DAI on Arbitrum, Zapper season 2 live and more - The Daily Gwei Refuel #215 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the daily gray refuel where recap the latest news in ethereum ecosystem i'm your host anthony sosano and today's the 23rd of september 2021 all right everyone let's get into it so last day of get coin grants matching round today last few hours actually depending on where you when you're watching this so final call there but what i did want to kind of point out is that we reached over one million dollars worth of donations outside of the matching funds for uh the git coin grants here so this is a really really awesome achievement uh i think this is a record uh over a million dollars and then obviously you have the 965 000 matching pool as well so great to see all these uh grants funded as i said final hours if you haven't got your donations in be sure to do so and just

wanted to give a very very big thank you to everyone who donated to the delegate and to ether's bitcoin grant i really really appreciate it um and you know uh we'll see you in the next round as well if you haven't if you've already donated uh the next crowds in three months so yeah bitcoin grants around 12 should be even bigger all right uh speaking of grants and grantees uh the ef ecosystem support program put out an update on kind of like their latest roundup of projects that they've kind of given grants to and and projects that they kind of i guess updates on those projects so it's a small little update here uh on imap which is an evm gas cost estimator uh rock logic uh from styrian which i think is uh is it has got to do

with e2 here and that's kind of like the the update so those two projects there so if you're interested in learning more about those definitely go check out this blog post it'll be linked in the youtube description below all right so a bunch of late two updates to get through one inch is now live on arbitram really really cool one inch seems to be deploying everywhere but it's great to see them on arbitrary of course a true layer 2 on ethereum so if you're a user of arbitrary which i'm sure many of you are by now you can now use one inch to aggregate a liquidity between it i think i mean there's curved sushi swap and uni swap as the main liquidity pulls on there so i'm guessing it'll be aggregating that for now but then as more come online it'll obviously add more to it to its kind of like sweeter

solutions there so that's really cool um you know and it's funny i actually like the way one inch does kind of like their artwork every time i guess they they kind of like announced they're going to a new i guess like l2 or a chain they have like this little portal with a little animation in it where they're kind of like oh we're going to the fields of arbor trim or whatever we're going to like optimism we're going to hear we're going to there so it's pretty cool to see that but yeah i'm sure many of you have used one inch before for those of you who don't know what one inch is it's a decentralized exchange aggregator so it works to find you the best price across all of these kind of like decentralized exchange liquidity pools um you know you've probably used other solutions as well

like matcha and slingshot and things like that uh there's a few others out there like power swap i believe as well and metamask has their inbuilt swapper as well which is a decentralized exchange aggregator too so uh but yeah that um as far as i know matcha i don't think matcha supports l2 just yet i don't think i think slingshots on the polygon pos chain i don't think it's on any of the l2s yet um power swap i don't think is either but i'm sure they're all going to be on there but for now you can use one inch um to find you the best price on arbitram speaking of arbitrary as well dai is now uh live on arbitrary one so uh the the official dye token bridge is now available uh it was posted in the maker forum that it's now kind of live here so

you can bridge die into the arbitrary kind of one network and i've explained before i guess why uh maker wanted to do their own kind of like bridge with their with uh kind of like as an official die bridge because they want to keep the i guess the token amounts homogeneous across all these different layers right like because you can't have you don't want to have like confusion among users about how much dye actually is on you know the l2 versus the l1 and and you know fake dye being created all that sorts of stuff so i think this is kind of like that was kind of like the motivation for doing something like this but this is just one step closer to getting maker live on arbitrary they've already committed to deploying there it's funny because i don't think maker is on anywhere else except layer 1 right

now they're not on the polygon pos chain they're not on any of the layer 2's they have committed to arbitrary i'm sure they'd probably go on optimism as well but the signaling that i've seen from them has been that they want to go on to layer twos first so as i said albuquerque optimism support probably coming really soon but i wonder if they will support things like the polygon pos chain or any other kind of networks i don't think they're actually going to support uh most if not all the other networks and obviously there's kind of like on the other networks there's clones of maker there's kind of like i guess forks of it being developed there but i i from what i've seen from the signaling that i've seen from maker i don't think they're gonna be doing it on their own which is fine i mean i'm of

