Coinbase supports Arbitrum, zkSync era and more - The Daily Gwei Refuel #542 - Ethereum Updates

Transcript

hello everyone welcome to another episode of The Daily gray refuel where we kept the latest news in ethereum ecosystem I'm your host the internet has the 20th of February 2023. all right everyone let's get into it so apologies for missing a Friday's episode everyone I know I missed two episodes last week so hopefully this week I won't miss any uh and obviously there's a lot to catch up on from the weekend but just wanted to give a heads up uh most of you are probably aware of this but I'm heading to eat Denver on Monday next week which means all of next week there will unfortunately be no refuels it is just too difficult for me to find the time and energy to do them when I am traveling uh you probably hear my croaked croaky voice if I was to do one so I will be hopefully back the

following Monday uh so not not next Monday the the Monday after all Monday or Tuesday just depends on the time zone differences of when I when I kind of get back there but as soon as I'm back uh in Melbourne I will definitely be doing a refill but yeah definitely no refuels next week uh and obviously when I get back I'll be doing a longer one to recap all of the events that happen next week anyway so you won't be missing anything you just have to wait a little bit longer for me to report on it but anyway let's get into the news from the last few days so first up we had a uh all call Debs call that happened and Tim baiko has his usual thread on this call here for all of you to see of course it'll be linked in the YouTube

description below but on this call they of course discussed Chapala which is upcoming very very soon Psalm 48 44 transaction changes SSC RPC and self-destruct so as I said it's all in this trade everything you need to know uh it's it's funny I think that the the core Dev calls I mean they're not they haven't moved on from Chappelle yet or Shanghai obviously they still need to finalize that and schedule that and everything uh but definitely we're getting to pretty close to the end game there as I mentioned before or I think this was last week on the 28th so polio will be forked to uh chappella which is Shanghai cappella which is the withdrawals upgrade and then one to two weeks after that will be girly and then I guess like two weeks after that will be mainnet so late March uh early April

uh we can expect mainnet withdrawals to go forward and anyone who's listening to my show for months now would have known that already so there's no use me hopping on about that and then obviously all the uh stuff around all core devs will shift to uh to 48.44 and a bunch of other things that have been discussed for quite a while and that didn't make it into Shanghai eof uh SSC uh this self-destruct thing as well which has been uh the the debate around that is reignited recently too so yeah as usual uh keeping up with all this stuff can be a little bit difficult but it's great that Tim has put out this thread all the links are in the thread and you can go to the GitHub repo to check out some more information there all right so superfy's shared this really cool little staking dashboard

that was built by metanal here uh as you can see this this taking dashboard shows you a bunch of different metrics around your validators so you can see from the top you can get uh information on P account on CPU you see John CPU temperature gas used uh kind of um the current heat price number of validators that you're running all that good stuff there rewards all the stuff there this is this is actually really cool because uh there are dashboards like this already uh there's one that the that uh that comes built when you spin up a rocker pool smart node stock it's all there for you it's really really great uh and it's great for monitoring things but for solo stakers there are that many options there are some here and there but a lot of them live a a lot to be

desired I've played it on with a bunch of them and I've never really been too happy with them you can of course build your own but it does involve getting into the weeds of these things and editing things and actually learning how grafana uh Works which is the um the software powering this dashboard board but this one was pre-built by metanol and seems to have all the information you would want to have here I mean a lot of dashboards I've seen omit a lot of time they omit the the balance uh that you have in your validators and your rewards which is I think the one of the main things people care about right obviously we care about our uptime and what the CPU usage looks like if there's anything funky going on there what the you know what the CPU temperature is and memory usage is just in case we need to

change our Hardware or upgrade our Hardware or anything like that but we also care about the rewards that we're earning uh for staking obviously so that is definitely a big thing that uh that I like this dashboard for as you can see on the bottom it kind of shows that there but I just wanted to highlight this for you uh solo stakers out there that uh I like particularly around the grafana dashboards this is another one that you can check out for yourself so this is available at docs.stakelocal.io that website will of course be linked in the YouTube description below but uh you can go check that out there but yeah just really cool to see this and thanks to superfizz for sharing it all right so never mind had a major release uh over the weekend so this is another mind client version

