Aave launches AMM market, MetaMask update and more - The Daily Gwei Refuel #78 - 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 16th of march 2021 all right everyone let's get into the news from the day so actually this only happened a couple of hours ago but ave basically announced that they're going to now be enabling their amm market so this is now live and what this is it basically allows you to use your uni-swap lp tokens and balancer lp tokens as collateral in the rv protocol so this has been a long time coming they've teased it for quite a while and i mentioned yesterday how they were you know teasing it on on twitter and today they've kind of released it here so if you are a liquidity provider to any of these kind of pairs that you can see

here there's a bunch of the most popular pairs on uni swap like dye usdc wbtc usdc you know die eat usdc ether and all this sort of stuff and there's a bunch of other tokens here like snx uni and wi-fi and things like that so if you're an lp and you have those lp tokens you can now put them into rv and use them as collateral to borrow against and you know we've seen maker do this uh i think a few weeks ago where you could mint die using lp tokens on uni swap which is really cool but i think other has more options here with make i was only a handful i think there was only maybe two that you could you could use uh whereas with um with other you can obviously use a lot more than two here but with balancer uh

lp tokens you can only use two different pairs wbtc uh wrapped eighth pair and the bowel uh wrapped deep pair as well uh and then um uh users who kind of deposit these lp tokens can borrow stable coins eth or you know wbtc against uh against these kind of things and people can actually borrow amm lp tokens as well uh by using stable coins ether wbtc as collateral so this is really cool i mean you know i spoke about this when maker kind of did it but this is just like the power of the composability and the money legos within ethereum right where you can get an active kind of like market making position essentially um you know through these lp tokens and and tokenize them and collateral and use them as collateral to borrow against and

you know you know with those funds it's funny because you can do this recursive kind of leverage thing where um you take your alpe toe you can use it as collateral borrow you know say you borrow like um some stable coins uh go lp with that as well you know go go lp in the same pair and then put that pair back into kind of like rv and then go and do it again and again it's kind of like you know levering up recursively here obviously risky but something that that i think is uniquely enabled by by defy um here which is really really cool to see so i expect these to be very popular i know that on maker uh the the two lp tokens that they had from unisoft were very very popular and hit the debt ceiling very fast and i think this is because you know

unisop has about four 4.5 billion dollars right now of liquidity in there a lot of that liquidity is in these you know larger pools right the the most popular pools and it's just you know a lot of the lp tokens are really not doing anything right they're just sitting in people's wallets so why not give them the option to actually use that because it's very good collateral because if you look here right and you might think that the other tokens here like you know bad or snx or uni or whatever are like quote unquote lower quality tokens than like eighth uh for example well when you're collateralizing with the lp token it's still 50 eth but 50 the other token so you still have that really really great collateral and eath and then you have like you know not not bad collateral but like you know

collateral that is not you know as liquid as eth right as as trustless sort of thing and and doesn't have the same properties as eth but you still get ether as part of an lp pair so it really is like you know half of it's collateralized with eighth half of its with this other token which i thought was was really really cool here so yeah i mean this is just another step on the way to kind of like ave just completely dominating this space right now i mean they're they're dominating i mean compound and rv are pretty much like you know the two biggest money markets here and ave moves faster than compound like obviously compound doesn't have lp tokens as collateral yet i don't know if they will uh but i was looking at it before and compound actually has like a lot more ethernet than ive

does i think ave has a few hundred thousand eighth and compound has like 1.2 million eighth whether this is because of the liquidity mining the compound has going on or not is a you know is another thing i haven't looked into it it probably plays a part in it but i know there was plans to do liquidity mining on ave as well so we might see that that come to ar there but this is really really cool and congrats on average on this massive launch i know they've been working on this for quite a while now and it's gonna i think it's gonna add a lot of liquidity to the protocol um going forward so banteg posted on twitter here that metamask updated uh to version 9.2.0 which includes a bunch of great features the most hotly anticipated feature and one that i've wanted for quite a while

