Core dev updates, New Ethereum block explorer - The Daily Gwei Refuel #836 - Ethereum Updates

Transcript

hello everyone welcome to another episode of delway refuel R up latest news the system I'm your host and this say the 4th of April 2025 all right everyone let's get into it so I know it's been a little while it's been a week since the last episode I missed Monday and Wednesday of this week uh just due to personal reasons there but I am back today uh and I am sitting down actually so I'm no longer I no longer have a standing desk you know I didn't really have a standing desk to begin with my desk is not a standing desk so I just added some things to be able to make it or change it into a standing desk so lift my monitor and lift my keyboard and mouse up but it was causing me so many issues just giving me like no space to do anything else on my desk

that it just got too frustrating so I've removed it and I'm don't have a standing desk anymore so that's why I'm sitting down for anyone wondering because I know I'm going to get questions about it but hey this is how the refuel started originally so you can say that I'm returning to the original kind of uh refuel uh stance here but anyway other than that um I think you know it's been a it's been a fun week right it's been a fun week both on the development side a lot of stuff happening on the core development side which I'm going to get into in a minute and also interesting stuff I guess is maybe not the right word but like an appropriate word for what's been happening with the wider macro environment we all know that uh there's some big tariff stuff going on in the US no one quite knows what's

going on there we don't know if it's going how long it's going to last we don't know what the effect on the Market's going to be obviously it has been negative to date but yeah there's just a lot of uncertainty right now and I remember I spoke a lot about that back a while ago on on a bunch of different refuels where I said that as long as there's uncertainty the Market's just not going to like it and of course crypto front ran a lot of this went down pretty hard and then the stock market has just kind of caught up with it you know if if you kind of look at individual stocks and even the indexes in the US I think that yeah it's not it's not great right it's not great and I know a lot of people are hurting right now a lot of people aren't doing too

well with their Investments but hey investing is not easy as I've mentioned before a lot of times to you guys before it's not easy um but my kind of General take or personal take here on all of it is that you know if we look further out in maybe the 10year timeline here cuz I always like to look very far out I always think like to think about the long term just from what I've seen over the last few months and what it's been building up since you could probably say like mid 2020s so like you could say like 2015 is sort of thing what's been building up is that it it seems like we're we're definitely going through a transition period in terms of like the general World Order and if I was to look 10 years out from now think the world's going to look very different

geopolitically I think the us is going to be a lot less relevant uh generally I think that we're going to see a revitalization of of Europe I think we're going to see definite movements within Asia um obviously maybe not obviously but I don't know if you guys saw but but China South Korea and Japan seem to be forming some sort of partnership or Alliance there so there are just things moving around there are there are a pieces on the board moving around in pretty substantial ways so if I was to look 10 years out I think that um you know that that that's kind of what I see and the reason why I bring that up in relation to ethereum is because ethereum is a global movement right a global ecosystem it is not something that's tied down to any one nation state and we all know this and

obviously over the last year or so there's been a big push for ethereum to have more presence in the US and that's what and that is happening you know across various different teams you can see in this image here um that I've got in front of me that I wanted to talk about ethere realizers three co-founders or three of ethereal co-founders um and uh someone from Paradigm here are standing in front of of this building in DC this building is probably a building that means a lot to Americans but I actually don't know what this building is just looking at it Americans are going to be upset at me for this but I don't know what this actually is or what it's called um because I'm not American obviously uh but they're standing there they're in DC they're making moves here but the thing is is that I'm very glad

that ethereum is not tied down to the US in any real way I'm very glad that ethereum has a presence everywhere in the world whether that be in Europe whether that be in Asia or Africa wherever it is ethereum definitely has a presence globally and I think that's much better than tying ourselves down to any one nation state for various different reasons obviously credible neutrality plays a big part here and you've I've talked about that to death over the years on the refuel and why that matters and why that is uh conductive to a long-term sustainable and healthy ecosystem but again that doesn't mean that we shouldn't put extra focus in areas where we feel like we're lacking and I do think that we've been lacking in the US but if we do take the assumption that 10 years the world's going to look very different us

dominance might you know maybe will go down like I'm not saying it will or won't I'm not a geopolitical expert but I'm just taking in Imports and forming an opinion on them but let's you know fast forward 10 years and say the US is a lot less relevant than it is today globally speaking well then that's actually really good for ethereum I think because it means that ethereum's investments in these other parts of of the world were definitely the right path to take and ethereum as I said is a credibly neutral Global Network it means it will benefit from that uh and won't suffer from I guess like a changing world order or or or or something that is going to lead to ethereum becoming less relevant I think ether will become more relevant in in this world not to say that the US isn't irrelevant player

