Arbitrum Stylus, Lido v2 and more - The Daily Gwei Refuel #536 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of The Daily refuel where you kept the latest news in ethereum ecosystem I'm your host Indonesia 8th of February 2023 alright everyone let's get into it so apologies for missing the last couple of days of refuels guys I had uh personal reasons for that which I kind of talked about briefly in the Discord Channel but I am back today with an extra long episode I have so much to get through you can see from my tabs that I have open here so much has happened uh over the last four or five days I guess you could say so let's get right into it so first up we have that the Chapala or Shanghai capella uh hard Fork was hit on the jejang test net so withdrawals and BLS changes are already included in the first slot here and full

and partial withdrawals have both been processed so there's some screenshots here from Barnabas uh who's been obviously tweeting about this quite a lot recently and there's also a thing you can look at on the beacon chain website called validator withdrawals or withdrawals it's a dedicated section to the you know withdrawals that are being done on the judging test net here this is what it'll look like with probably some changes when it goes live on maina and different explorers will have different ways of displaying this information and I'm sure they're going to be splitting them out into full and partial withdrawals as well but yeah everything seems to have gone quite well uh there doesn't seem to be any major bugs or anything like that I haven't seen anything myself and this was as I mentioned the first kind of like new public test net to be spun up for this

and hopefully by the end of this month we're on track still I believe to begin forking the public the two public test Nets which are obviously girly and sapolia and then after that we'll set a main net date or maybe even during that we'll set a main net date which is still due in late March uh maybe early April but it's looking more like late March right and then we throw us alive and then I guess like uh we'll see what happens from there because there's still a lot of opinions out there of what's going to happen not just with the price of eth but what's going to happen to the amount of eighth at stake you know is it going to be more is it going to be less what's going to happen in the LSD space uh is Lidos dominance going to grow or

is it going to come down is you know rocketpool's dominance going to grow or is it going to come down our solar stakers going to go with one of these LSD Services uh solo stick is going to spin up you know something like a stakewise V3 node or something like that we don't know right but we obviously need withdrawals in place for any of that stuff to happen so that's why I think the majority of people are super excited about it I mean if I had to pick one reason why I'm excited about it it really is just because it completes the roll out of proof of stake on ethereum I've said since the merge that we weren't fully proof of stake yet right we were like 95 there but we went 100 there now with withdrawals being enabled we are definitely 100 there in terms of

having a full proof of stake implementation on ethereum that does that mean proof of stake on ethereum is 100 finished no there's still things that are going to be changed in the future uh we have things like um ssle uh and a bunch of other upgrades as well that will hopefully come we don't know when but those have been on the table for quite a while and they're still in active research and some development their phases as well so yeah but in terms of having a full proof of stake implementation on ethereum that will happen once withdrawals are enabled so great to see that the jjang testnet fork went all well and good and obviously this um this test net will be monitored and and tested as much as it can be and uh for for I guess like the remainder of this month until we start forking the

public test Nets over all right so the EF ecosystem Support Program approached their first the grantee Roundup of the year and they say yeah this time we're checking in on magma collectives Dark Crystal eat Staker radius's Mev resistant amm and Zeitgeist to learn more about the strides they've made over the past couple of months so that's the projects that they're focusing on or the community efforts that they're focusing on and this update which you can give a read I'll link it in the YouTube description below uh but great to see this and you know it's pretty cool because these are some of the like I guess like everyone knows e-staker right I mean by this point everyone would know what Eve Staker is it's a staking community on ethereum in a nutshell but there are other projects here which you may not have heard of before such as a

Dark Crystal which is a key management uh solution uh or you've got the Mev resistant amm by radius which is pretty cool as well because that's been a topic that's been discussed for quite a while I remember Justin Drake discussing this years ago on the bankless podcast and then you have something called Zeitgeist which is a lab but for crypto native products and protocols so these sorts of things are stuff that you may not hear too much about but he's being funded out of the ethereum foundation Treasury and they don't just fund these projects they find a number of different projects and it may be worth kind of diving deep into this and seeing how they're going and seeing what what the progress of their project is and seeing if it's something that you might be interested in getting involved with as well so I'll of course

link this in the YouTube description below for you to check out uh but yeah you can dive deep on these things and I'm sure it'll keep you busy for a little while all right so a big announcement out of a Lido uh I think this was yesterday so later announced something called Lido V2 which is their largest upgrade to date and an important step towards further decentralization so they've said here Lotto V2 is censored around two major upgrades the first upgrade is a new staking router which is a new modular architecture that allows anyone including solo stickers to become a node operator now this is very similar to what stakewise wants to do with their V3 where essentially allow you know solar stickers to become a nerd operator and then get an LSD on their solo stake in this case it would be Ste fellato in

