Beacon Chain re-org, Immutable X updates and more - The Daily Gwei Refuel #372 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the daily great review where you cap the latest news the ethereum ecosystem i'm your host anthony sosano and today's the 26th of may 2022 all right everyone let's get into it so apologies for not putting out an episode or newsletter yesterday unfortunately i had to deal with a plumbing emergency happened at the worst time uh but i had to kind of like get that sorted uh and make sure that uh my house wasn't gonna get flooded but it's all good uh it wasn't it didn't turn out to be that much of an emergency as i thought it was but by the time i got it all kind of like fixed up i could i was too tired to record the refuel so i just figured that i i wasn't going to do it i'll just kind of like do a longer episode today and

well today's episode is going to be quite lengthy as you can see i've got a bunch to get through and i'm pretty fired up i'm actually pretty pissed off at the moment and i'll tell you why so there was this tweet thread from martin koppelman yesterday who um is one of the co-founders of gnosis talking about this uh seven block reorg on the beacon chain now for those of you who don't know what reorgs are i'm not going to kind of like go into depth about what they are it can it can be quite a complex topic but i've talked about it before basically the way blockchains work um specifically uh uh specifically so not not all blockchains but like specifically like ethereum proof of work bitcoin people work through improve stake um is that like blocks uh i mean especially in proof of work there's no concept of

finality right so the blocks aren't finalized technically both ethereum and bitcoin can be real to genesis so what what that means is you can basically replace the blocks that have already been mined with kind of like other blocks but in the case of of kind of like this reorg that happened on the beacon chain it wasn't due to a kind of consensus issue it wasn't due to a bug or anything like that and it was already an issue that had been you know fixed and rectified it's just that the clients that so the issue got rectified in the clients and there were a bunch of clients that hadn't updated their software with the fix in place and the fix is what's called a proposer boost so i'm not as i said i'm not going to get into the weeds of all this stuff because

it will take me forever to explain it but um essentially martin got like a wrong reading on what that was yeah he was kind of relating this back to a paper or an analysis that was done by vitalik and georgio ocr around reorgs on the beacon chain and it's it wasn't really kind of like uh relevant i think uh and then you can see here actually preston van loon uh kind of like replied to martin said we suspect this is caused by the implementation of proposer boost fork choice uh which has not fully rolled out to the network this real is not an indicator of a flawed fork choice but a non-trivial segmentation of updated versus out-of-date client software aka people needed to update their software essentially right um so so yeah and just as well on on this front uh seven blocks in beacon chain he's 86 seconds seven

times 12 second blocks is 86 seconds right so it's not actually that long like i think some people look at seven block and think that it's like a bitcoin block which is every 10 minutes and they think it's like a 70 minute reel no it's like 86 seconds it's not actually that deep of a of a kind of like real there um but that's kind of like orthogonal i guess one thing and the reason why i'm kind of like really upset today is because people took this thread from mine and ran with it especially people who don't like ethereum such as the bitcoin maximalist no fact checking no kind of like looking at that what the core devs are saying and seeing what the actual issue is no nuance just hey here's something that happened on ethereum that looks bad we're just going to kind of

like fight ethereum with it and it's really really pissed me off because not only kind of like that happening but also i'm sure you guys noticed today the 8th bitcoin ratio went down a little bit i mean it's not even that it's not even down like uh that much compared to like what it's been doing the past few weeks it's just today kind of like dumped a little bit and everyone's talking about it for some reason i don't even know why it's just kind of like all coming at once and people are like oh you know people are selling their eat because they finally realized that ethereum is kind of like a petrol motion machine it's deeply flawed and the merger's gonna fail and all this [ __ ] i'm like what the [ __ ] is going on like i'm just in my mind right now like i'm

actually recording this earlier than usual because right now i'm just like what the [ __ ] to be honest like i've got no idea what's what's going on um and i feel like people are literally just like overreacting to things because the price is going down and the thing is that eighth isn't the only thing going down everything's going down the entire market is selling off so i don't know but yeah that's just kind of like got me fired up and especially because you know you guys know obviously i'm an educator whenever i see misinformation i get really really pissed off about it um but anyway there was a kind of something that that martin said after he posted this tweet martin by the way isn't trying to fight ethereum isn't a bad act or anything like that and he said the amount of attention this tweak