and won't remain a relevant player for the foreseeable future uh but I'm I'm saying I generally I'm saying I think there's going to be like a rebalancing here sort of thing there's going to be a rebalancing in in power in the world in economies in the world and I do think that you know there there are people saying well you know maybe the the US does this and they're better off for it in the run but for everything that I've seen from what what's happening in the US uh economically with the tariffs stuff like that it doesn't seem very conductive to long-term success here because there there are simple things like okay well we want to bring jobs and Manufacturing and things like that back onto American uh American Shores right we want to bring it back into America so that we can uh have more employment

better employment better opportunities that's a noble goal like there's nothing wrong with having that goal but then reality hits you in the face and you kind of give a naive example about okay well what does it cost to manufacture a t-shirt in the US right versus in Vietnam or in China or any of these other hubs where they manufacture t-shirts right or just clothing in general like almost all the time it is vastly more expensive to manufacture those things in the US even if you were to tariff these other countries 100% 200% it would still likely be more expensive to manufacture that in the US than these other countries and at the end of the day there's different kind of uh uh I guess states in the US that have vastly different economies to each other that will charge different uh prices for

man manufacturing things so on and so forth so I think that in a in a world where globalization is so prevalent and where you are trying to essentially uh de globalize and basically bring everything back on Shore I just don't see how that actually ends up being positive for the only nation that wants to do that like every other Nation around the world or at least any every other economically relevant Nation I should say in terms of the the big economies they aren't doing this they're be just more globalized they're becoming closer with their allies they're forming new Partnerships around the US basically at this point so if you're the only one that isn't playing the game and you think that you're going to be able to survive that I just don't see how that works right like you're basically going up against the whole

world and yes maybe the us today obviously is the strongest uh superpower right now it has the strongest economy but that can change and change very very quickly there's no guarantees to that and if you cut off a lot of what has made your economy strong uh and you cut yourself off from from the rest of the world or or at least not cut yourself off completely but make it very expensive to do business with you and very uncertain to do business with you I just don't see how that is AO you know that that more broadly leads to success for the US I'm hoping that these things get reversed but I don't know if they will or won't I've said it before and I'll say it again Trump is unreliable he's um you know he leads to a lot of uncertainty in the in the world really I

mean the most certainty you can have around Trump is that he's going to be uncertain which doesn't really mean much but hey it's a nice little catchy catchy oneliner there but I don't want to get too deep into the politics of things or into geopolitics stuff as I said I'm not an expert on this stuff at all but I figured it was worth giving my take on this sorts of stuff because it does inform a lot of how I think about ethereum longterm as well and how I think about Investments long term too you know I've been having some discussions in the daily way Discord Channel with people where I essentially tell them you need to learn to separate your investment thesises from uh your kind of emotions and from your risk tolerance as well because at the end of the day like you can have an amazing

thesis about something and you can think that something is really really bullish but reality will hit you in the in the face and you have to protect yourself from that you have to protect yourself from downside so it doesn't make sense for example if let's just say you're extremely bullish on eth right like like like me for example extremely bullish on eth you're not going to put 100% of your net worth into eth if you're caring about risk tolerance here if you're caring about U making sure that you uh weather all of the kind of storms that can come to you in the investing World from any number of directions like we never know what's going to happen in the world right so like as you guys know I have never been 100% eth I've always Diversified into various different things I've been heavy eth and I still

am heavy eth but I've always Diversified into various different things because as much as I believe in eth and as as bullish as I am on eth there are a million different factors that can affect that over the short to medium and even long term and one of those big factors have been the Tariff stuff right that's obviously negatively affected all of crypto including including ethia so if we think think more broadly about it well you could say that well if you you know if you if you thought that this was going to negatively affect the markets you'd be sitting in cash instead of in stocks and crypto maybe you're like 50% crypto and stocks and 50% cash or something like that right and it's not actually that bad to be sitting in cash right now given that you can get a pretty good yield on cash

because rates are still high and that's another thing what if you thought to yourself well you know you could you could think like a year ago even or a couple of years ago well you know crypto has always existed in an easy money regime what happens when there's a prolonged hard money regime will crypto do well in that environment which cryptocurrencies will do well in that environment will it be BTC only will it be eth will it be something else and all these questions just lead to the fact that it is very hard to invest in these sorts of things and that's something that I've been trying to get through to people for years now that it's just very very difficult and at the end of the day like as much as people want to blame others for uh you know for for giving them the wrong information or for being