the opinion that these teams should really just focus on a handful of these solutions rather than trying to be everywhere i think that they kind of like they lose focus doing that they split the liquidity like really really badly doing that and they split their kind of i guess uh dev attention as well because you know for example if you're deployed on like 10 different networks and say one something goes wrong on one of those networks um you know you have to find someone on the team that actually specializes in that network and can essentially kind of like debug that or help that or do that and it's just i mean 10 it's it's it's it's lots of overhead for developers like 10 different networks and i know that there are some kind of like uh i guess like apps that have done this like sushi swap and

things like that i'm i haven't caught like i haven't kind of like paid attention to what their experience has been like but surely i mean it can't be anything straightforward like having being able to manage all those networks and you know a lot of them are evm compatible today or evm equivalent but imagine like deploying to ones that aren't imagine i'm deploying to uh you know ten other different networks and five of them aren't evm compatible five of them have their own kind of like language and and um and virtual machine and all that sort of stuff it just the complexity gets ridiculous here so i'm not saying that um you know these apps shouldn't be on these other chains or whatever but i think that they need to focus they really need to pick like a handful of them but okay this is our scaling kind

of like plan here that's what unisop has done they're on optimism and arbitram uh they're not even on the polygon pos chain which i believe they should be but you know there's quick swap on there that kind of makes up for it i think i think a couple of others as well um but yeah they've just really seemed to focus on like the true layer twos and i'm sure they're gonna be on stock net and zk sync and and kind of like polygon hermes is zk vm stuff as well uh but i mean that's kind of like being my argument around these layer twos as well is that a lot of the i guess teams on ethereum layer one they're gonna focus a lot of their attention on layer two but that's not gonna mean that these other kind of i guess like chains won't have their own

apps won't have forks of the ethereum apps they should they will and they already do uh but it's gonna be very interesting to see how developers handle all that overhead because it definitely complicates things for them but and i and i do think it's just going to be a power law in the layer two space anyway where it's got a handful of winners and then kind of like a long tail there and there's gonna be specialized ones too we already have that with like dydx being a specialized layer to uh immutable x uh diversify all these sorts of things where they aren't you know they aren't generalized but then you're looking even more for it there that you can be like you know with the bridges you can basically obviously jump between them but even looking beyond that and looking to things like zk porter or like just general shared

state uh kind of like solutions we could get to a point where the state can be shared across all of these kind of like i guess i don't know if it works for optimistic roles but for zk roll ups and then you don't have to deal with these sorts of things uh but still it'd be interesting to see what the overhead looks like there uh but yeah that's on the maker front and the albertum front uh something that i missed yesterday was that this uh cross chain i guess like protocol called synops synapse protocol uh announced that they now support arbitram and i think this is like the best bridge into arbitram right now because they have the deepest liquidity so um i think you could bridge in like a hundred or two hundred eighth in there and the slippage was i think was two

hundred eighth and the slippage was like two or three eighth or something like that now that may seem like a lot but that's actually substantially better than any of the other bridges that i've seen at this point in time so you know they've done some really great job gathering the liquidity here it seems uh but yeah this just allows you to move to and from arbitrary within minutes now i know hot protocol is adding support for this i think it's going to come today uh i haven't seen it come yet but i think it's going to come today and i'm sure like connects and the other bridges are all working on this as well but synapse came first so if you're looking to bridge in eighth in and out of arbitram really really quickly without having to wait obviously that seven day withdrawal period then

synapse is is here and synonyms will allow you to do that which i think is cool and i mean you know i mean i've been saying this for months and it's just amazing to see this kind of like on main net where people were going on about oh optimistic roll-ups kind of like the biggest drawback is uh is the withdrawal delay um no one's going to use it because of that it's going to be really annoying for people and it's like well i mean no we have these bridges out and obviously the bridges out aren't as trustless and i mean pretty much all of them i think at this point are centralized still they're not as trustless uh something could go wrong they you know they're less secure things like that but you get kind of like i guess that the the trade-off you're taking is that you get like a withdrawal