was support for multiple ledger and trezor hardware wallets now anyone who's used metamask and used a hardware wallet with it to pass through you'd know that you'd have to basically um change uh accounts and and reconnect every time right that you want to use a different address which is super annoying because i you know myself i know a lot of my friends as well and i'm sure you do as well have a lot of different addresses that you use for various different things and you know having to you know keep switching is just like super annoying uh so the fact that you can now that it now supports multiple um addresses for for ledger and trezor here is awesome um and they've also added a warning when sending a token to its own token its own contract address which is amazing you know

i don't know if you guys have done it i think i did it once back in like 2017 and like that was you know i learned from that but there's a lot of people who tend to accidentally send an erc20 token to the contract address and a lot of these contracts don't have a way to get these tokens out some of them will have a withdrawal mechanism or a callback mechanism where you can basically say return to sender sort of thing but most of them don't so what ends up happening is someone will send their token to it to the contract address instead of where they want it to go um and then uh it's lost right effectively and they can't get it back and now you know there's this warning here which is really really cool um that i think is is much needed so i'm

glad metamask kind of added this here and they also added warnings for excessive custom uh gas price imports as well uh which is which is great because you know sometimes you may accidentally fat finger a gas price say you're putting in 100 way you might accidentally put in like a thousand way right um that's just like i guess like a simple example of that but i'm sure that happens more often than not so another great feature here from metamask and just really cool to see them kind of like releasing more stuff here i mean metamask is a really great tool and obviously we all use it and a lot of you know it's it's basically used not just on ethereum but across other different networks as well like uh xdi and manic and stuff like that and it's just you know a universally known tool pretty much at this stage

but it still needs a lot of features that we're missing right these these are missing there's some other features that are missing as well but they're adding to it they're actually improving it now uh which is really really really cool to see uh because um you know it has the widest install base on desktop or on the at least in terms of like a browser extension uh you know everyone uses it everyone's familiar with it um and and i think just adding more features just adds to that kind of sweet though so colony has put out their uh 2021 roadmap pr now for those who don't know what colony is basically it's i mean they launched colony v2 uh a few kind of like weeks ago um uh but basically what it is it's a place for communities essentially

um you can basically do like i mean there's so many features to this i haven't really um got sorry i won't go through them all on here but basically it lets you have like a community and let you have like a dow um and kind of manage all of that so you can manage like different tokens right um you can manage like different staking um you know you can do things as a team essentially on here so i think it's a really really great great tool i don't think a lot of people know about it yet um but they're obviously working on a lot of stuff i mean this is the 2021 roadmap and i'm just kind of like going through what they're working on um and it's kind of like i mean i guess maybe i haven't explained it as well as i can

because i think um you know it only came out like a few weeks ago and as i said i haven't dug into it too much but basically it's a collaboration tool for for different teams within um you know i guess like ethereum and this would be really great for like dows like if you're a dow right and you kind of like want to manage payments to to developers and things like that you want to manage different tokens you want to do staking you want to do stuff in d5 you know you want an interface to kind of manage that this is kind of what what this is and it's also got a bunch of social features as well from what i've seen and this may seem similar to something like aragon as well but i think aragon at this point hasn't really delivered on what they've

promised over the years and it's kind of fallen behind and it's so it's great to see colony kind of come to market here and and bring a lot a lot of these features uh a lot of these features in but i'm not sure how much kind of like governance stuff aragorn sorry um colony will do as well i think it's more of just like a collaboration communication like you know treasury kind of management tool rather than like a full full-blown dao but if i'm wrong there you know i mean there's there's government stuff here so maybe that is kind of like inbuilt or it's coming as part of this roadmap as well but yeah i suggest you go read this whole road map obviously to get it get a feel for what they've got coming here and you can also go to their blog here i'm sure

