China fud, Hop Protocol updates and more - The Daily Gwei Refuel #216 - 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 is the 24th of september 2021 all right everyone let's get into it so a bit of volatility in the markets over the last few hours and it's due to some really silly news out of china which it's just ridiculous like at this point i kind of like saw this and i came back to my computer and i saw like a big red candle on the 8th chart i'm like what happened like what's happened now uh the market actually looked healthy and it looked like we were going to head up again but i can't i went on twitter and i saw that apparently uh there was kind of some news from china back on i think september 15th it was where uh basically

uh chinese officials were cracking down on crypto some more um basically saying to exchanges to kind of like i guess cease operations and things like that i don't know there's a lot of kind of confusion around this but the thing is is that the only reason why it was like news today was because it was translated from chinese into english and all the english media our sources sorry media outlets basically reported on this story today which is like nine days later than it was actually originally reported so in true crypto fashion whenever china bans crypto for the billionth time uh the market's sold off and it's just ridiculous like it really is i i was looking at it i'm like i can't believe this is still happening after i think it's been eight years since this has been happening where china basically

will quote unquote ban crypto or ban bitcoin or ban whatever um and then it just really never eventuates to anything and you know i don't want to get too tinfoil huddy here but it always feels like it happens when the us is asleep and when the u.s trading hours are kind of like offline so uh i don't know i don't know if that's coordinated or not but it's just it's ridiculous and it really like in the grand scheme of things it doesn't really mean anything and china banning something doesn't make it bearish i mean china banned all of the most popular kind of like western uh i guess like internet apps like you know facebook twitter all that youtube stuff um and those are still trillion dollar companies i mean google being the trillion dollar company there uh and then facebook and and twitter are multi

hundred billion dollar company so i don't know i just don't think that's bearish and i think the market just loves to kind of use these things as opportunities to you know i guess like wreck people either way i think that what ended up happening today was that people started getting you know more bullish again they started opening up leveraged positions or long positions and then this happened and trapped those people and then we had a few liquidations going off and you know we have what we have now like at time of recording i think the price is 2 800 i think it was around 3 100 just before this news came out so it's quite quite the the dump here and i think uh bitcoin i can't remember what the price of bitcoin was bitcoin almost went back to 40k it's just yeah it's just bizarre but i

don't want to spend too much the time talking about the markets i just like wanted to focus uh a little bit of time on um just like the the media reports about crypto mainstream media and kind of like the fake news i mean it is so easy for fake news to spread in this industry we saw this the other day with uh the litecoin stuff that happened where someone uh you know i pretty much planned to do this this wasn't this isn't a conspiracy theory to say that they planned to basically fake a news release that walmart had teamed up with litecoin or it started accepting litecoin in order to to pump litecoin and it did i mean it worked for a few minutes and then you know everyone caught on and was like this is this is actually not true but a lot of

mainstream media publications actually published this as news so whether they did that intentionally or not i'm sure they got tricked into it as well but the thing is is that they're set to that they should be held to a higher standard like they shouldn't be able to get tricked into that and you know i remember giving at the time i gave kudos to the block because they actually dived a bit deeper into this and didn't just take the press release at face value and they realized that it was fake very very early on so yeah i don't know this this kind of stuff just really irritates me it it iterates me even more than it can still move the market and it just shows that the market is still like really immature i personally thought it was more mature than this but it seems it's not i i

don't know if that's because it's just like a much more heavy retail presence in these markets where these retail investors will get spooked much easier than say a traditional uh uh institutional investor or something like that would i'm not sure uh and there's no circuit breakers or anything in crypto either there's no stopping of trading you can't halt trading just because it dumped too much it's just free fall and then you know it can go the other way too but it's just like free fall a lot of the time so uh yeah i don't think this is going to be anything like damaging long term of course like this is just short the most short-term silly noise and i'm pretty sure crypto twitter will stop talking about it within 24 hours anyway but yeah i guess if you're just waking up and you're seeing the price while you're

