Curve on Arbitrum, Sign-in with Ethereum and more - The Daily Gwei Refuel #208 - Ethereum Updates

Transcript

hello everyone welcome to another episode of the delegate refuel where recap the latest news and ethereum ecosystem i'm your host anthony sosano and today's the 14th of september 2021 all right everyone let's get into it so i had a little bit of drama on uh i guess like not twitter not just twitter but like crypto in general last night i think happened about one or two hours after i recorded uh yesterday's refuel but basically there was a bit of fake news that came out that walmart was accepting ltc litecoin for payments now this was kind of crazy i went on twitter everyone was talking about it there were legitimate uh kind of like mainstream news outlets like reuters um uh cnbc uh a few others out there i think you know zero hedge i mean there was there was a fair few and i saw

them on twitter basically uh saying you know this is this actually happened right this was real this was and then um the official litecoin twitter account also tweeted out uh that it was that was kind of real and that it happened then they later deleted the tweet i think it was just like a few minutes later or something like that so there was a lot of confusion and of course the price of ltc just skyrocketed as soon as this announcement was made even though it was fake no one knew it was fake for the first few minutes so the price went from like i think 175 dollars to 235 dollars within like 10 minutes or something absolutely crazy um and you know like coin's usually uh not really doing much right it's it's it's an old kind of like fork of bitcoin it it's not

really used for much no one really talks about it so its price just really just sits sideway a lot of the times unless the market heats up and people are just kind of speculating on it but because of this massive price move and then i and then it came out that the news was fake uh and i think the price was still hovering around 210 or something at that point i was like okay how can i short this like this was just the most obvious short to me ever i never do kind of like um shorting or kind of like uh uh leveraged training in general i i've been doing a little bit on diy dx just to test out the platform playing around with it because it's a layer two but i you know i asked myself like where can i do this and i don't

have any funds on centralized exchanges or anything like that i don't even want to use them to be honest so i was like okay well i went to the adx i'm like oh wow they have an ltc market because it's a perpetual exchange it's all synthetic so there's no need to have like an ltc token on ethereum to have a market on dydx they can just spin up markets as long as there's a price feed for it uh so essentially what ended up happening was that uh i i opened up this short on ltc with whatever funds i had on there i don't have too much money on there it's it's tiny amounts but i did it on there and i kind of like opened up this short and then i closed it when ltc went back to pretty much the price that it started

out i think it was like 180 or something like that and i was like okay well that was a little bit of easy money right there um but it's not really about the money what what i found really funny was the fact that i was able to kind of i guess uh trade ltc using a layer 2 perpetual exchange built on ethereum and ltc isn't the only thing that i've actually shorted lately i shorted uh solana at the top i shorted cardano before the smart contracts came out and as i said like this isn't big money here this is really small amounts of money just because i was playing around with the with the exchange but um you know i shorted those and i actually made a little bit of money on and i was like okay this is this is fun right and so i've kind of like just been

trading more often on dydx now um just kind of like something fun to do but i thought it was kind of ironic that i was able to short quote-unquote ethereum killers using a layer 2 on ethereum as well which which was was quite funny for me but anyway i think what i really wanted to talk about was uh what i wrote about in the newsletter as well today on this topic where basically ethereum is kind of like our home right like we can do pretty much everything we want on ethereum none of these other chains from what i can see offer anything distinctly unique they may have unique apps but the apps will do the same as what the ones on ethereum do and yes they may have cheaper fees and things like that but the thing is ethereum's high fee environment i think will i guess like within the next few

months be like i think of a pass for most users i i do believe most users will just live on layer two they'll be using whatever it is optimism arbitram the polygon post chain if they want to use that uh uh uh kind of like these nft uh kind of um layer two is like immutable using diy decks whatever i'm bridging between them and things like that i don't think a lot of users are gonna be sitting on layer one anymore so really the i just i look at these other chains i'm like okay well what else can i do here that i can't do on ethereum and there really isn't anything else uh a lot of them use incentive programs or yield filing programs to attract liquidity and okay i mean if i wanted to i could go there and do some yield farming and take the profits back to

ethereum but the thing is is that i'm going back to ethereum there is no way i would ever actually sit on that chain with those profits i would take them straight back to ethereum where it's like my home it's where i feel most secure um and kind of like uh i just put it probably back into eighth at that point um whether that be on layer one or layer two uh and this isn't to say that there aren't kind of chains out there doing innovative stuff or kind of like innovative apps on those chains but i could still come back to it and be like okay well if something spins up on another chain that is innovative then what's to stop it from just being kind of like cloned or another project coming along and competing with them but doing it on a layer two on ethereum and i know

