Biden's EO on crypto, EIP-4844 and more - The Daily Gwei Refuel #331 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the delegate refuel where recap the latest news in the ethereum ecosystem i'm your host anthony sosano and today's the 9th of march 2022 all right everyone let's get into it so i spoke about this executive order that joe biden was going to be issuing uh this week and then he has just issued it as of a couple of hours ago and there was a leak around this earlier in the day but basically what it is is a nothing burger in terms of it being bad or good necessarily for crypto it's just a set of guidelines really um so as you can see in this tweet here uh biden issues executive order on digital assets does not announce any new regulations directs agencies to develop policy recommendations and focus on consumer protection financial stability illicit finance promotion promoting u.s

leadership financial inclusion and responsible innovation so basically it's a call to action to understand uh the crypto ecosystem better across all i guess regulatory agencies within the new the us which is pretty awesome to see right it means they're open to having conversations they haven't made any decisions yet or anything like that um so very very nice to see this now i wanted to kind of like direct your attention to a thread from jeremy alaire uh that you should go ready to be linked in the youtube description below and for those of you who don't know jeremy aller is the co-founder and ceo of circle which is behind usdc he is based in the u.s has a lot of connections in both the kind of like us cryptocurrency scene also the regulatory scene there so this threat is really great because the tldr as he said of this executive order is

this is a watershed moment for crypto digital assets and web 3 akin to the 1996 1997 whole of government wake up to the commercial internet and it's just a small thread about seven tweets here but basically what he tries to illustrate here is that this executive order is as i said before a way for the government to kind of like understand that industry make sure they're not making mistakes not putting kind of like blanket regulations or bans on things um specifically in the us and kind of like get feedback from people in the industry so um jeremy you know in his last tweet says for those of us in the crypto industry this executive order should be viewed as the single biggest opportunity to engage with policymakers on the issues that matter the proverbial doors of policymakers are wide open this is now a national

conversation in the us this is cool i mean you guys know that generally i'm pretty kind of like against most financial regulations i think a lot of them do more harm than good i think a lot of them are based on um shitty kind of like uh uh reasoning and now i mean with kind of like this executive order it basically gives all of us in the crypto ecosystem a way to have our voice heard before we head down that path so what we can do is obviously regulations are going to happen whether we like it or not right that's one thing that we can't control obviously we can build decentralized tools to get around these regulations and we are doing that but there are still a lot of parts of crypto that will never be decentralized right the fiat on ramps for example there's just no way to decentralize uh

decentralize that unless the governments give up their kind of regulations in the fiat world which they won't right and in the centralized exchange world which they won't um and you know there's a bunch of other things that as well and bunch of kind of like second-order effects from these sorts of things so i think as i said this is super exciting even though i'm against most of these kind of like regulations and stuff like that because whether i'm against them or for them they're going to happen anyway so i'd rather them happen in a way that's not detrimental to the crypto industry and is actually beneficial to it so if you're in the us obviously you can make your voice a lot more heard than other than those of us around the world but this is this is great i like there's going to be an open conversation

around this i like that it's not just going to be a bunch of people behind closed doors who don't don't understand what they're talking about trying to regulate crypto that is the worst possible outcome definitely don't what we want to see and we don't want to see every other regulatory body in the u.s act like the sec or the sec has been acting which has been very very shitty like we all know the sec has not been consistent with their regulatory actions um gary gensler there is basically completely out of touch with this entire industry le you know not even just crypto just like in general he's out of touch it seems with just the everyday person so that that that um i guess like uh regulatory body headed up there by gary just isn't doing what they're supposed to be doing in my eyes at all they're

not protecting any investors they're actually doing the opposite of that at this point in time but anyway definitely go give this threat from jeremy alaia reid i'm very excited to see that this uh this kind of like news came out it seems the markets seem to like it as well with with both btc and eth um doing you know performing quite well today obviously we're nowhere near out of the woods yet if you guys have been paying attention to what i've been saying over the last few months and even in the discord channel i don't think there's any cause to celebrate until we get above 4k on eath again it's just there's so much resistance now between 2 and 4k and there's so many reasons to be both a bull and a bear right and this and this kind of like um there's so much

