Beacon Chain 1st Bday, Gitcoin Round 12 live & more - The Daily Gwei Refuel #264 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the daily gray refuel where he cap the latest news in the ethereum ecosystem i'm your host anthony sosano and says the first of december 2021 all right everyone let's get into it so the first of december that means it is the beacon chain's first birthday so the eth2 beacon chain went live december 1st 2020 been a year since then wow the year has gone by very very quickly i remember like it was yesterday to be honest i remember being on a live stream watching it all go down and celebrating on twitter that day i mean twitter was on fire that day it was one of the best days in ethereum's history because we finally had a proof of stake if you're improving stake network go live after what six years of research and development at that point so it was a

huge huge milestone back then um and yeah the fact that it's already been a year is amazing and it's funny because like looking back on what the price was back then i think it was like six or seven hundred dollars or something like that and now we're at almost five thousand dollars so the price has come a long way since then as well um so obviously the uh everyone kind of like is liking to stake their wreath and kind of like locking up their eat in staking and so on that note terence uh from the pry labs team put out a tweet today just basically with some metrics saying you know there's 263 000 validators on the beacon chain there's 8.4 million um uh staked eighth uh which is worth 40 billion dollars that's a huge amount of heath right there guys like 8.4 million i think

that's what seven or eight percent of the total supply of eighth right now um and as i said like 40 billion dollars worth as well which is just crazy that only you know eight to seven percent of the supply is worth 40 billion dollars um and we're really only in the kind of like the first inning of ethereum staking because obviously staking right now comes with some opportunity costs and also for most people they've kind of like locked their ears up and i know those liquid staking services like lido and rocker pool and things like that uh but when you kind of like look at most of the steak it i i think it either belongs to centralized exchanges um or it kind of belongs to home stakers that stake you know from a long time ago locked up their ether and kind of like a lot of people don't want

to do that so there's less eat steak than there could be and also right now there's no uh fee revenue or unburnt fear revenue and there's no mev going to stake as which post merged there will be which means that we should be seeing you know ten percent plus apy i don't know but it's five percent which is still amazing like i think five percent apy on eighth is incredible because it's not a us dynamic a us dollar denominated uh yield it is an eighth denominated yield so even if you're only getting an extra five percent kind of like eath i mean the eighth price can go up like 10x in a year i mean it basically went up from what six hundred dollars to five thousand dollars in in a year so you've gotten a lot more than five percent by staking right so when you kind of look

at that it's it's a much more attractive opportunity but i don't think people's brains work like that unfortunately especially if they're newer people but that's okay uh 263 000 valerie that's that's an awesome milestone as i've mentioned before the more valid it is we have the more shards that we can have under sharding and the more scalability we're going to have for roll-ups so we definitely want to keep seeing that number go up and it does go up obviously every validator has a 32-week deposit minimum um and that goes up over time as more and more kind of like our people's stake and more and more validators come online there so awesome to see all that and you know i kind of wrote about this a bit in the delight newsletter today but so much has happened around the kind of like eth2 effort over the last year since the

vegan chain went live and we had the first network upgrade go live for the beacon chain called altair which laid the ground groundwork for light clients uh support and also did a bunch of um kind of like changes around uh slashing and penalties and things like that to bring them more in line with the spec we had a lot of work uh be done on the merge because obviously the ethereum direct is not a quote-unquote official proof-of-stake network until we've merged into one network because right now we have kind of two um so there's been a lot of work being done there uh client diversity is great we have five clients now live on mainnet for the beacon chain so just absolutely amazing progress across the board on everything and as i mentioned before the merge is making uh great progress they have the kansugi kind of like effort right now

there's a bunch i think they're up to milestone four out of six so they're definitely on target i'm expecting milestone five this week and possibly milestone six next week or even maybe the week after and then we get that long-lived kind of like devnet through the holidays so that we can kind of like test and uh and monitor that so that uh we you know it seems like we're on track right now for maybe a q2 merge and that's kind of like my own estimate don't kind of like take me take my word on that but i've been saying q2 for a while and i said that i tell you guys if i thought that the merge would be later than q2 i don't say that yet maybe it happens in the future i don't see it yet i'm still kind of like thinking that q2

