Crypto in politics, Gas limit research and more - The Daily Gwei Refuel #742 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of delway refuel where recap the latest news in etherum ecosystem I'm your host and this the 5th of March 2024 hi everyone let's get into it so actually a relatively slow news day over the last 24 hours not that much to talk about and I think it's obvious why uh the price of everything is going up and there's meme coins flying and all these stuff's happening and I guess that's what everyone is focused on right now but there is still a bunch of stuff to talk about uh that I want to get to but just I wanted to spend a couple of minutes here talking about I guess like what's been happening in the markets obviously Market is super hot BTC basically hit alltime high today I mean it didn't technically hit its alltime high but it basically did and then it

sold off as it usually does when it hits alltime high it didn't sell off that much I mean I think it it did go down like 7% or something people didn't even noticed because the meme coins were flying and then BTC was going down but then eth went up and like time of recording eth's at 3700 or something looks like it's wanting to go to 4K any day in now ride and then obviously onto its all-time high but the the Mania is beginning to to really go into full swing now I think you know I said maybe couple weeks ago or something that we were in the mid of the bull market and we're basically accelerating I mean the the thing is is that the early cycle of the bull market tends to last longer than the mid and late cycles especially the late cycle the late cycle doesn't

last that long like I would expect the late cycle to last three months as I've said in in the past though like it's really hard to tell because of these ETFs um and obviously the BTC ETF is still getting record inflows if you've been looking on Twitter the eth ETFs uh if they're approved in may like we all hope they will be and like I believe they will be you know that's still a couple of months away there there's just so many cataly so many positive things happening so this stuff can go on for a while I'm not sure how long the mid bull market will last for I mean I'll tell you guys when I think we're entering the late stages but we're still in the mid-stages here I think that retail or Noob investors or normies whatever you want to call them they're definitely

flooding back in but the thing with them is that like you'll have the initial kind of Spike of like 10 20% of them will come in and then uh it'll Accelerate from there and we'll go 30 40 50 you know 100% of them all coming in and that's when you start seeing the absolute craziness right towards the late cycle where literally everything is just pumping indiscriminately it makes zero sense at all uh these old coins that no one talks about anymore I like to call them Dino coins or dinosaur coins just going nuts like nothing makes sense you know coinbase is number one on there on the app store for you know all apps not just for finance app for all apps globally you have mainstream media non stop talking about it you have people posting articles saying everyone's getting hilariously rich and you're not because of crypto right so

like when you start seeing that kind of craziness yeah you can be relatively certain that we you know in the later stages of the late cycle sort of thing there uh but obviously it's very exciting right now especially for all of you have who have been with us through the entire bare Market really I mean it would be super exciting for you because now you're seeing the fruits of your labor so to speak and I know what that feeling is like I mean these days I'm a jaded old Boomer so like I'm not feeling Euphoria Euphoria or anything about this I don't even feel anything honestly when the price goes up because I'm just an old jaded Boomer who you know made what I made from it and now I'm really focused like pretty much 100% on the tech but I do I do pay attention to the

markets because I understand the markets have obviously a heavy influence on the tech and you know most of the stuff happening on chainy speculative so that's obviously heavily influenced by the market action as well uh but just generally you know I see eth going up and I kind of expect it like I look at eth at like almost 4K and I'm like yeah okay I expected that like that's not anything surprising to me you know it's not anything unexpected and then when eth goes to 10K I'll probably feel something there because I said that eth was going to 10K back in 2019 with E when eth was like 100 bucks so and and eth was considered dead back then guys like by the majority of of people except the Die Hard ethereum so I mean I think I'll feel something off that because it's just like a long-term kind of thing

it's probably going to be like 5 years B the time that happens there but if we kind of broaden that that stroke out to to basically everything else I look at these meme coins and I'm just kind of like yeah okay okay I mean it makes sense you know people that are in crypto right now they think the retail investors are coming back the noobs are coming back and last time the noobs really loved mem coin so let's front run them and buy the meme coins but what I think people don't understand is that like last time the stupidest meme coins pumped not I mean Dogecoin obviously pumped but like people are bidding on all these mem coins have been around for a while and yes they've gone up a lot and obviously they're speculating on it and they you know if you've if you got

