CNBC covering DeFi, Chainlink 2.0 and more - The Daily Gwei Refuel #101​ - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the daily gray refuel where i recap the latest news in the ethereum ecosystem i'm your host anthony sosano and today is the 16th of april 2021 all right everyone let's get into the news from the last 24 hours and actually before we do so i did want to give a quick shout out here to a stealth project that i am an early investor in uh alongside some great people here kane robert lesnar hasu and um uh ideo curl adventures and and calvin from from compound here um if you are a technical person or someone who is interested in becoming a technical co-founder of this project uh feel free to reach out to james simpson here um james is also the co-founder of m stable another project i'm involved in

i can't tell you exactly what the project is yet but i can say that it is uh it's it's awesome it's a really great approach i mean i wouldn't be involved if it wasn't awesome uh so definitely reach out to james if you are someone who's looking to to be a technical co-founder looking to be part of uh a great new project within this space so as i discussed on yesterday's refuel the open ethereum uh kind of client for uh for ethereum was having issues sinking after the berlin upgrade now that's been resolved i mean i think it got resolved like half an hour after i kind of put the refuel out or maybe even half an hour after i finished recording it it was pretty quick uh the fix was was found by uh core developers martin and way here uh i and you can see the kind of thread

here uh where they're discussing the fix and what was changed and everything and kind of what went wrong so yeah it's a bit technical so i'm not going to go into it but great to see this was resolved in a speedy manner um you know and as i discussed yesterday because ethereum has this culture of um you know you know we like if something goes wrong we're just gonna fix it like immediately we're not just gonna be like oh no okay let's just uh let's forget about it right oh and and like everyone just turns toxic and saying you know how dare you kind of like mess up the network or whatever there's none of that in in ethereum there is you know let's just get it done and we and we do uh we did um which is really really great to see so yeah

if you're running open ethereum you know i'm sure you've already upgraded by now but if you haven't be sure to do so or else you won't be in sync with the network if you're still on the old kind of client here so this i think was the biggest piece of news from the last 24 hours it was uh cnbc having it having an entire kind of i guess like uh i guess speech or you could call it or like segment you could call it on defy here from uh from a reporter kate rooney here so what she kind of went through in the video is exactly what d5 is you know she explained how it's decentralized finance she even she even said that most of it is built on ethereum which is really really cool she actually said ethereum you know how many times have we seen the

mainstream media just completely ignore ethereum and just talk about bitcoin so really great to see her bringing that up and she gave me uh sorry she um she did a very very good job of explaining d5 i thought for for like a mainstream audience yes there was a lot of buzzwords involved you know she she said things like dexes and you know decentralized exchanges and those are just kind of like new words that need to enter people's like i guess like everyday vocabulary because if you think about it the internet itself has a lot of words that are needed to kind of enter into the into people's vocabulary that was just essentially jargon that you know early kind of um computer and internet pioneers were using you know think of like website or like domain name right like things like that just even simple things like email like just think about

all the new kind of like terms and words that needed to enter the english lexicon um for people to kind of like i guess understand um you know how it all worked at the end of the day like the word the internet right um you know internet intranet all that kind of all that kind of stuff um and not not just you know the internet but like computers in general uh you know just people coming to terms with that and learning all about it that takes time um you know but it gets faster it works on an exponential scale i think where yes it takes time but like it gets exponentially quicker uh the the the longer you know um we're out there and obviously it relies on a lot of people doing education it's one of the main reasons i do what i do

a lot of other kind of um people out there doing it like the bankless guys um kimmel russo from the defiant d phi dad things like that but you know we're i think us being like ethereum based media we're not going to reach the mainstream crowd i think the daily grace specifically is more like for people that are in the ecosystem already like i i haven't done any like beginner guides or anything like that maybe i will in the future bankless has some beginner guides um the defiant does as well uh defined definitely but again those are for people who are going out and searching for it right like if you if you're like googling what is ethereum you might come across one of these things but where mainstream media comes into it like where cnbc sits is that they have a totally different user uh