quickly got specifically from people not interested in ethereum success makes me almost regret doing it and then vitalik replied by saying you know please don't regret it truth seeking is more important than not giving the wrong people rhetorical ammunition or whatever so i actually i agree with but i agree with vitalik but like i would actually take like a different kind of view on that as well the problem with like truth seeking especially on places like twitter is that most people aren't interested in the truth most people are interested in confirming their biases and and kind of like spreading a narrative that is better for their bags especially obviously in crypto right so i kind of disagree with vitalik there that i think that putting out like bad information um even though you it may maybe even

unknowingly doing it publicly is is not a great thing to do because as i said people run with it they kind of like spread it out to their audience and they don't correct it and they don't kind of like follow up with kind of like the accurate information later on and then it comes falls back to people like myself uh like a lot of people on twitter like uh bankless like all these people that do education to correct this sort of stuff and it's super frustrating guys i get super frustrated that like this is like a never-ending battle i want to educate out of the love for ethereum i don't want to have to like keep uh you know all the time keep correcting this misinformation it's just it makes me depressed to be honest like the fact that it's been so long since i've been

doing this and we still see the same thing over and over and over again i know it's never going to end i know that there is a a segment of kind of like the crypto community you know the bitcoin maxis and a bunch of others that want ethereum to fail that will use any information they can to make ethereum fail and i get that like i'm not trying to be able to feel sorry for me i'm not trying to say that kind of like i don't understand that this is going to be the way it is forever but it's just incredibly frustrating um but anyway that's kind of like again just like i guess a little bit off topic from from the actual cop topic at hand but for the best explanation on what happens you should get read this uh tweet thread from terence from the prayer labs team

so i mean this is coming straight from the horse's mouth so to speak right terence is a core dev he builds the beacon chain kind of like software so if anyone's gonna know it's gonna be him right so i already went through the kind of like tldr this was basically um well i mean the tldr terence says yeah proposer boost is the defense against various lmd ghost attacks it gives the on-time block an extra boost for votes so there was a bunch of attacks against ethereum proof of stake uh highlighted a while ago and um this is kind of like the proposer boost is one of the fixes to those attacks so we already knew about this at the attack like i'm not saying what happened on the beacon chain was an attack it wasn't from what i can see but we already knew about this kind of like

possible attack and we put in a fix for it and it wasn't and because it wasn't a fix that required a hard fork it was an optional i mean it wasn't uh technically it's an optional upgrade so people don't have to upgrade because they're not gonna you know get kicked off the chain or whatever um because it's not a hard fork but because it's not a hard fork less people updated so those who didn't update means it resulted in what we saw was that seven block kind of like real there but essentially uh uh the proposer boost is kind of like a defense against that attack and it actually works quite well against against that attack from what i've seen it's just that you need the clients to update to get there right anyway i was suggest reading through this this tweet from terence to kind of

get a full breakdown on exactly what happened here but i just want to stress guys that this was not a critical bug this is what not an attack on the network this was not something that wasn't already known ahead of time this was simply due to people not upgrading their clients because it wasn't a hard forked uh kind of like update it didn't require hard fork to do this and it's good that it happened now right it gets more people to kind of update before the merge and speaking of the merge i don't think this is going to result in a delay of the merge or anything like that i don't think this this has any impact on the merge to be honest from what i can see you know this would happen pre or or post merge it doesn't really matter right this could have

happened after the merge um and you know probably i don't know if it would have been like worse after the merge or not it just depends on kind of like what happened there but uh but yeah i think you know given the fact that that uh the biggen chain is going to go through another hard fork anyway uh to kind of like get itself ready for for the merge by the time that happens and and people upgrade their clients it's always it's already gonna have the proposer boost fix in place so theoretically 99 plus percent of the clients should have this fix in place before the merch happens because of the fact that they're going to be forced to upgrade anyway um as part of the the um consensus layer hard fork for the merge so that's that there uh and then the final kind of like tweet on this that i

put out before was people using the beacon chain seven block reel is incident to say that a theorem proof of stake has failed is really silly they don't even know what they're talking about and they're just looking for literally any reason a reason to fight ethereum i did say the flood would increase the closer we got to the merge and i mean it's playing out exactly as i said it would and it's just frustrating as i said guys i know i seem a little bit flustered on today's episode it's more than i'm just like really fired up about this sort of stuff and and i literally it was funny i got really fired up about it like um 10 10 minutes ago or whatever and i was like okay well now [ __ ] it i gotta record the refuel now gotta get this out