in early and then you sold you made a lot of money obviously uh if you were able to kind of time that right but I think that people uh kind of analyzing this stuff are already making the wrong moves because when these noobs come along they're not bidding these things what they're bidding is like the actual dumbest last cycle we had something called safe Moon uh and we had something called Crocket those were the two main meme coins back then besides Doge obviously and shenu but I'm talking about like things that no one saw coming at all like Shinu is another dogcoin right like obviously uh people didn't really see it coming but it was in the same theme of things but then you had like this just absolutely just ridiculous things right like safe Moon it was I mean it was ridiculous like it

was nothing basically you had Crocket I mean just listening to me say that I I I feel I'm cringing right but that's the kind of stuff that happens because these people coming in after alltime highs they are some of the lowest information investors they have absolutely no idea what's going on with crypto and they're going straight to YouTube right they're going straight to the depths of crypto Twitter going straight to subreddits like the cryptocurrency subreddit and they're just getting the worst information possible possible and then making buying decisions based on that but as I've said plenty of times in the past nothing wrong with that I I'm actually glad people have the ability to do that because people should be able to do what they want with their own money but that's where the more experienced investors come in that's where you come in where you're kind of like you see

those signals and you're like okay well maybe it's time to start taking some off the table maybe it's time to DCA out because this stuff's just going absolutely Bonkers you know no one can win you know not everyone can win in the market most people don't win in the market and then you kind of think okay well now Now's the Time to scale out but anyway spend about 5 minutes there on the market stuff didn't think I'd spend that much there but obviously it's becoming more and more relevant as the market gets hotter and hotter and I know you guys enjoy it when I do talk about the markets hopefully I get to do an episode with Eric this week for the drive-thru not sure if it's happening this week or next week uh because we actually I actually want to talk to him about the small potatoes comment that uh

that the um the ETF guy Eric that I spoke about yesterday made not Eric uh Conor obviously the other Eric from from Bloomberg we we definitely were dming on telegram about it and just laughing basically just laughing that the amount of pit times people have just faded eth for eth just to come not come back eth just to like prove everyone wrong it's just hilarious but anyway enough about that uh I think saying on the theme of markets for a sec though I did want to kind of reiterate this point so today black Rock's spot e ETF application was delayed by the SEC not denied it was delayed and I saw some people talking about it being ooh ooh it got delayed I like what do you mean o it got delayed like this is expected like I don't understand why people are doing this

same dance again where they kind of like oh oh it's delayed you what that means it's going to get denied that that didn't happen with the BTC ones the BTC ones got delayed until Jan 10th which was that final deadline um and I think the same thing's going to happen with the eth ones and I put out a tweet where I said spot eth ETF delays are fully expected and we and are not a concern or any sort of signal on whether the eth ETFs are getting approved or not that should be obvious because there weren't any kind of signal around uh the approval for the BTC spot ETFs the fact that people are just I don't know they have like the the shortest memories like I were you not around like three months ago maybe some of them weren't I mean to be fair but like a lot of the same

people that I'm seeing say this like you guys were around during this whole thing like why are you just doing it again like why are you doubting this stuff again for the same you know reasons that you were doubting BTC spot ETFs I I don't know some people just have uh I don't know I don't know if I'd call it a mental illness but they have just like a a weird way of approaching things but anyway I continued and I said the only date that matters is May 23rd when four of the spot e ETF issuers have their final deadlines everything else is noise and I stick by that guys like yes I've said before that these atfs can get approved technically before the deadline uh before that May 23rd deadline they can get approved any anytime from like now between now and then but if we're