uncertainty out there still that it's kind of hard to know where we're going to go from here so don't take like one or two days of positive price movements as a trend it definitely isn't as i've mentioned before price movement trends take a while to play out and they've usually or the trend is usually already flipped before you realize it has but you kind of need it to be confirmed there so i think once it gets above 4k um you know we'll go to all-time highs and beyond then it should be all well and good unless we get rejected off of 4k um in some big way and and head back down in the 2000s but that is an investment advice or anything like that i mean you guys know i still buy eighth um you know as much as i can uh and you know i i think that uh this sort

of stuff with on the regulatory front is very very good for the markets in general not just 8 but d5 especially because obviously d5 is a big uh i guess like target for regulators so then the default system having more clarity here and i guess like uh i guess bigger players in the industry having more clarity around how the us government is going to potentially treat crypto assets or digital assets in general is very very bullish so very cool to see this uh very cool to see that basically as i said it was a nothing burger in terms of you know regulations today not not go not good or bad but what's good about it is that it's basically opening up the conversation and there's no none of this kind of like closed-door shadowy stuff going on maybe there is some of that still going

on but we can actually have our voices heard and we can and and biden seems to you know what kind of like all these uh regulators and policymakers to actually go out there and have conversations with the people that they're regulating like there's so many regulations that go into place that affect so many people and then the regulators don't talk to these people i just think that's completely insane and bizarre and it seems that the biden administration seems to think so as well so very very cool to see this all right so trent van epps is continuing his i guess a twitter i guess a tweet um it's not really a thread but kind of like he quote tweets himself here around things happening at the merge so this is number six where he says the merge will use accumulated difficulty terminal difficulty called total terminal

difficulty of ttds what ttd means what i was talking about yesterday i remember i forgot to forgot to explain what it stood for but it stands for total terminal difficulty which is going to be used to trigger the proof of work to proof-of-stake upgrade aka the merge instead of block height the reason why this is being used instead of block height or a block number is that an attacker could use a minority of hash power to build a malicious chain fork that would satisfy the block height requirements um so this is basically a way to fend off attackers now you can read more about this in this kind of i guess section here that trent links to i mean i'm not going to read it out for you i'll of course link it for you in the youtube description um and then you know trent goes goes on to say more on

the on the latest devnet driver below which is the tweet that i covered yesterday from parathos if you're wondering what ttd stan stood for it's total terminal difficulty and it's used to describe uh the i guess um the way we're going to basically be triggering the the merge essentially there's no block height or anything like that it's basically getting to this kind of like uh this accumulated difficulty i guess a threshold and then the upgrade triggers and as i said this is to protect against attacks especially from miners even though the risk of attack in my mind is very very low from even from miners but you can never be too certain around things like this as i said before guys the merge if it doesn't work the first time it's really really messy so we need to make sure that like to fix it

so we really need to make sure we get it right the first time um not to say that we couldn't recover from it but the recovery process would be pretty bad and pretty uh pretty it'll it'd be crazy let's put it that way i don't even i think the market would react to it as well that's how crazy it would be but i have full confidence that the merge is going to go through just fine they've thought of pretty much like everything at this point i mean not everything you can never think of everything there's always things that like unknown unknowns as they're called but they've thought as you know the research and developers have thought about as much as they can prepared as much as they can and they'll keep doing these preparations right up until the merge happens so exciting stuff there but yeah i love these tweets

from trent it's really really great to see him continue them uh i'm looking forward to more all right so liam from the optimism team shared uh kind of like the link to the aip 4844 today which is different to 44.88 this is the eip for shard blob transactions which is something that i've been talking about recently so if you wanted to learn more about um about that definitely go to this eip but the tldr as liam states here is that adding a relatively small amount of data to ethereum this year as part of the hard fork in q4 aka the shanghai upgrade which probably is gonna not gonna happen until q1 i'll be surprised if it happens in q4 but regardless timing this is not the the topic of conversation here but what this will do is it enables users to have 0.01 fee dollar fees which is one

cent fees for most transactions without sacrificing safety of decentralization and these transactions would obviously be done at layer two not at layer one so you can read the whole eip here see what it's all about um you know it's got a bunch of technical stuff in here but generally this is you know pretty bullish as i said it's different to 44.88 it's 48.44 and i know it can be a little confusing there but this is uh this is a pretty big deal and i think it's flying under the radar for a lot of people that they don't realize that the you know this extreme scalability for for roll-ups is coming at layer one not just at layer two this is you know outside of all the improvements that the layer twos are doing themselves uh you know with with obviously nitro and what um what optimism is working on