there i want people to kind of like understand that uh what they're reading from a lot of people that are that are completely uninformed is just trash information i encourage all of you to always question everything you say question what i'm saying too like don't just take my word for it this is why i always guide you guys towards kind of like other people other you know like i said go read terence's thread right go into the eighth r d discord channel and see what's being discussed there don't just take any one person's word for something and that and and this is exactly why i encourage you to do that because of the fact that i can get things wrong like i'm not infallible right just because i think i'm giving you the right information doesn't mean that i necessarily am i try my very

hardest to make sure that i'm not spreading any kind of bad information um but that's why i always highlight that you guys should go kind of like read these things and i think you know as i said as we get closer to the merge the fight is going to increase unfortunately um and you know probably after the merge as well like bitcoin maximus always love to use like literally anything to say that ethereum has failed proof of stakes fail blah blah and it's just like kind of like why do you guys care so much like i've always had that kind of like question in my mind it's like okay the only explanation i can come up with of why bitcoin maximalists care so much about ethereum is that they view ethereum as a threat now they'll say oh no theorems on a threat it's not money

right it's not kind of like sound money 80 is a scam blah blah bl but like there's so many other things that are actual scams in crypto that you never talk about but you talk about ethereum all the time and have for years and literally every single thing ethereum does is apparently like evil right so and the only explanation i've ever come up with is the fact that they are scared right they're fearful of eth kind of like um uh gaining value on btc being you know paying off being a better investment over the long term they're fearful of ethereum kind of like uh uh kind of growing more than bitcoin which it already has and they're fearful of something like the flipping happening and that's totally fine like i get that i get that fear right i've had that in the past around some of the alt-l ones

not not recently but like a while ago especially during 2017 and when uh there were like other all-tile ones that kind of like and it was my first kind of um oh not my first cycle but it was kind of like my first time experiencing the altar one hype i was like oh okay well if ethereum actually gonna win uh is ethereum actually gonna be the thing that kind of like goes on and becomes like the big platform and everything else dies off i wasn't anywhere near as convicted on that as i am today uh and you know that's why a lot of the other alter ones whenever i see them i don't really get scared or anything i see them like okay like why are they getting usage okay because they have cheap fees all right well i mean long term i think that's unsustainable blah

blah and i've explained this to you guys before i have my reasoning for it now but in the past for sure in 2017 even 2018 i was scared i was like oh [ __ ] like am i holding eth like uh is it gonna go down because of these competitors but this is the thing guys this is the natural thing of a free market of a free capitalist market there's always going to be competition no matter what it is like ethereum defy apps nfts whatever it is there's always going to be competition there is always going to be things that are a threat to your investment to the thing that you're interested in and if you can't stomach that well then you know you probably shouldn't be in this ecosystem because it's hyper competitive and uh yes it gets frustrating yes it gets depressing the most frustrating thing for me is is

the misinformation like especially from other kind of like founders of project like there's plenty of the altar one founders that are spreading [ __ ] and misinformation about ethereum that's what pisses me off i don't care that uh that they got a bit of kind of like usage i don't care that avalanche for example copied geth like i think it's kind of like ironic that they copied death and then bash ethereum but i don't care about any of that right and i do point out the flaws in these things but i think what i do is i try to point out the flaws in these things and then kind of like it reiterate why ethereum doesn't have this and why ethereum is the way it is because of the could lead to some of these other flaws playing out on ethereum if it wasn't so anyway that that's kind of like a 15

almost a 15 minute rant there on all of that i hope i cleared up a lot of this stuff for you guys but as i said like please read terence's thread it'll be linked in the youtube description please if you've got time if you're interested go into the eighth r d discord read what's being said in there and please uh study the the kind of like things that terence linked in his thread as well which is these kind of like attacks uh that were um that were kind of like identified and the fixes for them and in saying that this stuff is inherently complex this is core protocol level stuff so don't feel like an idiot just because you don't understand i'm not going to say that i understand uh the technical details of all of this but i understand that enough i think to

realize that it is not a big deal and and realize why it actually happened and what what fix is actually in place to fix it so yeah please go go look for more information on this if you need it don't just take my word for it but i think that's going to be it on that uh issue issue or topic for today there's a bunch of other things to get through so i'm going to move on to those all right so superfiz put out a great little uh tweet here where he said six steps to the merge which is it's his interpretation of this this isn't kind of like what the ethereum core devs have put out this is superfiz's interpretation of these six steps so we have the robston test network happening on june 8th as you guys know the next test network will be sepolia which is