i think they had like an introduction blog post a while a while back here yeah or reintroducing colony sorry there was this one here um i remember posting uh posting about it uh here it is if it wants to load there we go so yeah basically you know they've been around for since like 2017 and they've essentially relaunched here um and i think they've actually launched maybe not on on the if you're in mainnet on on a side chain like x-style or something like that i think i read that somewhere i might be wrong here i'm just scrolling through to see uh-huh if i if i'm wrong here but yeah anyway definitely go check check this out and see what they're like they're kind of up to here and it might be something that you or your team is kind of interested in so immutable put out this extremely

bullish post today i mean i was reading through this and i was getting like super bullish on on layer twos and everything because for those of you who don't know immutable is the team behind i guess uh like uh immutable x and god's unchained and immutable x is a layer two nft exchange that's coming out soon that's built on starquest technology and in this blog post they basically explained the design architecture behind it and why they chose this route which made me really bullish because this team is is one of those teams that really gets it they really get that you know building a scalability solutions without inheriting ethereum's security does not work for for most apps right it's not the right path the right path is inheriting ethereum security and decentralization

and scaling via a true l2 so that you can kind of retain those properties but also give a way better user experience with cheaper fees and and you know more more transactions per second and all that good stuff so yeah they basically go through this in this blog post and as i was reading through i was like wow you know not just about immutable but all these things that have been solved over the years you know it took us years to get to to the roll-up world i mean a lot of you might remember plasma from back in the day and state channels and they still have this their space i mean matic is using plasma uh state channels is being used by k'nex to bridge different l2s together um but roll ups are basically what we've landed on in terms of like a full suite

for for different apps and we obviously have zk roll ups and optimistic roll ups immutable x is going with zk roll up technology rather than optimistic roll up because of that withdrawal delay which would you know isn't actually a big deal for most things but for nfts it is and the reason why it's a big deal is because you can't have a liquidity pool that sits between l1 and l2 for n of ts because they are by definition illiquid because they're non-fungible right whereas you can for like erc-20 tokens and things like that so that's why they've decided to go with zk ralph or at least the major reason why but also because starkwear's technology is amazing i mean i have never heard anyone say anything bad about starkware and everyone that i've ever spoken to about them has like been raving about how

how great their technology is and how great their team is i mean their technology is already powering diversify which is this decentralized exchange and dydx as well which is the petrol decentralized exchange um so the tech's real it's out there you know it's getting better every day and immutable x will be the first kind of nft exchange running on this which i'm really looking forward to seeing but go read the blog post you can get as bullish as i was on kind of layer twos here so make a governance has um got a few different poles here to add new collateral types to to maker so it inc the bunch of different collateral types here there's snx uh susd um a rv which is staked are there um a a wait which is like um

eighth deposited into avere solar x uh which looks like a i mean our reit stands for real estate investment trust so i think it's like a obviously saying do the real estate there an ex sushi from sushi swap which is the staked sushi uh token um and then there's also some more kind of like uh tokens here as well there's uh solid block beachfront digital coin i have absolutely no idea what that is but you know um the first time i'm hearing about it and then the curve lp tokens as well as i was saying before you know maker had unisop lp tokens but now they're adding uh curve lp tokens as well and there's a bunch of other things here about increasing the debt ceilings and stuff but what i kind of wanted to talk about was how funny it is that um snx and su is there up for

consideration to be included into into maker now for those of you who don't know the history behind this there's a lot of people who thought uh for a long time that thought synthetics was a ponzi scheme it was it was not not so much a scam but like that it wouldn't work uh the the mechanisms that they had created where you would you know use snx collateral for the whole system were basically self-referential and that wouldn't scale wouldn't work and you know a lot of those concerns have pretty much been alleviated at this point um you know i think the system works and everything like that so i i don't think um you know that's that's a kind of major talking point anymore but it was for the longest time so it's kind of like a weird timeline to be in where you know and and there is also a fact