within minutes instead of seven days now if you don't care about when your funds hit your ethereum layer one wallet you can wait those seven days and just go through the official arbitration bridge which is fine and going into arbitram through the official bridge is is pretty smooth as well it's it doesn't take very long so i tend to use the official bridge i haven't withdrawn anything from arbitram yet honestly the funds that i have in there are probably just going to stay in there i don't really see any reason to withdraw them arbitrary is going to keep growing and they're going to keep adding more and more apps on there so i think that the withdrawal stuff was just like totally overblown in the past and now it just seems silly because we've got these options like synapse protocol live and as i said hops

we're going to go live with their f8 support for arbitram today which is going to be really really cool uh speaking of the pos chain of the polygon pos chain before uh there's another all-time high number of users on the pos chain so 17.16 week over week increase in daily active users which makes it over 200 000 daily active users on the pos chain 207 719 to be exact this is quite cool because as i mentioned i think i mentioned that a few days ago on the refuel where i said that polygons massive kind of like incentive program uh it's kind of like i i guess it's not over i think i think there are still some incentives but most of the incentives have kind of like dried up and now polly the polygon pos chain is basically in this steady state of

i guess growth in terms of uh growing for fundamental reasons instead of just people coming to uh to you know fund the incentives and then go back to ethereum or something like that which a lot of the chains are doing right now which i think is obviously the most long long term sustainable way to do this uh but i'm wondering where these users are coming from and i actually asked mihaela i'm like hey man like where are these users coming from i'd love to know if they're coming from like the centralized exchanges uh directly into polygons pos chain uh because that will give us a good idea of what it's going to look like for the rest of the ecosystem uh because if a lot of them are coming from the centralized exchanges well then that validates the thesis that all we need to get major adoption of these uh kind of

like other platforms like arbitrary optimism is native centralized exchange integration which would be really really cool to validate so i'll get back to you guys if i get the the data on that it's i mean it probably is kind of hard to tell but um and you know it's kind of hard to tell the difference between people just withdrawing to their own wallet uh like their matic tokens or whatever or people just with people withdrawing to the pos chain to actually do stuff on there but i'm sure that data can can be extracted so yeah really cool to see it keep growing uh and you know the funny thing is is that the uh the the kind of like layer two is like arbitrary okay well i should just say arbitrary because it's the only one that has like a non-white list deployment for contracts so uh they don't have no

native token incentives right there's no arbitrary one token or arbitrary token or whatever i mean yet maybe there will be in the future but not now uh and they still had billions of dollars flowing to their protocol now i know people say well there's incentives from the apps on there that's totally fine like that's going to happen that's that's that's more than fine and that's actually how you get liquidity i have nothing wrong with these incentives but it's great to see that the hunger for layer 2 is there even without the native token incentives and i think the polygon has played it really well by they had the incentives and now they've kind of peed it off there and they have this steady kind of like growth uh where they're not relying on paying out these massive amounts of rewards just to keep people on the platform uh and yeah i

mean it's just it's just awesome to see so congrats i guess the polygon on this as i mean as i've mentioned plenty of times and i'm an advisor to polygon uh so you know take what i you know you may think i'm being biased here but i think as i said this is just a great like set of data to see kind of like user behavior and see what it's like when you're not subsidizing the growth because subsidizing the growth is fine at the beginning but you have to turn off the incentives at some point or at least lower them enough so that they're not kind of like um kind of you're not paying out too much money and it just becomes really really parasitic to to the network at the end of the day all right so the synthetics grants they'll have updated the teleporter dap

which has been given a nice facelift here so uh what the teleporter app actually allows users to do is uh deposit from ethereum layer one into optimism layer two uh much cheaper than the official optimism bridge they do this by i think bundling the the uh the each uh together and to kind of like a pool and then depositing that pool at once at all at once and sharing the fee across all the people that participated in it i think that's how it works for me if i go to the faq uh i'll be able to see i think there's deposit limits on this as well yeah there's a deposit limit the current limit it's small unfortunately 0.05 eth um and you know doesn't charge fees uh i think that yeah there is there's kind of like a little bit of a fee here