listening to the refuel this is exactly why it's happened and it's just crap but anyway i'm gonna move on from that because it's just kind of like not something that i wanted to focus too much time on uh the other big piece of news i think from the last 24 hours was that twitter has gone live with bitcoin tipping uh on the lightning network now i don't i don't know the exact details of it but from what i can see it's not actually using the non-custodial version of the lightning network it's using a api called strike which is a centralized service to kind of like route the payments through but i guess it's still a major integration right for for bitcoin being integrated directly with twitter it doesn't come as a surprise considering the fact that jack is a you know bitcoin maximalist jack the ceo and

co-founder of twitter he's definitely a bitcoin maximalist but a they aren't just doing bitcoin integration uh you can see here dame put out a tweet that said that that showed that like uh the an ethereum address can be also uh a kind of like uh uh integrated with this with this kind of i guess payment flow here as you can see bitcoin address ethereum address and paypal and venmo and stuff like that and it's a tipping service basically it's not available to everyone just yet i think it's only available on ios uh the bitcoin one of it uh the bitcoin version but the ethereum version isn't available just yet but twitter has also said that they're going to be um essentially integrating a service that you can kind of verify your nfts or your profile picture as the nft that you own at your address and that obviously

means ethereum integration you could imagine going and saying okay well uh i i'm going to sign this message from my ethereum address to say that i actually own this nft and then that's somehow integrated with twitter and twitter can basically give you a verified badge or maybe not a verified badge but something that kind of verifies that your profile picture is actually an nft now i think that is really really cool uh i think that profile picture nft nfts are really cool um i know that there's a lot of them that are just kind of like money grabs and a lot of it's just unoriginal but i think that there's a lot out there that are just really cool and work really well uh and those communities will be able to kind of like show it off and and prove the authenticity of their profile

picture which i think is even better because right now a lot of people probably just uh i just kind of like uh you know just assume that that person owns their profile picture and if that nft if they have it as their profile picture whereas in the future you'll be able to prove it so i'm just really glad to see that ethereum integration is coming on top of the bitcoin integration because my whole i guess kind of thought process here is that i don't think that twitter should pick winners or to try to shoehorn a winner into them into the market if they want to support crypto then they should support crypto they shouldn't just support bitcoin um you know give the users multiple options and they'll use whatever's easiest for them like for me i believe that users would prefer to use an ethereum layer 2 than

the bitcoin lightning network so why not integrate within theorem layer 2 and then symbolize okay we which layer 2. i mean start with the one that's the that's actually out there right now and fully generalized arbitrary right for example start with arbitrary and then add other ones over time as they come along or even or even kind of like doing some integration with the polygon pos chain there's there's multiple ways they can do it here i'm sure they will um they're definitely experimenting and playing around with all this sort of stuff now and it's great to see that that twitter is kind of like doing this but at the same time you know we're all about decentralization here so i'm curious to see what the decentralized social medias end up looking like and i mean they're obviously going to be i guess like much further ahead with

these integrations than their centralized counterparts but they've got to be much better on what the centralized ones do right and that's kind of like obviously the network effect and the the service the availability of the service and the uptime all that sort of stuff so that's going to be interesting to to see it all play out but great to see i guess twitter making moves here i hope to see an ethereum layer 2 supported soon that would be really really cool all right so three updates out of hop protocol today they announced uh i guess like earlier today that they are now supporting die on arbitrarium so you can now send dye across optimism x-die arbitrary and polygon in minutes using the hop exchange now unfortunately this announcement also came with an announcement of a delay for their eighth support for arbitram which

is apparently going to be happening early next week now but you know you can do die now you can do usdc which is cool as i've mentioned before i think the fact that you can do stable coins uh is great obviously eth is the best i think in terms of like the tier of what you would like to see it'd be like obviously number one being eighth number two being being stable coins and then i guess like number three maybe the next most popular coin from there and then going down the list but if you are in a you know if you do want to kind of like use one of these bridges that has a support enabled uh synapse protocol as i mentioned yesterday has eight support enabled they have a lot of liquidity in that pool right now too i think there's like 60