stakewise's case it's OS eth and the second major upgrade here is withdrawals and upgrade allowing St etholders to withdraw directly from the beacon chain now obviously that's the less I guess an interesting upgrade because we all knew that had to happen anyway so that first upgrade there I think is is quite interesting now does this mean that Lido is going to be as decentralized as rockable or or any you know or is the central as any other decentralized taking Solutions out there which I mean there's really only rocket pool right now I know as I said stakewise is trying to be that but no I don't think so I I think that this is a really great step towards getting more people to become lato note operators obviously Distributing that set out but there are still a lot of centralizing forces to

that and doing it in a civil resistant way is quite difficult and I've seen a few discussion points on this and a few threads by some of the rockapole community on this that you can go search out for yourself unfortunately I don't have them handy but you'll find them on on Twitter in the rockapool Discord uh but yeah it's always good to challenge the claims whenever a project says that they're going towards further decentralization because this terminology has been used a lot by projects in the past and has been abused by them as well not saying Lido has done this specifically I'm actually not uh uh you know I I it's funny there's like a split in the community between um you know who likes lighter who doesn't who defends them who doesn't I've gone on record before of of thinking Lido is over roll a net

positive even though there are lots of things that I think that they could improve on and obviously I think of them having such a large market share is not healthy but I don't think they're like this massive negative that some of the community seems to think but that's fine like there has to be those differences in opinions and those people definitely put the pressure on to get Lido to move towards a more decentralized state so anywhere any way that they can do that I think is very very welcome and this is just one way they're doing it with V2 here and you can see that there's a thread here which I'll link in the YouTube description below about how this all works um but there's also a nice graphic here of how this would actually work so this is going to be able to be

used in conjunction with DVT technology as well which is which is something that Lido has been piloting for a little while now with opal Labs uh which is which is super exciting uh but essentially what I guess like what they're trying to do here is make it so that they get rid of that choke point right now or at least improve on that choke point right now which is the fact that they have a very small node operator set compared to something like rocketpool which has over 2 000 note operators is Right whereas later has I think 29 or 28 last time I checked and they want to be able to scale that up without having to go through the kyc process without having to go through a manual onboarding process which is what they've done in the past and doing this and offering uh I guess the ways for

solo stickers to get involved is one way of doing that and now uh this isn't live yet obviously this is just a kind of proposal that's been put forward to the community to the Dow to vote on this but I think it's a really really great step forward for Lido and it's it's competition for all the decentralized services as well because obviously rocker pool is still the only decentralized taking pool right now um and it's the one that's actually truly decentralized but uh it I think it challenges rocker pool to keep improving to keep scaling to keep becoming more efficient to do a lot of more things that they probably haven't done in the past they've got a lot better on they being I guess like the community and the team have gotten a lot better at it over the last year I remember probably six to

12 months ago I was pretty critical because they weren't doing much marketing they weren't doing much business development and that's why they weren't growing or at least one of the reasons why I thought they weren't growing and they've done a lot of that I think since then and then they've also um done a lot to improve the protocol itself and they've got that big Leb 8 upgrade coming soon which will allow more people to obviously um stake with less eth right they only need eight instead of 16 East to be to spin up a mini pool so that's all very very encouraging but I honestly think that as as as much as the rockapole community is very um I guess like what's the word I'm looking for very uh I've lost the word on me but I should say very excited they're very excited about rockapool

they're very excited about growing the protocol I think that Lido has been a positive in that it's really kicked them up the butt right uh just like how alt l1's really kicked the ethereum scaling stuff uh into high gear where essentially all these Ulta ones we're getting all the attention because ethereum layer twos weren't as they weren't exactly live yet um and ethereum layer one fees were obviously really really high this competition is is always in that positive here so I think that Lodo's V2 will definitely cause uh the rocketpool community to move faster move better here not just them but like all staking Services because at the end of the day they're all competing with each other it doesn't matter what anyone says like people can say oh we're all in this together blah blah I'd never believe that to be true I always thought that

was a psyop no matter who said it at the end of the day um you know businesses compete with each other and that's what these things are just because they're on chain protocols or they call themselves Dows doesn't really mean anything in my eyes it doesn't really change the fact that they're a business and at the end of the day um you know it's funny because you could say that like um later for example their their business uh they have the ldo token attached to it and people expect the Elder token to go up in value um based on a number of different factors same is true for pretty much any project in crypto now tokens will go up for different reasons they have different utility but at the end of the day uh they they all look like businesses to me there are people that

