Arbitrum Odyssey begins, Uniswap acquires Genie - The Daily Gwei Refuel #391 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the delegate refuel where he cut the latest news in the theorem ecosystem i'm your host anthony is asano and to the 22nd of june 2022 all right everyone let's get into it so just wanted to i guess like uh send a bit of appreciation out there today i put out a tweet just before where i said there are a few things in life that bring me as much joy as writing the delegate newsletter and recording a fresh episode episode of the refuel every day just wanted to say thanks to everyone who reads and watches and supports my work i appreciate you more than you'll ever know and yeah that's just kind of like a heartfelt thank you just randomly today i was kind of thinking about it just a heartfelt thank you to everyone who supports me in all the work that i do

honestly like i tried to do to kind of like do my best to spread as much of the good information about ethereum as possible try to educate all of you as much as possible and uh the daily way is free because i believe that education should be free at the end of the day i don't believe that i should put this behind like a pay wall i should be kind of like serving ads or anything like that i believe that uh everything that i do should should kind of like remain free in terms of edge in terms of like educating people right so uh yeah i just wanted to kind of like say thank you there's not really much else to at the end of the day i know a lot of you get like a lot of um value out of out of my um my show my

newsletter and all that good stuff and even the discord channel which is something that i didn't mention in the tweet here but the discord channel is awesome the community we have in there is absolutely awesome so if you haven't joined yet you can click the link in the youtube description to join the channel and you basically can ask any question about ethereum and even just crypto generally and get it answered we even have people that are accountants in there that can help you with tax related questions depending on where you are in the world as well so there's a lot that goes on in there too and that's just kind of like an extension of of kind of like the delegate itself because i i really did try to optimize the you know the newsletter and my videos for the people who actually cared about the technology and i didn't want

to kind of like create like a trading channel or anything like that like not that i really do any trading but anything focused too heavily on price brings with it a lot of the quote unquote moon boys right not the people who are actually in it for the tech and that's what i always like to focus on so again thank you everyone for supporting me i hope you continue to support me as we go into the future and uh obviously through the bear market as well like right now we're in a bear market and a lot of pretty much most of you all of you are still here that that were here in the bull market from the metrics that i've seen on my end which is very very cool to see all right on to the first bit of news so tim kind of like baiko published a blog

post today detailing that robsten rinkby and kiln will be deprecated uh so these are the the kind of like some of the public test nets on ethereum right now these are going to be deprecated uh pretty soon and there's kind of like details about all of these here leaving only the gurley and sapporia test nets uh kind of like to exist into the future and those are the ones that we maintained and be kind of like um kept up to date and those are the ones that will run through future protocol upgrades after the merge of course so if you do rely on these test nets robsten rinky being kiln just keep in mind that they will be deprecated at some point in the future relatively soon actually and you should move your activities over to gurley or sepolia all right so speaking of 8th core

development here peter from the geth team shared something that i think flew a little bit under the radar so he started i shared this tweet where he said our most significant feature since a snap sync one of the holy grail problems of geth and street cred goes to uh gary uh here um take a peek at the below quote unquote uh sorry below uh ball he's emphasized full sync charts uh ain't on and be amazed with this i could call geth1.x complete so basically this is kind of showing a faster sync time for a geth full sync not a snap sync a full sync in i believe three and a half days um which is really really cool to see uh and also peter kind of um explains in the comments what we're actually seeing here which is historical

state pruning aka the node will only ever store the amount of data it must no more old stale junk piling on disk forever needing a periodic racing to get the size back down this is really really cool because it means the i guess size of a full node collapses and you can actually see it here right where kind of like uh the the the size of kind of like a full node has just collapsed and it's it seems to be under 100 gig here rather than the i think almost 300 gig that it is kind of like uh today which is very very cool to see so the funny thing about like well not the funny thing i should say the really good thing about the fact that we're going to be splitting the execution layer and the consensus layer um into two different uh kind of like