where maker and synthetics are competing to an extent because susd is uh is is a um a synthetic stable coin like die is a synthetic stable coin um and then you know but at the same time synthetics is doing a bunch of different things with with synthetic assets makers more about you know uh the die stable coin um and also i guess like offering cheap leverage to people but yeah just uh just a funny thing that i kind of like saw here and i thought it was cool to point out but really great in general to see maker adding more collateral assets i mean i use maker almost exclusively uh for a lot of stuff like especially for eth and this i mean there's a few reasons why and the number one reason is trust um maker has never been exploited or

hacked or anything the only um i guess like i guess instance of something bad happening with maker was on black thursday where the keeper bots didn't um i guess bid on the collateral ended up making maker kind of like under collateralized and then they had to print mkr tokens to kind of make up for that but other than that i mean their smart contracts have been uh heavily audited have you know formally verified they've been around for ages they have three million plus eighth locked in um locked in their smart contracts so for me you know i trust maker a lot and i know die loses this peg from time to time but they've shown that that the system can actually bring dye back to its peg um you know eventually like sometimes it does take a little while but it shows that that it can return

uh kind of back to peg here so that's a major reason why i use maker for most of my kind of leverage needs um uh you know within d5 of course but that's not to say that rv or compound aren't you know aren't great either um but you know in general maker is just like my go-to uh for a lot of a lot of the time and it's great to see them adding in staked alve and like um heath deposited in albe as well which is really cool uh and steak sushi as well um because i hold some sushi tokens that i stake and obviously arbes supports this as well but being able to leverage that is cool and same with snx you know being able to leverage the s and x um as well in a more efficient way because right now if you borrow stable coins against snx

or susd against that um when you stake it in the synthetic system i think it's like a 500 collateralization ratio or something maybe 400 percent i can't remember exactly but we can make up i don't think it's going to be that high you know if and if it's low it's just better capital efficiency you can get more for your dollar here so yeah we'll see how these kind of polls go and see what happens but you know i do expect a bunch of these assets to be added for sure so aztec network this is a so a lot of you might not be aware of what aztec network is they've been building in stealth for quite a while and not i mean not not totally in stealth where no one knew about them but they just aren't very loud um when marketing themselves so basically what

aztec is is a is a they're basically a privacy network um for i guess like ethereum where you can basically shield your ethernet i say 20 tokens like you could shield your you know z cash in in in on the z cash blockchain um using a bunch of like uh zero knowledge uh tech here now what they've done uh with this release is they've actually released a layer two zk roll up uh for privacy on onto ethereum now uh which is awesome i mean this is just another layer two that's come out right i've been saying it for months that layer two like this year was the year of layer two and we're seeing it trickle out we're seeing things come to maine there uh and we've still got big releases coming like um optimism arbitrary and immutable x and a bunch of others i'm

sure as well uh k'nex is coming out with their bridging technology and things like that um but with aztec here uh this is basically layer uh layer two privacy essentially so now when you basically um you know you can basically as i said shield your eighth and i'm you know eighth a i see 20 tokens will be added in the next few weeks as noted here uh and then on layer two you can basically have uh private transactions which is obviously really a really big deal right i've spoken about how layer one i don't think privacy would ever come to layer one uh basically i mean there's a few reasons the cost is actually quite high to run like a proper privacy um kind of protocol on layer one uh and also if you do privacy at the base layer so if you put it actually into the

ethereum protocol itself it would it wouldn't actually be a feature because there's a there's a thing that happened with zcash where there was an inflation bug and basically this was detected but um the problem is is that it was detected but they don't know if it was actually exploited so they don't know if more z z cash tokens were printed due to this bug and are just hiding in like a shielded address for examples so because of this there could just be like a massive amount of zcash out there just waiting to be dumped on the market at any at any time or waiting to entering or waiting to enter the circulating supplier at any kind of time and there's kind of no way to know that until it happens now you can imagine how catastrophic this would be for if there was an inflation