obviously to get onto the layer 2 to pay the gas fees uh and then they explain here uh teleport is a centralized custodial bridge as well so that's why it can be like it can be cheaper and and as i said the way it works is that it kind of like as far as i understand it bundles this east together and then uh basically uh teleports it in and spreads the gas cost across anyone so if you're looking for a cheaper way to get into optimism feel free to do so here unfortunately the deposit limit's quite low still at 0.058 or maybe that's not too low i don't i don't what's that off the top of my head zero points like 150 dollars i think off the top of my head so it's a bit low but still if you're i mean the thing is if you're a user who's

worrying about the i guess like fee to deposit into optimism's uh layer 2 anyway i think the fee for 8 is like 10 or something to do it right now last like at like 50 way if you're worried about that then yes of course me i mean like this this is going to be beneficial to you because if you're only depositing in 150 or even less than that and you have to pay 10 fees well that's eating into a lot of what you're doing like say you've only got hundred dollars that's ten percent of your money going to the feet just to deposit into optimism so this solution is really great and i like the the kind of like facelift here the branding around it um very very uh very cool very retro very uh kind of like synth wavy i think that's what they call

it like neon lights everywhere and stuff like that so yeah if you haven't tried this out yet definitely uh do so so pods finance is out with an update today about uh they've introduced their smart collateral product which allows users to use interest bearing tokens as collateral from rbe while interacting with the protocol now they describe the main benefits here or where liquidity providers can collect rewards from four different sources they collect them from amm returns amm fees are there yield and liquidity mining incentives from rv and polygon now i i'm pretty sure pods is only live on polygon right now it's not live on ethereum layer one so if you want to kind of interact with it you you can you can do so on the pos chain but it's not just the lps that collect

rewards um from different sources it's also option sellers which will collect rewards from three different sources which is the premium receipts from options sold the rv yield and liquidity mining incentives from rv and polygon so if you are in the interest of stacking this yield getting yourself a nice tasty yield burger well this is probably another option for you and as i said it's not on ethereum layer one it is on the polygon pos chain uh and you'll get plenty of rewards for kind of like interacting with this but definitely read this blog post for more details about it it'll be linked in the youtube description below all right an update out of yearn here today they've introduced a new labs section on beta.yearn.finance and they're describing this as where the blackmagic happens uh so there's a there's a bunch of new vaults here i

think uh the vaults that are live in the lab section are not the usual urine vaults uh urine vaults were created with the idea of being up only and that users could withdraw at any time and users have asked for different types of vaults and strategies so yearn has listened in labs experimentation is the norm not the exception different is what we do uh you know read what each volt does and read well so essentially these are just kind of like riskier i guess vaults here in the lab that people can kind of like get exposure to it's not going to be you know your easy kind of like lazy yield up only stuff it's going to be riskier and you're going to be able to do different things on here so they you know they say here these are not risks for ants so this is like an

emerging section an experimental section so if you enter all that if you're into i guess like yield chasing guild farming all that sort of stuff and you don't mind taking on extra risk this is definitely something to to pay more attention to from year and you know what i'm really glad to see euron keep doing stuff like this i think you know it's funny because like i've been thinking about ethereum d5 a lot lately and how it's kind of been i guess neglected a bit i think you know it had like a very very big year from june 2020 to i mean i mean it had a big defy summer from like june 2020 to the end of 2020 ish um and you know we had a crash in between them but therefore was still very hot and then throughout this year it's kind of like fumbled a bit here and

there i think you know for for reasons like scaling and i think the fact that uh d5 ended up basically getting ahead of itself in terms of what it could do and now we're kind of like migrating to layer two we're getting more people using these apps again because like new users were obviously priced out of ethereum layer one so they couldn't use these apps and most of them are moving to layer two now and they will be able to use them but it's not just that as well it's on the product side a lot of them had token incentives in place and once they dried up a lot of these apps you know lost kind of like tvl they lost usage and and stuff like that but there are still a bunch of the quote-unquote blue chips that are hanging around and and you know