too bullish or for influencing them at the end of the day guys like people have to take personal responsibility no one's forcing you to do these things unless they're holding a gun to your head and forcing you to do this which is not happening right no one is forcing you to do these things it's your own personal responsibility to manage your own risk and manage your own um investment decisions here and I think that's what's caused a lot of people grief over the last 6 to 12 months especially six months especially is that you you you want to be able to obviously make money in the market and you want to you know you're happy taking all this risk when the market goes up but the problem is is that if you only uh uh think about the the fact that okay well I'm taking all

these risk while the Market's going up and it'll be fine because everything's bullish now you know Trump won the election we're going to have better stuff going on in the US with regards to crypto regulations and you ignore the other stuff that was going on such as the rates still being high such such as the Tariff stuff such as the uncertainty well then your investment thesis was was simply wrong like yes it's it's it's positive that we have better crypto regulations in the US now or at least we have friendly the friendly SEC and so on and so forth but as I've said before that's not going to defeat the global macro uncertainty that has been caused now by the tariffs and the fact that the rates are still relatively High I mean they're still quite High compared to what they were even you know uh a couple

of years ago right or or 3 years ago now or something like that they were like rock bottom and for a very long time they were like that and now they they're relatively uh quite high and it's very persistent no one knows when they're going to start coming down rapidly again no one really knows from here what's what's going to go on you can make your own educated guesses um but but yeah so I've spoken a lot of people about this both close friends and just general kind of acquaintances on this and the one thing I I'll we'll end this here because I know I've ranted on about this for a little while here but the one thing and the one theme that I always get is that people thought that they knew what was going to happen they had this really strong thesis and they believed in it so

much that they thought it was going to be like 100% certain to happen and then they just get punched in the face by reality and they don't know what to do there's like an indecision there they're like oh you know do I cut my losses or do I hold uh and and wait until things go back up and then I sell is there going to be a bounce and then I'll sell into that you know so on and so forth and that right there guys that right there is the hardest part of investing buying something is easy holding it and then choosing when to sell it is hard right there honestly I think buying is the easiest part of investing because if you like something if you have a thesis on it if you think it's going to do well you buy but then as you keep holding it

right it becomes harder to hold based on various different um uh different reasons or it becomes easier to hold based on various different reasons then if you're holding it for the long term you know multiple years you start second guessing things as time goes on you're like oh you know should I sell now oh well you know I was up this much but now I'm only up this much or I'm down this much but hey if it goes back up and I sell now it's bad right there's all these different things that lead to indecisions and that's what I've noticed is a common theme across a lot of people that I that I speak to and that is exactly why things can be uh so so difficult here but yeah anyway enough ending my little rant there as I as I mentioned during the rant there was this

image here posted by etheral lies with three of their co-founders Grant hmer from left to right grant hmer Danny Ryan and VC uh on the far right there the guy third from the left works at Paradigm his name is Alexander grieve I think I've covered a bunch of his threads before but he's the VP of government Affairs at Paradigm so he's the one who handles a lot of the government related stuff um within Paradigm and as you guys probably know Paradigm is one of the biggest VCS in crypto they do a lot of the ethereum ecosystem they fund um or at least their CTO Georgio works on W so they essentially fund an execution layer client for ethereum so a lot of stuff going on there but it was just great to see this because I I think that as I said during my little rant there it's

important for ethereum to have a presence in the US but I'm glad ethereum has a presence outside of the us as well and isn't just focused solely on on the US yeah and from what I'm hearing as well from the etherealized guys they are making good progress there they are only interested in talking about and announcing stuff publicly when they've actually got concrete stuff to talk about they're not interested in the rumor mill they're not interested in stoking the fires of speculation or giving people hopium they just want to Target you know the people that need to Target produce Real Results and then relay those sorts of things and relay those results to the wider ecosystem once it's actually something uh to relay there so I just thought that was a really cool picture there uh you can check it out I'll link it in the YouTube

description below uh for you to do so all right moving on to all of those cev updates I was talking about and there are a lot but first off I want to uh say that the Petra main net date has been moved by a week so it was scheduled for April 30th now it is scheduled for May 7th this shouldn't really come as a shock to anyone given that there was a lot of discussions around this on Twitter daily gr Discord Channel eth R&D Discord Channel about the fact that c devs wanted a little bit more time to let things bake let things test and a week delay I guess you could call it isn't a big deal at all so instead of April 30th it's May 7th now I believe there's going to be a live stream hopefully I'll be able to be on that

stream as long as it's not like 4:00 a.m. my time or something like that it probably is going to be that but we you know we'll have to see but I'll definitely try to make the live stream there but I did want to address something with regards to timelines again you can see some of these comments here people say you know only 6 weeks late new record for ethereum devs or for core devs every single time like the these kind of comments are just dumb for multiple reasons and I think people who make these comments uh should be honestly embarrassed when they make these comments given that the fact that you you say something like only 6 weeks late six weeks late for what there there was never a day given until the last allore devs call which was April 30th and now I've had a onewe delay to May