1.17.0 so if you're running a sapolia node you can update before the sapolio chapel upgrade on the 28th of Feb and this will support that uh as well as the Jane tesnik con a test net configs are included proto-dank shot doing progress and performance improvements and of course much more now obviously you can see all the information about this here uh there's a bunch of information on the GitHub repo for you to check out uh this is really cool um in terms of execution layer clients I remember mentioning that uh I guess like before the merge happened and a couple of months after the merge happened that the execution layer clients except get weren't up to kind of scratch yet in terms of uh being able to rely on them like you could with

Geth being able to for them to perform it being able uh to run them on kind of like lower spec Hardware well it seems that nevermind has made massive strides lately it's they've cut a lot of their memory usage requirements down a lot and people have having great success running them I I haven't spun up a new nevermind node yet I'm meaning I'm meaning to because I want to try about the experience thinking from sinking from scratch again and see how that goes there uh but it's not just them it's the other clients as well such as uh Basu uh uh which is available and has been getting a lot better I've heard from a lot of people uh there's also a wrath which is um which is a newer client from Paradigm folks uh two there and I'm forgetting another Aragon Aragon Aragon has been making strides as well but

obviously they're probably a lot more focused on the archive node a side of things but uh yeah you could try running erragon of course but in terms of client diversity any of those will work except death because yeah it's still quite dominant not that dominant I mean it went to about 60 now it's back up to 63 but as long as it's below 66 that is the critical threshold um it's it's it's it's it's it's okay right obviously ideally we want it below 50 so if you are running Geth consider running never mind now maybe you've had some I guess bad luck with nevermind in the past maybe it was too to Resource intensive for what you were running well if you haven't tried it lately I suggest doing so but also if you want to try something else such as bass on Aragon you can do that as well and now from my

experience the best way to do this is not to just kind of replace your existing execution layer node if you're a solo Staker uh because obviously that will mean that while this is kind of syncing you can keep the other one online and then obviously take that offline and put this um and use and use the new one that you've synced but then if something goes wrong it'll send your validators offline and you uh will lose I will not you won't get Rewards or you'll be penalized for being offline so from that point of view what I like to do is if you have the ability to do this I basically sync the node on a separate piece of hardware and then just run it and see how it goes for a few days and if all what it is well and good then I

kind of change over then but obviously a few days is you know it could be a few weeks could be a few days whatever you want to do here but uh yeah consider changing if you're running Geth uh just just for client diversity purposes of course um but also you know it's good to support these other teams building these clients because they've been working really hard on this for a really long time and we want to encourage their work we want to support their work as best we can all right so uh Lao Zoo here from the scroll R D team put together a really great resource over the weekend uh called ethereum protocol updates now this is basically a uh I guess running resource that they're going to be doing uh covering all the uh protocol updates over uh the week so you can see here

this is a live document so he's he's got week one here and then uh week two here which and the dates cover to the 29th of the first to the 11th of the second and this goes through a lot of the things happening at both the execution layer and the consensus layer and this is really really good I mean honestly the amount of uh information that the he's been able to pack into this is is crazy and this is being done bi-weekly uh so and it's an open source project uh for the community to understand the latest progress of ethereum protocol uh research and development and for you to just stay on top of things on the protocol side now I've been using this uh since I I discovered it to go through and click through on all the links to learn more about ethereum core protocol

and as I said it's just it's an amazing resource it really has become a Bible of sorts for me for ethereum protocol development and it's only been kind of two updates so far but they're so jam-packed that I haven't even been able to get through it all yet so yeah you can go check this out for yourself with your Billings in the YouTube description below uh but this is great I mean as I said before talking about Tim baiko's thread you know he does those threads uh uh other people do threads and blog posts on things but they never go into this much detail right which is fine I mean the threads are really for the the kind of more high level stuff and if you want to dive in deeper you can go to the GitHub and go into the Discord channels and the E3 search for and things like

that but this is this uh what what is doing here is they're basically creating all this for you so that you don't have to go search for it yourself so I hope that they keep this effort up because it's a it's a very valuable effort I believe uh and just wanted to highlight it for you guys so I'll link this in the YouTube description below you can go check it out all right domethy has another tweet uh another Banger tweet that I wanted to talk about so that he started off this thread by saying block space is the thing that's being used for Innovation and growth and it's inflationary 15 million new units issued every 12 seconds now the units here are being referenced uh gas on on the ethereum network and the only way you can buy it is by acquiring and burning eth and it's