million dollars worth of liquidity in there so you're going to be able to transfer large sums of money in and out of arbitram through the synapse protocol bridge but i'm sure hop will be joining the game early next week with enough liquidity for you as well so yeah you can see which one you want to use from there um and hoppers also made changes to their optimism bridge contract which results in a 30 which has resulted in a 30 drop in gas costs now these gas costs are now almost on par with the native optimism bridge um but due to the positive slippage it's now even cheaper to send funds from ethereum to optimism using hop than the native bridge so this is great there's more optimizations coming to these bridges already i mean i've spoken about hop a lot lately i think on the refuel but they're doing a

lot of great work i love the fact that they're just integrating things you know almost pretty much on day one that the that kind of things get together get get integrated on these layer twos like for example arbitrary integrated dye and then oh sorry make up kind of put die on arbitrary and then hop came along and said okay now we have a die bridge right they're just right there on the forefront and they're not just only adding features but they're also optimizing their existing kind of like features like you know the gas costs here which is obviously very very important uh so 30 drops quite substantial here so kudos to them for doing that uh and the final kind of like update is just the one on growth from from little cohen here who uh who basically shows there's you know zero token incentives for hot

protocol right now and the later two ecosystem is still in its infancy infancy but the total value locked in hop is 37 million and you can see on the chart it's grown pretty rapidly over the last couple months uh from basically nothing in july to uh what is that yeah third 37 million in uh in in in late september here and this is just going to keep growing as as things go on uh and obviously you know if they ever have token incentives i don't know if pop's gonna have a token or not you know our rule guys every we if we think every protocol is gonna have a token so uh uh i mean yeah i just i feel like these things are gonna have billions of dollars locked in them eventually and um you know this is why i'm kind of like betting on the bridge ecosystem as well

from i guess uh an investment standpoint but also from like an intellectual standpoint it just makes too much sense to me that bridges will uh be the thing that essentially uh uh accrues a lot of network effect accrues a lot of liquidity because we obviously need these bridges when we want to go between different layer twos and side chains and chains at the end of the day and it basically helps to alleviate that issue of fragmentation that a lot of people speak about but i do think and i'm going to talk about this in a little bit uh sorry in a sec in a later tweet here about this but i do think that while these bridges are awesome and they're going to be awesome into the future there's going to be other ways to kind of i guess like solve or at least alleviate the fragmentation

issues from the arbitrary message relay protocols like nova and starkware's damm that i've spoken about before but on top of that there's also uh uh volitions and i'm kind of like uh interoperable zk roll ups and stuff like that which i'm going to talk about in a bit so i won't get into that for now but yeah still cool to see this growth from hot protocol here uh and speaking of bridges elias has updated his due analytics bridge dashboard so now uh in this dashboard it has he has added all the missing polygon bridges all the missing optimism bridges xdy uh salary optics bridge moon river any swap bsc any swap and the rsk bridge c bridge here so if you want to go check out this dashboard it'll be

linked to the youtube description but this is the one that i showed i think uh maybe a week or so ago on the refuel where you can basically see uh their liquidity locked and kind of like change and i mean i can load up the dashboard here but basically it shows like the different metrics around bridges you can see here total value locked in them which is now at 11 billion dollars uh the the change in tvl uh the unique depositors everything like that and these aren't just like the generalized bridges these are also the the bridges that go to specific chains so you can see here that the polygon breach i mean that's the bridge from ethereum to the polygon pos chain and then you have uh the other bridges that are like kind of like more generalized like any swap and stuff like that as

well and you can see all of them here and you can see how they grow and how the kind of like growth changes over time so yeah check this out it'll be linked in the youtube description all right so uh second last thing on layer twos yeah itamar from argent is teasing that argent zk sink uh he just did the first argent zk sync transfer on mainnet and it feels like magic so and he says in the comments that they're starting private beta now i know i've been teasing this for quite a while you were able to sign up to the early access list i'm pretty sure they had over 300 000 signups which is insane there's probably going to be some spoofing in there because i did have a prize for uh for people signing up so i'm sure they'll filter through that but still