the new ethereum test net and then girly after that and then we're gonna have paris which is the execution layer fork to prepare for the merge aka the fork on the eth1 side the the um ethereum that we all know and use and love today and then balatrix is the name for the consensus layer fork on the beacon chain to prepare it for the merge that's that one i was talking about before and then you have the merge right we hit the total terminal difficulty on the execution layer and the merge is done one blocks proof of work next block will be proof of stake and that's it merge is done hopefully it's gone smoothly hopefully nothing breaks and and we're all in like an ethereum proof of stake world now timing again as i said august high chance uh still as i said i don't think

this uh it real thing is going to delay that um but it could always get kind of like pushback from august i think august is my estimation it is not a kind of like official data there's not anything out there it's just my estimation based on the information i have today now the funny thing is i was actually um talking to someone about this depending on the on kind of like the difficulty bomb and depending on i guess okay so let me take a step back here ttd or total terminal difficulty is basically the diff the difficulty of um of of kind of like ethereum mind the if you're in mining difficulty right and that's what's been chosen to uh kind of i guess um uh do the merge that's when the merge transition will happen now because of the difficulty bomb going off and

because of the block times getting longer it's going to be funny to see if and because of potential of miners dropping off before the merge it's going to be funny to see like if we set a ttd we estimate it to happen in say mid late august but then because of the block times getting longer and and may and the difficulty bomb and kind of like maybe mine is leaving the ttd actually doesn't get reached until september so it's like kind of like it's not a delay due to kind of like any human delay it's it's more of a delay based on what the network did so i don't know maybe maybe it could push into september because of that but as i said like i think that the initial uh kind of like timeline is is looking like august right now uh in terms of kind of

like when the ttd date will be set but we'll have to see but yeah this is a great little uh summary from superfizz here all right so an interesting tweet from madit gupta the saizo at polygons today where he said web3 is not about force decentralization web3 is about the ability to be decentralized it's about having the choice inferior alchemy are not bad as long as you have the choice to run your own node custodians are not evil as long as you can self-cast idiots as well so i've talked about this before and i've written about it in my newsletter the most bullish thing about this ecosystem for me has always been the fact that you can choose your own adventure right and i i know i've spoken about this a lot but basically what i

mean by kind of like choosing your own adventure is that is exactly what modit says here in fura and alchemy you use those uh most likely to relay your transaction so if you're using metamask and you're using the default rpc on metamask you're using infuria to regulate your transactions what does that mean basically every time you sign and confirm a transaction it go it shoots off to infurias nodes inferior's nodes kind of are uh kind of like have it in their mempool and then it will get mined and put into a block now is this the most trustless way to interact with ethereum no of course not if inferior wanted to they could censor you they could block your transactions and they could do that uh uh without the network being centralized but they could do that because they're the ones running the nodes right their nodes are centralized

but in saying that an alchemy is the same thing but in saying that you can run your own ethereum full node right locally on your computer or on on a server or wherever you want to kind of like run it then you can point your metamask rpc to that full node then you have a fully trusted experience because you're not going to censor yourself right you're not going to send your own transactions and unless someone was able to get control of your full node no one can censor you essentially so that is the full self-sovereign trustless way to interact with ethereum now the reason why this is a choice is because it's exactly that you can have your rpc as infurial alchemy or you can have your rpc as your own full node that is what decentralization is all about and in my mind is that we're not forcing people to

use it we're giving users the choice and this goes back to basically everything within crypto there's a million examples of this you have the choice to self-custody your funds and your own wallet with your own keys or you can if custody or funds with a centralized exchange or some other custodian it's a choice right there it's a conscious choice that you're making no one's forcing you to choose either either all right you're making that choice yourself um you can choose to interact with the d5 protocol directly with the smart contracts directly yourself or you can choose to use a front end or you can choose to use a centralized front end like you can use the uh you can sorry i should kind of like change my wording there you can use the front end um that the team's provided says for example you can use unisop's front end

or you could use a third-party front-end such as zapper or you could use a centralized exchange as a front end right you could kind of like um use even a decentralized front end but you know you don't know kind of like what the risk profile is there may be more risky than using your own local one you can use your own local one to interact with the contracts as well not many people know that you can actually run as long as the front end is open source you can run that front end locally on your own pc instead of having to go to the website uh and then just kind of like do everything like that but again you could run your own full node on your computer and you could interact with the smart contract yourself as long as you knew which functions to call to do what you

needed to do so as again choice right and maybe a lot of this stuff is sounding a little bit complex to you well that's why i think what what the onus is on the ecosystem not so much to decentralize everything which we are obviously trying to do but also i'm making it easy for people to make the choice to be decentralized to do things in a trustless way instead of using a centralized custodian or a centralized kind of like provider and to do that is hard like for for people to choose to to uh to use their own kind of like um full node as their rpc most people will never do that okay so how do we you know what's the next best thing like clients okay we're like clients well they're a technically hard thing to do they're on the ethereum roadmap but we're not there