um have a quote unquote share in the company I know I'm going to start sounding like a Securities lawyer right now but there are people that have a share in the company or sharing the protocol I should say that hold a token they definitely are holding that because they expected to go up in value they're not buying this thing just for the sake of it right and they may put in their own effort to make that happen or they may just sit on it and then the efforts of others will will um make the token Goblin value or potentially make it go up in value again I'm starting to to sound like a Securities lawyer but that's that's how I view these things right and I've said before that a lot of the protocols um especially things like uh staking protocols and Dows and defying things

like that they definitely like what businesses are in the real world or I guess like the traditional world and on crypto world and they work they function very similarly and they have the same incentives but anyway I'm gonna digress on that point you can go read Lido's blog post and Twitter for yourself I'll link it in the YouTube description below all right so speaking of staking I put out this tweet a couple days ago where I said did you know that there were 218 000 new ethereum validators almost 7 million each worth that were spun up in 2022 alone this was roughly the same number of validators that were spun up in 2021 bull or bear the demand for each staking is insatiable now I put this tweet out because of all the people that are still going on about how the um I

guess like withdrawals upgrade is going to lead to a mass unlock of Ethan everyone's going to sell and eighth gonna go to zero blah blah which just isn't true like I I mean I've gone through this many many times I'm not going to rehash what I'm saying here but just looking at what we asked what I've said before but just looking at this kind of stat that I've pulled here the 218 000 I mean there's there's over 500 000 validators I think there's 513 000 validators right now so that's almost half of the total ethereum validators were spun up during the bear market right and you can actually see here on the chart the part um the places that it actually accelerated at so here we went from 300 000 total validators in March of 2022 to 400 000 in June of 2022 so we

had a hundred thousand valid at a spin up during the period where eth was going down only like for those of you who remember Heath bottomed at 8 80 in June right um so all this eth was actually being added during that period and then another Spike came during the merge event not as violent as a spike or not as big as a spike but there is a little bit of a noticeable Spike there but the point I'm trying to make here is that the in a bear Market there has still been a crap ton of each staked in the bull market was roughly the same amount of each state so it doesn't really matter I I really do think the people staking or at least a lot of them staking are not as sensitive to the prices people think they are and if they

are they can actually exit via lsds now I know with lsds especially pre-withdrawals they can trade at a discount or premium right now all the lsds are either at fair value at an extremely small discount or at a premium none of them are at Big discounts not even CBE which was at 0.93 or 0.92 eth it is all it is now at fair value so if there was this Mac Mass Exodus of of all this Mass I guess like um amount of stakers that wanted to exit then those things would be at a discount because those stake at 70 percent of of stake of each stake is part of lsds they would be selling but there's not that right all there is is people wanting to stake the

wreath wanting to hold the lsds wanted to do things with them wanted to put them in D5 all that good stuff there so again I really don't understand where all these bearish texts are coming from uh from people around withdrawals being enabled I think it's an incredibly bullish event I obviously don't know what's gonna happen with the price short term because that's all speculated driven but I don't think it's a negative thing for the price and I honestly think that if the price really just remains flat through it people are going to be like oh my God what where's the dump right and then we may see positive price action then because that's typically how these things go but at the same time I don't know if anyone's really um trying to trade this stuff it might be too soon as well usually these things

happen within a few weeks of the actual events but we'll see we'll see what happens there anyway I told you I didn't want to rehash everything I've said before so I'm going to leave that one at that for now uh I think I've got a couple more things or one more thing about staking that I wanted to highlight which is a tweet from Super fears who said you want easier staking on the ethereum beacon chain these are the best directions to push in and he's got a list of different uh Solutions here one of them is nice node which is a simple node management kit uh rocketpool obviously has a simple installation interface called the the um the smart note stack you have hysterium which is managing staking from Windows dap node gives you a web UI and Avada also gives you web UI so snaking is becoming easier

over time solo staking and staking as part of decentralized pools is becoming easier over time and definitely going to get uh you know much easier post withdrawals as well because there's going to be able to be that kind of like like I guess reshuffling a great reshuffling of steak which will encourage people to build out easier tools people to do this and stuff like that so I'm definitely looking forward to all of that but yeah I'll link super fizz's tweet in the YouTube description below and you can check out these solutions for yourself all right he'll Dobby put out a screenshot of a dune dashboard uh called the ethereum gas dashboard here and he said if ever since the ethereum merge gas prices have been on an uptrend and you can see here that pretty much have been on an uptrend except I guess like a