7th but before that there were only estimates given there was no hard date given here and we had delays due to the fact that the test Nets didn't go as planned so the thing is is that there weren't delays due to things not uh being developed fast enough or things not being done fast enough it was due to actual issues that we saw so you know I just I I feel like these these comments are just really really silly and at the same time as you guys know it's not like this upgrade is critical it's not like if we don't get this upgrade tomorrow the Network's going to fall over or if we do get it tomorrow the network is going to go 100x no that's not what's happening at all yes there's a blob count increase coming with that that's what that's something that we definitely

need yes there are a bunch of other eips coming with that that are going to be really really cool but we're currently in a period of of a very bearish market right there's not that much activity going on right now it's not like uh delivering this on April 30th versus May 7th is going to make a a difference at all it's going to make zero difference in in my mind here so I I think when people say these things I don't know it maybe stems from the fact that they're holding eth and eth hasn't gone up and they're probably mad so instead of blaming themselves for for it they're going to blame someone else which is another thing that I didn't rant about earlier it's another thing that really annoys me is when you make your own investment decisions and then when they don't go the way that you think they

were going to go you start blaming everyone else no that's not on you should not be doing that you should be blaming one person and one person only and that's yourself you're the only one that was responsible for your investment decisions if you fall for a scam I'm sorry that's on you yes the scam is are pieces of too but that's on you by by blaming everyone else except yourself all you're doing is setting up to once again make that same mistake you the only way you learn from your mistakes is by admitting that you made a mistake right by offloading the blame to someone else you're not learning from your mistake and I've seen this time and time again with people they blame everyone else then things keep getting worse for them because they they're blaming other people instead of themselves and they just fall into this deep spiral of of

just basically so yeah a little bit of I guess life advice not just crypto advice there of just own your mistakes guys um definitely something that we should we should all be better at doing but yeah anyway that's the the movement of the Petr maget date there as I said only a week and not really a big deal generally but onto more interesting all core devs news or or or guess like core development news Tim boo put together a really great Twitter thread here explaining how going forward there's going to be a reconfiguration of the all call devs process and he says here to to deliver on ethereum's ambitious L1 road map we should decouple planning and execution to that end I'm proposing we reorient all C devs to focus on scoping future forks and Elevate our existing

testing calls as the main venue for the current ones and then he gives a a thread on this which I'll link in the YouTube description below talking about this but the tldr is basically that we have a lot of calls in the ethereum core development uh uh kind of ecosystem right now and it doesn't really make much sense for everything to happen on the all devs call anymore it makes sense to break this off to make sure that we have these existing testing calls focusing on what they do well and then have the all C devs call focusing on what it does well such as um opening Out Future forks and this will hopefully lead to a better and faster development process for the core protocol here and this is something that I've been uh talking about the last few months this this theme of basically uh rep

prioritizing this is part of that rep prioritizing things making sure that we can deliver on the road map faster better you know doesn't hopefully we can deliver it before the end of the decade because as I've said before the road map that was given in 2020 is a decade long road map but that was at that was at the time maybe in the next 3 years we can deliver all of this so we do it 2 years uh sooner but it does heavily depend on coordination uh it's very important to to make sure that we have proper coordination here because we can't throw more money at this we can't throw more people at it that would unironically or ironically I should say slow down the process actually so what will speed up the process is by uh reorienting things and rep prioritizing things which is

what Tim Boo has talked about and you can check out his thread in the YouTube description below to get more information about this and another thing that he mentioned as well uh was he quote tweeted a a call that was had by ethereum protocol researchers so this was the first protocol research call HED by Barnaby and Ansgar from the ethereum foundation and they were talking on this call this is the first call the main topic was about the future role of Home nodes on the network and Timo quot tweeted this with a nice little uh kind of uh table here that distills down the short to medium-term R&D priorities of ethereum uh which was made by uh by Anar here so you can see looking at the road map themes in the short to medium term at the both the layer and execution

layer what the priorities are so in the consensus layer for the short term the main priority is blob throughput we knew that that's not any you know that's not shocking to anyone blobs blobs blobs we need more of those right and then on the shortterm execution layer side of things is execution throughput such as raising the gas limit and other uh such things that can make the throughput of the execution layer on layer one be better and that could actually be uh Upstream to l2s as well at least evm compatible l2s now for the medium term what is the consensus layer focusing on well it's the beam chain right which is codenamed proof of stake version two you guys know all about the beam chain at this point there's separate calls for that uh there's a separate website for that which I showcased on one of the refuels