just yet all right fair enough custody i think self-custody at this point in time is a solved problem if you don't want to self-custody it's more that you it's more of a social thing that you don't trust yourself to custody your funds otherwise there's a million different ways to custody your funds uh on your own securely if you know what you're doing right there's hardware wallets there's kind of like uh other forms of cold storage and things like that there's kind of like custodying in in hot wallets that you control the private k2 which i wouldn't recommend doing by the way i always recommend hardware wallets but there are different you know various different ways to custody your own funds that's that's not like something that we have to solve obviously we can make it easier but i think at this point in time it's pretty easy right like to

self-custody and self-custody is inherently going to be more complex than using a custodian but uh but it's still good it's still pretty easy today like if you buy a ledger device i mean it's pretty easy to use and they give you like all these instructions and everything um i i honestly would i would feel comfortable giving my parents a ledger device and giving them the instructions and i reckon they could go through the whole process of getting funds onto onto it it's just it's not a hard thing right so that's that's kind of like solved but a lot of other things we need to kind of like get better get better at but anyway i'm gonna leave it at that so many more things to get through and i'm already at minute 21 this is crazy but yeah maybe today's gonna be a really long episode

but anyway leaving it at that thought it was an interesting tweet all right so just a quick shout out here to rockapool so jasper shared today that for the first time since its inception rocketpool is launching more validators than lido the markets are taking notice and hopefully balancing out the staking shares so i think um and justin was quote tweeting a tweet from data always who said the sd8 peg seems to have temporarily paused lighter centralization concerns until market forces push the peg back into a quality lighter inflows will be dramatically slowed rocket boolean flows are twice that of lido since the latest drop on saturday so i i i mean i think this is correct right obviously it being off peg people don't want to kind of like mint ste because then they're instantly kind of like at a loss because they can't trade it

directly for you know kind of like a one for one eighth again so that makes a lot of sense um but yeah rocker pool seems to be growing really nicely as a consequence of that which is awesome and as i've discussed before they are kind of like talking about lowering the minimum kind of like eat requirement of for staking and they're doing a bunch of other things as well i think they're doing like a marketing blitz on bankers soon as well so good to see rockapool getting some really nice uh growth here all right so i put out this tweet just before i actually just earlier today where i said i always find it funny when people celebrate low gas fees on ethereum l1 low gas fees mean that there is little activity and that the market is really bearish congrats you can now go sell that [ __ ] coin on the decks for

five dollars instead of 50 except that [ __ ] coin is now down 90 i find it puzzling though a lot of people don't realize this the reason why the easy money was was kind of like uh sorry the gas fees were high is because there's a lot of activity happening and that led to a lot of easy money flowing that little led to a lot of tokens pumping a lot of yields being high and all that good stuff there so in turn and let me put some numbers to this say you spent 100 100 200 on fees right to to sell a few tokens off right it was more likely than not that you were signing these tokens for much higher than what they are today even though the fees are much lower right even though you could like you spent more in fees you would have netted

out better so let's say you had 10 000 of a token at its peak you spent 200 on fees to sell it at 10 grand i'm that i'm putting numbers on this just so i can illustrate my point two hundred dollars to sell out at two ten grand okay that's a two percent hit and um and and and you got nine thousand eight hundred dollars out of it as uh as kind of like not profit but like as a because depending on how much you put in originally that's what you got out of it right accounting for fees okay fair enough uh that's on like the extreme end of the example as well i never uh there was periods where it cost 200 to to swap but most of the time i didn't cost 100 but anyway as an illustrative example okay well now that token's gone down 90

because it's a bear market it's worth a thousand bucks and the gas fees to swap is kind of like uh it's like five dollars right so you i mean you know even if it was kind of like five dollars which is which is really cheap right uh and and you're still gonna depending on how much you put into it you're still gonna make like 99 95 dollars if the swap is a five dollar fee but you're not making an extra 9 000 or whatever it was because you just waited to sell and you sold when the gas fees were cheaper so just you can see what i'm saying here like maybe i hopefully i'm illustrating my point correctly but it's kind of like you're better off a lot of the time especially if you have like thousands and thousands tens of thousands in these things selling when