few days or a couple weeks after the merge but since basically the start of October until today gas prices have been trending up on layer one again uh and currently I believe weighs about 25 uh according to the block native extension that I have right now uh and we're well above the ultrasound barrier I mean the ultrasound barrier is what 16 17 not 17 well it's 16.4 gray or something like that which means that we've been in net deflationary territory for a little while now I think three weeks in a row and we're at negative 11 000 eighth issued since the the merge here and if demand keeps up from here it's going to be very hard to go back into inflationary territory because it's much easier to burn eath than it is to issue

and I've talked about this before but I think people really understand estimate that and I've also talked about how I think that deflationary eat is is definitely not something that people should get hung up on and pin all their hopes and dreams on but it's definitely something worth keeping an eye on because as I've said you know multiple times on the refuel I believe that fee revenue of uh of a blockchain is the best indicator of demand because it is very hard to fake it if not impossible because there's an actual cost to it especially on ethereum layer one where the cost is so high so you I think that looking at this looking at the fact that median gas price has been trending up since the merge uh and so has I guess like price generally across the board not just with eight but with other

things activity generally up uh it points to a very healthy kind of uh return of uh of demand here which is really really cool to see but yeah if you want to check out this dashboard for yourself uh Hill Dobby has linked it in his tweet thread uh this dashboard also is part of uh sorry this dashboard also has other Charter metrics on it as well all about ethereum gas which you can go check out for yourself as I said will be linked in the YouTube description below alright Tony from the Mev boost.pics website here has highlighted that relay diversity is improving so flashbots's relay share reduced to 50 and ultrasound and agnostic relays saw big gains major Builders such as Builder 0x69 a beaver build and flashbots have contributed to

the improved diversity by submitting blocks to those new relays and you can see here the chart now I believe I highlighted this last week and I kind of went through this on the Mev boost dot pix website which you can check out yourself as well but this is awesome I mean flashbots went from what 97 dominance I think uh uh at one point in terms of not uh total blocks but Mev boosted blocks um and now they're basically uh uh much lower than that I think I don't know if not may have what they are of just Mev boosted blocks but of total blocks they are only at 50 uh whereas uh blocks route obviously has grown a lot but so has ultrasound money and the agnostic relay along with block native as well as

you can see here those seem to be the top five relays right now and then there are smaller ones like uh manifold Eden um and a few others there as well but it's great I love the fact that instead of one dominant one we now have a much healthier relay on uh kind of ecosystem it's better obviously for censorship resistance not all of these uh uh uh non-censoring only uh ultrasound money and gnosis as the kind of in the top five here are non-sensory oh and block shot obviously Max profit whereas flashbots and block native is still censoring but that's fine as I've said plenty of times before as long as we have a balance here as long as we don't have just flashbots dominating everything it's totally fine uh at least for tornado cache stuff it becomes a problem when or if something like oh

unisop was to get censored and then uh it would very much degrade the user experience but at the same time we're not there yet so I think that we're setting up the defenses for a possible future that that may entail but we're not there right now so so yeah but just great to see this thanks to Tony for highlighting it all right so the Wu blockchain Twitter account here posted a uh I guess like press release where Visa said that they've been testing how to actually accept settlement payments from issuers in usdc starting on ethereum and paying out in usdc on ethereum and these are large value settlement payments now this is a article that was posted on cointelegraph.com which I'll link in the YouTube description below for you but I

believe that this was uh said at the stock uh where conference or Stark net conference yeah and there's a screenshot here of of Q Sheffield who is the head of crypto Visa talking about this but this is great this is exactly what the I guess ethereum as a settlement layer thesis is all about is where these traditional Finance players are going to begin settling things on ethereum but not only settling things that they do in the traditional Finance system but settling things like usdc which is obviously crypto native now yes obviously usdc is just an IOU that represents dollars in a bank account but it is still very powerful because it's already got a massive Network effect and already integrated into so much of the ethereum ecosystem and even beyond that

so these are getting involved here and doing large value settlement payments makes a lot of sense and it makes even more sense because even if the fees go really high like let's just say we get 100 way sustained fees again to send usdc on layer one send an erc20 token on layer one at those at that fair amount doesn't cost that much like if let's just say that Visa is settling 100 million dollars on chain they're going to be fine paying you know even if it's not going to be this much but they're going to be fine paying hundreds of dollars of transaction fees because what they get in return for that is an incredible amount of visibility over the the settlement process incredible settlement guarantees from the ethereum network and an ability to do things in a much more efficient way which saves them