that uh you know depending on the layer two the fees uh definitely um you know higher than these other kind of competing chains and stuff like that and i totally get that but i don't know like i'm trying not to sound like an eighth maxie or whatever you want to call me here but i really like given the choice between ethereum um layer twos which are and ones that are properly constructed and fully kind of like decentralized no guard rails whatever and kind of like living on ethereum and an entirely new chain uh i would choose ethereum layer twos any day of the week uh uh even with their centralized controls to be honest because i just i think that um there's a stronger base there it's the tooling's much better uh you know as i said like there's not many kind of unique things happening on these

other chains or whatever besides i guess the yield farms you can kind of like uh we're making some funny comments about this in the delight discord the other day we were saying kind of like vikings going to pillage these these chains and then just bringing all the spoilers back home and that's exactly what i think is is happening i mean i've i've talked about how i think ethereum is like an economic nexus before where everything's just going to be bridging in and out of ethereum but ethereum really is going to be at the center point of this whole ecosystem because it is the most secure most decentralized chain it is where everyone has kind of like grown up it's what they call their home but of course there's going to be new users that come in and that will never use ethereum they'll use the other chains whatever

they'll be happy doing that that's totally fine but i do think that a lot of these users will also use layer twos they may not ever use layer one because they just to be honest are just priced out of using layer one ethereum but they'll use these layer twos and potentially they won't even know that these layer twos are built on ethereum like for example if coinbase was to do a bridge directly from their exchange to dydx like say withdraw from um your eighth wallet on coinbase to your uh wallet onto idx would you know like as a new user would you know that dy dx is a late two on ethereum unless you actually search for it i don't think it gives you an indication i don't think it just blasts you with it and say hey you know we're built on ethereum or anything like that

and there's going to be plenty of apps like that that are built in these other kind of protocols these layer two protocols like arbitrary optimism and they won't explicitly say they're on ethereum and users just won't know and a lot of users won't even know because they'll just be accessing it through front uh through kind of like different front ends whether that be mobile wallets um like argent for example or you you know even kind of like a centralized institution like a bank or whatever so it's kind of funny when you think about that is that a lot of new users coming into this space won't even know that uh they're kind of like using ethereum which i don't think is a bad thing i think if we abstract at the end of the day ethereum is back-end technology uh for most of the world but it is also a

movement it is also for for us who spend more time in the ecosystem uh it's something that we are we are ideological about something that we form a community around but that doesn't mean that the mass adoption has to happen in such that people have to know they're using ethereum i mean at the end of the day we all use linux and we and most people don't know about it because it's back-end infrastructure um people only know about windows because it's plastered in your face when you you know when you when you kind of like use windows it's everywhere it reminds you that you're using windows uh same with mac and things like that but they're kind of like brands and and you know they're centralized companies and all that sort of stuff whereas with ethereum these kind of like things can be built on top so you could imagine

ethereum being that back-end infrastructure and companies building on top just like linux is a back-end infrastructure for a lot of the top tech companies in the world they use linux for to run on their servers uh they use all sorts of different kind of tools in the background as well that end users just don't know of and i think it's just the phenomenon of how early we are that people know about um ethereum as a technology and ethereum as kind of like powering all these sorts of stuff and i do think that the balance will be shifted towards more people knowing about ethereum because it's got a token attached to it like if if linux had a token attached to it then of course people would buy the linux token or the linux you know share or stock or whatever you want to call it and more

people would know about it but because it doesn't and because it just sits in the background it can still power the entire world without anyone knowing about it but the benefit of ethereum is the fact that it can power the entire world while people still know about it because you can bet on it you can buy eth and you can kind of like buy all the other tokens and stuff like that as well which i think is is really cool but yeah just wanted to kind of give a little bit of color around how i'm thinking about this and how i'm thinking that ethereum just is going to remain the center point of the crypto ecosystem i think bitcoin lost it quite a while ago because it doesn't support smart contracts and actually maybe i should i should talk a little bit about this as well as an aside here