is is the time at this point in time but yeah once again happy birthday to the beacon chain uh looking forward to another year of it and hopefully by its next birthday well you know almost certainly by its next birthday it won't be the beacon chain's birthday anymore it'll just be ethereum's birthday again you know how do you kind of do that because ethereum one has its own kind of like birthdays because it went live july 30th 2015 um and beacon chain was december 1st 2020 so does eth kind of like get reborn when we do the merge like say the merge is like june 1st just a random date is ethereum's new birthday like june 1st because of merged networks i don't think so because you still have like all the previous kind of state and history of the current eth1 chain and you all and you have all the previous

stuff of the kind of like eth2 chain from december 1st 2020 as well um so even though they merge together they still kind of like have their history so i don't know i don't know how we're going to play that how we're going to celebrate that but i feel like we're going to just celebrate merge day going forward as that would be simpler at least that would be my vote and speaking of eth2 flashbots has put together a working group to collaborate on the development of a neutral mav software for eth2 now a lot of you will know about flashbots already they're the kind of mev group working sorry the group working to democratize mav on eth1 and building a lot of cool tools around that now they're looking to do it with eth2 which is only natural right mov is not going to go away with eth2 it is

going to become actually a bit more complex i believe because uh it's it kind of like the way staking works and the way mining works is a little bit different there so so yeah this working group is being spun up if you want to learn details about it you can go read this blog post but they already have like a bunch of members in this working group that are core to heath 2 kind of infrastructure such as kind of like bison trails you have obel here rocker pool of course and a bunch of other staking providers each stake community and stuff like that so looks like a very solid effort here and i'm looking forward to seeing how that all shakes out um in in kind of like changing kind of lanes here in regulatory news there's some very good news coming out of um the

uh fatif guidance or the financial action task force guidance here so secretary yellen has said that the recent guidance from fat f on cryptocurrency is consistent with fincen regulation i.e that it does not cover hardware wallet manufacturers providers of unhosted wallets software developers or miners who don't take custody of funds this is huge guys like remember all that regulatory fund there was remember how i told you guys it was kind of like a nothing burger with that that's it's just not going to happen like that in the u.s um well it's not this is this is this is what's going to happen it's going to exclude basically all the non-custodial solutions uh which is brilliant because it shouldn't include them in the first place the only um i guess like uh entities that should fall under these kind of like

regulations are the centralized entities such as the centralized exchanges and other centralized services out there definitely not the self-custodial services things like d5 hardware wallets all that sort of stuff definitely shouldn't fall under it so really great to see some good news on the regulatory front there um and you know this isn't uh binding as jerry burrito from coin center kind of like um says here this is just guidance right now uh and i think the way it works is that fataf will give guidance and then uh eventually it'll kind of like become a a kind of like a regulation will become law but right now it just exists as guidance but this is much better than what we've seen in the past and you know i'm really really enjoying seeing more positive regulatory news come out not that the regulator like the bad

regulatory news really has any adverse kind of like effect i think it's funny because if it did um the crypto industry would have died a long time ago there's been a ton of regulatory action um you know big and small over the years on certain providers but crypto is not only decentralized it is distributed around the world right where you can't just have the us say to every other country um hey you have to follow our guidance you have to follow our regulations yes it has allies that will follow but you know most countries won't follow the us there's a lot of them that aren't actually allied directly with the us and and won't follow what they say and when it comes to this sort of stuff especially you know the funny thing is a lot of a lot of the um the ones in kind

of like europe middle east asia definitely not going to be kind of um listening to the us maybe the uk and australia because they're like and canada are very very close ties to the us there they might may follow in their footsteps which they typically do but you know there's more than half of the world's population that live in countries that do not follow what the us does which is good i mean that means it's you know crypto is distributed and there are people working in the crypto industry all over the world it's not just concentrated in the u.s yes the u.s is a big part of it but it's definitely not the um not the doesn't have a monopoly on it which is which is really really great to see as well so great to see this very positive uh regulatory news out of uh out of secretary allen