that's making progress that's that's happening but that is more of of a kind of medium-term uh thing here and then the execution layer side of things for the medium-term we have ZK evm and Native rollups which we all know about people have been talking about this to death at this point but those are the priorities there and again this goes back to what I've been saying about rep priori ization and prioritizing the right things I think we are prioritizing the right things now for the short to medium term I actually agree with all of this I know there's been a bit of discussions recently around blobs in particular around the fact that do we really need to scale up blobs even more given that the fact that uh today they're not really uh you know in so much demand that they're generating that much fear revenue for ethereum if we

scale up to 64 blobs or whatever it is by the end of the year that's going to be way too many we're going to have empty blobs again so on and so forth but I come back to what I've said in the past where it's basically like well the problem is is that traditionally we've always hit this kind of like scalability wall because instead of scaling we essentially waited until demand hit the ceiling and then it takes a long time to scale from there for example let's just say that we start seeing fees on l2s go up a lot because blobs are in really high demand and and fees are going up and let's just say that STS that way for 6 months is that going to be a good user experience is that going to be a good way to onboard users no it's it's not

and then if we have to wait 6 months for a blob throughput increase because it's part of a fork um uh in that world it's actually worse off than us uh providing kind of um extra blobs when things are slow and then making sure that we can meet that demand now of when it comes now of course there's other I guess like discussions around well let's give validators the ability to to change the blob limit or change how many blobs they want to they want to process well on the surface this is a good idea if you actually dig a little bit deeper you start to run into issues with this and one of the issues and the biggest issue I would argue is around coordination you guys saw how long it took to coordinate an L1 gas limit increase from 30 to 36 million right it took months to do that

and it took a really big push from everyone to do that now imagine we do a push to increase blob the The Blob throughput uh and we have to basically contact all the validators to do this like imagine that takes even a month it's just too slow right like or or two months or 3 months it's just too slow so I think that the better uh way forward here is to deliver these blob throughput increases deliver things like P D when they're ready and then make sure that we can fill those things up by building better applications by creating more demand for the ethereum ecosystem because this is something that I think a lot of people Miss is that you can constrict Supply as much as you want but if demand isn't either uh matching that Supply or exceeding it then it doesn't

really matter does it and I think we can look at something else uh that isn't obviously directly related to this but something else to actually make this point Point here let's look at eth as an asset and what has happened to eth as an asset against Bitcoin since the merge so the merge was a massive reduction in the eighth Supply right it was a 90% reduction in the eighth issuance in in new eth issuance and then on top of that we had EIP 1559 go live which made eth net deflationary for a while it's not net deflationary anymore since the merge but it was for a while there but what happened to eth against BTC it went down right it it's gone down only for a long time now what happened to eth against USD well it didn't go as high as we thought it would go it kept hitting 4K

kept selling off of that and essentially we didn't get to a new alltime high so even at like negative issuance for eth we still didn't see a strong eth asset and that is not because we didn't we we were issuing too much eth obviously it was because there wasn't enough demand there for eth as an asset for whatever reason you can come with a million different reasons for this but for whatever reason the demand wasn't matching so it doesn't matter how good our supply Dynamics were or howow our supply was a new Supply was the demand wasn't there to match it then look at something like salana for example right the soul inflation rate for a long time now has been really high like I think it's like 7 to 10% or something like that over the last few years and yet so went up a lot why because Soul had a lot

of demand from the mem coin Mania because you needed soul to speculate on memecoins now obviously since mem coins have watched out so has the has the um Soul demand and the Soul price has followed with it it fell from like a 290 to whatever it is today 120 or or whatever it is right it's Fallen a lot right so again my point here is not to like pick on any any any any one particular thing except to give to to to make you guys realize that it's all about demand whether that be at the application Level whether that be at the asset level it's all about demand so it doesn't matter if Supply is low or high or whatever we need to increase demand no matter what world we're living in we need to increase demand today we need to increase demand in a year two years

whatever it is how do we do that well you build better you onboard more people you make it easier to use this stuff you give people reasons to use this stuff right and ethereum today by far has I think the most reasons to use a chain are Beyond um even just like pure speculation there's so many different things you can do on ethereum obviously most stable coins live on ethereum people do a lot of stable coin stuff on there uh you know stable coin payments stuff like that but so much of it is still so difficult for people to use and we're getting better as time goes on but again it comes back to what I'm saying is you increase demand that's how you increase the value of e is is basically making eth more in demand by increasing demand for applications and using eth