i cameron brought it was called uh they they're kind of like a new upgrade i've of the name eludes me right now but and all the other kind of like intermediate fee reductions that they're doing you know as i've said before guys sub 10 cent fees on like at least on these roll ups is coming especially on optimistic rollups and generalized roll ups is coming much sooner than than you guys think um and then most people think i believe and then getting down to like a one cent fee i mean at that point like really do you need anything more than that like one i mean i know people want free transactions but like if transactions are costing one cent each the roll-up operator or the apps may just eat the transaction fees themselves and kind of like make it out of the um the fees that they generate like an amm

may kind of like charge a point three percent fee and then out of that fee they'll pay for their users um transaction fees because it just makes sense to do that as i said like dydx does this and it makes sense for them to do that so we're getting to this point within the next 12 months guys this is not something that's like five years away uh and it's absolutely crazy that it's coming much faster than even i anticipated so very much looking forward to this airp going into the shanghai update which as i said is the first update coming out for ethereum the ethereum protocol after the merge but as i said before i expect it to be q1 not q4 this year maybe it happens in q4 i'd be pleasantly surprised if it does and as i said work has actually begun on the shanghai

update because most of the work on the merge has been completed and there's a lot of people doing a lot of great work on all the erps that they want to get included here so very very cool to see this definitely go check out 48 44. all right just a quick shout out here to danny ryan who shared his talk about the ethereum proof of stake i guess transition and our solar punk future now this talk is from eth denver uh this is an amazing talk i just wanted to pilot this for you guys because i highly recommend going and watching it i mean you can listen to it in the background do whatever just make sure you listen to it or watch it i'll link it in the youtube description i'm not going to say much more than that i just think that danny ryan being you know the person he

is for those of you who don't know he's basically the guy coordinating the quote unquote eth2 efforts up until this point he is instrumental in getting eth2 to where it has where it is today and you know obviously going into the future he's basically the tim baiko for eth2 like tim baiko he's obviously spends more time on the eth1 side but danny ryan basically does that on the eth2 side um so he very very important person very uh a knowledgeable person to listen to uh so definitely go watch or listen to this talk it'll be linked in the youtube description all right so i just wanted to hide this uh new dune analytics dashboard from hill dobby here which basically shows you uh stuff about kind of like ethereum gas so you can see here i may have

actually covered this a while ago actually i said this is from feb 16 2020 so i may have covered it back um you know on the refuel a few weeks ago but the thing is is that i saw it pop up again and it's because the ethereum gas market is such a cool thing to kind of like research and pay attention to it has a lot of insights in it if you know what you're looking for and i think dashboards like this gives you just such a much much more nuanced view and you can actually see uh kind of um what's happening across many many different metrics i mean if we start from the top here you can see gas costs for typical actions at recent gas prices here's stuff like the eat transfer you know approvals of tokens and swapping and stuff like that scroll down a bit

and say gas prices by hour of the day so this can help you basically see when's the best time to do your transactions i know i know gas isn't isn't kind of like expensive right now but if the market heats up again it's definitely going to get expensive again at layer one um transaction gas distribution so you can kind of like see where the majority of transactions sit uh which is really really cool so you can see it's kind of like all bunched up between i guess 20 and 35 way and then it kind of like tapers off from there uh and then you know a bunch more metrics around here so i just wanted to highlight this maybe again maybe i didn't highlight it last time uh because i think it's cool but and you've also got metrics here around kind of like the top gas guzzlers

over the last 24 hours the week past six months you can see here that openc alone has generated 700 million dollars worth of fees for ethereum um which is ten percent of the total gas usage and then unisop v2 it's a 500 million dollars at 6.4 percent tether at 4.8 percent which is pretty crazy right when you think about it and that's over the last six months so absolutely awesome to to see all that definitely go check out this uh dashboard i'll link it in the description for you all right so greg vardy from the nevermind team here announced that they've just made warp 2.0 public so this is one for the developers out there but for those of you who don't know warp is the tool being built by nethermine that allows developers to transpile solidity code to cairo code in order to

run it on stock net now as greg says here this is absolutely not production ready there's still stuff they need to implement but prs are welcome and you can head to this link here to check it all out for yourself as i said this is one for the developers if you're not a developer probably not much interest to you but still cool to see are these things kind of like moving along here because they're going to be instrumental in getting adoption of stock net as starting it is obviously not an evm compatible network but that's not going to hold them back right you can do the transpiling here you can have native apps being built there i don't think that their stock net not being ibm compatible is bearish at all i think it's actually quite bullish for stacking it allows them to differentiate from the