today um reminder git coin grants round 12 kicks off today so this tweet was put out yesterday i believe um so yeah this uh this kicks off on the first of december until the 16th of december so you guys know the drill with these matching rounds uh there's 1.5 million dollars in the matching pool this time uh uh wait no no that was 10 days ago they announced 1.5 million now it's over two million dollars of matching funds crazy this is gonna be the biggest round yet so yeah you know the drill just go to get coin go to the grant section and donate to all of your favorite projects and it'll be quadratically matched by these matching funds of course the delegate and ether on there feel free to make a donation if you want to no obligation of course um but be sure to donate to all the other

awesome projects on there that you like i have a cart on there called sassel's cart of love i'll probably share it at some point on twitter where i i've kind of basically curated a list of grants that i donate to every round but i've got to kind of go through it and edit it and add new grants or remove old grants from it because uh grant you know obviously grants change between rounds it's usually three months between these rounds so so yeah this will probably either be kicked off by the time you watch this video or we're going live soon today so definitely go check out git coin grants around 12. do not forget to donate as usual i'm going to be kind of like reminding you guys every few days be kind of like pestering you about it um but you have two weeks from from

today just over two weeks from today all right so this amazing thread from dom here and dom's a frequent kind of daily great discord participants and shout out dom uh and i'm covering you on the refuel for i think the first time um you know you're taking plain our spots today i don't have anything from polly now but basically this tweet thread from dom describes something that i've been talking about on the refill for a little while now but puts it into such a great kind of like packaged tweet thread and in such you know better words than what i think i have been putting it into in the refill in the past but essentially the trdr of this thread is is don basically making the case that with rollups you're going to be able to spin up a kind of like new quote-unquote blockchain right uh within

kind of like minutes just like you can spin up a kind of a new token within minutes on ethereum right and get to get like kind of liquidity and the first example dom uses is they say back in the day if you wanted your own coin you had to roll out a whole blockchain for it and get listed on exchanges that's inefficient right i mean extremely inefficient because to to spin up your own whole blockchain you have to do a number of different things and especially to get it listed on an exchange very very hard um then dom says then ethereum showed up and allowed tokens to be created and traded on dexter's within minutes so basically flatten that completely and then dom says rollups are the next logical step and that's because as i said before spinning up a rollup is super super easy

spinning up a whole new blockchain is quite difficult and especially if you want your token to be tradable it's quite difficult so why not spin up a roll up create an esa 20 aic 20 token get it listed on dexes and away you go right do liquidity mining do all you want and you know centralized exchanges will follow from there so you know this basically this thread just packages together a lot of kind of what i've said a lot of new ideas from dom actually a lot of really cool comparisons as well i especially liked one of these comparisons about oh yeah he they kind of say here why do companies pay top dollar for aws right amazon web services um it's cheaper to pay up uh than roll your own servers and pay for maintenance ban with security etc so ethereum will essentially become the aws of

blockchains in that aspect since the infrastructure is already there i loved this comparison because i hadn't actually thought about it in this way before but it makes perfect sense yeah there's the the sole reason why people use aws instead of you know most people instead of spinning up their own servers is because of these costs right these extra costs like it's it's actually cost a lot to have your own server depending on what you do in terms of like maintenance bandwidth security so ideally you want to outsource that and that most companies do outsource that and and it works really really well amazon obviously benefits greatly from this but it works really well so the same thing applies to blockchains why would you go and spin up your own kind of blockchain and go and do all the really the really hard stuff and the

inefficient stuff when you can just spin up a roller get ethereum security because you get aws security by using aws by the way securing your own um data center your own kind of like serving your own network is actually quite difficult um people even struggle still to do it on aws but aws makes it easier than doing it on your own um but that's what ethereum is going to do for for rollups give them that security and then you'll be able to kind of like leverage the consensus as well so you don't have to spin up your own validated network or anything like that of course you want to decentralize out your validators but that's much easier to do on a rollup than it is to do on a base layer blockchain and you don't have to worry about kind of like the insane imbalance between paying for security