obviously within those applications and and and that's how fear Revenue comes as well there so that's my I guess thoughts on that topic that I've seen discussed but I just realized I'm almost at 30 minutes I'm not even halfway through what I wanted to get through today but this is because I missed the last week of of refills but anyway moving on from that to something from barnab here which was a post that he put on eth Research called paths to single slot finality Revisited now as you guys know there's a lot of discussions around obviously lowering the finality on the ethereum network from the current what is it 12 and a half or 13 and 1/2 minutes to a single slot or three slot finality so if it was a single slot finality and the slot time was 12 seconds it would be 12C

finality if it was 4 seconds it' be 4 seconds with three slot finality and a 4 second slot time it would be 12 seconds so you could say 4 to 12 seconds is what the aim is here now this is a really detailed post about basically how everything plays with this and how everything played with single slot finality across the network so you can go give this a read I'll link in the YouTube description below but there was a nice graphic that that basically summarizes what Barnaby uh posted here which you can check out again I'll link it in the YouTube description below but essentially he looked at what does the future look like uh under two different scenarios so if we look at today in terms of staking the minimum balance to be a solo Staker or the minimum stake required is 32 e right you that you can

have up to 4 million validators with 32 e and all particip at once every Epoch which is 6.4 minutes but if you have a capped validator set which is some of the proposals that have been going on this could lead to an easy single slot finality because essentially you would have a um a Min EB of greater than 32 e so let let's say that it would require 100 eth instead of 32 eth to be a validator on the network you would have only the top four8 or 16,000 validators active at a time all participate once every slot which is 4 seconds and you have a heavy fossil as part of it so you have heavy um fossil which is the inclusion list EIP for improved sensorship resistance on the network so this is what he's calling easy single slot finality where essentially what

you're doing is you're limiting the amount of validators on the network because you're limiting participation here uh but you get finality much easier but then there is orbit staking which has been talked about a little bit uh and sometimes referred to I believe as rainbow staking as well so what if we had a minimum effective balance or a minimum required e stake of less than 328 maybe something like 48 well that means that we would have more than 4 million validators active um at a given time so we would have big validator votes often with small validators having less uh votes less often with heavy fossil again these both lead to uh uh the same kind of outcome of light fossil which is permissionless light includers and all eth can be delegated so there are different paths here to how we

approach finality or single slot finality I should say with regards to how many validators we want to have live on the network I'm a bigger fan honestly of having less valid ators on the network maybe not in the path that bab be outlined in this conclusion here maybe in the path of the fact that essentially you have uh way less validators because of the fact that you have um more eth being able to be staked on a validator with Max EB obviously going live with imp pectra but it was an interesting read nonetheless you can go check it out I'll link it in the YouTube description below for you to do so all right something else here from uh will who works in ethereum research so he's been involved with a bunch of different efforts uh since he joined the ethereum foundation about a month ago in

order to map out what the ethereum foundation kind of looks like and you can see that he's got a nice little graphic here of what he's been able to put together so far you can see that he's bucketed this into different um different categories where he's got the protocol research and development or pnd of the EF is broken up into the eum foundation research which you've got here uh there's a bunch of different teams such as research operations consensus R&D and so forth and then underneath that you've got teams that are part of the protocol research and development but aren't part of this kind of foundation research here so they they're part of the development stuff whether that be as gu obviously the execution layer client here or eth Panda Ops on the operation side and so so on

and so forth then you have ecosystem development on the on the right hand side such as things like Devcon education grants so on and so forth and then Ops generally such as uh people Ops legal Dev Ops and and so on and so forth so you can go check out the graphic I'll link it in the YouTube description below but it's great to see that the ethereum foundation has been mapped out mostly here I think there's probably a bit more to add here but this is mostly what the ethereum foundation looks like today so if you are interested in what the ethereum foundation does from a deeper level you should go check out this graphic I'll link it in the YouTube description below for you to do so all right so we had a nice little release uh when was this March 29th so a

few days ago now called ESR which is a local eth block Explorer so essentially we are all very reliant on ether scan today nothing wrong with ether scan ether scan is amazing it has a lot of different features but obviously ether scan is not trustless right so that's where this comes in where essentially it's a local block Explorer you can run locally on your own machine you can talk to your own full node and you can essentially make it so that you don't have to trust any third party when looking up details about your ethereum addresses now of course this local eth block Explorer is not going to have all of the features that ether scan has maybe in the future it will you know obviously we don't know but it's great that this exists because there is another one called autosan I don't know