sorry a viewer base than than you know all the ethereum media has no one's kind of like going and looking for it when they see it on cnbc it's just a segment and like people are watching this and like okay wow okay i didn't know about this like what's defy then they go google it right and then their journey starts from there sort of thing so i think that that is the number one um thing that gets me the most excited whenever mainstream media actually covers this in a proper way is that it's just gonna bring in new people and you know even other things outside of this like i i know dogecoin right now is going nuts right it's just absolutely going nuts in price and people are saying you know this is crazy and like it's worth its market cap is worth more than every

defy token right now and yes it is crazy um but it's it's definitely being driven by like just pure retail mania through through robin hood i think mostly because the robin hood app has dogecoin on it and obviously elon musk has been meaning about it for a while but in general what this does is it just brings more people into the crypto ecosystem right i think on net net it's a positive thing yes people are going to like you know lose money because eventually doge is going to stop going up it's going to crash and people are going to panic sell or hold down to the bottom or whatever right you know nothing ever goes up forever like that's what a lot of people kind of fall for in this ecosystem is that they think something will go up forever and not stop especially the newer people

um so there will be people who get burned but at the same time it's now exposed them to crypto just like this segment on cnbc exposed a lot of new people to defy so yeah that's where i see the kind of positivity coming from and you know i said here that this video gave me really strong uh early internet coverage vibes you know you go back and watch these videos from like the late 90s early 2000s where a lot of people were still doubting this and like i don't get it like why would i do this i've just got my bank there was there's this famous video where someone i think i was interviewing i can't remember which talk show host it was but he was interviewing bill gates and he's asking bill gates why would i use the internet and bill's like well i

mean you could listen to your favorite like sports um you know commentators on there it's like well have you ever heard of radio i just i remember it pretty perfectly in my head um and then just you know when you look at that you could see that the same reactions coming from people when you say to them well you know you can on default you can take your own kind of loan right you can you can basically um take a loan and self-custody or you could do like trading on there and then that will say to you well have you ever heard of a bank right if you ever heard of a stock exchange and it's like well i mean you know there are all these benefits and then you list off the benefits and it probably doesn't click the first few times but over time you know they come

to terms with it and they probably learn more about it so i think that that's you know where this kind of like all fits into it so yeah as as i mean everyone likes to say and it's kind of a meme that we're like still very early but it's very true i mean yeah the markets are hot like it's what 2 trillion 2.2 trillion total market cap right now most of that being like you know the top five essentially which you know it might seem hot but at the same time when you kind of like look at i guess the total kind of market caps are the biggest companies in the world like the the entire world right because this is a global thing this isn't just the us-based thing excuse me sorry um you can kind of see like that we've still got a long way to go

like i think the total crypto market cap will be 100 trillion plus in like you know less than 10 years sort of thing uh and you know when you kind of think about that you're like wow okay that's like a 50x from here it's like well i mean yeah but like think about how many people have have yet to come into the ecosystem think how many people have yet to buy into crypto think about how global it is think about all the money printing that's going on which devalues the currency at the end of the day right so you know using i guess usd as the denominator here can kind of be misleading because the usd has inflated a lot over the last few years particularly in the last year like you know the the the government will say oh you know it's not that bad

the inflation's fine but then you go and look at everything and it's like okay well everything's getting more expensive right so either for some reason everything's getting more expensive because it's just become more expensive to manufacture it or the the denominator usd is losing its value so it's definitely usd losing its value a lot of it right but at the same time a lot of crypto is going up based on merit like is definitely still undervalued like i just i just look at it and i'm like this is just stupid like ethereum is going to change the world and and it's still trading at like this market cap sort of thing um not investment advice of course but you know i mean it's pretty obvious but um you know and then you just look at everything else like d5 and you're like if this stuff is truly going to replace