a more so much more money than they'd be spending on fees yeah and that's why I've said in the in the past that ethereum layer 1 will eventually become a layout for all just all sediment transactions uh and it will become a layout for these bigger players and layer twos will be where the everyday user sits um because at the end of the day like the layer one is going to get going to price out people no matter what there is no way we're going to be able to build 99 of things on layer one and we're not going to be able to have 99 of users on layer one which is totally fine because we have layer twos and they're improving all the time and I've gone through all that plenty of times before but this just really speaks to the sentiment layer thesis that I've had for ethereum

for quite a while and great to see Visa continuing to experiment on ethereum and getting involved there anyway I'll link the article in the YouTube description and you can go check it out for yourself all right so just a shout out here Josh Stark put out a tweet where he said there's three weeks left to apply for the ethereum foundation's academics grants round it's open to a wide range of academic domains from P2P networking to history one million is worth of funds or available applications due Feb 27th and if you want inspiration you can check out the wish list items in the screenshots which of course I'll link in the YouTube description below I believe I've shouted this out before but just wanted to give a reminder this is ending in a few weeks here so definitely go check this out we'll be linked in the

YouTube description below all right so a really big announcement out of arbitrum yesterday so they have announced something called stylus so what Stylus is and what arbitrim is calling it is its next gen programming environment deploying later this year and they're actually calling it uh it's something or they've I guess like they're nicknaming it evm plus now the highlights from this announcement basically are listed here so basically in the in the Tweet they said uh through the power of webassembly smart contracts users will be able to deploy programs written in their favorite programming languages such as rust C C plus plus and more so they're bringing all these languages that typically haven't been brought into crypto or at least on ethereum to ethereum which is obviously

really really cool and positive here now by allowing them to do this or Sorry by doing this this allows arbitrim to scale even more so that that arbitrim says here with last year's Nitro upgrade um the arbitrim network saw a 10 or I guess like the arbitride network saw a 10 times performance boost with a Wireless they say they're proud they're proud to say they've done it again arbitrim daps written in styles are over an order of magnitude faster than their solidity counterparts counterparts which means they're a hundred times faster than their solidity counterpass which means that cheaper fees even cheaper fees are coming to arbitrim than what has been possible before on top of the fact that this is going to attract a lot

of new developers to arbitrim that may not want to uh code in solidity they may want to code in a different language that they're used to here which is I mean incredibly big right this is this is actually really big news and for the developers out there you'll know just how big this news is but as I said if you're not a developer all you need to know is that is and if you're just a regular user all you really need to know is that more developers are going to be able to build cooler apps on arbitrine one and arbitrim Nova as well and it's going to lead to massive import performance improvements on both of those networks which is going to lead to lower fees for users and this is all we're not even including erp4844 so once that's deployed we're going to see some

really really low fees right on these on on arbitrim specifically and on the other layer twos as well but on arbitrim one specifically we're going to see some incredibly low fees uh for for a for a full roll-up right which is just incredible and you know this is what I've said before about how these layer twos they don't have to wait for layer one to scale they can scale on their own as long as they're still a roll-up by posting data and proofs to ethereum are layer one they can keep scaling on their own uh and they're going to keep doing that obviously optimism has their own approach here and doing their own thing arbitrim is doing their own thing um other layer twos are doing their own things KVM teams are all doing their own thing right uh so so yeah anyway I just

wanted to to kind of give uh to kind of I guess illustrate how big of a deal this is and you can go read the blog post for yourself to to get more detail here but that's the tldr basically massive in performance improvements more devs coming to the arbitrim ecosystem leading to cheaper fees for end users this will happen over time so it's obviously not gonna happen overnight but definitely something that is very welcome uh for arbitrim here all right so speaking of layer twos and news so I mentioned before how stockware had their starkware sessions events in uh Tel Aviv uh over I guess like last few days so the biggest announcement out of that event was that they're open sourcing their Stark net prover here so the prover isn't open sourced yet but

they've announced plans that they're going to open source it soon I believe um and the proverb for those of you who don't know is basically the thing that makes these ZK EVMS or I guess like ZK roll ups tick it basically runs the computation in order to generate the ZK proof or the validity proof I should say which is the more accurate terminology in order to make these things work and as uh Stockwell said here the tldr is that the privilege will be open source under the Apache 2.0 license which means it's fully open source for everyone to use the move will boost accessibility to developers promote collaboration within the community and offer other benefits uh this announcement obviously follows the open sourcing of Cairo 1.0 the Papyrus full node which I'm going to talk about out into bits and Stark Net's new sequencer as well so as I said it's