in high enough demand that it's being sold at a profit uh now this was Dominique quote tweeting someone who was confused about how a deflation helps potential growth of the ethereum network now there's two things I wanted to focus on here first thing was this framing of that ethereum blocks play block space is inflationary uh is actually really cool and I've never I've never kind of like heard someone articulate it this way because yes ethereum Blocks place is inflationary every 12 seconds we issue a new block that contains 15 million new units of gas and anything can be uh you know I can obviously use that gas as long as it's following the protocol rules and in order to use that gas you need to pay Heath and obviously most of that atheist burned as part of the eip1559 mechanism now the 15 million

unit is not set in stone that is variable that's the gas limit that can vary from 15 million uh it can go down to 10 million it can go up to 20 million that was really arbitrates honestly it can be any number you want it to be and and the way it's changed I'm not going to go into that now but the way it's changed is basically the before it was the miners voting on it now it could be the um the validate is voting on on what to change it to uh in order to effectively change ethereum's block size here now but the every 12 seconds well that for now at least is set in stone that can't be changed unless there's a protocol level change put in place such such as a hard Fork that changes ethereum's block times or slot times I

should say from 12 seconds to some other number there so that 12 seconds is set in stone 15 million is set in stone most of the time until it's kind of changed it doesn't require a hard Fork to change it that's why I'm trying to make the delineation here so we can safely say uh for the foreseeable future there is 15 million new units issued every 12 seconds and to access those new units you need to buy eth or acquire eighth and you need to use that eighth which in turn Burns most of it and then Dominic continues by saying you know the the that a block space is in high enough demand that it's being sold at a profit which means that the Box base is making up for the issuance so I've described this before and this is all about obviously ultrasound money and and being

deflationary how the uh a protocol Issues new eth two validators now to offset that new issuance we need to be above What's called the ultrasound barrier in terms of gas fees the ultrasound barrier is currently at around 16 way so as long as the network is above 16 way the the um more eight is being burned that is being issued and you could say that in you know I mean it's not an exact science yeah but you can say in so many words that the ethereum protocol is in profit it is selling its block space at a profit because it is not um is not running at a at a uh sorry it's a it's above the ultrasound barrier so if it was below obviously uh that'd be a different kind of terminology there but it is above there and this is one thing I think a

lot of people miss or I guess misunderstand About ethereum's deflationary Properties it doesn't just happen it has to be earned the ethereum or eth can't be deflationary unless we're above that ultrasound barrier it's just that's not how it works at all um the only I mean okay to be fair the only way it would work is if people were burning eth on their own not using it as fees literally throwing Ethan to the burner dress on their own to offset the new issuance which is obviously not going to happen because that that's a lot of eighth and no one's going to voluntarily or at least most people aren't going to voluntarily burn their teeth like that so the only way it really happens in reality is via this this burn and the only way that ether's burned is if it's actually used on the network because

people say oh won't deflationary eat uh or a deflationary currency generally won't that lead to uh people hoarding and not wanting to spend it it's like yeah yes okay in in a normal system but I mean ethereum is not a normal system it's been engineered in order to have the best of all worlds and this is what I've talked about a lot in the past but the best of all worlds here is the fact that that it can be deflationary while still needing utility to make it deflationary it's not just deflationary for the sake of it you have to use it now if people aren't using it because they're hoarding it then eat is not going to be deflationary because that the ultrasound barrier sorry the um the uh the gas phase on the network will be below that ultrasound barrier so it will be inflationary again but overall

inflationary deflationary I don't actually think it matters that much I think people put too much emphasis on this I know I've talked about it a lot in the past I know I get excited whenever we see it go to go deflationary but for me it's become more of a marketing thing the ultrasound money uh terminology is a meme people take it too seriously it really is a meme and the best memes actually are the ones that people take too seriously and get upset about because it gives them a lot of reach it gives them a lot of free marketing and that's what it is to me so eth being deflationary has to be earned ultrasound money to me is more of a meme than anything else it's not meant to be that descriptive but that's actually meant to be making fun of Bitcoin is calling BTC sound money that it's that's

pretty obvious and it was actually started like that Justin Drake came up with that idea like that's a known fact that that's how he came to that and then other people kind of caught on to it it's like yeah this is a fun thing to to I guess like poke fun at um at Bitcoin is about because they were obviously always poking fun at ethereum generally uh and it really annoys them and that's good because it's free marketing for ethereum right so so when taking all that into account saying that people aren't going to spend eth because uh they're just gonna hoard it because it's deflationary is wrong now obviously Eve has other properties that people think will make a Garb in price but that does not stop eat from being used I mean he's just being used so much like we're still in a bear