actually looking at what the AC has done historically it's been delay then start to back and forth with with the issuers uh maybe like a couple of months before they go live and then put them live on the first final first deadline batch basically cuz Black Rock isn't until August and some people you know come at me and say you know black Rock's final deadline is August 7th everything else is noise like this guy here on that replied to me and and I'm like that's not how it works if the SEC denies all the other ETFs just to approve black rocks then they they will be sued into the underworld like they will be sued so hard like gra scale has already shown that they're willing to Sue and uh Vanek is one of the applications as well they're definitely would be willing to sue as well I just I I don't see it

happening because because of that and and then I said black Rock's BTC ATF deadline was in March but they got all all got approved on Jane 10th same thing will happen with May 23rd for the E atfs so if the ETFs do get approved it'll happen by May 23rd that's it guys like that that's all you have to worry about everything else is noise and if they get denied it'll happen by May 23rd I mean it could happen earlier the SEC could there is a chance that they could ask the issuers to withdraw their applications I don't really think that that's a uh you know something that's that's necessarily going to happen because if it was going to happen you'd think that they would have done it by now but maybe I don't know maybe genla wants to play hard ball I mean he's always playing hard ball with crypto but

regardless of any of that the most relevant deadline is May 23rd uh and and by then you know if it hasn't been denied uh before then and it gets denied on May 23rd that'll obviously sting a lot but uh yeah I I think that not you know not looking at the kind of delays as any kind of signal is is the way to go here all right so you guys know yesterday I did a bit of a rant about Eric calling ethereum Small Potatoes uh but I just wanted to address this again today where I put out a tweet and I basically said you know imagine calling ethereum small potatoes when ethereum has been transforming this industry and bringing huge amounts of money in since day one and I don't just say this because like I'm I guess I struggle to call myself an eth maxi but

I don't just say this because like I obviously love ethereum and I spend all my time in ethereum it's objectively true every bit of innovation that has happened in this ecosystem uh I mean maybe not everything but like 95 plus% of it has come from ethereum and all the big things that brought in money have come from ethereum so we had icos in 2016 and 2017 people don't actually realize that icos started in 2016 with the Dow which happened in mid 2016 obviously it blew up and there's that whole drama with ethereum classic foring off but that was the biggest Ico to that point besides the eth Ico right in 2014 um and then from there people did more and more icos then it accelerated into 2017 and we know what happened after that right it just everything just blew

up basically but icos were the main thing that brought in money in 2017 like that's undeniable that it was and that was all on ethereum like no there there was really nothing else uh out there or no other chain out there that was doing icos then in 2019 and 2020 you had Defi and yield farming defi summer was in 2020 that's a huge driver of what kickstarted the last bull market and a huge driver of new capital into the ecosystem especially into ethereum nfts in 2021 no denying that those were absolutely massive again on ethereum staking reaking in 2022 2023 and Beyond again self-explanatory $15 billion worth of e Stak guys like this is not something that I have to spend much time

on because it's just self-explanatory layer twos in 2023 obviously we've had layer 2os for a little while but they really started accelerating last year and they're going to accelerate even more now or this year and Beyond because we have Erp 4844 and dank shiding rolling out as well lots more l2s coming online lots more stuff happening there and then of course the ETFs for eth hopefully going live in 2024 like as we as I believe they will uh by that May 23rd deadline so I mean the ETFs could be argued that it's not like an ethereum specific thing obviously it's got bitcoin's in that as well but everything else on here is very much ethereum specific so when people say that ethereum is small potatoes I just laugh because like it's not it's big potatoes

it's the biggest potatoes in crypto I would argue that it's actually bigger than Bitcoin in terms of what drives the innovation of this ecosystem what brings money into this ecosystem yes Bitcoin has a larger market cap yes Bitcoin has more mainstream awareness but the fact of the matter is is that everything interesting that happens in crypto happens on ethereum first and then ethereum exports that to other ecosystems because the other ecosystems copy it because obviously it's all open source you can just Fork it and so on and so forth so yeah anyway going to leave that tweet at that just wanted to kind of talk more to the Small Potatoes bit because as you guys can tell that's that's annoyed me but it's a little bit of a meme now which I like I I kind of like it when something uh we we basically meme something out of out of a