don't I don't believe it's open source yet but it's going to be open source uh soon um I I actually because I because I because in the announcement it's kind of confusing they say that uh it they say it will be open sourced available under Apache 2.0 and then some people took that to mean that it is open source right now no it's going to be open source soon in the future which is obviously great that they just announced this and said that it's going to be open source to begin with uh but great to see this out of the stockware ecosystem here now speaking of privates the one thing about provers is that they are very computationally expensive and by very I mean very like scroll put out a tweet Thread about how the improvements that they've made to their zkvm over the last

few months and one of those improvements was a massive reduction in the memory usage that was required to generate a uh sorry to to to to run approval to generate those proofs now what was that memory requirement well you can see here that they were able to lower the approval memory memory requirement memory being Ram here not hard disk space I'm talking Ram from 870 gig right to 275 gigabytes this is Ram so that's still obviously a tall order there I mean 275 gigabytes of RAM is not consumer grade stuff consumer grade stuff is really 64 gig or below is is what I would say even 64 gig is pushing and it's still quite expensive but I I think you know obviously memory costs are coming down

over time too but the fact that it was at 870 gigabytes and I think it started at over a terabyte obviously uh prices out the majority of people here in saying that the prover model is kind of a one of n trust assumption where you only need one provert in order to generate the proof and obviously that's not good for liveness and redundancy but for security it's fine so even if there was only one prover and you assume that that prover is honest and and live and will keep generate generating the proofs uh everything's fine right but obviously the problem becomes is there's liveness issues with that and there's also a kind of trust issues with the fact that how can you trust that they're going to be live when you need them to be live um and redundancy as well maybe they go

offline no fault of their own and it takes them a while to come back online which brings the network to you know to a halt or to a crawl and then someone else needs to spin up approver if there isn't other proofers so getting that obviously getting that memory will climate down as much as possible not just a memory requirement but the harder requirements in general is critically important for ensuring the reliability and and um I guess like anti-fragility of these networks yeah so so yeah but that's great that they did such a huge Improvement right going from 870 gig to 275 gig which is a 68 Improvement here just shows me that there is even more improvements to come and this is what I was talking about last week about how when you get to a point where you've built out these things and you go from

uh I guess like building out new features or trying to to build out the the thing from scratch you start optimizing and optimizations can lead to massive performance improvements across the board which is exactly what scroll has has done here so I'm looking forward to scroll getting that down even more and not just them obviously all the ZK teams needing to get that down as much as possible and getting the prover to at least 64 gig memory or below I think is is is definitely um where it should be and I think they can definitely get to that but just getting it down from over one terabyte to 275 gig is a massive achievement so kudos to scroll for that and keep up the good work there all right so I spoke just before about how uh stock quiz talked about these papriest uh funo that they released so

basically you'll be able to run your own Stark net uh full node called paprius or paparos I I'm pronouncing it wrong here um and ethereum on arm is right on the ball here where they've got the this papriest client syncing on arm and they are starting to test ethereum Layer Two nodes uh with their architecture here so very very cool to see this as well I mean running Layer Two nodes and and validators and sequences improvers there's definitely something that's going to become a massive industry in of itself not to mention things like uh the Asics that are being made for these things uh specifically for these things from companies like ingonyama this is going to be a huge industry both hardware and software wise it's going to

be an absolutely massive industry and I'm looking forward to running all these things myself I have plenty of Hardware to run this stuff on even if I'm doing it from an altruistic perspective I think um it'd be really cool to do this really cool to learn new things and to help these networks grow and decentralize and become more resilient over time as well so great to see ethereum on arm testing this out here you can do it I think you can test that out for yourself if you want as well if you just search uh Stark net Proprietors on Google or something it'll bring you to the relevant information that you need there all right so zephram from the Timeless finance and pseudo swap team introduced something over the weekend called the universal Bridge which is a unified interface for sending messages from ethereum to other chains and roll ups I

let you implement things like cross-train governance without relying on third-party protocols like layer zero so how does this actually work it basically wraps around the official bridges of the supported networks such that you can send a message to any network using the same simple interface this makes the development experience much better and this makes the universal Bridge as secure as the official Bridges which is good for Roll-Ups like arbitrary and optimism and why do they do this because their the official Bridges share the same security guarantees as the Roll-Ups themselves making them as secure as they can be and then zephrine continues and says that Universal Bridge only supports one made messaging from ethereum to other networks so it is less capable than Omni Chain Solutions but it is still use useful for use cases like cross-chain