market and we're above the ultrasound barrier we are negative like 30 000 eth in in issuance right now because uh people are using eth so much because they want to access that block space even though the block space is inflationary it is limited per block right and there are more valuable blocks and other blocks not all of these units are created equal and that's where Mev enters but when you're taking it in it as a whole the ethereum network is just such a beautiful machine that has such a symbiotic relationship with all its parts and that doesn't happen on its own it's been engineered specifically to be like that and I personally have been a part of those conversations for a very long time being a part of making people aware of these things and being a part of actually uh pushing these things forward that I I get a little upset when

I see people say uh things that don't really make sense and need to be corrected now I understand that everyone's at the same level of knowledge that I am and there's a lot of newer people in the ecosystem uh but uh I guess like my pet peeve is when people talk with authority on a subject when they don't actually know what they're talking about and I know I've probably done it in the past where I made a mistake and I'm like oh I shouldn't have said that because it wasn't actually accurate um but I call them reply guys right we've all seen them on Twitter they just reply and they don't know what they're talking about and then you'll just I I can't bother replying to them anymore but there are plenty of them out there so maybe I I don't I don't I don't think

any of you are any of that but I figured it was worth bringing up I figured it was worth framing the discussion again just so you can potentially educate people as well as time goes on anyway I'm gonna leave that for now moving on to a tweet from Jessie here uh who's quoting David Hoffman who is sharing an announcement from the rockapole Discord channel that said that coinbase Ventures has made a direct investment into the RPL token now I mentioned a week ago a couple weeks ago that coinbase was looking to become an Odell member uh and uh and and that I don't believe has happened yet they'll be joining soon hopefully obviously if they're kind of uh obviously through the

voting process and things like that they'll be onboarded uh into the Odell um but yeah the fact that they've gone a step further and acquired RPL which uh has been done you know way after the fact coinbase Ventures is normally a um a a uh an arm of coinbase that makes c a seed or series a or private Investments well the fact that they've bought this RPI I don't know if they bought it directly off the market or if they've kind of made uh how to deal with the rocketpool team but the fact that they've bought it so late after the fact of RPL coming out is a huge vote of confidence I think for rocketball here and as you guys know I'm a huge fan of coinbase lately they've been doing a ton of good stuff uh uh for uh ethereum specifically and this is just another

one of those so I I just think this is uh uh just worth highlighting because it's really great obviously I'm biased here because I'm an Odell member and I have RPL tokens but come on guys like rockapool is awesome like there's and I don't think there's um there's uh there's much arguments against uh rockable being awesome there I know there's been a bit of drama recently actually around um a certain individual not gonna name his name but if you know who I'm talking about you know what I'm talking about uh making noise about the Odell on Twitter look the odao is a point of contention for the rockable community there's no hiding that fact for a number of different reasons uh obviously the biggest reason is the compensation amount that the Odell members uh are making are at you know at current prices of RPL this can be anywhere from four to

five hundred thousand dollars a year but when you look at it in a dollar's term to Dollar terms right um I think that's the incorrect way to look at it because as far as I know and Rocket poor people can correct me if I'm wrong the inflation that went to Oda members has remained the same since it was incepted and and when it was incepted RPL was around one to two dollars which means that at most you are making I think a few thousand dollars if you join the Oda really early on uh a month and I don't even think it was that much right because uh because it was based on the RPL tokens not based on dollar values now obviously the RPL token has done extremely well which means that now the odar members are making a lot of money right from this

um and there are proposals being put forward to lower the inflation inflationary awards that go to the Odell of which I mean obviously I can't really give a totally unbiased uh opinion here because I'm part of the Odell but I'm happy that those discussions are happening that's what an organic Community should be doing I know there's drama that involved in this sorts of stuff all the time I mean always especially when it comes to money but I'm happy those discussions are happening now the last thing I want to say on that since I'm talking about it I mean I I actually debated whether I should talk about it on the refill today but I am so let me continue here well let me finish up yeah uh when I look at the money that the odar members are making and again I am biased here

