is like it's proof of state consensus right so once the merge happens the

application layout which is what we know is eth1 today will basically um be secured by ethereum's consensus layout what we know as eth2 today but i think i mean i like this terminology for people in the ecosystem but i think in general it's just kind of like doesn't mean anything to people outside of it i think using the terminology of eth1 and e2 works for now and i'm going to keep using that but it's good to kind of like separate these kind of concerns out here for for kind of like accuracy's sake um but then i was asked as well today it's like okay well what's people going to refer to it once the merge happens and i'm like well just ethereum right you know as soon as the merge happens there's no more eth1 or e2 there's just ethereum now um and you know all the layer 2 is

building on top of just ethereum but i think the reason why danny danny ryan wanted to split this out here is because ethereum is also going to have like an application layer um you know i guess like existing around it where applications from like say other chains or like centralized services are going to tap into ethereum but i wouldn't say they're part of ethereum's application layer unless they're secured by ethereum's consensus layer right so i wouldn't call that ethereum so i think that's why danny put this out there for accuracy but yeah i think uh i think it makes sense but i will keep referring it to it as eth1 and eth2 and then just like ethereum once the merge happens so speaking of nfts and crypto punks before uh perugia here who owns an alien

crypto punk actually um put out this kind of lengthy threat so i won't read through it all i'm kind of like how he stopped uh how sorry how he learned to stop worrying and love the punks so basically this is a nice thread going over why crypto planks are so valuable uh why they're going to be more valuable in the future why kind of like nfts are valuable in general what people are missing right all these sorts of stuff and i mean the trdr is that he believes that we're just at the very very very very very very very start of the nft kind of like adoption phase i guess you could call it and to own a piece of the first ever nfts putting a price on that is kind of like invaluable it's kind of like it's priceless right i mean you can't really value that and i

agree i agree with him to an extent i mean i only have one punk that i bought i didn't actually buy it i claimed it from the contract back in 2017 and it's not rare it's like the most common punk you can get right but even those are selling for like forty thousand dollars today um but i deeply regret not buying some of the alien or ape or zombie punks or you know loading up back in the day but as i said before i i mean they were worth nothing and i wasn't like i mean this is just hindsight speaking right now uh but those who did buy back then and saw the value of that going into the future have made you know a pretty penny uh some people have made life-changing life-changing money from this but um yeah definitely go reckon recommend reading this thread um you know

my tldr doesn't do it justice uh there's 25 tweets here so definitely go check it out so arjun put out a blog post today detailing of their plans for basically how they uh uh basically uh plan to adopt layer two and like how they plan to double down on layer one i guess the tldr here is that they're gonna be supporting uh zk roll ups first on on kind of like layer two and i think i think they're gonna be working with zk sync yeah and what i really liked about this um was that they're basically um like i guess they understand ethereum and why we want to build layer 2 like we want to retain the security and the centralization properties of ethereum but also scale and that's kind of what

they've what they've kind of gone through here and they've basically detailed what they're going to be doing through their argent wallet as well so go read the full blog post if you want to get a better idea of everything um you know i'm not gonna obviously sorry uh read through the whole thing here uh but yeah it's good to kind of like if you're using arjun if you plan on using arjun good to get a picture of where they're at here all right last thing here so hermes network i've spoken about them before and about how they had their layer 2 kind of solution on test nets recently um this is a plot post detailing their main net launch here so basically uh i think you know the 7th of march they basically uh implemented an update into their system which was kind of the last update that

they did they're talking about their trusted setup ceremony here uh the public test net feedback uh so they're restarting the public test net on monday the 15th of march which comes with a new version called poseidon um and then i think uh i don't know uh so they didn't give a main date here they just said as soon as possible um but yeah they've teased that maintenance coming soon so this is just another layer two going live in march potentially right on on main net that's i mean like how many of that like three or four now uh that's just crazy right i mean march what is it 12 so 28 days left a month or something like that uh sorry 18 days wow that was that was terrible math um we'll see how it goes but yeah i mean i

also wanted to to note on this as well i was talking to someone before about this but you know i'm hyping up layer 2 a lot and a lot of people in the ecosystem are as well but we're hyping it up as if it's like a few months down the line like i'm not expecting layer 2s to go live this month and suddenly get as much activity as layer one that's just i don't think that's feasible i think you might be able to achieve that with liquidity mining programs like for me you know the dream and i haven't got any special information here but i was speaking to another friend today and i said the dream scenario is optimism launches with uni-swap v3 um deploying to layer one and layer two uh right and then uh coinbase has a bridge into and out of optimism that is like

the dream scenario and also unisop puts liquidity mining on their layer 2 kind of system to get the liquidity there if that happened i could see layer 2 getting much more adoption getting lots of adoption much faster than i would anticipate because i am definitely this is like a this is like a bet for the next few months that layer two is gonna kind of get adopted but i don't expect like these solutions to drop and then on day one you know a billion dollars moves into them unless there's like liquidity mining maybe but yeah just in general i think it's good to temper expectations there you know just if something goes live and then and then you know it kind of takes a little while to get adopted don't kind of fret about that i think that we all know that layer 2 you know

needs to happen people want to use it but at the end of the day the whales are fine using layer one still so to get their liquidity to layer two we either have to do a liquidity mining program or we just have to wait till enough users migrate over there that the whales find it um kind of like worth their time and worth their kind of like money to put their kind of capital in layer two to provide liquidity to earn fees to do whatever on there and uh you know as well as like safety you know no one wants to kind of put a billion dollars into something new unless you're like unless you're like sbf from alameda who likes to put a billion dollars into new protocols um you know not not many people like to do that so it's going to be a bit of a i

wouldn't say a grind but uh it's going to be a kind of like maybe i wouldn't even say slow rollout but like a tempered rollout it's not going to be like an overnight success sort of thing but we're gonna get there i'm very confident about that so yeah always good to keep those things in mind all right everyone that's it for today thank you again for listening and watching be sure to subscribe to that channel give that video a thumbs up subscribe to the delegate newsletter below join the discord channel and i hope you all have a great weekend and i'll catch you next week thanks everyone