what the status of that is I don't know if it's still live I think it is but these things we need more than one obviously and these things are critically important because either scan can be hijacked and show you the wrong information um that's it's it's something that uh I don't think a lot of people have thought about before but it can definitely happen and yeah maybe it's not like a huge critical issue that that I guess like uh if if it was to happen because people would very quickly clue in that it is happening but at the same time you still need to be able to have a fallback as well like in case uh in case something happens to Ether scan or one of the other e block explorers and at the same time if if you have your own full node and you're running your

own full node and you're using it as an RPC for your own transactions that's only halfway there you need to be able to actually read the chain now without a a guey on top of it you have to basically learn how to use the command line learn all these different commands in order to find out this information well what this does is essentially makes it so you don't you don't have to do that you can just paste in your ethereum address like you would normally on ether scan uh or paste in transaction hashes and be able to see things like balances uh whether that be eth or stable coins or whatever other tokens you have um and be able to use the data from your own full node to see this so there's no need to trust anyone this is the Holy Grail of full trustless you don't have to

trust any third parties here which I think is is is quite cool I haven't had a chance to run this myself uh locally but I definitely will check it out when I get time but you should go check it out for yourself I'll link it yoube description below for you to do so all right another release that happened a few days ago was the main net launch of privacy pools so eth users can now achieve onchain privacy while dis still dissociating from illicit funds so it's now up to us to make privacy normal again so I think I've covered privacy pools before or at least the concept of privacy pools before so you can deposit up to 1/8 in there and if your funds pass the wallet screening that privacy pools has in place they can withdrawn uh privac

they can be withdrawn privately and if the funds aren't uh aren't approved you can still withdraw back to your original wallet making privacy pools and noncustodial system now I think I mentioned this last time I discussed this but I kind of take issue with the term elicit funds right because different nation states and different governments have different views on what elicit funds are like for example funds moving from a country to another country and maybe those countries don't get along maybe they be they they're under more scrutiny than funds moving between allies for example and maybe things get targeted and marked as as a listet because of political reasons or because they want to uh uh send a message or

because they want to um they want to kind of make an example out of someone and what what what does privacy Pools use as their kind of I guess um whitelist here like do they use every government's ilicit funds kind of tracker here do they just rely on public input for example maybe they do detail it I'm not sure uh I haven't I haven't kind of um read anything about this here but I still think it's cool that this exists because it means that you basically have plausible deniability and you can say well my funds weren't mixed with any other kind of elicit funds to you know if you were to speak to some government and here I can prove it but at the same time like maybe you prove it to one government but what about the another government that that thinks

differently right so I think that true privacy only works when it's credibly neutral when it's just neutral in general I don't think you can achieve like true privacy when you have things like Whit list in place where you have things that Mark kind of illicit funds and stuff like that I understand why it needs to exist or at least why people think it needs to exist but I don't know the the the cyer punk within me just doesn't think it works both based on obviously my values and beliefs but also based on just reality really but still I'm happy to see this go live I'm I'm curious to see how many people use it uh vers verus something like tornado cash now that tornado cash is off the sanctions list as I said last time I don't know if it's legally you're legally able to use it right now but I'm

sure it will be in in the near future but uh yeah it's always good to see more privacy Solutions coming online on ethereum mainnet so you can go check this out for yourself I'll link in thebe description below for you to do so all right so as you guys know uh Josh Rudolph here is uh in charge of or at least leading the effort for L2 interoperability across various different ecosystem Partners here so they had their another um interoperability working group call I believe this was yesterday where they discussed a bunch of different things the tldr is in this image here but I just figured it was worth highlighting again because even though there's a lot of noise going on right now there's a lot of discussions around different things happening right now both within crypto and in The Wider World Al

interoperability has not stopped right we're not haven't stopped working on it we haven't stopped developing it it's definitely something that we are um going to be focusing on for the foreseeable future and it's definitely something that is trying to be sold within the next you know 6 months even from from now and make sure that it's really easy for users to basically interact with multiple l2s across the ethereum ecosystem so yeah you can go check this out for yourself I'll link it in the YouTube description below for you to do so all right last up just wanted to highlight This Thread from The Grow the P team so the uh grow the P website now provides weekly engagement metrics for the whole ethereum ecosystem uh with more ethereum main net inclusion uh including cluded in this so you can go to their website and check this out for