and fees generated by the network which is a problem that solana has actually by the way and dom goes through it in this thread where celina was generating i think i don't know what what the exact kind of figure was maybe 80 million dollars a fear of a new a year or something like that um whereas uh uh it's paying out like billions of dollars of staking rewards to keep that infrastructure going here it is so validators obviously in celina needs sold to cover expenses um celina collects 90 million dollars in f in fees and rewards validators with 5 billion a year so there's a 4.91 billion deficit that is paid out in inflationary rewards ethereum is not going to have this issue as a network at layer 1 and then at layer 2 they can just leverage all of this layer 1 stuff obviously at

layer 1 ethereum is going to have perpetual issuance but it's going to be offset by the burn and the most beautiful thing about the burn i've said this before but i still think this is the most beautiful thing is that you cannot fake it you cannot fake traction because to fake the the amount of kind of value that's being generated the amount of fees that are being paid you would have to pay 50 million dollars a day a day to fake this and it most of it is burned it's also like miners can play games either and kind of like drum up the fee revenue but just pay themselves no because it's burned so unless you're uber uber rich i mean you know you can't even be uber rich because even even billion a billionaire would run out of money really really quickly doing this

right like bernie imagine you're burning 50 million dollars a day to for whatever reason even the richest person in the world will run out of money pretty quickly um and and and you have to have liquid cash as well or kind of like liquid eat i guess um and and and by doing so you're just going to drive the price of ether anyway because you're burning a lot of a lot of ethanol even on top of the natural demand so from that perspective that's why i love the fee revenue kind of things because it just cannot be bought it cannot be faked it cannot be kind of like four i mean you can do little things liquidity mining and stuff to jump it up but the thing is is that a lot of these other blockchains are going for the more scalable approach so they're going to have to actually rely

on insane amounts of usage in order to drop the fees to the same aggregate level that they are for ethereum whereas ethereum just has to rely on like high value transactions to to pay those fees because obviously people paying the fees are doing so because they're extracting more value than what the fees are worth um so i think that that you know that's an amazing perspective right there i'm taking that all into account but anyway i highly suggest going and reading this whole thread from dom absolutely amazing thread great to see them getting more followers i think when i followed them they're under 400 now they're up to almost 600 recommend following them because i have highlighted them on the refill before i just remembered with this tweet the other day um when they basically put together kind of like this this chart that i showed the other day

showing what um i like the 8th price and kind of like uh you know how it's all symbolic relationship with like the eth price and the ethereum network and the fees being paid and all that sort of stuff i talked about it the other day i'm not going to go over it again but yeah keep it up dom i love this sort of stuff i love more and more people talking about this it can't just be me all the time guys like i'm one guy i try to get all the information out there and i'm happy to retweet and share anything you guys put together whether that be on twitter or kind of like on on a blog post or medium or wherever it is uh or even on reddit um i'm happy to highlight it happy to retweet it because we need more more

people in the ethereum army like i'm not i'm not a god unfortunately i can't do it all myself and i said that i wouldn't even get involved in the fights on twitter anymore so and i don't even do these threads too it's just i used to do these threads a lot but um i've kind of replaced threading with the newsletter and the video so um you guys can be the thread doors as they're called right and i'll definitely signal boost you uh and get you kind of like more followers so you can keep kind of educating because i think it's critically important obviously you know i'm always talking about that but yeah great great thread here dom really really liked it so a martin koppelman uh from gnosis put out this thread today about a merger that's happening between gnosis and the xdi chain now i was

requested to cover this i had seen this playing out over the past couple weeks but there was a reason why i didn't cover it yet and it's because i was waiting for it to get to the stage where it looked like it was going to go through because i'm going to give some controversial opinions here many people won't like me for giving these opinions um but it looks like it's going to go through it looks like the gnosis chain is going to merge with the extra sorry it looks like gnosis is going to merge with the x-di chain and create something called the gnosis chain which is from what i understand supposed to be kind of like the customer to ethereum so for those of you who don't know kusama is like a it they call it a kind of like uh a kind of sister network to polka dot where