bug we couldn't detect it because it was uh because everything was private right we couldn't detect if it was exploited because of that that would be really bad so those are the two main reasons why i don't think we're gonna see kind of like in layer one protocol privacy but again it doesn't matter because as i've said before most activity is going to be at layer two now it's not going to be on layer one there one's gonna eventually be a i guess security chain for layer two and also a chain where basically whales will be on and and that's just the reality of it because that's the only way to keep ethereum decentralized and secure like it is today um which isn't a bad thing because roll-ups are going to give the same user experience uh as layer 1 but just with massive scalability and lower fees

so yeah that's what kind of like aztec is bringing here with their layer 2 privacy solution and you can actually use it at zk.money here if you go to this website kind of like set yourself up and start using it there but basically i mean it's a really nice interface as well i was playing with it before i mean look at this here like that's just beautiful right i mean it's very uh i guess unisop has this design of um i guess these are these gradients here um and i think that's kind of like a lot of a lot of apps like sushi swap as well has this like are going towards this design which i actually don't mind i i really do like it um they've got a block explorer that you can kind of um go uh go and and view kind of like uh the

transactions and everything like that uh and then in aztec 2.1 which is their next release is they're going to have new assets they're going to have wrapped bitcoin bat avedai you know really interesting to have wrapped bitcoin here you'll be able to have private bitcoin transactions which is which is quite cool i think um uh and then they're going to increase the cap there's a safety cap of 1 8 right now for security purposes um and then they're going to be doing a d5 integration where they upgrade the network to enable users to interact with liquid d5 transaction types without leaving the aztec network uh which is really really really cool so yeah go read the blog post for full details here i mean i'm really hyped for this launch and as i said these guys build in stealth and then release something game changing every few months

and this is just another thing to add into i guess their product rollout here so i put this tweet out today and i wrote about this in the delegate newsletter this is one of my favorite kind of metrics or i guess like charts to keep track of and it's the eighth percent supply in smart contracts versus the eighth percent supply in centralized exchanges now you can see here that it has continued to basically flip we basically flipped it mid-september 2020 and we started the kind of flipping in june 2020 when compounds liquidity mining programs started but you can see here that in the green is the ethereum percent um the percent balance on centralized exchanges now this dropped from about 17 to 13 over the last i would say year or

so here um which which represents about a four percent drop right uh and then a uh eighth percent supply and smart contracts has actually gone up from 12 to over 20 percent here uh i would maybe that's like 21 or something like that it's a crazy amount there so obviously smart contracts are absorbing the eighth coming out of centralized exchanges but they're also getting more eth in them from people's kind of wallets in general because of defy and stuff like that but what this really shows and what i think is really really cool about this is that defy is doing what it's set out to do and let's take power away from centralized exchanges and institutions and take assets out of them and bring them onto ethereum bring them on to d5 have self-custody have decentralization

have like really secure uh kind of like liquid assets and assets that you can do more with uh on kind of like ethereum so you know this trend doesn't seem to be slowing down i think it's going to keep keep increasing here um and also during a bull market i guess as well you tend to see uh eth and other tokens leave centralized exchanges if they're in a quote-unquote accumulation right going into cold storage and things like that um but in general you know we've seen the amount of eighth growing d5 as well i mean looking back at the same time in june 2020 there was 2.7 million eighth in d5 now there's nine million eth in d5 so we've had a massive 6.3 million uh uh each gain in defining just like the last

eight eight nine months here which is really really positive as well so yeah really great to see this if you want to um dive in deeper i wrote more about it in the newsletter you can find the link to that in the description so barnbridge uh finally released their smart yield product on app.barbridge.com which is over here oh this one yeah yeah so basically you can connect your wallet and kind of like enter into uh this usdc senior kind of risk pool here and and get like an apy on it so for those who don't know i mean these products are quite advanced like um barnbridge basically makes risk products and these are things that retail investors will particularly particularly never touch um and they're more geared towards

institutions and like the big money and the wall street types it's not something that uh me and you for example like as a as a retail investor as like a as like an individual are going to basically touch ever in the traditional system but because this is defy we get access to all this stuff right just like we get access to a bunch of other products you know like options products which are also it's super exotic products um you know obviously leverage as well uh futures products all these sorts of things so yeah i mean the the smart yield kind of bonds here i mean as barnbridge describes it it's interest rate volatility risk mitigation using debt-based derivatives now this sort of thing is not something that retail investors really do right i mean this is like as i said wall

