Coinbase S1 notes, ETH ETF filing and much more - The Daily Gwei Refuel #66 - 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 26th of february 2021. all right everyone let's get into the news from the last 24 hours so a bit of price action a bit i guess depressing price action over the last uh kind of i guess couple of days now right you can see on the chart here that we've just been trending down and you know we seem to be struggling to get back up you know this is the hour chart we visited uh the 1300s the other day and you know we seem to have bottomed at about 1400 again um i think a few hours ago a few hours ago before bouncing off now now i didn't want to talk about the price i'm also wanted to talk about like

the outlook of what's going on right now and why you know the price is the way it is and like basically give my opinion on the current state of the market now you guys know that like i'm always bullish and permabullish so you know i'm not going to say that i'm not bullish because i always am but i think what's important to consider here is that the markets in the short term can go you know any number of ways for any number of reasons now you might have seen on twitter people talking about the macro environment right now the macroeconomic environment where 10-year treasury bond yields are up and you know the tech stocks are down and just you know the stock market in general is not not too hot right now now that have has an on flow to crypto because crypto is becoming kind of an asset class that is

being traded kind of i guess in in line with the rest of the markets right yes over the longer term they may be uncorrelated they may you know they'll outperform those markets because that's just that's just how crypto is but during downturns um you know market wide downturns uh especially when the macro environment looks kind of like bearish for for risk on assets they're going to kind of be correlated here and i think that's what we've seen here you know i see some people saying you know it's a market cycle top you know we're going back down to a bear market i don't get that i don't get why people are saying that like it doesn't make any sense to me it doesn't fit in with any of the precedence of the previous kind of cryptocycles and i just don't have a reason to be

bearish right now i mean and this is what i mean by wanting to kind of give some context around this if you look at the wider kind of developments specifically within ethereum that are coming over the next few months there really is no reason to be bearish like if we just look at next month you know march look at everything going live in terms of scaling we have optimism going live which is huge i spoke about that yesterday right there are other scanning technologies that i know going live as well um that have been teasing themselves right uh you know and then as we we've got like in april we've got the berlin network upgrade um going live for ethereum then we have the london network upgrade going live probably july or august or something like that which is going to include well maybe i mean most likely going to

include aip1559 right which again is very bullish we have um a institutional adoption increasing ryan and and still coming in uh we have obviously staking services like coinbase coming online uh for for each staking so people will be able to get much easier exposure which is going to lock up more eighth so there's all these bullish catalysts coming right and i'm not even i haven't even mentioned like all the things coming to all the the um the different apps right all the upgrades the different apps and things like that that are just going to add more fundamental value to ethereum all the new apps coming out all this sort of stuff so you know in terms of like the fundamentals for ethereum specifically they have never been stronger ever right and you know for that reason alone i'm

i'm i'm bullish but also i think that in the short term yet okay the macroeconomic environment is a bit bearish right now but you got to look at the long term always like i just i don't like looking at short-term moves because you can't really infer much from it i mean i wrote about it about it in the daily grade newsletter the other day where i said that the short term belongs to traders and speculators right because they are the ones you know providing i guess like the day-to-day moves and trading trading against them trading against the trend or or with the trend or whatever but the long term belongs to the investors right they are the ones who come in buy up supply take supply off the market by by buying and holding and really putting pressure on the price upwards right over the long

term so i mean if you even just look at the one week chart for ethio right you'll see like we came out of the bear market you know the the long long bear market here right uh after the the really bullish kind of bull market last time where you know eighth went from like ten dollars at the beginning of 2017 to a top top of about 1400 right we all know this story i don't have to kind of rehash what happened with the price but if you look at the trend you just zoom out like it's still pretty bullish right and you know i see people looking at this and and they look at this red candle here this weekly red candle and they look over here and they and they kind of say oh you know it's a cycle top right we're going back