modular entities once we merge and then we have the clients working on either side of them you know specializing in the consensus or specializing in the execution is the fact that we get improvements like this these are the things that are worked on once a lot of the other core kind of like work uh work is done right where i guess like a lot of the hard forks all the network upgrades stuff like that is done this is what core devs work on while that other stuff is maybe in research phase and they don't have to kind of like code it up or anything like that they work on this sort of stuff which is actually part of i guess the ethereum roadmap too like historical state printing and things like that definitely part of the ethereum roma making it easier to sync ethereum and to kind of like validate

the chain so this is really cool i think it was just kind of like understated because it is quite technical but this means that more people in more places will be able to run ethereum full nodes uh and do a full sync and in a much faster time as well like as i said three and a half days rather than i think the week plus it was taking before which is obviously a consequence of that data database size uh being reduced due to this historical state pruning which is very very cool to see all right so metamask had an announcement uh where they said in a tweet we're soon rolling out a monumentally improved flow for buying crypto within metamask uh that's going to be including the best rates faster than ever a layer 2 on ramp to arbitrary optimism and automatic provider selection across transact send wire and

moon pay so this is basically going to be an autumn like i guess like uh what the mate one of the major features here is basically going to be a fiat on ramp into albatrom and optimism through the most popular crypto wallet metamask which is obviously a very very big deal metamask has had their swap feature for quite a while now that allows you to swap between different different kind of like cryptos and things like that but being able to basically do a layer two on ramp to arbitrary optimism directly from in metamask from one of these fiat providers such as wire moonpay and transact uh or fiat payment providers uh is it is a game changer i think and it's going to get a lot of people to i guess like on board onto layer two basically bypassing layer one altogether which is really really awesome and

i've discussed this before but what i find funny is that people will use these tools to get around layer one gas feeds but depending on the size that they use them for they're going to end up paying more in their kind of like fiat on-ramp fees or fiat provider fees than they would in gas fee so just as an example here say that the fee is like one or two percent now obviously if you're on boarding with just a hundred dollars that's only one or two dollars that's obviously much cheaper than it would be if you were to bridge in directly from layer one on top of the feed that you already pay if you're on boarding onto layer one through one of these places right even centralized exchanges take fees like that on the uh the normal kind of like buy flow that they have there

so but then when you get into like the the larger territory say you're going into like the ten thousand dollar purchase territory right you're like i don't wanna pay gas fees well one percent of ten thousand dollars is a hundred bucks right like the gas phase that on board on to layer two is is nowhere near that like even at the higher gas prices i even like some of the highest it was maybe 20 or 30 bucks or something like that so it still would be cheaper for you to just directly on board but again if you are coming directly from i guess kind of like the um they're going from like fear directly to i'd lay the um sorry directly to layer one and then layer two you would still have to pay those fees anyway so that difference is strictly for people who have existing

assets on on the network or something like that it doesn't make sense to kind of just go buy new assets because you don't want to pay the gas fees when in reality uh you know it depends on on the size and that that's kind of like where where i think makes the most sense so there's that to consider but i think for a lot of users especially newer ones this is going to be great because it means they only have to pay that fiat on-ramp fair enough to pay any gas fees and they can just skip ethereum layer one entirely which is what we want people to be doing funny enough we want them to be going straight to layer two so i'm really awesome to see that metamask is going to be rolling out these uh features relatively soon i think all right so speaking of arbor trim the

arbitrary odyssey eight week long journey has begun today so if you want details on what odyssey is all about and how to participate there's this thread here from arbitram for you to kind of have a look at now i'm super excited for this because i think this is the first real uh i guess like non-liquidity mining initiative for a layer 2 or an ethereum scalability solution obviously the polygon pos chain had their liquidity mining fraud for a while and they've had a few different kind of like things going on there as well but i think in terms of out of all the scalability solutions on ethereum i think this uh arbitrary odyssey is the first one to to be you know this big at this scale without the without kind of like liquidity mining