because I'm an ODI member um but when I look at the money that they are making I kind of look at it in the terms of how big the protocol is so right now The Rocker pool fully diluted valuation is 1.1 billion or 1 billion or something like that right so let's just say it's 1 billion for argument's sake now we add up the amount of rewards that all the odow members are making let's say it's 10 million dollars um I don't know if it's less or more than that but give or take a couple million dollars on either side let's just say 10 million for argument's sake that is one percent going of of I guess like the market cap of rocketpool going to the odar members who are responsible for a large uh a number of things I know that the things that they do

um may seem trivial to people because it's just software that runs on the computer and it's automated um and the Voting is kind of like a manual process but it's a very easy process to do uh and uh the the tree gen while there are people that are pretty slow on the tree Jen I mean I came third right I'm very proud of my third place but you only needed you're only 50 Quorum there uh that gets done right that gets done in a relatively timely manner but when you look at it like from that point of view and and and and where the odao is is a temporary vehicle as well because eventually we want to phase out the Odell in in favor of obviously making rocketball completely decentralized I think that when looking at it in percentage terms instead of absolute dollar values it makes sense

now that's not to say that you shouldn't uh uh with that that rockable Community shouldn't work to reduce the rewards if they feel that it is too high uh and if they feel that it is not actually the best use of the protocol's RPL because it comes out of the inflationary rods that go to the protocol at 15 of the five percent yearly inflation goes to the Oda members so it's totally uh fine for the community to do that but I think it should be done from a base of uh not uh maybe just doing it for the sake of it but but also understanding that uh the Odell members have an important role in The Rocker pool ecosystem that it is hopefully I mean we all hope it is a temporary role I mean it is a temporary role but we all hope it's not going to

last like five years right we hope that it is uh it can definitely be phased out over time to to further strengthen the rocketpool protocol here uh uh but yeah I mean that's why I when I look at the people kind of bringing out the dollar value I'm like yeah okay but you have to look at the fact that RPL went up over time if you look at the fact that what the what the Oda members actually do you have to look at the fact that more as more odar members are added it actually dilutes the rest of the Oda members so it's more spread out which is actually I think a better way of of diluting the existing members than reducing the rewards but you can do both I guess but um and and they're probably both going to happen anyway uh but yeah taking that

all into account I think that you can have a much healthier discussion starting from that base uh at least that's my opinion there but anyway went off on the tangent there I'm gonna leave that one at that just really cool to see coinbase Ventures getting more involved with rocketpool here all right so a tweet from Jessie powwow about the regulatory stuff that's been happening over the last I guess few weeks and a few months now so for those of you who don't know Jesse is the co-founder and CEO of Kraken so he said here I have a theory Regulators let the bad guys get big and blow up because it serves their agenda step one destroy capital resources in the crypto ecosystem step two burn people deter adoption step 3 give air cover to good actors the bad guys are

actually on side good guys are the enemies and then he continues by saying if the bad guys can run long enough without blowing up they might just kill the good guys for you bad guys operate with huge competitive advantages they suck up users revenue and Venture Capital that would otherwise have gone to Good Guys bad guys can always be jailed later now I don't think this just applies to the C5 space I definitely think this applies to the on-chain kind of ecosystem as well maybe even more so here but I I broadly agree with Jesse here in that I've said it before about the regulatory stuff a lot of things blew up right and a lot of these things that blew up were things that The Regulators seemed to either give a pass to not look at ignore and then once they blow up The Regulators come along like

oh my God all these users got hurt now we have to go after these you know this exchange and that service and blah blah and this and that and they don't care if you're a good or bad guy they're just going to go after you indiscriminately we've seen that play out right um and I think the perfect example of this is what happened with FTX and the SEC I mean SPF May has all been have been sleeping with Gary against like that's how close they were based on the evidence that I've seen I mean obviously it's um it hasn't been proven or anything like that it's not been a proven in a court of law but there is uh there's a lot of evidence that shows this and there's a lot of evidence that points to the fact that Gary Gensler was pretty close to giving the uh SPF and