into a bear market but you know i i hate it when when i see that because it's like well i mean this weekly candle can be can be here right or it can be here or it can be here like it doesn't have to be at the end and also markets aren't just going to play out exactly the same way they've always kind of uh sorry that they've played out in the past right so i mean this is an investment advice but just looking at it right and even looking at like the monthly candles and things like that as well i mean you know it just i just don't see it i really don't see the that being the cycle top i'm not convinced at this point um because previous bull markets lasted a lot longer than this i mean this is the coin based chart and kraken has the

best chart here um for for kind of like what's going on so like in previous bull markets you also have a recovery during 2016 into 2017 and it's actually better to look at the bitcoin chart here because there's more price data so if we look at kind of like 2016 here on the monthly chart right throughout 2016 bitcoin was going up and up and up up recovering right and coming back to its previous all-time high and then 2017 it went up there that's exactly the same thing we've seen here where during 2020 right i mean prior to the covert dump i believe that if it wasn't for covered um bitcoin would have skyrocketed still right we wouldn't have had these kind of red candles here but kind of like that doesn't even matter because we trended back up but you can see in

2020 the trend is still up and up and up and then 2021 you know really up so it's still fitting in with previous trends and i know that i just said like not it's not going to be the same every time but it's it you know it's just funny because i i just don't believe that you know ethan is going to top it two thousand dollars right all right um when it's last all-time high was like 1.4 k uh you know bitcoin admittedly is pretty hot right it it it's been hot for a while um and you know i typically kind of like like to look at um you know bitcoin and ethereum and the other assets like separately because they do have their own cycles so maybe you know bitcoin is in like what's called a local top right where it just trends sideways for a while and that

gives room to ethereum and the other coins to kind of catch up maybe we see that i mean this is how it played out in 2017 i'm not sure but regardless of what the price action is doing what the you know the charts are saying the fundamentals for ethereum have never been stronger so yeah if you're worried about things you know i'm not saying we're not going to go there's no chance we're going to another bear market maybe there is like i don't know i can't tell the future obviously but at the same time if you like take a long-term outlook like i like to do these kind of moves are easier to deal with and also it's always very good to make sure that you're not over-invested as well because if you're invested to the point where you know you're seeing kind of your net

worth go away and you're thinking yourself wait i have to cash out narrows i'm not going to be able to like survive right you're over invested just straight up you're too invested right you need to be able to separate you know your cash position your living expenses position right all of that your income from the crypto markets yes i know you can earn income by yield farming and stuff like that and i do that you know i i support myself a lot through that as well but you know you need to kind of think to yourself like could i survive a 90 drawdown right just the worst possible scenario you could think of could i survive a 90 drawdown in bitcoin and eat right would i be fine you know and if you work within crypto does your company kind of like have runway to survive a bear market things

like that these are the critical things you have to think about um and if you're fine then these moves really shouldn't affect you yes it sucks to watch your net worth kind of evaporate overnight right but at the end of the day it's paper gains like unless you have cashed out you have not realized those gains so any of the money that you thought that you had you actually didn't have right it was in limbo basically it is not actually yours until you realize it into a stable coin or into like some other stable asset so that's also good to keep in mind but again none of that is investment advice but that's just how i think about it and always really good not to be over invested because i've been there i've been overinvested right and it just it hurts because you see it

going down and you're just like you know you feel that kind of sickness in your stomach and there's like a pit in your stomach where you're just like uh you know uh what's gonna happen now you know this is gonna be crazy so and best and just not look at the the prices day to day i mean i try not to talk about it too much on here only during like i guess massive swings you know to the downside or to the upside because i think it's relevant then but really best not to just stare at the charts every day unless you're a trader then it's different but as an investor you know obsessively checking your portfolio obsessively checking the charts isn't great for your mental health for sure i mean i'm guilty of doing this i'm not going to say like i'm following my

own advice here but you know if you are having trouble with it just stay away from the charts that's what i i you know i do sometimes if i i'm looking at and i'm kind of like feeling depressed about it um you know i i kind of like step away from it so always good to keep that in mind as well but i'll i'll stop there on the price talk there's a lot of fundamental talk to get to today so i'm going to jump right into that actually before i jump into that i did want to give a quick shout out to cryptocurrency jobs on twitter you can follow them uh at jobs in crypto they've got a website that basically lets you browse through like thousands of different crypto jobs and they've got a weekly newsletter as well so definitely go sign up for that