silly comment but anyway moving on from that uh I saw this tweet from Brian Armstrong today so he tweeted Out quote tweeting the stand with crypto Twitter account where he said packed house at stand with crypto's rally in Los Angeles having Nas perform certainly didn't hurt visit stand withth crypto.com America can't afford to be left behind any longer we need to protect we need to elect pro-innovation candidates who understand crypto uh and the reason why I wanted to talk about this I mean there's two reasons first reason is that I'm very glad that crypto is getting more and more loud in the political circuit because you if if you want your way in politics you have to be

allow and you have to be seen and you have to obviously donate to the right people and I think crypto is doing all of that right now and that is obviously net beneficial for all of crypto for us to push back against the overreach of the US government and the US regulatory apparatus such as the SEC into crypto and make sure that we can potentially get some clear rules and clear guidelines and clear legislation put in place or just simply make sure that the US uh kind of political apparatus doesn't come off crypto in such a way that it stifles Innovation that's one of the big points here and the second reason I wanted to talk about this was just to remind you guys all of you in the US this applies really mostly to the US because anyone who's not a US citizen cannot vote in the US elections

obviously but if you go to stth and you click the politicians tab at the top this will give you a list of all of the politicians that uh that are up for kind of um that are part of the different parties the Democrats and the Republicans I should say and whether they are for or against crypto so what they stance is with with crypto and it's not just like a binary thing it's like strongly supportive or just supportive or against strongly against so on and so forth now obviously The Usual Suspects at the uh at the top here such as Elizabeth Warren and Brad Sherman uh strongly against crypto that's no that's obviously no surprise but then you have Cynthia lemas who is very active within the E the ecosystem from a political

standpoint who is strongly supportive of crypto Tom Emma as well um and then uh you know the list goes on here but what's interesting is that it's not just all Republicans being pro crypto and Democrats being anti- crypto which is something of a popular narrative within the crypto ecosystem a lot of it is uh much more balanced than that as you can see here uh y I'm saying her name right is strongly supportive of crypto and she is a Democrat here you have Dean Phillips who's supportive who's also a Democrat the others obviously are Republicans here and Trump of course is a Republican and he's supportive of it uh and then you have like another Republican called Roger Marshall who's strongly against crypto right so there is and then you've got all the the the you know the less maybe the less

well-known politicians uh here but it really is a mixed bag guys like and there's actually a lot of them that are strongly supportive of crypto you can see here like they're strongly support supportive of it and it seems like the ones that are strongly against are just the ones like Elizabeth Warren who have made it her whole platform to be like anti- Banker or anti Crypt bro whatever whatever she's doing here now you can also click into each of these and I believe some of them will yeah if you click into them you'll be able to see information about what they've said about crypto what they've been doing for crypto what their policies are and so on and so forth now I know for all of the non- US people listening to the podcast this means nothing to you but obviously the US is very consequential within

crypto and getting friendly politician into power to advance the crypto agenda in the US affects the global kind of markets as well so yeah if you are in the US and obviously it is an election year so your vote is going to count this year for a lot you definitely need to study this so I'll link this in the YouTube description below uh for you to check out but an absolutely amazing resource it is put together and run by coinbase and maintained by coinbase so it's not just some random thing that someone put together in their basement it is coinbase who is the biggest who are the biggest uh company in the US when it comes to crypto so obviously ly not small potatoes here all right moving on so there is this really bad narrative within the crypto ecosystem right now that the only thing being built within

ethereum is infrastructure and this is a narrative that has come out of the uh camps of the other layer ones U specifically I think salana a lot of salana people that I've seen have been saying this which is really disappointing because you know people are saying okay we well we need to be friends with uh you know with each other we should we should be building each other up we should be kind of like um working to towards the same goal but then every time I think about trying to do that I just see so much fud it's not just this narrative it's like the gas fee stuff people posting layer one gas fee screenshots like guys we moved off layer one like a year ago we're on layer 2 now everyone knows we're on Layer Two but you're still coming up with this absolute like we've