other ecosystems um but it doesn't mean that the other ecosystems the avm compatible ones are it's bearish for them either there's going to be a kind of like pie that gets so much bigger than we can even imagine guys uh that all these things are going to tap into so i'm very much looking forward to seeing how that plays out and and you know as i said before very much looking forward to seeing starknet and like keep being developed and get to a point where their ecosystem rivals the albatrooms and the optimisms and the polygon pos chains of the world because that just makes for a kind of better ecosystem more competition there so as i said this one's for developers but uh you know it's for developers to develop things for users so at the end of the day is for for users there

all right so synthetics has reposted there a road map today and as i i covered this on the refuel when they posted this roadmap so this is their 2022 roadmap you can see here things that have been done in q1 um then in q2 and q3 and q4 so i just wanted to highlight this there's a blog post accompanying it if you haven't read it yet from january 25th 2022 um kane's actually pretty big on um on layer 2 stuff he's been in it for quite a while kane the founder of synthetics and i think he's got a point to prove which is why i've always thought synthetics was an interesting project because people i guess have bet against it for a long time and you know to be fair synthetics as a kind of like project has has been slow to develop like we wanted it to but

they've also been a victim of i guess like the low scaling at layer one they were first to basically start looking at building on layer two on optimism and they're obviously live on there now they're doing a lot of great work as you can see in their roadmap they have a bunch of stuff coming this year as well and and obviously they've got probably got stuff coming next year too but i think that their product just didn't really work at layer one once fees got higher i remember people kind of like staking their snx tokens and being like wow okay i mean the fees are so high because the contracts for snx staking were extremely gas inefficient because when they were created in early 2019 you didn't have to worry about gas because guay was like cheap as hell i mean it was under five

there was no worrying about gas prices back then so i remember it being like 500 or something to claim your snx taking rewards and obviously for most users that was more in fees than they actually earned in staking awards so then i believe synthetics did a thing where they kind of like migrated to better contracts and then or upgraded the contracts and to be more gas efficient then they're just like well screw this let's just move everything to layer two get it done you know get it over with and those sorts of things is what is kind of like put them back a few steps because obviously migrating their whole thing to a new platform requires getting all the users on there getting people interested again and kind of like building out things again but now that they're on there and there's a whole ecosystem right there's

other protocols building on top or building around it like lyra and quinta and um thales and there's a there's a few others out there probably forgetting the name right now the names right now uh but yeah i just think that synthetics has been that kind of like project that people have loved to to hate um but at the same time i think they're gonna prove people wrong uh as they kind of like scale on layer two as they build out their protocol and as they kind of get more features that only work on layer two um because at the end of the day as i said that i think is their biggest was it was basically their achilles heel was the fact that they were on a layer one um and it worked for a little bit but then obviously as the gas fees got too expensive it stopped

working so so yeah i really really um i'm looking forward to seeing how they kind of like scale out this all out and how they kind of like uh uh i build this out in the coming year or so all right so optimism is uh or shared a screenshot from a i guess transaction on the optimistic ether scan page you can see here uh saying are there is this you so or this you so they're obviously teasing are they going live on optimism which you know obviously rv is live on a bunch of evm compatible networks but but and the v3 is live on i think seven different evm compatible networks on their test nets both layer twos and layer ones and side chains of course so uh this is kind of like teasing it even more here so i mean i'm

very much looking forward to avec going live on on optimism on arbitrary on these layer twos uh on the playground post train all that sort of stuff because as i've said before like they're a core pillar of the d5 ecosystem you need a money market you need a money market that people trust you need one that actually kind of like has more assets than just like the handful and you know i'm kind of disappointed here in in the kind of like other money markets especially compound i don't know what they're doing for as far as i know compound is not on any network except ethereum layer one they were building their own chain or or had planned to build their own app chain for a while called comp chain but that uh apparently has been quietly abandoned um and and you know to be honest i wrote

a blog post about this when they announced this saying that i think that this was gonna fail um and they should have built on a layer two instead but it seems that they've quietly abandoned that and aren't actually building on layer twos at least i haven't heard anything about that now maybe if they're working on it in the background then you know maybe they are but it's kind of sad that that's kind of like the state of things because compound was huge in d5 summer they pioneered well not pioneered they popularized liquidity mining synthetics pioneered it but compound popularized that in june 2020 when they launched the comp token and started doing like some aggressive liquidity mining and then obviously you know the rest came after that in d5 summer like yearn and yam and all the food forks and stuff like that but compound was really big back then uh