um i this isn't a sponsored thing or anything but cryptocurrency jobs has been a partner for uh to ether for quite a while now where we have their jobs kind of listed in the ether newsletter each week and that's like completely free you know we don't have any kind of deal on that but the reason i bring it up is because i have a lot of people messaging me about crypto jobs they're like you know how do i get started in crypto how do i get a job in crypto how do i do this how do i do that i would say the first thing to do is to check this website see what's out there see what you want to do see what's available right and then you know kind of like if there is a company you like working for this is a bit of a kind

of an alpha leak here if there is a company that you want to work for in or like a like a kind of community that you want to work for within crypto and they have a community discord or something like that go join it and start kind of like adding value to it right because when you start adding value like that yes it's not paid or anything like that but you are showing that you know you're very interested in this right you want to work in this and then it's just a kind of like i guess you could call it resume booster because i i mean i'm not really a fan of resumes like my the way i look at things and when i kind of you know look at look at what people's work like i look at people's work what they've done you know what they've

contributed to the community and things like that rather than like just a straight up resume um because i think crypto is a bit different in that there's so many different ways you can contribute and so many different communities you can be a part of that it's just like there's so much opportunity out there right now but definitely start at the cryptocurrency jobs website go follow them here and go sign up to the newsletter so you can keep on top of things as well so there is going to possibly be the world's first ethereum etf launching soon that uh i think is gonna be launching in canada so there is actually a bitcoin atf in canada right now i think it's gobbled up about 10 000 btc and it's only been live for a couple weeks not even um so yeah i think this atf is actually

going to be run by galaxy digital which is mike novogratz's firm so it's not just like something small actually uh so if it's approved it'll be on the toronto stock exchange which is which is huge right i mean this is what i was talking about before in terms of institutional adoption for eighth as an asset and i've spoken about this on the refuel a lot where the jump from non-crypto to bt safety institutions is huge it took them like 10 years to get there right but the jump from btc to 8th is significantly less and i i think it's actually like months not even years right from from from them to to to be interested in eight because once you're already in crypto once you buy bitcoin getting to ether and other assets is much easier i mean even on an individual basis like

a lot of us would have started with bitcoin i know i did right i've bought bitcoin first and then i you know went down the rabbit hole um because so once you're in the ecosystem it's very hard to get out i mean it's pretty much impossible to get out like let's be honest it's you know you you try to kind of get out and it pulls you back in so to speak so you know this is very bullish i i'm glad that they're kind of doing it with galaxy digital from from mike novogratz i mean he's been in this space for quite a while now and he's from the traditional finance world so he understands that whole world and he'll get people kind of like interested in this product as well which is which is going to be really great since it is their product of

course but also you know he can articulate kind of the ethereum use case to kind of a different audience and like the ethereum value prop so really really excited to see that so sushi swap launched their onsen round two recently uh so there's a bunch of updates here uh basically the onsen program is a liquidity mining program where they pay out sushi rewards to a bunch of different pairs and you can see here they've got a bunch of new pairs that they're paying out now uh paying out to now there's so many pairs here i mean look at this like there's uh there's there's mbtce you know uh grt eth uh you know all these different coins like premier ether i mean these are all like some of these are very new coins as well

uh so you can get sushi rewards for providing liquidity here and they've also supported nftx funds as well so you can actually get uh sushi swap rewards for providing liquidity to the different kind of like uh punk uh nftx funds and the hash mask nftns funds as well nftx funds as well which i thought was really cool so yeah if you're someone who likes the liquidity provide definitely sushi swap is really great right now because it pays you those really nice rewards in sushi tokens and i actually think i mean i hold sushi tokens and there's a reason because uh they give you you can stake your tokens and basically get a yield on it which i think is really really cool as well um so yeah it's not like you're getting like a token that you might just immediately sell you can actually