governance which I think is really really a really cool use case actually so I've spoken about these tools before this kind of cross chain uh arbitrary message parsing and there are different ways to do it there's obviously um you know just unidirectional where you just go from from ethereum mainnet to another chain or to layer twos then there is bi-directional or Omni chain where you can pass messages from ethereum to arbitrim or to optimism and then from arbitrary optimism to ethereum and then optimism to arbitrim you get where I'm going with this right uh that's where we need to go to enable all those great features that we want like cross chain our composability and automaticity and and you know cross chain flash loan stuff like that definitely where we want to be and there's there's lots of these Solutions coming online now I've

discussed a bunch of them there's Herodotus the other day that I discussed and now Universal Bridge um Stockwood Dam someone was doing the information implementation of that uh there's plenty of these tools coming and building out over time and we're going to definitely get some of these in our production ready states where users can take full advantage of them uh in the near future all right mean Finance has announced uh something that they've been working on for quite some time which is called The Meta aggregator so they are supporting 22 chains with this aggregator nine different sources of liquidity transaction simulations buy orders Swap and transfers and no extra fees so you can jump to main.finance dot swap to check this now check this out now for

those of you who don't remember what mean Finance is it is a DCA protocol so it allows you to automate your your dollar cost averaging into etherea or sorry into eth or into some other asset or whatever asset you want to go into and now they're doing it by uh I guess like supporting all these different networks yeah so if you go to the website you can actually see if you connect your wallet I'll just connect sasol.ethr to this uh this website you can choose your network up the top so right now I'm on ethereum they have all of these changed right now that they're supporting I believe all of these chains are evm chains which makes sense and you can select what you want so you want to go from eth or you want to go from usdc to eth you want to go from whatever

token I mean I have a bunch of tokens here um but let's just say I want to go uh from where is usdc on this list let me just type in usdc go from I don't have a new much usdc here go from that uh to eth of course uh what I do all the time uh and then you can kind of simulate that transaction as well uh and you can I guess like let me let me put in a number here 0.5 usdc I don't really have much usdc here it tells you how much eighth you're going to receive from that it's going to tell you find you the best route as well and you can select which route you want to go with so it's basically an aggregator for DCA in which is obviously very cool here now that's on ethereum whereas I can choose another

Network so I can choose arbitrim and C uh and choose obviously usdc on arbitrim here uh here we go usdc and put in a number I don't think I have any usdc on arbitrim and then this will also simulate and find the best route for me as well on arbitrim so very very cool to see this obviously it's going to be cheaper to do DCA into on layer twos than it is on layer one so if seeing only a relatively small amounts are you doing 100 a week or something or 50 to 100 a week it's obviously going to make sense for you to do that at Layer Two rather than layer one because the layer one gas fees are going to eat into that and probably eight you know five to ten percent of that value there so so yeah you can go check this out for yourself

we'll link it in the YouTube description below all right so we have an update or I guess an announcement out of element Finance so they've announced something called hyperdrive which is the next research leaped from the element Finance team on variable and fixed rate Primitives no preset expiration dates no fragments liquidity and no LP rollovers AKA Everlasting liquidity a concept so powerful you have to experience it yourself so what this what hyperdrive introduces is something called Market sentiment indicator or MSI for defy interest rates it is a balanced system of Longs and shorts that captures the wisdom of the crowd uh there's fixed rates under the hood uh but there is so much more which you can read about here obviously on the I believe this is the blog post or I guess this is the website

about hyperdrive and how it actually works and and functions in um in practice but they also uh go into detail on the thread where they said you know the fixed rate is the market sentiment indicator if it doesn't exactly equal the average variable rate there is a profit to be made who makes a volatility profit uh you can uh you know being on 20 CT 24 7 you know where rates will go and and don't sell yourself short you can long as you can short the fixed rate when it's low instead long the fixed rate when the MSI is high and beat the variable rates in D5 with less variability so essentially what this allows you to do is BET on where rates are going to go right where they and and you can bet on that based on I guess sentiment of crypto Twitter sentiment of

the market generally like our rate's going to go up are they going to go down you bet on it you capture a profit on the spread at least that's my understanding of how this works now not going to do obviously a whole breakdown here you can read about it all for yourself with pretty pictures pretty graphs and stuff like that on this website which of course I'll link in the YouTube description below but great to see element Finance continuing to innovate on their core primitive CR because we need more of this as I've said plenty of times before there's not that much real Innovation going on in D5 anymore because I feel like 90 of D5 has already been built but that 10 of innovation that's going on is some groundbreaking stuff some stuff that actually hasn't been done in traditional Finance or is not even possible in