FTX a kind of Safe Harbor which would have been obviously ridiculous and now FTX has blown up Gary genslen SDC has distance themselves uh they try to bury things under the rug there was a whole positive spin campaign about SPF and uh now it's kind of like out of the news cycle the SEC the other Regulators are coming in hot and they're like you know let's just tear everything apart we need to kind of go after these things uh because these things block we're gonna quote unquote protect investors which is all as we know and they come at the legitimate play is really hard which is super frustrating right it's super frustrating for a number of different reasons for obvious reason being that there's always all this uncertainty for teams they've got no idea what they're what they're allowed not allowed or not allowed to do they have to hire these

lawyers which cost an arm and a leg and they have they're always handicapped by these things they have to block users from the US which is just crazy because for those of you in the US that see these these lists of blocked areas whenever you go to a website it's like the US North Korea Russia uh Iran right so the US is is is kind of like uh uh uh part of the group of of countries that have been sanctioned by the us so you know great company guys all because the US regulatory apparatus is so hostile towards crypto now will this change anytime soon we don't know we have to keep fighting we have to keep fighting until uh something gives we have to keep making sure that we inform the politicians we inform the policy makers

as much as we can and you know there are some people that say well okay well if in the U.S uh the uh Republicans win the next election everything will be okay I I don't think so guys like I don't think this is really a a thing where it's the Democrats that are doing this and the Republicans won't I don't think we should be relying on that at all I think that this thing shouldn't be uh uh drawn in the center of a party lines I do think obviously there are politicians on on either side that are uh friendly to crypto that are not friendly to crypto it doesn't really matter and and honestly on net I don't know out of all the politicians in the US or all of Congress in the US all the Senate and all of that I don't know which ones are

pro-crypton which aren't I believe a lot of them don't even have a stance on crypto so we can't really read into that but it does seem that there are more pro-crypto Republicans than uh than Democrats but again I don't have a good view here and I honestly I don't think it matters I really don't because at the end of the day I don't actually trust many politicians they say a lot of things and they go back on a lot of their their promises oh most of their promises if not some of them go back on all their promises right so I don't think we should be relying on that in saying that we still have to play in their sandbox because they have the power they give the regulatory bodies the power to do this and Regulatory bodies unfortunately can even even do their own things and unless Congress

stops them they can just keep doing it and we've seen that from the SEC so taking all that into account we need to keep fighting doesn't matter if you say what side of the political Spectrum you sit on support the politicians who are pro-crypto uh write to them if you're you know right to representatives make sure that uh you that they know that you care about these issues that you want the US to be a crypto Hub because really guys like I I'm looking at the us right now and I'm looking at how hostile they are at a crypto and I'm looking at the fact that they're pushing everyone away from the US and I'm thinking is the US going to miss this massive kind of economic event are they just going to neuterate and then force it overseas and is kind of are the places in the world

like the Middle East like Asia uh like like even Russia right uh like Africa and India are they gonna take up the mantle and is the US going to lose out I actually think that's the way it's going right now and in terms of places that are growing really fast and they're actually uh embracing crypto Africa is actually he surprised me I've been digging deeper into Africa just generally lately they're growing really fast it seems they've kind of gotten past the um the the extreme poverty that a lot of Africa suffered from and they're kind of going into the developing uh well not you know they're obviously parts of South Africa that can be considered a first world and have been developed but there's a lot of Africa is a huge place right there's a lot of countries in Africa that are up and coming right now

and if they seize crypto right and they go through a similar growth period that China went through over the last 40 Years of embracing capitalism you know developing their uh their Nation having all these young people ready to work ready to build businesses well they're gonna have a really good time while the US is pushing this stuff out Africa will be like you know come here and it's not just them obviously there's other places around the world as well um but I think that the US as a whole really needs to and that politicians as a whole really need to to um take a step back here and actually think about what they're doing because what they're doing right now is not great definitely not great for us-based crypto but anyway gonna live that rant there I just realized I'm coming up on time here but I've got a bunch of other

things to get through uh just an announcement from coinbase that they're now supporting arbitrim so you can now send and receive eth die and wbtc on arbitrim directly from your coinbase account now this is huge honestly like I know coinbase has already been supporting optimism but now they're supporting arbitrim so they're supporting two of the biggest layer twos on ethereum right now and this is really going to be great for a lot of users not having to go to ethereum layer one in order to bridge your assets to arbitrim being able to go straight from coinbase to arbitrim and obviously optimism and the polygon POS Channel support as well is is very cool here so kudos to coinbase for doing this I love seeing them uh them them being Progressive here with the layer twos

um a pretty big announcement out of ZK sync so they've renamed ZK sync 2.0 to the ZK sync error so this is uh they're claiming to be ethereum's first ZK VM I mean this firstly KVM meme is hilarious everyone claims to be the first dkvm but anyway um there and as well as changing the name they've opened mainnet to Builders of their ZK VM uh and open sourcing the entire code base so what this means is basically it's similar to how arbitrim did their uh launch where they basically opened up I opened it up to a Developers for about a month before mainnet went live for users so that devs could get all their projects live test them out make sure that it's all good for users and then users could have something to play around with once it was live so obviously this makes a lot of sense and