pretty pretty cool number there and i mean i can't wait for this like arjun is a is a great crypto wallet mobile wallet if you haven't tried it out yet i suggest you do so it's a smart contract bullet as well which is awesome but if once they have like full zk sync kind of like native integration here and zk sync kind of like continues to upgrade their system continues to add more features obviously they have like nfts on there right now but when they have i guess like decentralized exchanges and all that sort of stuff and other apps on there it's going to be great to have arjun integration here and i think arjun isn't just integrating with zk sync they're going to do optimism arbitram you know pretty much everything right i i feel like they're not just going to limit themselves which is going to be

really cool to play around with uh you know as we continue this layer to roll out all right so this is what i briefly touched on before but pauline i had another great tweet today where he's where he said or they said the more i learned the more i realized stock net is the biggest leap forward for the smart contract blockchain space since ethereum released in 2015. stock netwinter is coming and few are prepared for the imminent technological obsoletion of smart contract monolithic l1 chains and then he goes on to say a majority of comments on this are about investing in tokens there's no stock net token yet and when it does release i will stop making such comments i wouldn't have to meanwhile check out diy dx immutable x so rare and diversify as precursors to stock net now stock net is kind of like

starkware's i guess generalized volition that they're kind of building out um and you know promises to basically be completely interoperable with i guess like each other so for example all these other apps that are already running on validiums or zk roll-ups within the starkware universe such as dydx immutable so rare and diversify the i think the dream here is that they'll be able to interoperate with each other while uh you know kind of being able to read the same state from from the layer one now the reason why i wanted to kind of like talk about this a little bit is because it's not just stark we're working on this there is zk sync with zk porter they were that they're working on that uh and that's kind of like very from my understanding very similar to stark net there is polygon with hermes

uh they're also working on that in a very big way right now they're trying uh they're trying to build the zkevm which is a generalized kind of like uh zk roll up uh uh every avm compatible chain but then you also have them working on volitions and volitiums and all that sort of stuff as well uh and then uh i think those are the three main ones right now are zk sync stockwear and hermes but i think there are other ones out there as well not just them that are going to be working on this arbitrary and optimism are definitely going to be looking into the zk tech as well but i mean for paulie now to say this is a big deal because i mean i've talked about paulie now before a lot and how i really enjoy their their writings on both reddit and their

blog posts but when they talk about this sort of stuff i listen because they really know what they're talking about and i you know i remember the other day when i spoke about the fact that i think that these monolithic l1 chains uh are going to be obsoleted by the l2s and you know this has been formed a lot by polynomials kind of like blog posts and and research into this but essentially people kind of like argue back and say well you know if we could do everything on layer one it would solve the issue of uh liquid liquidity fragmentation composability fragmentation all that sort of stuff and i push back on that by saying that you can't scale everything at layer one without charting and even with sharding doing execution sharing is very complex and a lot of overhead as a lot of security risks so as i've

described before the only sustainable long-term sustainable way to scale a blockchain is to have a uh the layer one has a basically not a dumb settlement layer but basically like a kind of like um a a limited throughput settlement layer with uh you know coupled with sharding and and kind of like keeping it decentralized and keeping it secure and then building whatever you want as an l2 on top of it and i've been thinking about this a lot lately from the last five years i don't know if i've said this on the refuel yet but this has been something that i've actually that's actually been on my mind for for a lot and i've been thinking very deeply about this but if we look back at the past five years of the way the crypto ecosystem has evolved you look at 2016 to today you know ethereum came out

in 2015 2016 is where we started seeing a lot of other smart contract platforms uh you know start coming to market or kind of like start hearing rumblings about it uh start seeing white papers a lot of them raised a lot of money especially in 2017 they did massive raises and now we've seen over the past i guess like year or two i guess you could say a lot of them came to maine there and a lot of them are getting a lot of attention now i think we're pretty much at the tail end of that world i don't think the next five years is going to see an even greater focus on other l1 or anything like that i think the next five years is going to see a focus on l2s and how those l2s can tap into not only ethereum but other chains as well but in my mind