keep building and keep kind of like doing things that are adding value but as i said i think a lot of new users are priced out because of the gas phase so until they until these apps kind of get to layer two and kind of um you know settle on one like arbitrary optimism for example uh it's gonna kind of be like that and you know i was thinking about the polygon post chain before they've opened the world of d5 up to a lot of different users as well d5 is you know alive and well on the on the pos chain growing as i said before and i i believe it's going to keep growing on on places like arbitrary optimism as well unfortunately uh it's just we're in a transition period right now but it doesn't mean that these d5 apps have stopped building have stopped

deploying new products have stopped growing they definitely are growing just as at a slower pace because it just takes i guess like a more of a whale user to want to interact with ethereum layer 1d5 plus some of these apps are taking longer to get to layer 2 because they rely on other ones so for example you know alchemix relies on a few different kind of like they have dependencies like curve for example which is on arbor trim so i'm sure alchemix is probably looking at that they did signal that they wanted to be on l2's uh as part of like uh you know the vt v2 rollout so we'll have to see what happens there but you know d5 is so interconnected that you definitely have to i guess kind of like think about where you want to deploy and don't spread yourselves too thin as i was saying

before spreading an app too thinly especially ones that has a lot of dependencies is is detrimental and until we get these solutions online like i've spoken out before like the starkware dmm the uh i guess like um what is it the the nov rari capital nova product which basically allows you to relay arbitrary messages to layer one which allows you to basically tap into l1 liquidity for on um from l2 until those things are live we'll probably see us a kind of like a slower rollout here but defy was always going to be a marathon and not a sprint i think people really underestimate how much of an impact the rewards played and how much of a role they played within the growth of defy and once they dried up once people were priced out d5 just came back down again which is

totally fine because that gives the builders more time to focus more time to to essentially kind of like build out their new products and get them to mainnet get them to layer twos as well uh without having all the noise of like uh people in their discord being like when binance when token when this when that sort of thing right for any of you have been in discord when that happens it's not pretty for the team that's for sure so yeah i guess kudos to yeon for continuing to kind of like experiment here all right so zappa season 2 is now live so you can basically go there and start earning uh new new points i think they call them vaults now instead of exp and these vaults can be used to essentially uh purchase a new nfts which can and it's like a crafting system as well where you

can basically craft a bunch of nfts into other ones and create like rare nfts so uh yeah if you're into all that if you're into the gamification of this sort of stuff definitely go check it out i mean i definitely am um i'm not as into it uh as to kind of like um i guess i cheat the system i've seen a few people doing that already where they'll have multiple wallets and they'll just kind of like do the quests on all their different wallets and then they'll kind of like get all the nfts and craft rare ones for themselves and kind of i guess cheat the system a little bit there that's unfortunate but i mean it's really really hard to do civil resistance on a blockchain uh especially without kind of like things like kyc someone made a joke in the discord channel today that ethereum's

high gas fees are a symbol or a civil resistant mechanism and i mean technically yes but the thing is you can do these quests on um polygon and i think even like bsc whatever other kind of change zappa supports i'm pretty sure you can do them on there and just like the fees are obviously negligible on those chains so that doesn't really stop this this kind of like issue of um of cheating the system but regardless of that it's still really cool um it goes i think the season two goes for about 100 days so i'm planning to get all the nfts myself i'm not going to cheer it or anything i'm just going to do it from my sasha.ethwallet get all the nfts fair and square uh or at least get all the ones that i can fair and square and keep just leveling up through through the