traditional Finance uh which is obviously very very cool so you can go check out hyperdrive for yourself we'll link it in the YouTube description below all right so over I think it was yesterday or the day before there was an exploit on cow swap that got a lot of people nervous because a lot of people use cow swap now I'm a user of Castle myself I love using it and he's one of the best decentralized exchangers out there but the reason why people got so concerned about this was because no one knew what was actually happening like what was actually exploited well thankfully it turned out that it the users were not affected by this the only uh thing that was exploited was a contract that held uh fees that were paid to the solvers on the Cal swap Network and because the solvers have to

put up a bond in case of a hack in case of something else that goes wrong uh that actually covered the losses here so I believe it was around around 150 000 worth of dye that was taken out of that contract but that was it and the reason why people were so nervous is because I saw something floating around crypto Twitter where someone said 78 million dollars drained from cow swap which made no sense to me because calsop doesn't actually have any custody of funds because they don't have any liquidity providers the orders are matched by these solvers right so uh you would you weren't going to lose any assets uh uh sorry people weren't going to lose any assets that they deposited into cow swap because there were no assets deposited into that into there now obviously the bigger concern is the approval exploit where you for example

you would approve a contract to have unlimited spend allowance on a token that you have and then if that was exploited there could that was the main worry that people could that your funds could be drained from that but that's not what happened at all so thankfully the exploit was only limited to this one contract and was only limited to those solver fees and it didn't affect any end users there but you can read Cal swap's tweet thread for a full breakdown on what happened here uh and and on all details about the exploit for yourself but just wanted to put that out there now just in saying that good hygiene generally is to revoke approve approvals on especially on things you don't use anymore on your addresses and also to revoke approvals or unlimited approvals because those things can be dangerous especially well obviously when when

there's a potential um approval exploit because your tokens could all be drained now it just doesn't apply to eth ether's not in the ic20 token so it doesn't have this issue but it applies to pretty much everything else including wrapped teeth because rap teeth is an erc20 token so if you want to revoke things etherscan has a tool that you can use to revoke permissions uh off any con any contract that you want basically um using their tool there on any address that you want there's revoke.cash which is also very popular there's a bunch of them out there but that's just good hygiene is doing that now it does cost gas to do this obviously but the cost of gas to remove permissions or move approvals is worth it to save yourself from any future exploits especially on Old contracts that you have not interacted with in a while and don't

plan to interact with in the future um they may get exploited and you wouldn't you probably won't even know right so and that's the thing like even if you're not interacting with them anymore if you approve them to have unlimited spending of your let's just say Matic tokens for example they could if there was exploited they could drain all your manic tokens even if you haven't touched it in years because they have unlimited approval on your Matic tokens for for an infinite period of time and that's obviously not great so definitely uh keep up to date with your approval hygiene there's the etherscan tool there's rogue.cash go check them out for yourself uh you can just go find them online there all right last up here was an update out of influencia so for those of you who

don't know what influence is it is a grand strategy MMO that's being built on stock Nets uh it's a space-based MMO here as well everything is supposed to be on chain now they've put out a tweet where they said years of hard work by incredibly talented teams has led to where we are now the era of secure scalable and decentralized apps games and experiences now I actually got a demo recently of influence and what they're doing they've actually been able to innovate to the point where everything is an on-chain transaction but on starknet but you don't have to actually approve everything so you can log in with something called cartridge which you can see on the little video here and once you do that it basically allows you to do one approval and then uh for that action and then basically

it'll just Auto approve it you won't have to sign it every single time uh and it's still an on-chain transaction so that's obviously huge from a ux perspective and what's even cooler about this is that because it's all on chain it can actually be a truly decentralized game you can actually have a truly decentralized state of what's happening on the game and people can actually uh have confidence that they're not going to get rugged by a centralized service or you know something is going to interfere with their their gameplay experience because it's centralized which I think is is really really cool obviously so if you haven't checked that influence yet you can I believe I I believe you can play it right now uh I can't remember if I got invited to a beta or something but you can join the Discord channel to to talk to them about

it and and see what um see what that's all about because oh yeah it's currently live on testnet so I'm not sure if that's an open test not or not but definitely join the Discord channel to check that out for yourself if you are into uh gaming and you are into strategy games and you are into space and all that sorts of stuff there so yeah I'll link this tweet thread in the YouTube description below for you to check out but on that note that's going to be it for today so thank you everyone for this thing and watching be sure to subscribe to the channel if you haven't yet give the video a thumbs up subscribe to newsletter join the Discord Channel and I'll catch you all tomorrow thanks everyone