because obviously arbitrary doesn't have a token right now so i'm curious to see how this plays out i'm curious to see how many people actually on board obviously because arbitrary doesn't have a token people are going to be on boarding to speculate if they're going to get an airdrop and things like that but that's totally fine arbitrary knows this but it's just like a thing to get more people on board and more people to use arbitrarily to experience it to to experience the albatroom ecosystem to also use a lot of these bridging protocols too it's actually funny i didn't realize how many bridges there are now like look at this this is not even all of them i would i would assume like there's a lot of bridges right now guys and honestly i don't think most of the bridges are going to survive i

really i really think there's only going to be a handful of them but it's fun to kind of like see which ones people use and there's actually a tweet here that shows that the one of the most used ones is is hop right now so 4 000 new users have so far bridged into arbitram and you can see kind of like the spike there with 2800 using hop alone and the funny thing is is that um they're not using hop to get an airdrop because the hop is already you know the airdrop's already done now i don't know if hop has liquidity mining on right now like i haven't looked into that yet but yeah i still think there's going to be like just a handful of winners in the bridge space as bullish as i am on bridges generally especially between layer twos i don't think there's

room for like 10 15 20 different bridging protocols it doesn't really make much sense to me so there will be a handful of them that win big but it's interesting to see that there's already so many competing for that market share but uh but yeah anyway you can read this thread to get a breakdown of what's happening and what you can do to get involved there and i'm going to be paying attention to other metrics such as the number of transactions the fees paid the number of obviously new users uh people like what they're actually using on this chain because i really want to just monitor this and see how this goes because i think this can be a blueprint or i guess like a template for other layer two ecosystems to copy once they're in the position to do so especially the ones that don't have a

token yet because i think when you have a token it muddies the waters but at the same time as i said not having a token muddies the waters too because people expect an airdrop but i don't know if there's going to be an airdrop with with this i don't know if this is going to uh this is going to account for an airdrop at all but people will obviously speculate there's nothing wrong with that the albertum team will definitely expect this uh but still it doesn't mean that they shouldn't kind of like do initiatives like this i'm very glad to see that arbitrary odyssey has kicked off today all right so speaking of big announcements uni swap labs announced today that they have acquired genie xyz or genie here which is an nft a marketplace aggregator so this is the apparently the first marketplace

aggregator and unusable is going to be expanding their products to include both erc 20s and nfts starting this fall you'll be able to buy and sell nf tourists directly on the unisop web app and we'll integrate nfts into our developer apis and widgets making unisop a comprehensive platform for users and builders in web 3. so this is quite interesting because there is a a discussion right now that talks about aggregators of nfts versus just the standalone marketplaces obviously you have the open c standalone marketplace you have uh kind of like looks rare and you have a bunch of others out there and then you have the aggregators uh like genie and then there's a couple of others out there and people are discussing like okay is it going to be the aggregators that win or win it all or is it going to be the standalone

products and we can look at decentralized exchanges and the aggregators in that space to get a rough idea the funny thing is is that unisop still dominates in volume even though we have lots of aggregators like macho and one inch and things like that unisop has such a strong brand name and such a strong kind of like awareness around it people just default to using that instead of going through an aggregator even though going through an aggregator might most of the time get them a better price and we've even seen that people will use metamask swap feature when they can get like a much better price on uh on kind of like just going unisop directly on one of these other dexes directly so with the nft space it might be a bit different because of the fact that uh it you know that by definition they're not

fungible right so they might be kind of like something listed on one marketplace that's not listed on another so uh and this is kind of like just one advantage of an aggregator and then aggregator will bring that together for example someone might have listed an nft on opencv but they haven't listed it on looks rare well it's not like you can just go to uh to open sorry to look for it and get it because it's not listed there just like for example if you go to uni swap um and trade like eth on there obviously if he's on uni swap and then you go to another decentralized exchange it's there as well the liquidity profile may may differ and it normally does but it's not like it's not there at all whereas with nfts if it's listed on openc and also looks rare you just