traditional finance and the apps that win this they're going to be worth hundreds of billions of dollars just like the the tradfy or fintech apps are worth that so yeah just something to think about i'm probably rambling a little bit there so i'll leave it at that but i think this was just like really bullish to see some proper coverage of d5 in the mainstream media and she also mentioned ethereum which i i really appreciated so kate you're probably not watching this but thank you for for doing this segment i really enjoyed it so documenting ethereum put out a tweet today saying that the rothschild investment corporation has bought 265 000 shares of the grayscale ethereum trust which means it now holds 4.75 million dollars worth of the eath trust and they also have a

btc trust holdings of 1.92 million dollars now for those who don't know the rothschilds are one of if not the most powerful families in the world it comes from very old money i'm not sure how far back it goes and there's there's like conspiracy theories that that kind of like follow this as well but i think a lot of it was uh was oil money i'm not totally sure i think they played a big part in the industrial revolution um uh but yeah it's just like another kind of like i guess institution putting eth on their balance sheet like i mean you know as i said we were gonna start slowly we started with like my two and then there's a there's a publicly traded fund um you know ether capital that also has ethos balance sheet now rothschild investments corporation has it

it's just going to keep growing from here it's not going to slow down um and you know it's just great to see more and more i guess of this money coming into ethan i guess regardless of what your opinions are of the rothschild family or whatever um you know i i don't think it really really plays into this i think what plays into it is just like the narrative that more institutions are getting on board with holding eth on their balance sheet so yeah i mean this isn't obviously direct kind of like spot eat it's like a trust through through grayscale but this is because i think they want tax advantage exposure so if there's an etf for ether comes out i'm sure they would have bought that and grayscale have said that they're to roll these things into etfs once they once they get approval to do so so yeah

um uh we'll uh we'll see how this goes here so for those who who know arthur hayes um and his history with ethereum and eth you'll know that just how wild it is that he is now bullish on ethereum and eth and and i said here sooner or later they all come around and for those who don't know i'll give a bit of color here so arthur hayes is the former ceo of bitmex he is now under uh i mean i'm pretty sure he's not in prison but he's on bail in the u.s um he's been charged with a bunch of crimes uh and things like that uh but uh like i think it was like some wash trading or something on bitmex or something i can't remember the exact charges but anyway he's a colorful character let's put it that way so he's been around for a long

time he's been a mega bitcoin bull for a long time and during the bear market he was very um i guess like critical of eighth he trashed it he basically published an article that said ether double-digit coin like word for word that's what it was called and sure enough eighth went to like eighty dollars and you know for those who who know arthur hayes and know bit mex you know bit max does play a big role during during bear markets or at least it did in in things going much lower than they than they need to go and especially during crashes because of the fact that you can just like short and and and and go along you can go either way but a lot of people like to short on there um you know there was all this kind of like i guess things about bitmex uh maybe trading

against their customers and stuff like that so there's all these kind of things going on so for him to post an article today which i didn't link here but it was basically an article that he wrote you can go to his uh twitter i'm pretty sure you can find it there but he basically described how uh he's really bullish on d5 and defies on ethereum so what happens when eth is capturing all that value through fee revenue and then he had like this table it was this table is insane it was like i looked at it and it's like a table of like what its market cap could be depending on how much revenue it it kind of like captures and he had like the the most bullish case being a four million dollar eth i was like okay wow so this guy's gone from like

the biggest ethereum and eth bear or hater ever right or like one of the biggest um to like being an eath like omega bull four million eight now i think that's that's that's quite quite a joke i mean i'm obviously like an extreme eighth bull but four million dollar eighth i mean that would probably mean that the u.s dollar is is basically hyperinflated and it's not worth anything anymore because uh you know if for those of you at home probably trying to do the math in your head i mean if i can try to do it in my head a four million dollar eighth would be i don't know i'd probably be like um quadrillion dollars a market cap if i if i'm doing my math in my head correctly so yeah i don't think we're going to see that um but it was just funny to see that table