restake those tokens um you know uh and kind of earn rewards uh there is a caveat there with one where two thirds of them are vested over six months so you only get one third up front but i still think it's cool right i still think i actually think the vesting model is better because we've seen it play out with synthetics where uh the snx rewards are vested over time or at least like they're there's like a year lock up on them from when you claim them which i think is a big reason why our synthetics has had so much success is because they've been able to build a community like that so i really i'm a really big fan of this kind of vesting programs here but definitely go check this out if you're a liquidity provider so uh kyber network uh uh club network's co-founder sorry

announced a new paper called the dynamic market making or dmm uh kind of like a mechanism here and this paper basically dives into what the dmm is and the tldr is that it allows uh kind of uses or allows for the creation of highly optimized pools with high capital efficiency and improved profits for lps and and as as he says here our hope is that dmm opens up an entirely new line of research to innovate on existing amms now this is the paper here you know it's quite lengthy as you as you can imagine as for a new paper it's a lot it's a lot of technical stuff a lot of math so if that's your thing definitely go give it a read uh but this is cool i think the amm space in general has just so much more

to be explored here you know there's so much more we can do rather than just like the normal kind of uni swap model right and there's already experimentation happening not just within kaiba but you know curve you know has their own kind of model um dodo i think that has their own model i think maybe one inch also has their own model for their amm so there are different ones out here i know m stable has one as well with their um with their max weights and stuff like that uh so yeah this is just another entry into here but i i won't kind of like dive deep into it on here because i haven't read the paper myself yet but i think um you know to get a good grasp of how it works you really should either read this thread which which is a tldr thread or read the paper

um because i think you know the kaiba team is really great they they're really great at kind of like they've been around for a while they deliver really great products they execute well and you know if anyone can pull off a new kind of amm it's probably them uh so i think that's really cool and you can see here actually a little bit of a summary the dynamic market maker allows for dynamic fees programmable curves and permissionless liquidity contribution as well so that's that's super cool i mean balancer obviously also has their model where there's dynamic fees and and kind of things like that as well and and you can do different weights and stuff so yeah there's so much experimentation happening in the amm space right now i just think it's really cool so yeah definitely go check out this uh this paper

so slingshot finance uh or slingshot crypto i guess it's a decentralized uh kind of exchange aggregator and just it's disclosure here i'm an investor in slingshot so i'm not trying to shield here i just thought that it was cool that there they launched basically a game to enter their closed beta so you can play this game um at game.slingshot.finance and you can basically get beta access or go on the waitlist to get beta access so i thought that was really cool you know i think uh i mean i got beta access to it before uh because obviously i'm an investor but i think you know the fact that it's open up to more people now is really cool and i think that the way they did this with the game was was also really cool because you know just signing up for a beta list that

with an email address is kind of boring you want to like get the community more involved here and get them hyped about something and i really like the trailers as well um and i thought this was cool like this little uh this little kind of logo here um not you know it's unrestricted trading non-custodial decentralized on ethereum so yeah as for the product itself as i said it is a new decentralized exchange aggregator i'm not entirely new it's just a rebrand of decks.ag that was around for a while one of the first dex aggregators actually um that was around for a long time uh but yeah slingshot is kind of like the rebrand of that and and not to kind of discredit it that's more than a rebrand it's like an entirely kind of new system here you can see kind of like in the gif here

a bit of a preview of it um but basically yeah i don't want to show it too much since i'm an investor but if this is something that you're interested in you know you're looking for your next favorite kind of decentralized exchange aggregator definitely uh kind of check this out and you know participate in this beta so loopering added a bunch more tokens to their layer 2 uh amm exchange there's heaps here there's there's rey there's snx there's rgt uh there's mask there's badger um you know and this you know as they point out here they are the biggest feedback they get is that there's not enough tokens on there i think the second biggest feedback they get is there's not a lot of liquidity either but this takes time i mean i've spoken about this on the refuel a lot of times