so people often kind of like uh i guess say that ethereum has basically become like bitcoin where um ethereum is becoming a settlement layer the layer one and we're gonna do everything at layer two and the funny thing is is that i don't actually think that the bitcoin design was ever wrong i think what ended up happening was that bitcoin as a layer 1 was way too limited and it's still way too limited for a nice layer two ecosystem to be built on top they can only do lightning network really it's state channels and they can't even do that well there's still a lot of problems with that because bitcoins layer one is is so limited now with ethereum because it's got a an expressive kind of um it's an expressive platform it has a virtual machine built in has smart contract smart contracting language and

all those sorts of things we can build fancy solutions like roll ups on top of it and we can keep layer one as this fully decentralized and secure sediment layer for roll-ups and then do everything else at layer two which i've described on the refill the other day about kind of like the design philosophy around this rollup centric roadmap which to me uh kind of like says that ethereum will be and continue to be the the center point of this entire ecosystem bitcoin can be whatever it wants to be of doodle gold or whatever they want to call it these days these other chains can feed into it they can bridge in and out of ethereum um bridging it out of the ethereum layer twos it's going to be seamless and as i've discussed before it's going to be a parallel distribution in terms of i

think market cap in terms of like market share and generally i don't think it's going to be a winner take all i mean it already isn't a winner take all from a pure market cap and on-chain activity perspective uh but at the end of the day i as long as the theorem continues on the past that it's on right now it continues building out uh layer one with obviously the merge and then sharding and then we continue building out the the awesome layer two ecosystem that we have i just don't see ethereum losing its crown to to anyone i think ethereum is the i think the roll-up centric roadmap for a blockchain blockchain is the perfect design i think that it's taken many years for us to get here but it is much better than trying to do everything at layer one i just don't think that's

the correct design uh along for long-term sustainability of these systems and um i'm trying to build well not me personally try like i i think that as an ecosystem as an ethereum ecosystem we are trying to build something that lasts for a very long time we want it to be as sustainable as possible we want it to potentially last thousands of years as a network and and last way longer than than than kind of like we're alive and we wanted to be able to resist any kind of attacks and obviously the final boss is east nation states going after ethereum if we can resist that then we can resist anything which i think is really really cool but anyway i'm going to leave it at that for now i've got a lot more other updates to get through today so optimism announced that they have doubled their throughput

limit on mainnet because this is because they hit their limit the other day so they went up arbitrary wasn't the only layer 2 that was getting a lot of usage over the weekend it was also optimism there was a bit of a flow-on effect there but essentially they doubled it from 100 000 transactions per day to 200 000 transactions per day um before it starts throttling with higher gas prices so just to give you some context here ethereum's layer one at maximum i mean it varies because it depends what transactions are being processed on the network but i've seen it go as high as 1.6 million transactions a day and really it tapers out at about that and unless we raise the gas limit it kind of like stops at about that so you can see here that these layer 2 networks aren't quite up to up to kind of like that

amount yet but they are growing i mean arbitrary has also grown to i think a couple hundred thousand transactions per day over the weekend um and they i don't know if they're going to increase their limits any time soon but they may but you know optimism started off at 50k transactions per day they went to 100k now they've gone to 200k so it seems like they're just doing a doubling uh so maybe the next one's going to be 400k but i guess it depends on how much uh i guess activity the network you're seeing and everything like that as well uh but cool to see this cool to say there's more capacity on the optimism network um and i have another big announcement coming this week as i say here you know this isn't the big news that they were teasing um but still worth tweeting about of

course so yeah uh pretty cool to see that happening um mahalo from polygon here uh basically gave a friendly reminder that uh by saying here that many people are still not aware that nfts can easily be transferred from ethereum layer 1 to polygons pos chain and vice versa so the bridge that they have set up for this supports these transfers using a model similar to the one that they used for fungible uh slash erc20 tokens so more details can be found in this blog post here but this is something really cool that i actually didn't um didn't know about funny enough like i should have known about this but i i didn't uh that you could basically uh bridge uh these kind of like nfts directly uh from l1 to polygon and vice versa so if you

have an nft on on polygon and you minted there you can take it across to ethereum layer one if you want to um and you know do it the other way if you want to as well and there's a handy guide in this blog post as well if you want to check that out and speaking of bridges uh james prestwich from uh cello cello or seller i don't know exactly know how to say it but uh it's from salo here put out an announcement today saying that a new bridge has been announced called the optics bridge which now it currently supports ethereum cello and polygon you can bridge any rc20 token between any supported network and you can read more on this post here so what optics is trying to do and what they say is setting themselves apart is they're basically using a new uh kind of like i guess bridging