it was absolutely massive guys it was it was it was the biggest money market for a while because of that liquidity mining but then over time obviously people lost interest you know device summer wound down and things got quiet but uh compound hasn't really innovated too much since then on any fronts they haven't moved to layer twos i don't they haven't got any plans to move to layers as far as i know and it's just sad so that's why i get excited when things like are there are going to go live because we do need obviously money markets to be live on these sorts on these layer twos because they're core pillars of i guess the d5 ecosystem as well as amms that's why i was so excited to see uni swap go live on these things uh because at the end of the day like

unisop has a stupidly strong brand um you know i i a lot of trust behind it um and you know i i think that they're one of the only dfi protocols out there that actually are viewed as legit even though you know i know there's problems that people bring up about their token how it doesn't have any value accrual and there's no fees being turned on but honestly guys i actually don't think that's a problem for unisop it hasn't really affected them in any adverse way they seem to be doing really well in terms of like volumes and growth and all that sort of stuff and i don't think their face which not being turned on yet has has been detrimental there but anyway cool to see this from from rv here very much looking forward to seeing them kind of go live on uh on optimism and

other uh evm compatible networks all right so finally here we have a announcement from wallet connect that they have raised an 11 million dollar series a funding round now for those of you who don't know what wallet connect is i'm sure a lot of you do they're basically a service that allows you to uh essentially kind of like you know do what the name implies connect your kind of like wallets to to web3 applications so for example where this is popular is if you've got like a mobile wallet that you want to use with a desktop kind of web 3 app you basically scan a qr code and you're able to kind of like send transactions using the wallet connect service um so yeah i mean now they've ra they and they've been building for quite a while here i think um for it's been ages 2017 maybe i'm not

i'm not sure how long it's been but it's been you know at least four or five years i i would have to say here i remember that kind of like um i seen them built through the bear market they were one of the coolest things back then and i still think it's one of the coolest things and one of the kind of like most underrated things here and i'm just trying to kind of like load up the blog post here because i wanted to kind of go through the investors but i think the blocks website is either offline or my internet doesn't want to play nice with me today um but yeah unfortunately i can't open that but i can see here in a little blurb that the round was co-layered by union square ventures and 1kx and 1kx is a pretty active crypto investor union

square ventures or usv is mostly a web 2 investor but they've obviously been getting involved with more of the web 3 kind of like crypto stuff over the past couple of years but yeah i guess congrats to wallet connect on this raise 11 million dollars is a nice amount for a series a it'll give them plenty of runway to continue building something that i consider to be a core piece of infrastructure for the web3 ecosystem for the ethereum ecosystem and i hope to see them have much more success here all right i have a few minutes left today's topic of of discussion for the end of the podcast that i just came up with is investors and all the money they have and investors from web 2 and web 3 native ones and all that sort of stuff what i wanted to talk about for a few

minutes there was basically it's really really funny how so many of these traditional web 2 investors wouldn't touch crypto until the past couple of years and that's simply because the prices went up they saw all this kind of like activity they saw these insane returns that some of these funds uh were kind of like having from investing early on in crypto projects and then riding the wave up they saw the fact that they get early liquidity they can get really good deal terms with you know for better or worse for for the everyday investor but um and they're pouring billions and billions and billions of dollars in whereas three or four years ago they didn't want to know about crypto they wrote it off they thought it was dead they thought it was oh this experiment has kind of like failed whatever

this is all going to fail this is all going to zero and and back then obviously there was a lot there was a lot less to be excited about obviously nfts weren't in the spotlight at all but d5 was still there and if you were an early investor in in any of the d5 projects you did really well i mean paradigm one of paradigms legendary investor investments and paradigm for those of you who don't know are one of the best vc firms in this space but one of their i guess legendary investments was uniswap they were the only check into uni swap in early 2019 i was at the conference where they invested in uni swap at edcon in sydney in 2019 they invested a million dollars into into uni shop now a million dollars back then was a was a pretty big deal and you