and maybe someone linked the article in the reply i actually do want to i want to kind of find the table here i don't have it here but you can go find it it'll be um if it'll be on arthur hayes profile but yeah i just thought it was uh it was funny to to see like the change of tune here i think and as i said sooner or later they all come around i think it's just too hard to deny ethereum at this stage it's too hard to deny the network's growth defies growth nfts everything happening around that and it's too hard to deny that ethereum is now scaling too which i'm going to talk about in a little bit and how like you know when you think about it the only reason why anyone is using other networks is because the fees are lower that's it there's no

there's nothing else about those networks that people want to use they don't care about anything else so if your only value prop is lower fees then you mean you're just going to lose to ethereum over the long term um so yeah i mean i won't go into that i'll talk about that when i talk about the layer 2 stuff but yeah i just thought it was funny that arthur hayes came around here so a really great thread from swag to ms prime here talking about the implications of eip1559 and he compares it to like the and b burns that binance does and he basically gives some estimates about how much each will be burned per day i think his estimates might be a little high here um i don't think ethy's doing uh 28 million to 36 million dollars a fee revenue per day right now

i think it's more like around 20-25 but still i mean these are just estimates at the end of the day we won't actually know until it's live but you know if we are doing say 30 million dollars per day it'll be around a billion dollars per month of eth burned now that is a crazy amount of eath burned right and as he says here that's about 12 000 to 15 000 eats per day at current prices and then he's saying you know this is that current price is right of twenty four hundred dollars what about you know when we go higher and higher here when you think about that and then when you go to when we when we do the merge and we shut off proof of work and we go to proof of mistake and we cut issuance by like 95 i mean and then

we're just burning more ethan we're issuing it becomes deflationary i know you know i sound like a broken record when i talk about this and i'm sure you hear this all the time on bank list if you know i know a lot of you watch and listen to bank lists um and and you and you hear it all the time on twitter but i just really don't think people understand the implications of this narrative right if you think that the bitcoin narrative of having a supply cap is very powerful which i believe it is like from a narrative point of view don't worry about anything else just think about the narrative you know you can say to someone well you know there's never going to be more than 21 million of them all of these are lost right and this is like the free float of the

supply and you know every year at halves sort of thing people buy into that people love that now imagine telling them that eath is deflationary right and deflationary like all the time like like every day right because there might be some days we pay less fees than others but if the fees are consistently high which i believe they will be on layer one for the foreseeable future if not forever then we're going to be burning more ether than we're issuing so i mean and you you see the meme of ultrasound money people like to make fun of it but like you can make fun of it all you want at the end of the day there is no stopping each from going deflationary and that to me is the most powerful narrative ever you can imagine everyone outside of the ethereum ecosystem talking about this i actually

i've actually seen so many people that used to be bearish on eath come around purely because of one five five nine they see that and they're like okay they do the math right you don't have to have faith here you literally just need to do the math you say okay what's the percentage of of pos issuance once the merge goes through currently it's like less than 0.5 percent that's basically nothing that's going to be less than bitcoin bitcoin won't get up to that for i think another two harborings or get down to that sorry i should say right okay how many how much fee revenue is being generated by the ethereum network and what's like the moving average of this fee revenue so how long has it been doing this for as well it's been doing it for almost a year now of like pretty large um

free revenue okay so like how much of that is gonna be burned in one five five nine let's do some like um estimates here make some some uh kind of like uh i guess uh guesses here sort of thing or or some um also what i'm looking for uh basically yeah guesses i mean you have to make some assumptions that's what i'm looking for you have to make some assumptions here but anyway let's do that okay well that means this much easier is being burned each day from fees this much each is being issued each day and if there's more burn than issuance it goes negative and then they realize holy this is massive it is massive it is absolutely massive and if bitcoin was more open to changing itself right and to actually adding things to it i guarantee you bitcoin would have a fee