standard called the optimistic interchange communication standard and they describe it here is by saying unlike other cross-chain communication systems optics is neither a custodial bridge validated brace bridge nor header relay instead it leverages an optimistic bridging mechanism to enable radically cheaper communication betw between chains while still provide preserving decentralization and additionally optics has a few killer features that make bridging easy such as it connects change in a one to end model making its bridges more like airport hubs it can be deployed on any smart contracting chain and multiple chains at the same time it is gas efficient and cheaper than header realized by a factor of 10 times on ethereum and it doesn't require any new primitives or elliptic curves to be added to the base layer so

they are selling this as probably the best bridge that is available today i'm i'm assuming that's what they're kind of going for here i haven't uh played around with this bridge just yet i haven't dived into the documents or anything uh yet but this really is i mean the holy grail not not optics i mean like the holy grail of bridges is to have it be like fully trustless and fully decentralized i don't think it's actually possible to have something as trustless and decentralized as the parent network so for example i don't think you can actually have a bridge that is as secure as decentralized and as trustless as ethereum is uh because with bridging you're always relying on the bridge to network as well for example if you bridge from ethereum to uh solana for example and something

happens on the solana side well that means that the doesn't matter how secure the bridge was or how decentralized it was uh the bridge could break due to something happening on the salon network such as maybe a hard fork happens or the network goes down or whatever and the bridge kind of like breaks because of that um and i mean there's a number of other examples of kind of attack vectors and things like that but i think really what all these bridge kind of like um researchers are trying to do is create uh create something as close as possible to being you know totally trustless and secure and decentralized so optics is just another kind of like um i guess like entrant to this kind of game here you can definitely go check out this blog post for more details about it but just generally i think it's

cool to see more bridges coming online i mean i've spoken a lot about bridges on uh the the refill before uh there's plenty of them now and i think the more the merrier because at the end of the day there's only going to be it's going to be another power law distribution but we want the best ones to we want the most the most secure decentralized and trustless bridges to win and the more there are the more competition there is and the better it is for the end user at the end of the day so uh paulo here put out a uh i guess like a dune dashboard dude analytics dashboard that i have actually been looking for lately that shows the total amount of gas that's being consumed by each of the layer two networks on ethereum so you can see here that um uh

today i think meaning september 12th arbitram uh consumed one percent of the total daily gas space for ethereum so just arbitrary just i guess like on on september 12th over the weekend consumed one percent of all uh block space on ethereum which was insane right like that's actually crazy and you can see here that on september 12th 1.5 of all block space was uh was consumed by layer 2's on ethereum not just arbitram but all the ones that they're tracking um such as aztec diversify dydx optimism polygon hermes so rare and zk swap uh that's crazy i mean i've talked i've spoken about this before and where i said that i think layer one is going to be just this security kind of settlement chain for layer twos and eventually

layer twos are gonna price out every other user because they're gonna be happy paying the highest amount of fees because if you saw yesterday when i went through crypto fees.info optimism and arbitrary are earning two to three hundred thousand dollars per day of revenue and uh because of that they're happy paying the on-chain fees on ethereum they're happy paying to 300 400 per batch the more these layer 2's kind of get usage the more fees they're going to generate so they're more than happy to pay thousands of dollars in transaction fees per batch and if they start doing these things you know every minute every kind of like uh two minutes maybe even every block one day then they're definitely going to price out absolutely everyone from layer one even the whales eventually won't be able to compete with these networks because you

can imagine a layer two as a whale because they're kind of i guess um bundling up all these transactions thousands tens of thousands of transactions that are all happening depending on i guess kind of like um the the time between batches and and those have like uh i guess fees associated with them and then they go to they go to layer one there the layer twos are gonna price at everyone so i think my advice to people who may be worried about this may be thinking okay well if i'm gonna be priced out of layer one permanently then what can i do get on the layer twos as uh you know asap go to albert trim get your funds on on optimism get your funds on any all these other things get your funds on the polygon pos chain and stuff like that do realize that there's a lot of there's