that it takes time for network effects to build and you know i think luprix doing an amazing job in building those network effects with liquidity mining programs with adding more assets right with kind of growing their trading volumes which they are i think they're up at almost 30 million dollars 24 hour trading volume now and it was like 10 million dollars just two weeks ago i think so some some really nice growth there um and and the fact that they're adding more pairs here means more growth because the the the really special thing about decentralized exchanges especially something like uni swap is that they service the long tail of assets now what this means is it basically means all these assets that aren't on centralized exchanges yet because when you issue a new token to get it on a centralized exchange

you either have to have investors that were part of like the centralized exchange you have to do some kind of like insider backdoor stuff right or you have to like basically wait until they kind of sign off on you not being a security right and your token not being in security and then going through all their checklists to get on a centralized exchange at least one with volume on it like you know coinbase or gemini um you know binance is a bit looser but at the same time i've recently only seen binance listing tokens that they have a vested interest in so you know it's good that we have these alternatives within ethereum now and these decentralized alternatives where you know anyone can kind of list tokens on them uh whereas with loopering right now the reason they have to add more tokens is because it's on there

on their l2 i don't think there's the ability to add kind of your own tokens to it yet they have to kind of whitelist it i think it's just for safety reasons uh which makes sense but you know as they add more assets and more liquidity comes into it there'll be more trading volume there so yeah got no i got no kind of like reservations there just really cool to see loop ring kind of uh you know bringing these these these new tokens to their exchange so block native released a new platform called the block native gas platform which allows for a new and accurate price fee for for pricing ethereum transaction fees and they claim here that it will help you get your transactions into the next block without overpaying so i've spoken about block native a bunch of different times before they basically

um you know they call themselves masters of the uh the mempool uh so basically masters of the pool where all the transactions go before they're included in a block and i've spoken about that in the past so i won't rehash rehash it there uh but yeah as as i as kind of like they say in their tweet what this does is it allows for um you know more accurate gas price estimation uh for for different kind of apps and things like that so i think yeah this is more uh yeah this is definitely geared towards builders and traders not so much like everyday users because the builders can integrate this within their app and give their users more accurate gas kind of estimations which is obviously solely needed so if you're a developer of an app or if you have an app that you would like this

integrated in definitely go kind of like ping them about it and bug them about it uh because yeah i mean i i really do think block native is the kind of you know best kind of team we have out there best product we have out there for mastering the mempool and you know i think this is going to be really cool especially you know and like i know eip1559 is supposed to smoothen out transactions as well but um you know this just adds an another kind of layer to that too for app developers to tap into which i thought was really cool so definitely go check that out after if you're interested in that so i think the biggest news actually from the last 24 hours but that was that coinbase filed their s1 and larry did a really great thread here of the notes from it

so basically what this is it's coinbase's i guess financial statements you know internal company documents things like that because they're they're they're filing to go public they have to kind of put these metrics out there now into the public and this is the first time we actually get to see this so you know as larry notes here you know they had 3.4 billion dollars in total revenue until 2020 uh mostly from transaction fees uh so obviously from like volume on their exchange uh they have 43 million verified users and 2.8 million i think is a typo yeah it's supposed to say 2.8 million monthly transacting users so you know this i guess is our best kind of measure about how many people are actually in crypto uh because

at least in the us especially and like maybe the western nations because they are the ones who use coinbase i know there's other exchanges but i think this is a really accurate kind of measure so only 2.8 million monthly active users here all right that's not very much when you think about it i mean you know the world population in terms of the western countries is in the is in the billions right so once you kind of take that into account this is a really really small percentage of that like this is like 0.28 if i'm doing my math right of of a billion so we still have a long way to go at the same time and you know even if you take it that most people you know maybe some people don't aren't monthly active users they just kind of buy and hold on an exchange