burn implemented because it is so bullish for the asset like i just i mean you know i i used to think in 2019 when when i was talking about this because erp-1559 has been around for a long time you know 2019 and 2020 you know early 2020 i was talking to a lot of my ethereum friends about this and we're like we we were like how is this not going to lead to like a substantial value accrual to eth like just doing the math and even back then when the fees were low we said we kind of said to ourselves we're like okay well if d5 takes off then the fees are going to get higher because we can see the scalability challenges and you know we were just doing the math back then we and we were kind of like doubting ourselves too we're like are we

crazy for thinking this um but you know we're not and now so many people are seeing this and this is this is a major reason why i you know a lot of the people i know and myself are buying in the bear market especially during 2019 and 2020 we just saw this and we were like you know we know it's going to take a while to play out but once it does this is going to be absolutely you know game changing it is going to change and this is what's going to lead to the flipping i truly believe that ethereum will flip bitcoin in value because of these two things the the merger dropping issuance um down to 0.5 or less under proof of stake and 1.559 burning eth as fees so yeah i mean i know i'm being like really bullish right now but

i mean every time i go through this in my head and do all the maths like i just i can't help but be bullied right at the end of the day so anyway i'm going to leave it at that because i don't want to ramble too much on about that because you guys have heard this a million times but i just i think that when you're selling ethereum as a platform and ether as an asset to people not as investment advice but just telling them why it's valuable just point to this right just say the actual utility of the network drives would i mean will drive once 1559 is implemented will drive direct value to the token burning you know a majority of it out of supply forever mind you leading to deflationary pressure on eth and then a lot of people that i've spoken to about this take a little bit i

mean it depends how new they are they take a little bit of time to get it but they get it and they're like holy crap like why is ethereum still number two to bitcoin right so anyway i'm gonna leave it at that uh go read this thread if you want to um kind of like read the full thread from from swagger's prime here it'll be linked in the youtube description below so stanley from arbeit put out an interesting tweet here where he basically said recipe for protocol builders and he put he lays out four steps here you can either solve it mathematically if you can't do that you solve it optimistically if you can't do that you solve it by governance if you can't do that don't solve it just let it be so when you look at different protocols within the ethereum ecosystem um and you look at the different

problems that they have right you kind of think to yourself well okay like how do we solve this if you can't solve it with pure math or cryptography then you need to solve it some other way so then you go okay how do we solve it optimistically now what what optimistically means is like okay how do we solve it using maths and cryptography but by by solving optimistically we assume rational actors so i would put proof of work and proof of stake into this where we assume that proof of work miners and proof of stake stakers are rational enough not to get themselves uh kind of like slashed in proof of stake and not to lose money or opportunity cost in proof of work by kind of attacking the network right because we can't solve it with pure cryptography we have to add crypto economics into it and

for those of you who listen to justin drake's podcast on banklist you'll know exactly what i'm talking about if you haven't i suggest going and listening to that okay and then next if you can't solve it purely with cryptography or maths or purely with cryptography maps and optimistically then you can solve it with human governance right so um governance being like you know token holder voting where we've seen a lot of d5 protocols uh you know off chain kind of like signaling things like that uh and then if you can't solve it with that just let it be because it you can't solve it at the end of the day so i think maybe the order of operations maybe uh is a bit i wouldn't say out of whack here but i would say that there's maybe a step zero here where you ha like i've explained this

before how i think like the layer zero of these systems are people so at the end of the day you know even if you're solving it with pure cryptography and math the people can still change the system because if enough people agree to change their node software right or change their mining software then the network will change to that state we just saw this play out with berlin enough of the community agreed right the majority pretty much agreed okay we're gonna fork to berlin and we're going to upgrade the network and that's that's going to be the new rules of the protocol so there are certain upgrades that never go through right or eips never go through remember prog power for example the only reason prog power didn't go through is because of the human social layout humans blocked it because ethereum does not have on-chain