trade-offs as well going from ethereum layer one as i've mentioned before the layer twos have training wheels on them they're pretty much totally centralized right now the polygon pos chain has different security properties to ethereum as well because it is i i mean it it's funny i i always struggled describing what the pos chain is um it's technically not a side chain but it's technically not a layer two it's kind of like a hybrid between a side chain uh a kind of like layer to a commit chain whatever but i'm not gonna get into like the details of that now but essentially just just be aware that no matter where you go to if you're going off ethereum there are going to be trade-offs and a lot of these layer twos aren't going to be in their fully decentralized state uh where they basically don't have upgradable

contracts they don't have a centralized kind of multi-sigs they don't have centralized sequences um that's not going to be uh the case for a little while because we're so early but still i think it's worth getting onto these layer twos with with with some funds as well to make sure that you're not priced out uh from using kind of like the network on layer one once these layer twos really start ramping up they're gonna they're gonna i mean i i think they're gonna be ten percent of all kind of gas consuming uh consumed on ethereum sooner than we than we think uh just given the fact that we don't even have i guess like direct bridges into most of these things yet from centralized exchanges the adoption is still happening in the background i guess for all these sorts of things and as the market heats up activity is

just going to heat up as well so yeah definitely get yourself onto a layer two and speaking of that our curve is now live on arbitrary so if you are a curve user on layer one you can now use it on layer two i played around with it today i'm just using my my money on arbitrary there i did a few different swaps i swapped eighth to usdc on i uni swap and then i went to swapped usdc to usdt on curve then i went and swapped that usdt to 8th on on uni swap and i did all this just as testing i wasn't i mean i know there was kind of like more efficient routes here and it kind of doesn't make sense for me to go to like to eat to stable coin to stable coin to eth but i did it because

i just wanted to test out see the different transaction fees between kind of like the different platforms um and see how well it worked and curve worked fine like there was nothing wrong with it and unisop obviously worked worked fine as well but great to see another kind of like i guess d5 blue chip or or i guess like top d5 app live on the arbitrary network here uh and speaking of i guess like uh centralized exchanges having bridges into these layer 2 networks so coinbase announced and i went through this on a refuel that they're going to be supporting the polygon pos chain and then uh optimism arbitram and starkware and i'm sure other kind of like layer twos in the future as well but if you're using coinbase wallet right now then you don't need to kind of like wait for uh for coinbase

you can basically use their their coinbase wallet on your on your mobile phone and be able to uh natively switch between the different networks here on their app so you can see here that arbitram uh optimism polygon xdi and some of the other evm compatible chains like avalanche and phantom are both supported here for mainnet's uh capacity as well so no need to add a custom network on your mobile wallet here which is really really cool um and final thing about layer 2 is immutable uh tweeted out something today called where they said no gas on immutable xl2 but still 100 ethereum now i wanted to focus on something that paulina said here which i think is very important for people to understand so he said it's not 100 ethereum until transaction call data is

also on ethereum immutable x is great and off chain data availability is the right solution for low value nfts but some transparency will be appreciated at least until you become a volition and give users the option so essentially what paulina is saying here is that immutable isn't as immutable x is in a zk roll up it's a valydium now i've i've described the differences between these before but just to recap you on this what a volidium does is that it doesn't actually post its data to the ethereum layer 1 chain it keeps the data off chain it's part of a data availability committee which is just a bunch of nodes running keeping the data available for immutable x in this in this example here which means that it is not 100 ethereum because if those data availability nodes were to go offline

and you can't get that the data from there you could have uh uh you could you you could fall into position where you can't get your funds back or you can't get your nfts or whatever and and you know that that's just basically the design of it which is fine because as polly now says here this is fine for low value nfts because at the end of the day um this is how you scale it on uh i guess like a layer two where the transaction fees are basically free um now they are free on immutable x right now because they're subsidizing it but i mean the cost for them is is very cheap it's like pennies on the on not even pennies like less than a cent sort of thing uh but then polly now goes on to say you know it should be

transparent about this that this isn't actually a zk roll up it's a it's a validium but in the future there's actually an even better model called volition which startware is developing where it will give users to uh choose where their data is stored so they can either store it in immutables data availability committee or they can store it on a on a kind of like a network like um our weave or file coin potentially or they can store it themselves uh so essentially that gives users control over their their call data so they don't have to rely on a third party but if they you know if you if you lose access to it yourself then you potentially can't get access to your funds either but it's still a better kind of like solution than valydium but again it may not be considered 100 ethereum i think 100