know back then no one was doing tokens or anything like that people wondered you know what are they investing for like how they're going to get a return on investment here because no one expected unisoft to do a token obviously fast forward unisop did a token but um paradigm and paradigm invested in their other rounds too but but that first investment for paradigm i can't remember what the valuation for unisop was back then but if it was like a one on 10 mill valuation uh let's let's just say right or maybe a one on five but even just a one on ten and what uni's token went to a ten billion dollar fully diluted valuation and higher than that at the peak right that is a thousand x guys it returned on a million dollars right now i don't know if there would alert more

kind of like dilutive rounds later on that kind of like diluted the initial investors stuff like that maybe it only ended up being 100 x in the end or something i i think even 100x in putting in a million and 100 million dollars i think it was more than that though i'm pretty sure they they made billions of dollars off off of their unisop investment there in two ish years or maybe two and a half through three years if you want to call it that now you have and then and then you have like vcs from the web 2 world looking at this and being like what the hell what these guys just made like all this money in three years from investing in one of these early stage startups when traditionally to see those kinds of returns in traditional vc you have to wait on average seven years for a

company to ipo um and then even then they're you know you might get diluted all the way to like the series d or e rounds so it's just kind of like funny how i mean for better or worse all this money is now flooding in and it's very good for this ecosystem don't get me wrong but it may not be good too good for retail investors because obviously by the time these kind of like tokens hit the market they're heavily inflated right the market caps are already really high as i've discussed before a lot of these l2s which of which like full disclosure i'm an investor in pretty much all of them like a a private investor in pretty much all of them and obviously i stand to benefit from this but i think it's a no-brainer to say that these things are going to open up at least multi-billion

dollar valuations if not multi-10 billion dollar valuations from the sheer hype around them but also from the sheer fact that they have immediate product market fit like if there is one thing that has product market fit in this industry it's block space and doing block space and creating more block space in a decentralized secure sustainable healthy way um for the long term and that's why i mean i've i've invested in all of them like i have not never turned down a scalability team that have kind of like said hey do you want to you know you want to invest i mean of course i do like i i it kind of like falls into my entire thesis around ethereum um but in saying that like i'm you know obviously lucky enough to get access to those sorts of things but a lot of investors aren't now the billion

dollar question becomes once these tokens go live will uh everyday investors be able to invest in them at a you know fair valuation where they can actually share in the upside over the long term this was the topic of today's newsletter where i basically said that you know it's kind of hard sometimes for these projects especially the l2s they're in a in a very hard place where they're like okay if we do a token it's going to be really really hyped up it's going to open out a massive valuation um but like how do we distribute this thing how do we get into the hands of our of our users of people who actually act part of our community because as we've seen over the past few months in the kona token landscape most of them launched at really high fluidity valuations and are now down like 90 plus

percent and have absolutely destroyed all of their investors the communities are non-existent they're toxic they're they're blaming um the team saying you know when are you going to fix the token blah blah all these sorts of stuff and in reality guys a lot of these tokens actually don't have any reason to be worth anything they don't have any valuable mechanisms the project doesn't even have product market fit so from that point of view it becomes even worse so i know i'm going on a little bit of a rant here but i actually feel really sorry uh for the kind of like investors in the public markets who get you know um get screwed here and there's nothing there's nothing like i can do about it personally i mean i can give my feedback to teams and stuff like that and saying you know maybe you should do

a public sale if that's possible but that is actually prevented a lot of the time by regulations not by the team not wanting to do it um you know i can try to guide them and say you should do like a really really healthy airdrop you know you should do not do aggressive liquidity mining where the token just gets sold down to zero but at the end of the day there's only so much i can i i i i can do um any kind of like helping here i'm only one guy and as i said most of these tokens don't actually have a reason to be worth anything because they're not designed well the tokenomics are really bad the projects just kind of like failed but i think as i said when it comes to l2s they already have product market fit there's there's no

kind of like um there's no doubt in my mind that they're going to be the most successful things in this industry but does that translate to token worth i don't know right as i said like i'm invested in these things i stand to benefit if it does translate to uh the token price but i can't guarantee that i have absolutely no idea what the token price is going to do i've absolutely no idea uh if there's going to be any value accrual mechanisms there or if it's going to be like a uni kind of kind of gig where they're too scared to put on the fee switch because of regulators all that sorts of stuff i don't know guys but i've ranted long enough i've filled up the 30 minutes here just wanted to kind of like get that off my chest as i've been thinking

about that a lot lately and just i don't have a good solution that's as simple as that but anyway i'm gonna leave it at that thank everyone for listening and watching be sure to subscribe to the 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