there's 43 million users on coinbase after like i think almost 10 years of operation or nine or eight years of coinbase being out there um so that's a small number too right yes it's much bigger than the monthly kind of transacting users but a lot of these users would have verified themselves during the 2017 bull market and probably went away since then so yeah i think that that was really just really interesting a bunch of other things here that were interesting as well is that uh coinbase holds crypto on their balance sheet so they hold 130 million dollars worth of btc 24 million dollars worth of eth and 34 million dollars of other now that might seem like a small number to you which i actually think it is but at the same time they're a crypto exchange they've already got a lot of exposure to crypto

and a lot of the risk from it so it probably doesn't make sense for them to hold uh the assets themselves on their balance sheet right uh but still the fact that they do is is really cool here um there's a bunch of other i mean i'll link this in the youtube description there's a bunch of other really cool stuff here uh but basically they've got 90 billion assets on the platform which i thought was really cool if you look at the total crypto market cap i think it's like 1.5 trillion so coinbase essentially has like seven percent of all the the whole crypto market cap on their their platform in custody which is which is pretty insane right when you think about it um there's more info here i mean based there's more info on acquisitions on the shares uh the cap table right um

kind of you know who's got what uh like how much shares people have obviously brian has a lot and you know as larry notes here like brian is balling the [ __ ] out after the stock gets liquid i mean he's gonna essentially be an instant billionaire because the uh the i guess uh what is that the valuation for coinbase is about 100 billion dollars right now on secondary markets so um yeah it's probably going to be that or above uh and there's a bunch of interesting notes here um i think coinbase uh had a view on d5 they're bullish on it but cautious about the risks uh and then yeah i mean that was kind of like the the end of the thread there from larry he did post some other stuff around this that i don't have handy right now but i think one of them was

that most of the capital coming into the space right now is non-retail i think there's only 30 percent of retail capital on coinbase or at least volume on on coinbase which means a lot of that is institutional right so again institutions are coming and they're here and retail is just not here in a big way yet and that's another reason why i don't think we're at a kind of cycle top right right possibly at a local top but yeah i mean retail is what determines cycle tops because the retail investors you know most of them plow in towards the end right because they hear about this mania and they foam a win and then we have like the crash because you know there's there's a lot of money coming in but it's for a short period of time and then you know you can't kind of

sustain that uh so yeah i think uh i think that's really bullish i think it's bullish that coinbase is going public it's going to bring in a lot new a lot of new people into the space a lot of new eyeballs it's going to legitimize the space some more so yeah really really cool to see that playing out so etherscan introduced a new feature which i thought was really cool called the pending transaction queue now you can see on the image here there's a little bar um that's added to each transaction now and what this bar represents is it's a transactions q position relative to others in the transaction pool so you can basically uh as if the scan says here it's a quick way to gauge how far off your transaction is from getting confirmed so i mean etherscan always loves to add these

little features and i love them for it i mean there's so many little features on ether scan that make it just like such a sticky platform to use i mean you know even if you look at a transaction like a transaction hash and go through all the information that it gives you there's just so much there and you know and the thing is though they add information and they they don't even advertise it sometimes you just kind of find that you're like holy crap like this is awesome so this is you know just another one of those really awesome features that you know they didn't have to add but they do because like they want to add as many features as possible for their users so you know ether scan we don't deserve etherscan and ethereum they're just they're too good right it's it's free

like there are ads on the platform but you know you have to pay for this kind of thing and getting this data yourself and doing all this yourself is basically impossible you need so much infrastructure for this you need to like kind of like have a full-time team and everything to do this right so i think it's just really cool that uh it's still free right and i don't expect of them to go to a paid model i think they that they do make enough from ads and probably some other kind of business kind of verticals there so yeah really cool to see this from ether scan so matthew feinstein from loop ring actually kind of put out this really cool tweet uh today basically saying the cold hard truth eath killers will not kill ethereum they will not even scare the ethereum l2s a single l2 the loop ring zk roll up is

earning more in fees each day than eks do in a week or month and paying those fees to ethereum for security so a little bit of background here l one uh sorry l2 right can either choose to do like no fees at all or like tiny fees right you you if you use looprin you'll notice that they take a very small fee of like two cents per trade now these fees go to the blueprint kind of validators right like they would in you know like how fees go to ethereum miners and they're actually used to post uh i guess like the security kind of transactions or like the the data to the ethereum main chain to make these layer two solutions work and as you can see here loopring's had some amazing growth recently and that's come with amazing feed growth and