governance so for ethereum i mean the other systems do have on-chain governance so i guess maybe this makes sense for them but for ethereum definitely step zero here or at least number zero is the fact that we have this extremely strong social governance layer that is uh is is like i guess like the the key to it all at the end of the day i mean i truly believe that having a strong social layer is the key to these systems and if you don't have that then you are not going to be anywhere near as decentralized or as strong as a kind of ecosystem as you want to be so yeah interesting tweet from stani but i'll leave it at that for for now so on to layer 2 stuff dydx is absolutely exploding in growth here it's only been 10 days

since their public release and they're already doing over 27 million dollars of 24 hour trading volume with only five assets available to trade so far uh i mean they're gonna as i've said before they've announced they're gonna be adding two assets per week here so i expect this trading volume to grow pretty quickly i mean i've talked about this plenty of time so i won't dawdle on this too much but i wouldn't be surprised to see this at 100 million plus within the next couple of weeks depending on what assets they add as well as i said i think they're going to add all the coinbase assets first because it's it's a regulatory shield there but yeah great to see ethereum scaling uh here on dydx next up we have immutable who tweeted out today that 1.3 million dollars in gas fees has already been saved by users

of the immutable x platform this is just absolutely awesome right i mean gas fees are still like space went down for a bit because of flashbots they're actually up again i can see here like they're almost at 300. i do wonder why i mean maybe is the 8th price crashing right now i don't know maybe if i check up here no the eighth price doesn't seem to be crashing there's not much volatility in the markets um you know i wonder why that is maybe there's some new like thing for people to ape into whatever regardless of that the fact that immutablex has been live for a week now maybe uh yeah the last seven days uh they've saved people a 1.3 million dollars worth of gas fees already this is the power of layer 2 this is the power of ethereum scaling and this is what people are going to see

and users are going to see users ideally are never going to have to see gas fees like end users they're never going to be on layer one which is what we need to get to so i mean just just more ethereum scaling here and on that note bankless put out an awesome newsletter today called seven things you can do on ethereum layer two you can go check this out at a link in the youtube description but basically they basically they list um you know seven things you can do here you can borrow a lend on ave which is on polygon trade perps on dydx which is obviously what i just talked about they're on layer 2 using starkware stake snx onto synthetics which is on optimism yield farm on loopring which have their own kind of um technology and i've spoken about loop ring you know many times

trade on diversify uh which is built on starquest technology donate on git coin using zk sync or stream money on superfluid now i actually don't know which layer 2 superfluid is built on here uh i i'm trying to think right now um i actually want to know like i'm curious i'm just going to i'm just going to scroll through this newsletter here this is packed by the way this is this is awesome to see um but i'm curious of what okay yeah i suspected as much they're using x diamond polygon here so yeah that's that's that's that's cool to see there as well so yeah this is all the things you can do right now using uh the different ethereum scaling solutions so definitely go check out the newsletter as i just showed it's it's packed you need to go check it out and need to go do all this

because the only real way to understand the power of layer 2 i believe is to actually use it and i would say there's something here for everyone right if you have snx you can go stake it which i'm sure a lot of you have probably done already uh if you borrow and lend you can go and do it on rv trade you know on on loopering diversified diy dxcr and i'm sure a lot of you have used zk sync on get coin to donate so yeah go check this out if you haven't already so the chain link 2.0 white paper has been released here and it is a big one i am not going to read through the white paper or or even go over the majority of what's happening here because it is 136 pages along as chainlink god says here uh he basically points out the key areas

of focus including hybrid smart contracts abstracting away complexity scaling confidentiality order fairness for transactions trust minimization incentive based crypto economic security and then it links a bunch of different images here now because this is a white paper it is extremely technical i highly suggest going and following chain link guard because he has promised that he's going to do a thread here um in in due time which i'm sure he will because he is a you know he is to chain like what i am to to to ethereum i would say so definitely um my favorite follow in in the chainlink community here but yeah this looks to be huge i mean i know chain link gets a lot of kind of like flack because of i guess like their community