the gas fees are high rather than saying i'll wait till later till the gas fees are lower and then i'll sell when the gas fees being low for sustained periods of time usually means the market is incredibly bearish so i just wanted to kind of like illustrate that point to you guys because it always confuses me when people kind of go on about this sort of stuff and like oh my god gasps are so low and then i asked them okay what are you doing right now oh i don't know i haven't really got anything to do oh why is that oh because like there's not much activity going on there's not much happening you know the market's quiet it's like well i mean there you go right anyway i just wanted to illustrate that for you guys all right so massive news out of stock

where uh today so they announced a 100 million dollar series d at an 8 billion evaluation so i remember saying to you guys that i thought a series d was coming from starkware uh because there was rumors about it and i you know i i wouldn't put it past them to do it and they did it and now they have a 8 billion evaluation which i believe is the highest l2 valuation out there um even polygon isn't valued that high and they're trading publicly i think they're valued at a five billion dollar market cap or something like that so stockwear is that eight billion dollar private market valuation mind you there's no token or anything for starkware yet and there's no they're not public yet um but this kind of like round was led by koter and uh and uh uh sorry green oaks and

kotor uh with tiger global and many of their existing investors participated as well so obviously congrats to the starkware team here they're killing it they've got tons of money now to survive like any kind of like bear market i guess like even a two three year bear market they've got plenty of money i do like slackways that one thing where i think they're gonna do a token but i do wonder like how they're gonna do it because you guys know i haven't really been a fan of how they've done their fundraising so far and like how much of the cap table are they selling uh to kind of like raise these funds like what is their token distribution even gonna look like i'm not sure not not even convinced they're gonna do a token anytime soon we'll have to see but i i'm glad to see more of these l2

teams being funded of course like i want them to have as much money as possible in order to build out their vision and scale ethereum but i'm i'm cautious on starkware uh kind of like that's for sure but anyway congrats to them on this huge valuation wondering if they're to do a series e like i don't know are they going to tokenize next are they going to ipo or something i i don't know it's it's kind of like weird but anyway big valuation big raise congrats to them all right so speaking of uh big razors in crypto a16z has raised 4.5 billion dollars for their fourth crypto fund this is an insane amount of money especially given the current climate now i don't really want to talk about the money itself what i want to talk about is

they're using this money to fund private markets not public markets and this is actually what can be construed as bearish let me put it to you this way i know people like kobe have actually talked about this a lot and we both talked about this on our episode on on the drive-thru that i did with him but i mean if 4.5 billion dollars goes into private deals and then these private investors obviously you know when these projects tokenize they want to return on it they're going to need to use the public markets as exit liquidity and who dominates the public markets well it's retail a lot of the time right so where's all this money going to come from like if these if people if the if they're kind of like big money is throwing money into funds like a 16 z crypto fund here which is

only funding private markets then we have this massive divide between private and public markets where this money isn't going into public kind of like tokens and i'm not just talking about eighth i'm talking about like everything there are a lot of kind of like tokens right now i'm not gonna name them because you guys know i don't like to name specific tokens but a lot of things right now that i look at and they make no sense to be trading at what they're at like i think they're actually bargain value buyers there was a fund the other day that got a few weeks ago that got announced from ryan watkins and i cumber his co-found found his name now that is going to be doing exclusively public market investing and i applaud them for that but so many of these kind of like uh vcs and funds a private

market only which is just puzzling to me because they're going to fund these things they're going to get locked up they're going to get kind of like vesting and stuff like that and they're going to kind of like rely on retail wanting to buy these things where they could probably buy something much better on public markets today which over the longer term will i believe give them a better return on investments um and kind of like won't have that kind of i guess overhang of all the tokens vesting out and stuff like that because a lot of them already have done their token distribution so i don't know i think if i had to say it's probably neutral for the space that this crypto fund exists and just like crypto funds in general at this point in time exist because they're just going to the

private markets i wouldn't say it's a negative but it doesn't really scream positive to me i know some people were like oh my god this is huge there's more money coming into the space it's like yeah guys but like where's that money going it's not going into the public markets it's going into the private markets which are already overheated there are seed rounds you know in the bloody how many digits is it there's seven eight nine digits right like maybe we're going to see a ten digit and that's a billion dollar seed round like this is crazy so we'll have to see how it shapes over the next few years but so far there's been so many tokens that have gotten destroyed because they have a lot of early investors they get in early they're up like 100 000 x and then they want to sell they want to exit