they're doing more fees than the ethereum killers do um in a week or a month and they have just as much scalability as these ethereum killers claim to have right so it's just it's just crazy because i was look maybe this is a bit of a tangent but i was looking the other day at coin gecko and i was looking at all the market caps of different kind of ethereum killers and then the market cap of ethereum and i was like holy crap like some of these are like one fifth of ethereum's value and they literally do nothing you know i know i talk about cardano a lot and i call them out a lot and for good reason because cardano for some reason has like a 30 million a 30 billion dollar market cap or something ethereum has like a 170 or 180 billion

market cap at this point right so the market is saying that it's valuing a platform that one has no transactions on it except for staking transactions and arbitrage between exchanges um two does not have smart contracts right so nothing's on there three i haven't seen anyone ever say to me that they want to build on cardano like not once have i ever heard anyone say they want to build on cardinal right um so taking all that into account the fact that it's even worth 30 billion while ethereum's only worth 170 or 180 billion just screams to me that ethereum is undervalued right or cardano is extremely overvalued i actually think both are true i think cardinal and all the other ethereum killers at this point are extremely overvalued for

what they are in terms of usage and i think ethereum is extremely undervalued for what it is but at the same time the space runs on narratives right the narratives of other ethereum platform sorry of the ethereum killers is that they're more scalable you know they have gas free transactions like they don't have high gas fees right all this sort of stuff and this space loves narratives at the end of the day so unfortunately ethereum might be losing the narrative short term because we we do have the higher fees right and we still need to scale which we will i'm promising you we're scaling in the next few months but during that time i think we're still gonna have to deal with like the narratives being against us which is unfortunate but just the reality of it right now so yeah but anyway really cool to see this

from loopring and i really appreciate matt for posting this out there so i spoken about the eip1559 drama and about how some of the miners are against it recently right um and you know i won't rehash my thoughts on on that and why i think that you know they're not going to do anything to stop erp-1559 but not every miner and not every mining pool is against it as you can see here f2 pool is actually four one five five nine and they append a blog post basically kind of um saying why why they are and like there's a bit of a history here and like because they've been around for a while they kind of deeply understand this and then yeah why we support one five five nine here basically tldi is that they believe it's a an amazing upgrade for ethereum um and

it brings up all these benefits so why kind of wouldn't they support it but you can go read the full blog post on this i think it's getting very heated now with with this sort of stuff because we now have over 50 of the hash rate saying that they do not support one five five nine but i'm still sticking to my kind of thoughts that the game theory will hold for this i i i basically i'm calling out miners every time now i called out um spark pool because they said they were opposing one five five nine and i basically said talk is cheap we'll see where their hash rate goes when the fork happens and i said spoiler alert the hash rate is gonna go to one the one five five nine chain i mean there might be a a a a like a

fork where the miners try to kind of i guess continue on with like some some weird non one five five nine chain i expect that to be extremely short-lived and i expect that to die because there's no one gonna be sticking with it as i showed you yesterday um trenton van epps put together a list of all the apps that are going to be kind of like in support of one five five nine it's all the major ones and then as i said we'll get the exchanges once the upgrade's planned we have a date for it the exchanges will weigh in and i don't see the exchanges saying no when they know the rest of the ecosystem wants it except miners right and it's actually funny because the binance pool uh mining pool is four one five five nine so bit funny there but yeah anyway

really great to see these from f2 pool go read the blog post if you haven't uh haven't yet and i i thank them as i said in my my reply here i thank them for being on the right side of history because the ethereum community will not forget who was it for and who was against the uh you know one five five nine all right that's it for today everyone thank you again for listening and watching if you haven't done so be sure to subscribe to the channel give the video a thumbs up join the discord channel subscribe to the daily grain newsletter and i'll catch you all next week have a great weekend everyone thanks