street institutional stuff and that's why barnbridge is building this uh one of the main reasons is to appeal to those kind of investors and money allocators but also bring this obviously to d5 so that retail investors can get involved too but i do recommend going and reading what this is all about you can find all the information on bomb bridge they've got documentation and stuff like that before getting involved because you may be buying into something that you don't know what it is and and i would do like a pretty poor example of explaining um exactly how it all works to you on the refuel because i myself am not like totally up to speed with it because it's not a product that i have used before but you know now that they have a product out there it's probably probably worth kind of learning about

and seeing if it's something that you would be interested in so alpha finance uh i've spoken about them before and how they're they're basically allowing you to get like a pretty high uh apy on just your eighth right so pure eighth not like staked eighth not eighth paired with another token like pure eighth and this is uh forty percent right now on alpha finance here and there are risks here i mean as alpha note notes below the the uh i guess like the high apy is because of the high utilization here um so you know because of that you may not be able to get like uh your your ether out depending on if the utilization's really high you have to wait for it to kind of come down um but that's how they offer the high

apy i mean that's a that's one thing that i think that a lot of people might not be kind of like i guess not not not aware of but maybe they don't take into account too much is that everything has trade-offs with it if you're getting like a really high apy on something you know there's there's a lot of there's usually a lot of risk involved but there's also sometimes i mean it's not too good to be true because a lot of this stuff is actually true even though it's really high apy but for example you know the pool twos of the world the incentivized token pools where you you kind of like uh provide liquidity for a token to eat right um and they have like really high apys well the downside risk to this is that the price moves

you know way too much or the token just like absolutely dumps and you get stuck holding the bag of that token and the apy didn't mean anything because now you're holding a token that you sold your eth for because if the token price is going down right and the way liquidity providing works is that if you're paired you know with ethan that token and that token price is going down you're selling your eth for that token essentially right so you're essentially buying more of that token as it goes down and then the other way you know it's not it's not as painful because you're basically selling the token that's going up for for the token that's not that's a four eighth right in this example but in a pool two in an incentivized liquidity pool that's paying out like high apy they're paying out their tokens so you become

not you but like the pool 2 becomes like the dump pool so everyone's dumping into it and if the token's just like you know not great or if there's like a death spiral where you know people are dumping into it then people are pulling their liquidity because they're losing too much money and then you know the liquidity dries up and and the dumps get more brutal and brutal we saw this player in d5 summer some of these things went down like 80 90 like 99 right and then you just get stuck holding the worthless token and you have to basically you know wait till it goes back up and it might not ever go back up and it might stay down there for a while so there's there's a lot of risks there but with alpha finance's product here they actually use the ether within their

system so that's also a risk there and as i said the high utilization rate is how they get that high apy and if it's too high there'll be like a thing where you can't kind of like withdraw and you have to wait and this isn't just like exclusive to alpha finance there's also um you know compound if if there's no more stable coin liquidity you can't basically get your stable coins out if you've put it in there you have to wait for people to pay it back and there's different mechanisms to encourage people to pay it back and it usually works right um it's really usually pretty good but in general though forty percent apy on just eighth pure eighth is is pretty much unbeatable in this space right now i mean i know there's a bunch of things like the eighth st eighth pull on curve

that's offering around maybe forty percent as well uh but again that is pairing it with another asset and now of course stf and ether like very similar in price because st if you staked e through lido but again you know if something happens to that right you what ends up happening is that you that that token gets kind of like put into the pool and the eighth gets drained out of the pool and you kind of like um get stuck holding the bag again so always risks always trade-offs if you see a really high apy number make sure that you understand why it's so high um and you know a lot of it you know can be good but you have to understand the risks you can't just like i guess ape into something and then expect not to lose your money like for me the way i approach it is