literally can't buy it on looks where you have to go to open c to buy it whereas with an aggregator it'll show you everywhere that this nft is listed uh and then you'll just be able to kind of like easily find it and buy it there so i actually think the nft aggregator will long term uh win out over the standalones but i'm not convinced on decentralized exchange aggregators i i think that they will they will probably not win out or not win as big as a market share people think they will uh but uh yeah we'll remain to be seen we're still early days here probably not worth making any kind of like long long term bets but from the history that we've seen so far it seems that at least within the decentralized exchange space aggregators don't really do do much i graders don't really have much

market share compared to the standalones but i think that's different for the nft ecosystem so we're gonna have to see how that plays out uh for sure there all right so another victim of three hours capital today was revealed so voyager apparently has a 663 million dollars worth of exposure to 3ac through usdc and btc that they lent out to uh the fund here so voyager only has 152 million dollars in cash and i owned crypt oh sorry in cash and own crypto assets on hand which as it says here is not great because that means they're insolvent basically right like they have this massive debt owing to them and then they only have a small bit of i guess cash and crypto compared to that debt so

not looking great at all i'm not sure how 3ac is going to pay everyone back i don't think they will be able to pay everyone back depending on how much they can liquidate where they can find money from the way that they were selling assets on chain screams to me that they don't actually have as much money as they need to pay back those debts because i just they just got so blown up and apparently uh sbf from uh from alameda ftx has come to the rescue of voyager so far and has done the same deal or a similar deal that uh that he did with block fire with them so maybe voyager will be saved by spf i mean it's kind of concerning how many things that spf is scooping up right now because you could argue that he was in part responsible for these

things kind of like crashing as well because he owns the exchange it's a petrol exchange he did at the shorting his way he loves shorting um and then it's a leverage exchange too so there are arguments to be made either way but it's a bit concerning that he's coming in and he's pretty much like one of the only i guess big liquid players left right now and he's scooping things up for cheap so we're gonna have to see a long term how that plays out you guys know my opinion on spf i've explained it before i had that whole kind of like arena so i'm not gonna hop on about that but uh yeah three hours capital is very much finished very much done people are saying oh there's gonna be a redemption arc i'm like guys like what redemption arc like if anyone still

gives these guys money they're just absolutely beyond stupid and to be fair like they could probably find people that are stupid enough to give these guys money again but i don't think ct would welcome them back with open arms like maybe they would maybe ct is dumb enough to do that i've seen ct welcome back other people with open arms such as arthur hayes and for those of you who weren't around pre-2020 arthur hayes was pretty bad for the space with bit max bitmex traded against their own customers they did a lot of um the similar things that we see in other ecosystems today and now people kind of like worship arthur hayes i don't know like guys i'm not i'm not into kind of like um getting onto the personal level of these things for today but i think that it's just funny whenever you kind of like see

people say things like how are they going to come back from this and then they somehow do like some people just just have that thing right some people can just like survive anything it seems but love to see how it shakes out obviously sue and kyle from 3ac have not tweeted i think since the news broke that they were uh kind of like having troubles but we'll have to see what you know how they go going forward all right so in other nft news ebay has actually acquired an nft marketplace are called known origin now this is one of the less popular nft marketplaces i believe but uh still has been out there for quite a while and this i think the big news here is obviously that ebay is getting involved with acquiring nft companies and i remember i i said the other week uh that there's still a lot

of liquid players in crypto or a handful of liquid players in crypto such as a16z and paradigm but what i didn't mention is that there's also liquid players outside of crypto that are looking at all these uh kind of like things now and being like wow i can pick these things up for a lot cheaper than i could of you know previously when there was a mania i think that's a lot of that's happening right now i think it's it's happening in both the m a's in in the kind of like private market space like this and it's probably happening on the public markets we've already seen a few kind of like assets start to go up a little bit but uh you know who knows from from there it's very hard to track these sorts of things but anyone who's liquid right now and doesn't have any any debts or