especially when they have lps in their fund and yeah i just i'm not sure how to feel about this i think right now i'm neutral but i just don't see this being positive for public markets um but like i think eighth is a separate thing i think of eighth kind of like separately i mean some of this money could go into eight but i don't think these vcs are going to be buying kind of like ethan public markets at least not a large chunk of it because they they kind of do the math right they're like okay well it's already worth 200 billion dollars um we want to get 100x at least from these projects or a thousand x well to get that from eighth is not happening anytime soon if ever sort of thing right so when you kind of like frame it like

that i get it but at the same time it just kind of like makes me neutral on this thing and i'm gonna have to see how it plays out here all right so immutable has announced their cross roll-up liquidity solution uh i guess i think i talked a little to this the other day but basically this allows uh cross-roll-up liquidity to kind of like be traded on multiple l2 and l3 zk roll ups on uh kind of like with starknet starkx and starquest technology here you can read this thread for a breakdown of it there's also a podcast that uh immutable did with bankless that you can go listen to which gives more information on this and there's a thread tldr here from robbie as well a co-founder of immutable who said you know they can settle nft trades instantaneously with no trusted bridges

across hundreds of l2s and l3s trade any asset on any marketplace with shared liquidity on open order book irrespective of the underlying roll-up and they're integrating with wearable as well uh here which they announced today which is really really cool so i think they asked today announced a couple of days ago i believe um so yeah some big announcements out of immutable you should definitely go check out i'm going to get through the rest of these updates quickly because i don't want this episode going for too long but i'll link these in the youtube description below so hot protocol has announced that they want to kick off l2 season by requesting that 1 million op tokens uh from kind of like optimism to use to refund 80 of users bridging costs to optimism which is really cool so this is actually pretty unique you can see here a million

op tokens will go towards kind of like refunding people for bridging into optimism which will obviously encourage more people to kind of like bridge in and you have to worry about civil resistance and stuff like that but this is i think still a pretty cool kind of proposal i don't know if it's been approved or anything like that i think that's kind of like in discussion phase right now on the governance forum you can go check this out it'll be linked in the uh the youtube description i apologize since it's a brilliant proposal so so there you go speaking of polly now i don't know about you guys but like i don't know if you've seen them lately on twitter they seem to be an expert on everything i thought they were just like really into roll-ups and really into kind of like uh crypto and like was like

super smart about that but they're super smart about everything and it's making me feel dumb and i love it like i i have a lot of knowledge about crypto and like a few other things but pollyanna seems to have knowledge about so many different things and the fact that like they said that they maintain different twitter accounts for their different interests i was just like oh my god mind blown like this person is crazy smart i love it anyway i'm not going to kind of gush over pollinator again go read this um proposal thread here i think it's a really cool one and i think you know subsidizing costs for people to get onto l2s makes a lot of sense all right speaking of optimism uh there was a tweet kind of like shared here by quick quick exotic i think is his name i'm not pronouncing it right but anyway

uh they're kind of like uh uh the largest nft marketplace on optimism so you can see here there's an optimism nft bridge that they're going to be doing as you can bridge your nfts from ethereum mainnet to optimism and you see a nice little interface here that's really cool i love this you know bridging your nfts in um maybe you're kind of like nfts you want to actively trade or you want to speculate with you can bridge them in or you just want to hold them on optimism instead of holding it on ethereum mainnet you can use this to bridge in which is which is really really cool all right so tom schmidt uh kind of like corrected a little bit of i guess like not direct misinformation or anything like that but like incorrect information here from lee jin who was comparing magic edem which is an nft marketplace

on solana versus open c and saying that magic eden had more users and more transactions and more everything than kind of like open c and then tom tom schmidt says yeah respectfully the data is totally wrong because due to the different architectures of opencv versus magic eden because magic eden has all actions on chains such as bids offers cancels and sales while openc only has sales and cancels you need to filter out transactions in order to compare one to one in fact open c transactions are greater than magic eating transactions when factoring this in this is always something that i tell you guys when you're looking at these kind of metrics is that you can't compare the metrics of of kind of like different blockchains and even kind of like blockchains to l2s and stuff like that without putting in nuance like this um obviously openc

isn't going to do everything on chain because it's very expensive on ethereum layer one um but on solana it's not right there they've obviously got those cheap fees so they're doing everything there which inflates the metrics and this is true for so many metrics like total value locked um kind of like uh active addresses active traders there's a lot of nuance at this sort of stuff and i've described this before i'm not going to get into it today but i just wanted to highlight this thread from tom because i thought it was a good one all right um just a few other last things to get through so another governance proposal from the protocol guild here this time it's for ens uh to donate to allocate a percentage of their unclaimed air drop to the public goods uh sorry to the protocol guild pilots uh