told you so many times that the layer 1 fees are going to remain high for the foreseeable future maybe until we have like The Verge and veral trees in but but regardless they're still going to remain higher than layer 2os and the fact that people know this they do know this because it's not a secret because they even make fun of layer 2os but people fact people know this and they still fud ethereum with those kind of gas fee screenshots and it definitely is a lot of the salana camp doing this um it just it really kind of uh makes me really upset and sad because I'm like well there's no Bridge mending going to be happening here at all if this is going to continue here I know it's not exclusive to them I know in the etherum community people make fun of salana when

it goes down I've avoided as much of this as possible because I just don't think it really is any point to it but it just get it just really sad when you kind of think about it uh and then there's as I said there's another kind of narrative about that that's being pushed saying that oh all the people in ethereum are working on infrastructure no one's no one's building apps and then Jesse poak basically said you know don't listen to the fake news about a lack of app Builders I met literally hundreds of Builders creating apps completely blown away and he met them at um at eth Denver the world is going to come on chain because Builders are building incredible onchain products you really have to be just burying your head in the sand to think that ethereum is only building infrastructure because let me put it to

you this way ethereum L1 alone is doing tens of millions of dollars of Fe Revenue per day people are using the apps to generate that fee Revenue you guys know if you go to Ultrasound money you can actually see which apps and which contracts are are consuming the most gas if you scroll down here and I'll show you over the last 30 days Unis swap is unis swap not an app people say some people say oh well it's infrastructure right it's a it's an amm it's infrastructure for swapping things like no it's not it's an app like don't twist words I've seen people say this it's like no it's not it's an app right um tether it's a stable coin that to me is an app like the application of of of a stable coin yes okay I'm using a bit of loose terminology here but it's an app uh

banana gum which is an nft router app uh arbitrum is an L2 that hosts apps on it obviously right same with ZK sync zerox is an app optimism same as arbit ZK sync metamask is a wallet literally an app right like and you just keep scrolling down this list one inch app blur app like come on guys openc app like to say that we're only just building infrastructure and like it's just a ghost town on a lot of this infrastructure no one's using it no one's using apps on it is just mindboggling stupid to me and something that I really hope doesn't become like a sticky narrative because it makes no sense it's not based in reality uh and it just furthers the toxicity that exists within crypto that I've

personally tried at least over the last year to not further myself but until these people just stop saying like absolute crap about ethereum and stop fighting ethereum uh you know it's just going to keep happening and and and the worst thing is is that there are so many legitimate criticisms of ethereum the layer 2os uh and and you know everything in between and yet people go for just the bottom of the barrel like you can criticize the layer tws over things like multi and centralized sequences but like even when people do that they don't do it in a construct way it's more of a oh you know the l2s don't count because you know as scaling ethereum because they've got multi it's like okay like that's a bit of a silly logic because

there are apps like defi apps for example on both ethereum and other CH on ethereum and other chains that have multisig on them too so does that mean they don't count as an app because they have a multisig and then like I've said this a few people and it's kind of like that NPC meme where their brain starts loading because they don't know what to say next and I'm just like you guys is it just so stupid with this fud like at least be constructive with it like yeah I I don't know anyway I'm ranting here but that's how I kind of feel about that but yeah I just wanted to highlight that that's a new narrative that I've seen out there but it is so untrue there are so many people building apps I've invested in so many of these kind of teams building apps guys like yes I've

invested in infrastructure as well but the infrastructure is here it's been here for a while I remember writing a newsletter in the daily way newsletter like two years ago or even more than that where I said that we're going to get to the point where we're going to have more block space than we know what to do with and then you know we need to there's going to be apps being built to to take advantage of that block space which is what's been happening over the past 6 months especially as well there's a lot more kind of apps being built so for if you've see anyone saying that it's all infrastructure no apps on ethereum uh tell them that they're they they're silly uh just just tell them that they're silly because they are they are being silly anyway moving on to an exciting bit of research out of Paradigm today so