yourself and but I'll I'll showcase it on the um on the refill right now for you but there was a couple of different things I wanted to talk about with regards to this first off is just Kudos on grow the P for providing more data for the ethereum ecosystem more onchain data they're really one of the only teams that I trust to actually have the accurate data here so I'm really really glad to see that they're continuing on with this and and providing more and more uh stuff here but the second thing I wanted to discuss was around the metrics themselves because as you guys have probably seen people on crypto Twitter especially love to FUD ethereum and say ethereum is at its kind of limit here oh my light just went out on my on my camera there it's it's back um people love to say that ethereum is at its

limit you know and and ethereum can't process more transactions and ethereum is in decline because they're only looking at L1 now I'll give you a tldr on how this works there's the ethereum L1 gas limit right 36 million as it stands today that means that there's only a certain number of transactions that can fit in a block right in each block that means there quite literally is a ceiling onto how many transactions can happen on the Chain each day each week whatever it is until the gas limit is changed so if you look at it from that lens because the gas limit is at its limit and because we still have a even though the the L1 fees relatively low we still have contention the fees are still high right the fees are still um uh are still higher than they would

be if we didn't have have a full block which would be zero right so or near zero not exactly zero but but very very cheap here and then what these people will do is not only will they fud ethereum by only looking at at L1 and saying that but of course they won't include the L2 metrics they won't include all the growth happening on l2s and then of course they'll when when they hit with well why didn't you include the l2s they'll say well the l2s aren't ethereum and it's like okay well even if you believe that at least be intellectually honest about the fact that the only reason why the number of transactions on the ethereum L1 is not going up is because it's at its limit like that's not how you measure L1 activity because of that so I think that's worth keeping in mind now I'm

glad that websites like grow the P exist as I said because it gives us a more detailed breakdown of not just mainnet but l2s as well but the problem with this data is not the data itself it's the people the people looking at this data and not being able to interpret it correctly and misunderstanding it and then spreading this fud which obviously gets us all riled up and gets us all upset here now one last thing I'll s on this data as well is that people often point to this chart and this um ethereum weekly engagement chart and say well you know across uh L1 and l2s we have 10 million active addresses that means we have 10 million users no guys like I've said this so many times before an address does not equal a user I use at least 10 different addresses a week

myself right just just my and I wouldn't even consider myself to be a power user I consider the power users to be like things like me Bots and and stuff like that right I consider myself to be Enthusiast user I'm using 10 different addresses for various different reasons I swear it makes sense but I'm not going to tell you why because it will just dox me completely in all my all my privacy related stuff but ju like if you just take that as as as as truth which it is I'm not lying to you it is truth that I use 10 different addresses a week for various different things then like it stands to reason that this number is is incredibly inflated if you talk about how many regular people here so no there's not 10 million active users of ethereum um including L1 and l2s I would

argue you based on the data that I've seen and what I and based on a bunch of other heuristics and measurements that and and kind of um inputs that I've taken in I would argue that at most there's a few hundred, active users of anything on chain this includes other chains as well not just ethereum L1 and L2 but other l1s as well here and that is because there is just not that much stuff to do on chain when things aren't bullish right most of this ecosystem or most of the onchain stuff is based on speculation when things are going down obviously there's less speculation less excitement less volume less liquidity less activity when things are going up when things are bullish the reverse is true so if you take it from that lens you can see and you can know that we

just don't have those those users there and then there are different types of users too like for example let's just say a game was to launch on an L2 and it has 100,000 players well okay you could say that we have 100,000 new users but those people playing that game how much activity are they actually bringing to to the network are all their transactions fully on chain or is only a batch of them on chain how much fees are they paying is it spam like so on and so forth so you can't just look at the raw data and draw any conclusions from it you have to unpack it you have to put through put all these asteres on it and you have to understand that it's not even equal between networks like ethereum L1 versus l2s versus other l1s they're all different they all measure

activity differently what is quite uniform but still has differences is fair Revenue but the only reason why uh well the major reason why it has so so so much differences is because of me because people will say well me is is fair revenue and we should include that it's like yes it is but like it's toxic Fair revenue and it's unsustainable and we've already seen this happen on etherum L1 and now with salana as well they had high fees and now it dropped a lot because me uh uh on that chain went away because speculation went away m is higher when activity is higher so there's just so many different nuances here guys and I don't expect people to understand this if they're new to the ecosystem I don't expect them to understand this even if they're

experienced with the ecosystem but what I do expect is that if you start posting on crypto Twitter and you start trying to post an analysis on crypto Twitter you at least understand what the hell you're talking about because all you're doing if you're posting and not understanding is spreading fud spreading you're causing confusion and that is not good for anyone in in my opinion there but anyway on that little rant I'm going I'm going to end it there for today 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 hopefully on Monday thanks everyone