ethereum is really i mean if as i mentioned before ethereum and bitcoin are the only uh l1s out there that would be decentralized and secure enough to actually act as a proper settlement and data availability layer for these l2s uh but bitcoin can't right now so it means ethereum is the only one but that's not gonna stop these other chains from following down that path i've mentioned before that tazos has basically pivoted to the rollup centric roadmap i'm sure other ones will follow but i do believe that many of these layer ones will finally die off once i think both teams and investors and people realize that l2 is where the battleground's gonna happen for execution uh the execution layer l1 is not going to be that battleground so from that perspective uh as i mentioned

before once these l2s have tokens they're gonna be worth i mean i can't see them not being worth tens of billions of dollars like the l1s are worth tens of billions of dollars and these l2s already have more use than them so their native tokens i foresee being worth that much which is gonna signal to pretty much everyone that was thinking of creating their own blockchain to be like well instead of creating our own chain why don't we just create a layer two we can still have our token but we don't have to boost up our own ecosystem we can just tap into ethereum's ecosystem we can leverage ethereum security and decentralization and we can build whatever we want on our l2 i think that is going to be what the space is going to look like over the next five years and you know i hope to

revisit this in five years and see if i was right or wrong but that's where i'm investing pretty much all my time and energy right now is into the layer two space and also my money i am placing big bets on the l2 space because i believe that um you know the fat protocol thesis is going to apply to l2s just as it seems to have has applied to l1 and for those of you who don't know what the fat protocol thesis is it was basically a thesis put forward uh i think i remember what year it was it was either 2016 or 2017 and thesis said that the majority of the value would accrue to the base layers so to the l1 instead of the apps built on top and so far that's been the case even for the other chains i mean look at

it even just looking at ethereum its market cap is many hundreds of billions of dollars there's no apps built on ethereum that have that market cap or have anywhere close to that market cap and definitely not exceeding it so from that perspective i think that uh the fat protocol thesis will also apply to layer 2s with their own native tokens and the value will accrue there so that's going to be very interesting but there's also a dynamic here where the l2s are still going to be adding value to each because they're going to use either as a fee token they're going to be committing themselves or securing themselves on the ethereum's base layer which means paying each fees which means burning eth they're going to use ether in their apps as kind of like trustless collateral all that sort of stuff that are on those l2s so there's there's no

kind of like i guess bare case here for eth but it's going to be interesting to see like how much value ether cruise and how much value these l2 tokens accrue do the l2 is going to be like 10 of each value are they going to be 20 are they going to be 50 we don't know i'm betting that they're going to be a substan they're going to accrue substantial value but i'm also betting that is going to accrue substantial value so if we kind of like um take a numbers game here and look at this from a numbers perspective let's say that eath is one day worth 10 trillion dollars the market cap of eighth and then these l2s well there's nothing even if the l2 only accrues 10 of the value of eight it's still worth a trillion dollars that's that's an insane

amount of value for for just one l2 and as i said before i don't expect there to be um you know too many of these generalized l2s that actually get a lot of traction i think that there's going to be a handful of them maybe at most five maybe i i actually don't see it being that high but maybe you have five you know generalized solutions that have a lot of traction and and basically obtain like uh you know anywhere from a half a trillion to a trillion dollar market cap for their tokens you know i'm talking like five ten years in the future sort of thing not not today not tomorrow but you know in the future uh and then you know where does that put things like bridges as well like i said before i'm investing a lot of time and money into the the bridge ecosystem like

uh what does that look like how much value you cruise there to those native tokens so all these sorts of stuff they're kind of like questions that are like up in the air the fat protocol thesis seems to have held up until this point for the l1 but i'm curious to see if it holds for the l2s but regardless of the value acryl mechanisms and and the fat protocol thesis i'm still very curious to see if my um thinking is correct in that the error of layer ones is pretty much over at this point and the error of layer twos is just beginning so i think the layer two ecosystem is pretty much well uh is pretty much today where layer ones were in 2016. so let's say by 2026 we're gonna have a layer two ecosystem that is absolutely massive right and then and