kind of like quest system here all right so lamboshi put out another great tweet about eth2 client diversity today where he said where he basically in his tweet he said if improving the stability of the beacon chain is not a good enough reason for you to switch from prism to either tekku or nimbus you also need to consider that due to the design of the beacon chain you will be subject to severe financial penalties if prism ever has an issue now i discussed this a bit yesterday in yesterday's refuel about how client diversity on e2 is is critically important it's it's even more important than what it is on eth1 um but what what lamboshi is essentially saying here is that if you are running prism right now you are part of i guess like 64 i think of the network um and if something happens

with a prism client if for some reason there's a major bug that causes you to be slashed or causes you to lose a lot of e3 to you know due to that bug or whatever in the client no one's bailing you out and if the network decides that you know this is a malicious thing that's happening with prism because it was of some sort of bug you're going to lose your eat and the network isn't going to bail you out no the ethereum's not going to bail you out no one's going to return your eth to you um so you that you definitely do want to be on the kind of like other clients and it's not just prison this could happen to it could happen to any client but prism is the one that's the majority here and i was doing some more reading earlier today

about this and essentially if more than two-thirds of the network is is is uh for example like uh prism and prism forks off the chain and then and uh you know due to a bug and then finalizes on the fork chain well you can't reverse that because of the fact that uh because of the fact it's been finalized and you have all that capital at stake now and that essentially becomes the canonical chain which means the other clients need to somehow get in sync with the um the chain that prism forked off with uh and that's just like a total mess it's really really bad and those other clients may end up getting punished for i guess like the the error that that was kind of like um present in the in the prism client or any kind of majority client here so right now we're

not at that point where prism doesn't currently have two-thirds but they're still too close i think 64 percent there are two-thirds or 66 percent we we don't want that like that so as i mentioned yesterday definitely if you're running prism please please please switch to another client if you're able to do so if you feel comfortable doing so it's better for the network health it's better for your own health as a validator um and it'll save you any kind of like troubles down the line and you know i know i said lighthouse yesterday is um is a good client to switch to they're all good clients to suit you but in terms of priority teku or nimbus i think should go first rather than lighthouse because they're even more they're even a smaller percentage of the network so you always want to be on the

minority client um and as i've said like they're they're all amazing clients they're all pretty much equal in terms of like functionality and and security and all that sort of stuff the the kind of like major differences uh i mean no not the major differences but the reason why we have different clients is because of what i just outlined it's not because we want you know people to compete with each other or whatever it's because for if you're in proof of stake to work at its best uh and for the beacon chain to work at its best we need uh diversity of clients so yeah just another call out there um an interesting tweet from lamboshi as well today all right so i came across this tweet today from 2016 from alex vandesand this is july 24 2016 where he shared an image of the origin of the ethereum logo

from the penultimate to the last one uh they held a community contest to decide this i had never seen this before look at this from left to right this is really really cool i i had never seen this before and it's just awesome to see it all come together i've always loved the ethereum logo i think it is so unique it is so well uh it fits so well into so much different kind of like art that i've seen um out there before and it is so easily kind of like embedded into different kind of i guess um expressions of uh uh within art and with kind of like uh on on different websites and and kind of like designs for different things it's just it's a really cool logo so i really love it and i just never knew it came from this uh so yeah i just wanted to

kind of point this out for those of you listening to the podcast if you want to see this it'll be linked in the youtube description of course um but yeah really really cool to see that i mean that's five years ago now this tweet is from like over five years ago it's it's funny how like uh how long some of these people have been around for i mean alex vanderson for those of you who don't know he's an ogog he's been around since like the dawn of ethereum he's been doing a bunch of different things uh kind of like throughout the years um and he's that balancer now i'm i'm pretty sure he worked at the ethereum foundation in the early days then on uni login um and now at balancer at balancer lab not sure what he does there but yeah as i said he's a is it is

the og's og and he's a little mean from uh from this person here i've seen this being plenty of times where someone's like opening up a wallet and it's empty and it looks like the eighth logo come on it's just i mean it can't help but laugh at the end of the day um and you know these this guy this guy's an ally he's got ethan his name he loves ethereum he just doesn't love the gas fees i mean that's fair enough at the end of the day but anyway i think i'm going to leave it at that for today everyone so thank you 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