obviously there has been a lot of talk about how to and when to raise the gas limit on ethereum L1 this has been going on for a few months now I remember I did an episode of the refu where I explained all of this but just to quickly recap it for you guys the gas limit of ethereum is its block size essentially the higher the gas limit the more TPS or the more transactions can be uh kind of processed by the network which I guess in a roundabout way uh for at least the short to possible medium term would reduce layer one fees but the thing is is that with the when you increase the gas limit you there's trade-offs to this you increase the burden on the network overall and there are different kind of parts of the network that you increase the burden for and Paradigm does an

excellent job of breaking down each of these parts in their blog post here so there are three main parts there State growth history growth and state access when it comes to when it comes to the the I guess like the ethereum network and raising or lowering the uh the gas limit here and they analyze each of these in the context of network IO storage size memory size and storage IO and they came to the conclusion that the ethereum gas limit can actually be safely raised uh quite a bit from here without negatively impacting uh impacting the network and without kind of like kicking off solo stakers and all that sorts of stuff so that's some really great kind of research that they've done here putting numbers to it and they also have this really really great interactive uh I guess um tool here where you can click into them and

you can actually see what's taking up the state of ethereum so you can see here erc2 tokens uh taking up 66.9 GB of state which is 27% of the total toal state of ethereum and then you can actually click into each of these and see uh essentially what is you know within that which erc20 tokens within that are taking up the state and you can see here that Zen which is I think some kind of like mem coin or something on ethereum is taking up a whopping 3.5% of the total state of ethereum and if you click into that uh it'll kind of expand and then you can kind of see uh kind of uh expand out from there if you click clicking you can expand out from there uh but the whole point of showing this is showing that there is a bunch of kind

of things that we can do here around State expiry so they they I I don't remember the exact percentage but they said that there's a certain percentage of of um disk space being taken up or state being taken up by contracts or by things that haven't been interacted with in a very long time so we could expire those things where essentially if you wanted to interact with them again you basically bring your your proof and basically say okay well I want to I want to wake this contract up with my proof and you pay for that and then it kind of wakes it up from there uh I guess it's let State expiry and more kind of like putting the state into I guess hibernation sort of thing so State hibernation um but yeah anyway uh you can go give this post a read for

yourself a link in the YouTube description below it is probably the best and most comprehensive um kind of uh analysis I've seen so far on the I guess consequences of raising the gas limit and this is just part one as well so this is really really great this is just focused on state growth here so yeah go check that out but I do think that post blobs after a few months the gas limmit will probably be increased uh I do think that's going to happen because obviously we want to wait till blobs goes live on the network to see how the network kind of fares with that what the maybe 3mon to six Monon uh Network looks like after that and then once we've got a clear picture there we can seriously consider raising the gas limit and just to refresh your uh memories again it does not require a

hard Fork to increase the gas limit what the validators do within the network is that they basically vote up the gas limit themselves so if the majority of the validators Say Hey I want the gas limit to be double what it is today well then the gas limit goes to double what it is today and that's generally kind of how it works um I think there is a limit to that though I'm not sure if if that that limit still exists or not I remember reading about that somewhere but anyway you can go give this post a read for yourself I'll link it in the YouTube description below for you to do so all right so uh with 4844 going live soon and with blob's data being temporary where it expires after 18 days there's obviously been this uh discussion for quite a while now around

who is going going to persist the blobs and what I mean by this is who is going to store the blobs past 18 days because even though we expire the blobs it it you know it's fine for the security of the l2s uh if you expire The Blob essentially what you lose is the ability to go back and see what for example the balance of an account was so for example let's say you're doing transactions on L2 they post the The Blob you know they post their kind of like um data to blobs and then the blobs expire within 18 days and then no one stored that blob well you would never be a like if no one sto that blob and you haven't stored it yourself and you aren't able to retrieve that data uh you will never be able to actually go back and see what your

balance was uh past that 18 days so for example if you want to go back 6 months and see what your eth balance was 6 months ago uh on o on Bas for example you wouldn't be able to do that now obviously that is not a a big deal for most use cases but the the two use cases that it is a big deal for is one data analysis being able to analyze what's actually been happening on these l2s and keep persisting that and two tax tax is a big one where essentially you want to know what your balance was and you want to know what trades you did at such and such time and what the value of those trades were because obviously you need to do your taxes based on that if you're not recording them so those are the two major things here now Anthony Rose who