I'm glad to see ZK sync doing this I'm looking forward to this going live on on Main Nets uh ZK sync era there hasn't been a date given yet but I'm really much looking forward to it because as I said guys I feel like all the ZK VMS are going to be coming online around around about the same time polygon is already committed to a date of my March 27th for their main net uh ZK sync seems very very close you know in the next month or so uh and then there is a scroll as well which is currently in their Alpha but they shouldn't be too far behind in terms of launching their mainnet so we're really going to see these things tested in the wild finally it's not just going to be promises not it's not just going to be oh yeah we're first uh you

know we're the first dkvm it's gonna be okay who has the apps who has the users who has the liquidity whose uh mainnet actually is stable and reliable whose is easier to use uh who's as cheaper right that obviously plays into things as well and that's all going to be live for us to see what a glorious time to be an ethereum user where we have so many options of which of these kind of layer twos to use guys I know pretty much all of them are still centralized I get that and obviously don't put more money on there than you you're comfortable risking here but at the end of the day they are still uh a kind of like uh Roll-Ups right there still ZK VMS yes they're not in their Final Phase they won't be for quite a while but they're they're getting there right and they've

come a lot earlier than I think a lot of thoughts as I've mentioned plenty of times so great to see this from zksync you can read the full thread and announcement blog post which I'll link in the YouTube description below all right so oh this is a double up this was just arbitrine quote tweeting coinbase about being supported uh yeah so speaking of polygon ZK VM mainnet uh so David schwarzia who his work who's the co-founder of the polygon Hermes team has said that their definition of polygon uh sorry polygon's definition of a ZK VM mainnet is that it's complete proving all of the execution it's permissionless completely audited and performant does it make sense don't trust self-claims do your own research or ask for details uh and then uh David shares some of those yeah and this is

what I was saying just before about how there's all these promises out there there's all this marketing there's all this kind of like memeing but the real test is when it's on mainnet and also defining what a ZK VM mainnet looks like and I think this is a pretty good definition you know it's complete it's proving all the execution I mean that's that's true that should be a given it's permissionless that obviously is something that we would love to see I don't think it's necessarily critical because you can still have a ZK VM and it'd be permissioned and it even if it's just for a short period of time I think that would be okay because right now technically ZK stinks is permission because it's just open to developers so that's fine um but obviously we want them all to be permissionless uh completely audited

again that needs to be a kind of critical thing you shouldn't be going live without audits at all and performance obviously that is I guess uh I don't know if it's subjective but it's obviously on a scale right some will be perform more performant than others the performance will change over time some ZK VMS will be cheaper than some others and then those other ones will get flipped by other ones and and then and it'll be kind of like a race to the bottom on fees so there is some Nuance here but generally I agree with this this definition from from David um but yeah you can read the thread link it in the YouTube description below just the blog post here from Patrick McCory uh titled where is the one honest party for a roll-up is it a sequencer an Executor what problems arise so this is

talking about the honest parties in Roll-Ups uh and kind of where they are and what and the details around it and how it's uh you know how it's considered safe and all that sort of stuff so you can go check out this blog post I'll link in the new description below but I'm not going to try and tldr it for you guys I highly recommend giving it a read uh last couple of updates here so Phi has raised a two million dollar seed round LED by chapter one uh Delphi digital uh and pop and uh followed by polygon and a bunch of amazing Builders now disclosure here I invested in fire a little while ago uh and as part of this round of course and I've highlighted them a bunch on the refill before as well but the reason why I'm excited about Phi is because you guys know I

prefer to invest in the infrastructure when it comes to nft stuff rather than the nfts themselves and I looked at fire and I was like okay they want to create what they're calling a web free social world and I've talked about this before about how in the fire World it basically takes your unchain footprint and creates like 3D images of I guess like items in the in the world be it statues or buildings or whatever and you can build your own little world there now the reason why this spoke to me a lot is because I love the building simulation games I've been playing them for a very long time I sometimes get stuck on them to the point where I play hundreds and hundreds of hours of them without even realizing and I've loved them for a very long time I don't play them as much