anything like that is in a very good position to scoop up things at a very very nice price and i'm sure they're taking advantage of it and that's seems to be what ebay is doing obviously ebay is absolutely massive um and the fact that they're getting involved with nfts is uh is kind of like very curious and known origin as i said is one of the less popular nft marketplaces but maybe ebay can do something with them to get them to compete with something like openc we'll have to wait and see all right so tether announced today they're launching a british pound pegged stablecoin now this is funny because tether already has a euro stable coin i mentioned that the other day when circle came out with the news that they're doing a euro stable coin so i wonder if the next step for circle is to do a

british pound stable coin as well but uh yeah tether's making i guess like the first move here and i've got the same thoughts with this as i had with the euro coin we're not convinced it's going to be that big um you know again if anyone can pull it off it's probably tether i think tether and circle the only two companies in um in crypto that could pull off stable coins other than the i guess like usd stable coins because they have such a deep network and they have so many connections and they just know the playbook basically and how to do this but at the same time i'm just not convinced there's that much demand especially for something like euro like i i kind of mentioned last week how i think that the demand for euro is just probably not there like the europe is is

not in a great place right now and as a result their currency's not in a great place and even though the us dollar is inflating so much it's still the strongest fiat currency out there and you never want to be in the weakest fiat currency as a consumer um a lot of the time maybe as a trader it's different but as a consumer you don't really want to kind of like like like be in that um and yeah it depends on kind of like what the countries do with these coins as well but the countries aren't using the stable coins they're using the actual kind of like fiat so love to see uh but just another stable coin i guess like entering another non-usd stable coin entering the markets uh soon i think all right so a swell network announced today that they're launching their test

net so the swell network dao is pleased to publicly announce the launch of swell v2 test net on the gurley network this is a critical milestone in the development of swells next gen 8 liquid staking design so you can check it out here all the details about this in this blog post here disclosure i'm an investor advisor to swell just want to get that out there but i've been talking about them for a little while now and about how they're another i guess like a staking service provider that's coming into the fray they're trying to be a decentralized staking service provider so so similar to kind of like rocket pool um and i definitely think it's a positive that we have just more competition here like i said to you guys like at the end of the day the the way to kill something like lido's dominance

is with more competition uh and then all the other things that i mentioned in the past as as well when it comes to that so if you're interested in getting involved with the test net here you can read this blog post and join the discord for to get more details on this but good to see this uh kind of like being live here right so speaking of lido they announced today that um the expansion of the node operator set on ethereum inc uh welcoming a bunch of teams here so i think i covered this uh maybe a few weeks ago and this was just a foreign blog post but now it's official so there's a bunch of teams joining as nerd operators such as chainsafe um nevermind uh prylabs sigma prime and a bunch of others here i won't read them all out which brings i think the node operator

set to 29 on lido up from 21 so obviously they're more they're gonna you know keep adding more node operators over time and obviously this cohort is very strong you know this nevermind chainsafe prior labs and sigma uh they're all core developing teams right like they're all very much um uh you're very very heavily involved with ethereum so with ethereum staking i should say so cool to see that but you know i'm the funny thing is with with lido it's such a i guess maybe sensitive topic to talk about these days especially in the ethereum staking community and i totally get it like i think when the announcement that that um people like nethermine and prior labs and sigma were being and chainsafe were being onboarded onto lido same some people didn't like

this some people really were like well you know isn't this kind of like getting into bed with the enemy because some people do consider lido to be the enemy and i you know i totally can can kind of see that view depending on i guess like who you ask and depending on on how you view them but my view on it is that these core teams like because of the fact that they don't have their own token or anything like that because they they came much later to ethereum they didn't get to basically have all that eighth when eighth was like a much kind of like lower price the eighth from the original sale and anything like that they need uh to kind of like generate funding in any way that they can and this is another avenue for them to do that they can set up their