um being the quote-unquote green frogs and i think that's misguided honestly i've actually disagreed with other ethereans about this for a long time now i don't think that the green frog community um you know just because they're really bullish on it and they're like a lot of them ain't on i don't think that makes the project a bad thing yes i know the token you know has gone up a lot in value in the past and right now there's not much use of the token right because you can't stake with it and things like that but i don't think that's an issue right i think you know why does why does chain link get such a such a hard time for this when there's so many deep fight tokens within crypto that do nothing uni does nothing right now like it's a governance token right at the end of the

day it doesn't capture fee revenue or anything like yes you can vote in governance and things like that but i mean at the end of the day like how important is that to people is it actually worth as much as it is no people are bidding up uni i mean one reason people are beating it up is because of the the fear of you being um i guess turned on in the future so why is that any different to to people buying link because they believe that staking will be implemented in the future there'll be a more value accrual going to link in the future uh so yeah i just i never really got that there and i don't even hold any link token so i'm not just trying to pump my bags here i just i like to call out things as i see them and yeah i just didn't think it

was fair uh and you know chandling god is as i said he's one of my favorite followers um now i mean he is my favorite follower in the training community he he always puts out like really um great information he's always objective about it he's not you know putting out misinformation or fake stuff as far as i can see so i really i just don't get the flack here like i mean i wish we had someone as dedicated as chaineling god to ethereum besides um you know you know i mean i would actually say like he's even more dedicated to chain link than than i am to ethereum and to some of the other people that are to ethereum he's just an absolute machine with the threads that he does the um the information that he puts out on especially on twitter to to correct a

lot of misinformation as well but anyway i'm not i'm not going to uh she'll chandling god too hard here but yeah i just wanted to kind of clear that up there if you're someone who loves reading technical papers definitely go check out uh these 136 page white paper here if not you can wait for chain link god's thread which i will be sure to retweet at a time and i'll be sure to cover on the refuel as well so santiago put out a great tweet today where he basically says every interview they ask me why crypto is reaching all-time highs which is underwhelming instead of price talk let's discuss how ethereum a six-year-old network has grown into the largest open source developer community which makes it all-time high human capital there is 2325 active devs which is a figure which has grown

215 in the last three years now i think when he says the largest open source development community it may have meant within crypto because i think uh it's not within the world like the largest open source development community is definitely the linux community um but other than that i think he's right in that you bet on the builders at the end of the day like that's what i bet on you bet on the the talent and the mind share and and you know not just the developers uh you know the technical developers but also the builders in different areas like marketing and growth and business development and design all that sort of good stuff there um and yeah i mean when you look at that there is like i think there's a chart that shows where the other networks are and they're like in a distant kind of

like second third fourth they're not even close to ethereum and a lot of them are actually going to be building using ethereum's kind of tooling and smart contracts at languages like solidity because they want to be evm compatible because they can't get traction without being mbm compatible which has a little bit of a hilarious irony to it i think but yeah great tweet from santiago here i won't spend too much on this because i know i'm running out of time here there's one more thing i want to talk about but basically yeah this is i mean this is my one of my main investment thesis for eve and the ethereum ecosystem in general so yeah great great tweet here all right lastly we have the index co-op has a new vote live to vote on a btc 2x fly so for those of you who have the eighth fly

um i guess like uh index that you that you can buy from token sets uh you'll know that that gives you it gives you basically leveraged exposure to eth or automated leverage exposure now there's going to be a bitcoin one that's being put through the governance process so if you hold index tokens you can go vote on that right now it'll be linked in the youtube description of course for you to go do so um this is cool i think you know after btc i would hope to see like maybe a dpi leveraged index as well that would be pretty pretty dope um and then after that like a bunch of other ones for different tokens i think these automated leveraged kind of um index tokens are going to be very very popular i mean the fly is already out the eighth fly is already at 30 million or something

like that of tvl so yeah i i hope to see more of these kind of coming to market but yeah if you have uh if you have um in-depth tokens definitely go vote on this here all right that was a long one today thank you again 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