these days I just don't have the time but definitely I used to be uh very very big into them um and and you know my favorite one it's kind of hard to pick a favorite here I've tried a lot of them in in the past here but it's very hard to pick a favorite I did I really I really enjoy um uh oxygen not included uh which is a bit different to your typical kind of isometric top-down one uh but definitely very very fun I played that for for quite a while and had a lot of fun with that but there is so many of these there's room world uh there's Dwarf Fortress uh and each of them have you know their own kind of of like quirks in their own our own skill levels and things like that but I looked at fire and I'm like you know what this is

really cool I think being able to take your on-chain footprint and be able to flex in a way in your own little world be able to create your own little metaverse I think is a really big deal so I was happy to support fire here and I've been really impressed with the programs that they've been making and really excited about them but anyway enough gushing about them you can go check out this I'll link it in the YouTube description below and finally here okay this is going to be a few minute discussion uh so just to wrap this up there has been a war happening so the blur nft Marketplace went uh kind of um uh live over the weekend or at least kind of like yeah I don't know I I think I did another airdrop um and then they kind of started incentivizing trading with their token I

think that had been live for a little while but they put their token live and it started this frenzy and what they did was they I think put their fees to zero on the blur nft Marketplace and they also don't have uh they don't enforce royalties on the marketplace or greater earnings now because of this open sea was forced to respond and open C made some big changes themselves so they've dropped their fees to zero percent and they're saying for a limited time we'll see how limited that time actually is they've moved to optional Creator earnings uh for all collections with without on-chain enforcement and marketplaces with the same policies will not be blocked by the operator filter so the reason why they've done this is because they're feeling the pressure

this reminded me of what happened when Sushi swap launched and kind of like did the vampire attack on uni Swap and the uni swap counter launched uh a vampire attack on them with their own token and unisoft ended up winning in the end but I don't think it's because of the token I think uniceoft just ended up being a much better product obviously and tsuji shops struggled from trying to be I guess like a dow too early on like a true Dao too early on uh but this isn't about them this is about at the nft ecosystem now I think fees are a race to the bottom generally I really do especially for the app layout for blockchains it's different and that's a whole different discussion so I'm not going to get into that but for the app layer there's not I think apps think

that they have a moat that they really don't especially when it comes to things that aren't forced uh aren't enforced on chain because at the end of the day your nft exists on chain you can go trade that on whatever Marketplace you want to trade it on you're not forced to trade it on open C right and you're not forced to buy nfts on openc you're not forced to as I said sell them on open C trade them on obviously whatever you can go use whatever whichever Marketplace uh you want and the blur what they did was they dropped their fees they did their token to incentivize people to trade on there they made something of a pro interface so they were able to suck up a little liquidity really quickly and uh I'm I don't trade nfts uh that often pretty much pretty much rarely but I use

blur and I'm like okay yeah this is a pro interface and it feels just so much better than openc there was no lag uh everything was at a glance for me to look at yes took a bit of getting used to because there's a lot of information there but I really really enjoyed it now if you're like me and you like those kind of interfaces you're not going back to openc right open C you is considered the I guess Normie Marketplace and that's what the Cyrus is a bad thing but if you're in regular nft Trader you're not going to want to use openc anymore you're going to go and use blur if you're a Pro Trader if you're someone that that's doing a lot of you know day-to-day trading of nfts and speculating on them you're probably gonna go use blur now especially because

the fees are lower right especially because uh the fees are lower not over not only for the platform fees but also for the royalties and credit earnings now of course the Creator earnings enrolled is a whole different discussion that I don't really have any opinions on I as as I said I'm not really true in tune with the nft ecosystem um but if anything that's not enforced on chain was only enforced at the kind of like app level or at the the um the marketplace level is very easy to to get around very and it's very temporary it's not something that's sustainable so if you do want to inbuild royalties into things you can enforce them on chain but even that is uh work around the ball you can just wrap the asset and get around that sorts of stuff as well unless you do it on transfer but then you punish

the users who want to transfer to otherwise and and transfer things for for free it's a mess right uh but there are some ways to to do it that um that I'm not going to discuss now I've seen discussions around don't know if it's foolproof or not but yeah there are options here but yeah that was the whole drama the tldr of the drama over the last few days around that um but yeah I think on that that note that's going to be it for today's longer episode so thank you everyone for listening and watching be sure to subscribe to the channel if you haven't yet give it a thumbs up subscribe to newsletter join the Discord Channel and I'll catch you all tomorrow thanks everyone