more experimentation happens they kind of play you know it's more centralized people play kind of like harder and looser on that chain they don't call it a test net but in my eyes it's the test net but it's got like an economic value attached to it and things like that um but that's what kind of like i from what i understand no sis chain is trying to be it's not a layer 2 it would be a side chain it's going to be using the beacon chain consensus and it's going to it's going to be basically implementing upgrades on you know ethereum core protocol upgrades before ethereum does it so it really does look like a test net right now as i said it looks like this is going to go through the gnosis chain is going to become a thing but the reason why i don't like this is

because i is the same reason i didn't like kusama and um for poker in the first place because what ends up happening is that you split the communities because you have two tokens you have the dot token and then you have the ksm token and from what i can tell they're not really symbiotic because it's not like a roll-up that sits on top of ethereum and it could have its own token but it's still paying the eth layer one fees right like it still has to pay it still has to burn eth whereas uh from what i understand customer doesn't have to touch dot ever it just has to use its own ksm token so then you have a split of both the kind of like the communities you have an economic split there where there's competing interests and competing incentives so so uh customer

actually ends up being a leech on on pokedot instead of being symbiotic with it and that has seemed to play i had this thesis a very long time ago about this like basically i think it was in 2019 when people were discussing incentivized test sets for ethereum and i had the same thesis back then that i just figured it would leech value and be parasitic to ethereum rather than additive and that seems to be playing out in the polkadot and customer ecosystem so that's the exact same reason why i don't like this because it does compete with ethereum it's going to have its own token from what i understand it's going to have the stake token i believe uh on there or the gno token one of the one of the tokens um i can't remember off the top of my head uh and it's going to

basically be competing with eth as its own as its own ecosystem it can be a side chain right you can probably argue you know aren't these other side chains like the polygon pos chain and um the avalanche c chain and phantom and all that competing with ethereum two to an extent to an extent i guess uh but there are kind of it's all it's all about kind of like how the community kind of frames it because you know you guys know i'm advised at a polygon so i'm trying i'm going to try not to be biased here but i actually think the polygon post chain is fitting the role that the gnosis chain is trying to fit right now but the reason why i don't consider the pos chain to be parasitic is because they're building because polygon is building roll-ups right as well on top

of that and they've said they've socially signaled and say many many times before that they the pos chain is just a short kind of like stepping stone to getting a two roll ups to getting to the proper layer twos they don't want the pos train to be like the long term thing that that they have they want the roll-ups to be the long-term thing that they have whereas something like this where it's building itself is kind of like a like a sister network to ethereum right i don't think it's built itself as a test net but it kind of like is that um and and it's like it's got its own kind of economic token attached to it and it doesn't actually share security with ethereum it doesn't even pay ethereum for anything when i look at it like that that's when it starts to break apart for me and i

just think that it is not healthy to split the communities like that um and to split kind of like the cohesion in the ethereum community like that because i haven't seen that happen with the other kind of like uh uh the other uh kind of things like the polygon pls chain but i have seen it happen with with avalanche stuff because obviously if you are in the avalanche on the avalanche c chain even though it's an evm chain you're holding kind of like avax tokens you're the avex is the native token of that chain well then you are part of a different community now i mean there's obviously a venn diagram and there's overlapping but you know there's a lot of ethereum people who don't hold avax and don't care for avalanche and just because you're using a kind of like the evm doesn't mean that you're the part of

the ethereum community right doesn't mean you're actually being additive to ethereum and to each value so that's kind of like how i look at it maybe it's a bit of an esoteric thing maybe i'm being too harsh here but i just from what i've seen play out with poco dot and kusuma what i've seen play out in terms of things being parasitic and instead of symbiotic i just i'm not a fan and maybe i'm biased uh and maybe i maybe i'm wrong i don't know i'm curious to hear your you guys thoughts on this as well but uh you know i i just from what i can see right now i just don't see the point of something like this i would have rather um extend maybe pivot to being a roll up and nurse's help with that that would have been better in my eyes but