own nodes they can get people staking with them and they can take a cut and then it goes to further fund ethereum core development so i think that's a positive that potentially offsets any of the negatives of them being involved kind of like with lido because people say oh well they lending more legitimacy to lido all these sorts of stuff and look at the end of the day i go back to my original kind of points around it where i said that the more competition for lighter the better and we have we kind of like uh do have to wait until withdrawals aren't able to kind of like see the end state of the beacon chain but i really do appreciate people who always are bringing up things like you know uh uh bringing up kind of like concerns and bringing them up publicly rather than keeping them in kind of like

uh in private because at the end of the day the only way that the ethereum ecosystem and the especially the beacon chain gets stronger is if we kind of like air our dirty laundry so to speak and make sure that everyone's across there to make sure that we all work towards a better i guess like staking ecosystem for everyone and i know there's a few key people in that obviously i talk about super fizz a lot on on the refill because he's just very very involved with that but the east staker crew the rocker pool crew you know the ones who have been around for a while and really want to push decentralized staking forward like i really respect them i really really do and i respect them calling out these sorts of things but at the end of the day you guys know my

view on all of that uh i'm taking a more neutral approach i'm trying not to go too far into one into one direction or another but at the end of the day i'm a decentralization maximalist i want the the most decentralized staking service providers to win ideally i want state and service providers to be so decentralized that they have absolutely no uh control over any of the user assets and they may have marginally more risk than just solo staking i mean at the end of the day everything's probably going to have more risk than solo staking and everything's going to have more maybe more trust assumptions than solo staking but we can probably get to a point where we get close enough that we can help those people who don't have the 32 ethan can't afford to have the 32 eighths of steak we can help them to solo steak

because in the at the end of the day we don't want the ethereum beacon chain just looking like a depos chain where you know where there's just like a few people kind of like controlling the chain or a few large entities being in control of most of the stake at the end of the day that's not what we want that's what we're working against and what we're working we're trying to work towards a more decentralized future when it comes to the beacon chain so i'm always going to support that i'm always going to support uh everything that kind of like goes towards that but i think that at the end of the day lighter exists coinbase staking exists kraken staking is you know other centralized taking providers exist decentralized options exist there's going to be a wide spectrum of kind of like segment providers that people can choose from

and it's up to them what they want to kind of kind of go with and we do need to make staking easier overall as well that's another major thing that i think people miss is that the ui and ux of staking right now especially staking on your own is very very difficult when compared to the staking provider by something like a lido or something like a centralized exchange we do need to bring those barriers down because then we can't really blame the especially the newer users for going with these easier to use solutions because they may feel i guess like over overwhelmed and be like well i'm not going to just go through all these hoops to stake uh or to solo stake or do anything i'm just going to stake here and they might just end eat the fees because it's just not worth their time

to go through all the motions so i think there are plenty of solutions already for things like this like dap note and stuff like that but we need more we need more and there was that uh that kind of like clr around from the kind of like eight staker crew a few weeks ago that i spoke about that's working towards making it easier and we'll get there but uh yeah it's it's an effort right definitely is an effort it's an effort that we have to keep pushing and i'll definitely be on the side to pushing us as much as possible towards decentralized staking providers and options rather than the centralized ones all right so finally here i want to talk about a little tweet i put out today where i said almost all layer 1 blockchains are either forks of the ethereum code base or they end up living

long enough to see themselves become like ethereum so the most popular chains out there today in terms of usage other than ethereum and i mean they're not that popular anymore but during i guess like the bull market there was bsc which is still kind of like has a user base mostly in kind of southeast asia from what i can see but there's bsc which is basically ethereum with a bunch of parameters tuned up and and basically like basically a centralized version of ethereum there was the avalanche c chain there's phantom there's a bunch of others out there electron and things like that and then there are the non-evm compatible chains uh all the non-kind of like ethereum fork chains such as like you know cardano and solana and uh you know