is um working on ZK sync put out a tweet uh thread today asking who is going to persist that so I think that it seems like dun analytics is going to be persisting these uh block native is going to be persisting these token flow is uh basically I I expect like all all of the um all of the infrastructure existing data analytics platforms existing infrastructure around that to persist them and what it means by persisting them it means to store them essentially past those 18 days now we don't know how long they're going to store them for like do they do it forever do they do it only over um only over short periods of time I think that you could do it forever but the problem then becomes like storage costs now you can store them on hard drives but to retrieve them off of hard drive drives

if you're trying to offer this as a service doesn't work you need solid state drives to do that now solid state drives are very cheap these days but still more expensive than than hard drives so I think that you're going to have a thing where people do store you know everything uh Forever on hard drives but then in terms of what's readily accessible will be on solid state drives and may only go back like a couple of years or something like that but again you can store the data yourself too all you have to do is run an ethereum full node and then turn off blob pruning because what happens is that the reason why the blobs expire is because by default the clients will expire them but if you turn that off in your client in your full node you can just keep the blobs yourself and the

reason why you would uh you would live it on is because obviously if you if you um if you turn it off that your dis space is going to going to grow um and it's going to be terabytes within the year uh but if you want to keep that data for yourself you can't there's no one stopping you from doing that so yeah I mean that's another way of doing it too and then you can obviously offer that to people as well like imagine being like this like someone wants to retrieve data that no one else has and you have it I mean I think that'd be really cool to help them out right I mean you could obviously as well and make money off of it but yeah there are opportunities here for people to do that but anyway you can check out Anthony

Rose's tweet here I'll link it in the YouTube description below for you to do so all right last up here just a cast from Jesse poac who said FYI coinbase and Bas have done a bunch of consumer research and the term onchain outperforms every other word that people use for crypto if you're using blockchain web 3 crypto Etc find a way to switch to onchain and you'll be more successful I think that the onchain terminology will be our internet essentially so for those of you who don't remember I mean I don't remember this cuz I was a baby basically or a little kid when this happened the internet used to be known as the information super highway right like it and it had a few other names as well now those names obviously didn't stick uh and I mean internet stands for

interconnected Network right um I I think it does at least uh but yeah it eventually you know turned into internet and these days actually with the younger Generations they just say Wi-Fi so internet and Wi-Fi are the two terms that are used to the describe the you know the global kind of network that we have uh that we all know and love um whereas with crypto I guess like we're going to have two terms as well we're going to have crypto and onchain whereas I guess like crypto is a very very broad term and it it talks about not just doing things obviously onchain but also uh kind of like just the assets themselves right so I think crypto is going to stick as a term uh but then onchain is a much better term than something like blockchain web 3 unfortunately died because it just got

abused as well right and there were a few other terms out there but I do think onchain is going to stick I do think onchain is also very good because it's just very easy people to understand because they already understand online you know that's I guess that's another terminology that people uh people use to describe the internet but online isn't used as much these days because by default everyone's always online like whether that's on your mobile device or on your on your kind of like PC at home you know by default the vast majority of people are always online so it's not like oh I'm going to go online no you're already online right whereas I guess back in the dialup days especially you would be like okay I'm going on the Internet or I'm going online um you no one used the phone or else I'm going to

get disconnected right um so so when you think about it like that I think you know onchain definitely is very easy people to grock because it's related to online uh and then also we have crypto as like the broader term as well that everyone already knows so I think yeah the web 3 term probably dead for the mainstream blockchain definitely I actually don't like the term blockchain it I think it's just not a great term it's very technical and sounding to people but onchain is the thing that I think we're going to go with for for the mainstream there and obviously based on the research that coinbase has done uh with real people that seems to be something that sticks uh but yeah I think that's going to be it for today so thank 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