ethereum might be something that's considered like the data is actually on ethereum where uh these layer twos batch and put the cool data on ethereum as well but that's always gonna be more expensive i believe than um then just like a pure kind of like validium or volition here but still good to understand the difference between them and understand why the clock there's a cost difference there as well so the ethereum name service announced today that they've chosen a a kind of uh i guess they're a company maybe or a kind of project called spruce id to lead the effort to standardize sign in with ethereum now i've discussed signing with ethereum before but essentially what it is is basically a way to standardize um what dapps are already doing organically in web three uh across the entire kind of like web you know how you sign in

with google sign in with twitter sign in with facebook signing with whatever on different websites this is basically an initiative to standardize this so that you can sign in with your ethereum wallet because your ethereum wallet is essentially a public private key pair so a username and password i guess for lack of a better uh comparison there and uh spruce idea is going to be leading the effort here on the ens side to to kind of like um i guess sorry commissioned by ens to delete the effort you're on signing with ethereum so if you want more details about this and how it's going to work you can go read their announcement blog post here and what they're kind of like working on uh currently they've already begun delivery on the best practices survey user research spec draft and reference implementation not sure how long this is going to take i don't think

they've given any dates here but it's really really awesome to see movement on this i do think that one day we could get to a position where the web is basically all sign in with ethereum and there's no need for you to have like a username and password for every kind of like site or to sign in with google or facebook any of these centralized kind of solutions you can sign in with your ethereum wallet and keep your identity and keep everything fully decentralized uh you know on your own kind of device which i think is really really cool all right so speaking of that speaking of kind of like the decentralization lucas here from gnosis put out a tweet today saying that apple is blocking the release of uh nosis safe's new mobile app um sorry uh uh mobile app update because they display nfts in it and he

goes on to say after two weeks of back and forth i felt that we needed to talk publicly about this to raise awareness and you can see this thread here where he says two weeks ago they submitted a new version of the nursesafe mobile app to the app store and they got the following response that basically says um please provide detailed answers to the following questions and reply to this message which is what are the collectibles users can store in the app is this to store nfts um and then uh essentially the the next day we got a question sorry they got a questionable response again um basically about in-app purchases and essentially this this is going back to i guess like um apple kind of like not not liking the fact that uh the nfts i guess through nurses safe can be not just nfts but like tokens in general

can be bought uh uh uh by using those safe instead of going through the apple kind of like app store and using um in-app purchases through the apple app store so that apple gets a cut from it um and then he says here they tried resubmitting the update again with a clear update description um but no luck they basically got the same kind of response back here and then you know he goes on to say this shows how access to web 3 still relies heavily on gatekeepers like apple it's an industry-wide problem as the same arguments apply to any wallet displaying nfts or games making use of nfts we need to find better ways to make web3 accessible on mobile permissionlessly this has always been like a massive problem with i guess the fact that we have really um to only two app stores the play store and the app store uh that

have like a duopoly on what users can access on their mobile devices i know that with android you can sideload apps and you can just download the apk and things like that on apple i mean if you jailbreak you can do that but i mean most people don't do that anymore but still like this is i mean i guess like on android it's still a power user thing to side load apps even though it's easier and on apple it's definitely like a hardcore power user thing to satellite apps onto your device so i mean i don't know what the solution is here is it creating a kind of like new open source kind of a piece of hardware and software that can go together that can kind of like create a new mobile ecosystem and then create like a fully decentralized app store uh i don't think so like it's very very

hard to create a mobile device that competes with i guess apple samsung all the heavy hitters it's even harder to create one that is that is using open source hardware and on top of that it is even more difficult to create an app store and to get people using that and to get developers uh kind of like deploying their apps to it it is not an easy task at all so either we hope that apple kind of loosens their policies around this or we have to kind of route around them which basically means instead of going through the app store we we basically tell people to use their web browsers on their devices to kind of like do these different things and and use these different kind of things in in in kind of like um web browsers and stuff like that but yeah anyway you

can read this full tweet that'll be linked in the usual description below it's an industry-wide problem it's something that we're not going to get i think like an answer to a clarity on or any kind of like good outcome with for quite a while but still something to keep an eye on as we kind of like progress through i guess the adoption cycle of of crypto but on that note i'm going to leave it at that so thank you everyone again for listening and watching be sure to subscribe to the channel if you haven't yet give that video a thumbs up subscribe to the newsletter join the discord channel and i'll catch you all tomorrow thanks everyone