and i believe that l2s are gonna be the things that are gonna be in the top ten there's gonna be obviously a theorem at number one yes yes the theorem is gonna be number one and then you'll probably have like these l2 tokens and you'll probably have maybe some a couple of other l1s in there that have somehow managed to to stay relevant because i do think most of them will they're not going to go to zero or anything like that but i do think most of them will just fade into relevancy in because they'll just they'll just be inferior to what l twos can offer and paulie now has also written a lot about this before where he basically says that um he believes that these l2s are just going to blow the l1 completely out of the water on the execution side of things

and ethereum already blows them out of the water on the settlement guaran settlement layer security decentralization aspect so what do these l1's actually have at the end of the day if they don't if they can't compete on either of those things if they can't compete on data availability security decentralization or execution then they lose pretty much and they lose mind share they lose market share they lose liquidity they lose everything at the end of the day and the funny thing is pretty much all of them i think i believe in my mind pretty much all of them only have traction because of two reasons cheaper fees than ethereum which is is commoditized at this point like the l2s are already you know cheap fees and they're going to get cheaper from there and the second is incentives those incentives don't last forever uh those incentives are actually

long term bad i think if you keep them going for too long uh you just kind of like destroy your token price um and and you know once they run out people just like flood back and they're just going to flood back to l2s i believe i don't think that anyone's gonna stay on these chains for very long because it just doesn't logically make sense especially the big money like if the big money can get the guarantee of layer one ethereum security decentralization um while you know still experiencing cheap fees and fast transactions i think they're gonna they're gonna do that but anyway that's my bet for the next five years is that l2s are going to be the thing they're going to be and they're all going to be competing with each other they're going to be the things that accrue a lot of value and they're going

to overshadow pretty much all of the layer ones i think um i think the layer ones that that may the other layer ones that will i don't know if succeeds the right word but that kind of like stick around are the ones that are able to cultivate an ecosystem around them um through either sheer brute force like through money or through organic community i think there are a few out there doing it through money right now we'll see how they look in a couple years it's not going to take five years to weed them out it's probably gonna take only a couple years especially if the incentives dry up um and maybe they'll pivot to just being an l2 on ethereum that'll be a wild thing to see as well if there's an l1 that transforms itself into an l2 i think that's going to

happen as well because you know you want to stay relevant and you can still keep your token as an l2 but you kind of like have to i guess like reinforce ethereum's network effect then right you have to kind of like bow to the king so to speak but anyway i'm gonna i'm gonna leave that one at that for now i'm running out of time here and i want to get through a bunch of other things uh an interesting tweet from lucas here today where he said uh web 1.0 was about connecting all information in the world web 2.0 was about connecting all the people in the world and web 3.0 is about connecting all the value in the world i couldn't have said this better myself to be honest i wrote a newsletter the other day and i didn't even think of putting it this way this is an excellent way to

put the evolution of the web over time and kudos to lucas for coming up with this tweet but just to break it down a bit more you know he says here web web 1.0 was about connecting all the information in the world and for those of you who maybe were around back then um and even if you weren't web 1.0 was essentially you know the start of the web but we had like these these basic sites where they had information on them you can go there and you can do basic things you can kind of like read up on things maybe you uh you'd be able to edit the edit the website or kind of like publish your own but it was very limited and then web 2 was basically the the um i guess the dawn of uh user created content you know through social

media through blogging all that sort of stuff um and that was all about connecting people at the end of the day right like getting people through different kind of like social media apps and chat apps and and stuff like that and now we have web 3.0 which is about connecting all the value in the world we haven't had until crypto came along we didn't have a digitally native kind of like value transfer layout for the internet we had shitty um tradfi old rails that'd be patchworked up to try and attempt to work with the internet but really at the end of the day it doesn't and obviously with things like ethereum we have those kind of like native layers where it just flows freely onto in the where liquidity flows freely uh flows as freely as information does as well so that's really really cool and it's a

great way to put it i just wanted to point out this tweet from lucas because um and i hadn't thought of it this way myself before all right so speaking of bridges before diversify uh announced that they will soon be launching a brand new bridge to bitfinex so uh this will be the first ever layer to bridge to a sex uh sex to a centralized exchange and it's bringing bringing so many possibilities to users of both platforms as diversified says here and you can check out more info in the blog post so for those of you who don't know diversifier is actually it was actually originally known as a nectar protocol which was spun out which was part of bitfinex and now diversify has been spun out a bit for next but they still kind of like share liquidity they still work together and now they