the taizos and a bunch of others like that but the thing is is that they're eventually going to just look like ethereum anyway because i think that there's only really maybe one or two optimal designs for a blockchain and really maybe only one that we're slowly working towards as an ecosystem and i think ethereum is just years ahead of every other ecosystem to get uh towards getting there things like you know the layer two the roll-up ecosystem things like historical and state pruning things like proto-dank sharding things like validity proofs and stuff like that like that's all coming from ethereum now other some of the other ecosystems have actually um kind of like pivoted to this like tasers for example is doing the roll-up-centric road map except they're using enshrined roll-ups instead of the

the roll-ups that we are using on ethereum then you have something like a solana which obviously looks very very different to ethereum but they had problems with congestion control and the network would be unstable and fall over well now they're implementing a fee market the fee market isn't exactly the same as ethereum they're doing a fee market where they can kind of like target different transaction types and and kind of like attach different fee markets to that which has been discussed in ethereum as well as part of the multi-dimensional eip-1559 and also proto dank charting which which kind of proposes a separate fee market for for call data um but they're implementing a free market to do that so you know it's just looking more and more like a theorem they're also kind of like softening up to roll ups same with avalanche right they had the c

chain which is evm compatible then they have their subnets which are side chains but then they're also saying after fighting a lot that they want to do layer twos and roll ups as well so i think eventually it might take a while still because there's a lot of money in just making layer ones but eventually we're gonna coalesce around a grand design of how a blockchain should look like at least a smart contract chain i'm not including bitcoin in this because it's a separate thing but like a smart contract chain and really really i think it's just going to be ethereum like honestly ethereum is already kind of like working towards it it's very very far along it has the network effect it has the user base it has this strong social layer as well and it has a clear path to getting there um the other ones

are just going to play catch up it depends i don't think there's going to be many layer 1 winners i think ethereum is going to be the biggest winner and then there might be one or two others that they're kind of uh smaller winners but when it comes to uh when it comes to market share i think the layer twos are going to take a lot of the market share as well they're pretty much going to obsolete most of the other layer ones based on just technical merits alone so when you think about it and really run through it and kind of think maybe five to ten years out it's impossible not to imagine a scenario where it's literally just like ethereum ethereum layer twos maybe one or two other layer ones that have some market share and then a bunch of like dead and zombified layer ones that never

went anywhere right like even like i don't want to fod the other layer once too hard i'm not trying to be an ethmaxy but like just from a pure technical standpoint ethereum to me looks like the best design for a blockchain now it may not be and i'm glad we have other ecosystems experimenting with other designs but i have not seen anything in these other ecosystems that look uh that look completely different to ethereum and that actually work like as i said celina looks very different to ethereum but it doesn't actually work like to get it to work they need to implement a fee market right for example that is going against everything that they said that they were going to keep the fees lower by implementing the fee market the fees are going to go up because when when uh congestion kind of like goes up when

people want to use the chain fees go up to compensate for that uh and that's to stop the chain from falling over and that's exactly right the reason why ethereum doesn't allow unlimited transactions or one of the reasons the other reason is we want to preserve decentralization but you know all these kind of like shortcuts that other chains have taken are going to just get walked back or they're going to get substantially chained and i think solana in a couple of years and i keep talking about solana because i think that's the the most well-known and most kind of like popular non-evm um chain i think in a couple of years solana is gonna look very very different to what it looks like today and what it looked like even just last year and it's just going to look a lot more like ethereum and i just don't see

a world where it's going to usurp ethereum or take over ethereum it may survive because it has a lot of backing behind it but i really do feel like ethereum's layer 2 ecosystem will just fare a lot better than what solana's trying to do unless solana ends up looking more like a settlement layer than an execution layer and then it becomes a whole different kind of like kettle of fish there right so anyway something to think about that you guys might want to talk about as well on the discord channel be sure to hit me up there about it but i think that's going to be it for today so thank everyone for listening and watching be sure to subscribe to the channel if you haven't yet give it a thumbs up subscribe to the newsletter join the discord channel and i'll catch you all tomorrow thanks

everyone