like okay you know this like if i'm apriling into something if i'm actually just going into something because you know i'm getting fomo or something and i don't do this often but sometimes right i kind of think to myself okay whatever money i put into this you know i could lose right maybe the contract gets hacked maybe i get rug pulled all this sort of stuff and that's what the way you kind of approach newer protocols but for existing ones we'd have legit teams behind them right um especially ones we've never been exploited or hacked or anything like that you can have better confidence there but again the apy is lower because it's not as risky right there's a lot more capital in it and all this sort of stuff but you know alpha's able to offer 40 on what looks to be eighty four thousand eight kind of in

there which is a which is a lot of money right that's that's nothing to scoff at there's hundreds of millions of dollars i think um so yeah really really cool rate here from alpha fine it's something for you to check out if you weren't aware of it so last thing to think about to talk about today was elon musk tweeting about an nft so he basically tweeted out i'm selling this song about nfts as an nft um i don't know if he was serious about this or not i mean i really like this though this looks really really cool um here where you know i mean i would buy this right i mean obviously i can't afford it because this would get bit up like the people's um kind of artwork would get bit up but uh yeah i mean this is just really really cool uh and

i hope he does auction it off and i hope he donates the money to charity or something or something because he obviously doesn't need the money right um and there's not the design in general is just like awesome like you've got the doge here right and you have like just like the gold around it and like the moon up here with nft up there and then that's just this is really cool so i'm curious to see what he does here if he actually does um auction this off or kind of like put this on a platform i'm sure this is going to get bit up right elon musk's first nft could you imagine you know how much of this would go for uh tens of millions i would say um maybe maybe not as much as the people i don't know um maybe justin sum would be for

this as well i mean i actually think he would um which would push the price up as well but yeah just just really funny to see you know the world's richest man one of the most famous people in the world getting involved with nfts um you know and it's just crazy to see how much nfts have kind of blown up here but you can also see uh you know i co-tweeted here and i said um when eth on balance sheet elon musk because obviously tesla put btc on their balance sheet uh 1.5 billion dollars worth of btc on their balance sheet a few weeks ago now or or a while ago now actually i think and as i've said before i expect more and more kind of public companies to start putting eth on their balance sheet um i wouldn't be surprised to see tesla

do this especially if you know when it's on proof of stake it would make a lot of sense uh because obviously tesla is an energy car company and cares a lot about the environment um but uh uh i'm sorry electric car company not energy car company um but yeah in general maybe that doesn't happen for a while but i think the fact that you know nfts are mostly on ethereum like the real kind of actual valuable nfts and mostly on ethereum and that's kind of like going to bring in a lot of interest into ethereum which is going to bring a lot of interest to eth so we should see some some kind of movement there but yeah in general i mean i just think it's crazy how much nfts have blown up you know everyone was saying d5 is what's going to make ethereum mainstream

or crypto mainstream uh it was nfts in the end uh which is kind of obvious in hindsight because nfts kind of i guess appeal to a much wider base of people than defy does you know nfts are collectibles in-game items are you know there's massive fans of that we love d5 but in general not many people actually think too hard about their finances right they defer a lot of that to their they the institutions like banks and and their brokerage brokerage firms and all that sort of stuff and and their investment advisors and you know maybe that's still true for the for the coming decades but i think you know slowly over time more and more people are going to care about this and more and more people are going to use d5 but d5 is definitely a slower burn than nft so again you know i've said ethereum has a

million different ways to enter its ecosystem through uh and then and he's just one of those kind of ways and it's a big way but we've also got d phi and dows and you know human coordination and web three i mean there's so much so many ways to enter ethereum right now hard not to be bullish right uh always bullish per bullish yard i hope you guys are too but that is it for today everyone thank you again for listening and watching be sure to subscribe to that channel if you haven't yet give that video a thumbs up join the discord server uh subscribe to the newsletter and i'll catch you all tomorrow thanks everyone