have these kind of like bridge this bridging going on so this bridge will allow for instant tether transfers from from kind of like bitfenexia into the diversify a layer 2 exchange so if you want to learn how this all works and a bit more information about it you can check out this blog post here from diversify a couple of updates from the index cop the new data economy index is now alive so you can see here that seven tokens are included in this index including link uh filecoin through the ren filecoin token uh the graphs token grt uh basic attention token uh live ps token lpt ocean and numerous token nmr here so um you know this tweet thread goes through kind of like i guess

um a bit more details about the data economy index how there'll be there'll be sushi awards for it soon and how you can kind of get your hands on it so definitely go check this out if you're interested in getting exposure to the data economy and great to see the index cop releasing uh kind of like more indexed products as we go on here and lemonade alpha put out a a kind of like a concept for a risk on small cap d5 index that the index co-op could create here and you can see the different tokens that uh i guess lemonade kind of um put forward here as as to what he'd like to see you can see you know everyone's favorites like uh cvx and and alchemics token and spell which i've been seeing a lot lately uh igt uh dopex's token and then you know a bunch

of others in there as well we'll go through them all here i think this would be really cool because i think one of the common complaints about the d5 pulse index is that it's all pretty much like high cap blue chip assets and people want to take on more risk at the end of the day right so these smaller d5 assets that have like a much lower market cap but obviously are much more risky um people want to index for this so i mean i'd be supportive of this this would be really cool to see to be part of in the index co-ops kind of like product suite here uh and i would kind of like love to see this go ahead and i would definitely vote with my index tokens for this to go ahead so i'm going to be keeping an eye on this

and finally the ultrasound money account posted on twitter yesterday that one dap on ethereum open c is burnt has burnt almost as much as the proof-of-stake big in chain as issued in east you can see here openc has burned 55 000 eighths since erp one five five nine in total um and the proof of stake issuance has been fifty nine thousand eight since erp one five five nine went live so this is funny because this is just one app right um and you know when you when you kind of quantify it like this the proof of stake issuance is fifty nine thousand eighth and we've uh since one five five nine went live but the total amount of eat that we've burned is 360 000 so we've burned so much more eath than um than we've issued on the proof of steak

already so if we if we if the merger was already done and we're already in just a proof of steak world we would be so net deflationary it would be just so stupidly bullish i mean i went through this the other day i'm not going to go through it again and i wrote my newsletter about it but essentially like the the merge just you know i i can't wait for it i i'm actually more excited like 100 times more excited for the merge than i was for one five five nine because there's other reasons to be excited about the merge other than the monetary aspect of it getting off proof of work finally you know de-risking kind of like the ethereum development because this is the biggest change in ethereum's history um you know showing the world that we can do this in a really successful way and the rough

proof of work now and then we can stop worrying about that sort of stuff and start focusing on um you know start focusing more energy on getting sharding out there because that's another major upgrade statelessness snarkifying the bass layer all this good stuff that we want to do that all comes after the merge so i just like i'm so looking forward to it and as i've said before the mergers drew q1 q2 2022 not too far away now i'm hoping to see it in q1 but at this rate i don't think it's going to be um you know early q1 it could be late q1 but i would wager q2 i wouldn't put a bet on q1 if i'm being honest uh just because i have experienced this many times before with both you know ethereum layer 1 core development and ethereum layer 2 development there's always delays around

this sort of stuff because it's bleeding edge the uh bleeding edge stuff and because the merge is the biggest upgrade in ethereum's history uh and it's a very risky upgrade at that uh uh i mean i would okay it's maybe not very risky but like a lot could go wrong if it did go wrong um because of that i think that i would be fine waiting longer as long as we do the correct testing we make sure everything would run fine uh once kind of like the test nets and everything are done like that but anyway i'll keep you guys updated on the merge i think that is it for today so thank you 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

next week thanks everyone