so you can see here the proposal from trent i believe this is the fifth proposal i think or fourth fifth or fifth anyway and i think it's really cool using the unclaimed airdrop or a percentage of the unclaimed ear drop with which they saying they want 200 000 uh ens tokens um to fund uh kind of like the protocol guild now for those of you who don't know all the unclaimed tokens uh from ens that people didn't claim from the airdrop went into the ens treasury uh and now trent's like hey why don't we donate this to the protocol guild makes perfect sense right i'm actually all for this i hope this goes through i think it will considering ens is so aligned with ethereum and public goods funding so anyway go check out this um this uh kind of like a foreign post here

for all details on that and i hope to see this go through soon and speaking of protocol guild they now have a tweet our twitter at official twitter here so you can go to at protocol guild that and go follow them there there's also a tweet here with basically how to keep up with protocol guild the full docs the pilot program the interfaces the contracts all that good stuff there so definitely go give them a follow all right so uh unisop hit one trillion dollars of all time or cumulative volume uh recently i believe the other day actually in may this is huge guys like i know cumulative volume isn't going to go down by definition it's just up only but one trillion dollars of all-time volume on on uni swap this is really really cool like i remember unisop when it

first came out like no one knew what it was no one understood what it did no one knew you know people were fighting and saying this isn't going to work you know amms have been around for as a as a kind of like idea for ages they haven't worked in traditional finance they're not going to work in crypto well they worked guys like they worked wonders they worked i think better than anyone expected them to uh and they've gone crazy and a trillion dollars on on uni swap i mean that's just the first kind of like step here they're going to get 10 trillion 100 trillion a quadrillion maybe one day right of cumulative volume here which i think they will because amms especially unisoft they're so popular they're so useful that i think this is going to keep growing over time so congrats to

unit shop on this major milestone all right so the second part of hazu's uh kind of like merge podcast is out with danny ryan in tim baiko but also joined by stephane uh gosselin here uh as a co-host uh and it's he's kind of like first podcast here so you guys may know him as the ghost step on on on twitter been doing a lot of me related stuff for a while uh but yeah definitely give this a listen to i haven't listened to this yet someone pointed out to me that people were kind of like fudding this podcast saying that tim bikers or danny ryan's or someone's answers were unsatisfactory or something i saw that and because i haven't listened to the podcast yet i can't really talk to it um no can't really speak to what was said

but i want to kind of like front run it by saying that i think in ethereum the ethereum ecosystem especially the kind of like uh dev side they're really honest publicly with a lot of the flaws and a lot of the issues and a lot of the things that kind of like need to be fixed with ethereum um because that's just the way they are that's just the community that we've fostered now this doesn't mean that ethereum is broken that things are fundamentally unsound that uh that a theorem is going to fail or anything like that but you know nothing's perfect no blockchain is perfect no no software is perfect so people being open about the issues and kind of like the things that need to be fixed i think is a net positive and i don't want ethereum to change on that but obviously

these things can be misconstrued people can look at them and be like oh my god this means ethereum's gonna fail this means ethereum's done and i think because uh i think the topic of the podcast was uh mev and liquid staking i think some of the answers given are probably unsatisfactory because mev is still an i mean mo i mean it's not a solved thing there are a bunch of ideas of how to quote unquote solve it or how to make it better and how to kind of like remove the negative externalities of mev but it's not exactly something that uh it should be treated lightly and i think that's what was probably relayed in the podcast but i have to listen to it to give a better kind of opinion on it hopefully i can listen to it uh tomorrow or the day after but yeah i

just wanted to kind of like shout it out definitely go listen to it as well i'll link it in the description and just a final shout out here i reposted my recent uh newsletter uh titled you don't own enough eighth um to uh via mirror or two sorry two mirror uh as a writing nft so they launched these kind of like writing nfts today where anyone can publish their own uh kind of like uh blog post here as an nft and you can collect this you can click this collect button up here and there's already been 15 collectors of it it's 0.01 i believe eighth per uh per collection now there's 469 nfts to own because that was the edition of this newsletter and of course all of the money raised or funds kind of like gotten from this will go towards

public goods funding i'll probably just throw it to the protocol guild they can do whatever they want with it so yeah if you want to move this as an nft you can but i think uh that's it 40 minutes here guys hope you enjoyed the extra long episode uh but yeah thank you again for listening and watching be sure to subscribe to the youtube channel if you haven't yet give the video a thumbs up subscribe to the newsletter join the discord channel and i'll catch you all tomorrow thanks everyone