they seem to want to be able to control the consensus as well and to do that you need your own blockchain because roll-ups can't control the ethereum layer one consensus um but whereas side chains can because they have their own validator set and they can do whatever they want they can implement the beacon chain if they want to which is what nurse's chain seems to be doing or seems to want to do um or any other consensus mechanism they can modify it if they want whereas rollups don't have that kind of like luxury so i get it from that perspective but then if you start doing that in my eyes you are a competing ecosystem you are parasitic uh and it's very very hard not to be uh in in my eyes but anyway happy to get pushback on that let me know even either

in the comments or on the discord channel uh if you disagree with me on that but yeah it looks like it's gonna go through anyway so we're gonna see this experiment play out and you know if i'm wrong i'm happy i'll be happy to admit it but i think it's going to take a little while maybe six to 12 months before we see any tangible results from from the gnosis chain here all right so speaking of polygon they have announced that they're hosting a zk summit with eth global on december 9th at 11am eastern time uh you can join the leading lights of the zero knowledge space for a discussion about the future of zk starks and applications of zk proofs so paul brody um will be there chatyanya konda will be there jordi bali bailena and bobbin threadbear now uh paul brodie's obviously uh been at ey

for quite a while been doing a lot of stuff with nightfall which polygon is now uh which is now under the polygon kind of like ecosystem you have chatyana condo here who does uh cryptography and blockchain research with polygon nightfall then you have geordie bellino who's part of polygon hermes basically the technical lead of that team there and bob and threadbear which is the recent addition and the technical lead on polygon midan which is their based roll up so if you're interested in everything zk be sure to give this a watch on december 9th or you can watch the recap which i'm sure will be on youtube and speaking of polygon again winter mute which is a very active market maker and kind of like liquidity provider within d5 has announced a 20 million venture fund today which will be

dedicated to projects running on polygon this is really really cool to see uh you know i know it's not as big as the 1.5 billion dollar fund that was announced yesterday but a 20 million kind of like uh laser focused fund on one ecosystem can can do a lot can can can really fund like small nimble teams that can grow into you know much bigger things and especially on something like the polygon network where you can do more experimentation because it's it's cheaper but not just uh the polygon pos chain i'm sure they're going to be uh kind of um uh investing in kind of like the rollout based teams as well so really really cool to see this cool to see market maker liquidity providers getting more involved in the venture side uh but at the same time there's a lot of

venture funds now right you know i'm seeing on twitter right now that there's a lot of drama around vcs and how many there are and what's a vc what's a fund and i discussed this the other day and i think on on the ama i discussed this where i basically said the lines between venture and and a venture fund sorry a venture firm and a hedge fund or a fund are completely blurred this industry has just like completely destroyed those lines and it really just seems like there's not many true vcs left there's a few of them out there but not many of them left unfortunately because the way the incentives work in this ecosystem early liquidity it you can't be like a five to ten year fund because you get liquidity within like maybe even a couple months of investing right i guess you have lock ups and stuff but still it

changes the incentives there but uh yeah anyway still cool to see wintermute do this i'm going to power through this because i'm noticing coming up on time there was a lot to get through today um so zkopru or zika opero is now on test nets now for those of you who don't know what this project is it's basically another privacy preserving project another privacy roll-up but not a secure up an optimistic roll-up and but it's using zero knowledge proofs to make individual transfers private so it currently and this is on testnet as i said and it currently supports deposit transfer withdrawal of eth and erc20 tokens with nfts coming soon which is really cool i haven't really seen any private nft implementations done before but this is cool i heard about this project a while ago and i hadn't heard about it for for and up until recently

but it's great to see that they're live on the goalie test net now means mainnet should be coming relatively soon as well so if you want to learn more about it if you want to learn how to kind of like interact with it all that good stuff check out the blog post it'll be linked in the youtube description i'm going to just power through the rest of these updates because i'm coming up on time here premiere the options protocol that i spoke about the other day is now live on arbitram so you can do single-sided staking with wrapped bitcoin wrapped eighth link uh call and a die put pools and they're capped at five million to begin with because they're doing a guarded launch i assume here um so yeah if you're looking for a new thing to play around with on arbitram definitely give premiere a try and especially like

a lot of you probably haven't even um played around with an options protocol before they're more of the exotic kind of financial products so definitely go try that out as well but make sure that you're trying it out with money you can afford to lose because options kind of stuff is i mean as i said as an exotic financial product it's not something that normal retail investors usually play around with so just stay safe out there guys with that sort of stuff but it's still cool to see another another app go live on arbitram um little cohen's proposal that you may remember about how he submitted a proposal for uh uni swap to incentivize liquidity on l2 uh it looks like it's gonna pass his latest kind of proposal here so i think i checked it just before i don't know if there was a link here

there's a link here if i go to the snapshot um it's really awesome to see that it looks like it's actually going to pass uh so if i scroll down a bit here you can see i showed this the other day but you can see that the yes is now at 9 million uni and no is only at 214 000 uni so that 500 000 uh kind of like vote against from t11s seem to have changed to a yes now and there's only a few stragglers left uh that that are kind of like voting no so this is really really cool uh to say that this is uh kind of yeah so this is the consensus check should you use top incentivized liquidity on optimism and arbitrary oh wait a sec wait a sec i'm getting my proposals mixed up here t11 s voted against the polygon of the unit stop on

polygon proposal not this one my bad guys my bad but um this one got rejected last time from another whale that are in delegate whale that was voting against it but this time that delegate well doesn't stand a chance because you know the yes votes are at 97 percent right now so awesome to see this it looks like uniswap is going at l2 and optimism and arbitram is going to be getting liquidity mining rewards this should really help to bootstrap a lot of liquidity on there and it's about time i mean these l2s all they really need is a bit of a push and we will get the explosion and adoption that we we're kind of like hoping we will get from these sorts of things i definitely think that it's going to be a nice next few months for the l2 ecosystem there uh

speaking of l2 uh token sets is teasing that they're going to be on arbitrarily and optimism so you can see here that they're already on ethereum and polygon and in this drop down they've added arbitrary and and optimism so really cool can't wait to see them live on there you guys know that i used to work at token sets and still an advisor to the team they're building a lot of cool asset management products and i think unfortunately they've been held back by the layer one gas fees probably the most because it costs like hundreds of dollars to um do anything with sets uh especially the earlier ones so now that they're going live on kind of like they went live on polygon but now they're live on the l2s more scalability for them which is really really awesome to see there and the last thing was another chart

here from data always asking if scarcity is your main narrative who would you rather be and then he's got a chart here showing the annualized inflation rates of 8 and btc so the 30 day average bitcoin inflation inflation rate is actually higher than the 30 day average ethereum inflation rates since uh erp 11559 went live so ethereum is on net issuing less eth than bitcoin is issuing btc uh you know over the last 30 days on average on net that's an insane right but it's expected like i knew this was going to happen because i kind of like did the napkin math at the time and then this is basically going to drop even way further once the merge happens when we have that 80 to 90 percent issuance issue introduction so just pretty pretty funny to see this

because bitcoin is hardcoded with what they can do they're only going to be harvesting every four years the next one isn't till 2024 then 2028 of course i mean we're having our 80 to 90 issuance reduction next year within maybe you know seven seven-ish months or something like that they're gonna have to wait until uh i think mid 2024 or roundabouts that i think was may or something um to to kind of like get that uh so yeah it's gonna be interesting to kind of like see how that plays out i think it was i think it's 2024 if i'm doing like my kind of like uh uh if i'm remembering correctly there but but anyway i'm gonna leave it at that i'm at time here so thank you everyone for listening and watching be sure to subscribe to the channel if you haven't yet give the

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