The Daily Gwei AMA Series #14 - 13th of November, 2021

Transcript

all right everyone we'll get started so welcome to the 14th daily gray ama series uh thank you all for being here as usual i'll be reading through the questions from the ama series channel going in order from when they were asked and answering all of them if at any time you want to ask a question live while we're going you can just raise your hand there's a button down the bottom and i'll invite you up onto the stage or you can ask a question in the ama series channel and i'll get to those at the end of the ama this will be recorded and uploaded to youtube so no worries if you have to leave early it'll be time stamped as well so you'll be able to re-watch it re-listen to it there uh without further ado let's get started with the first question from the ama series channel

coming in from rv deeb who asks what are your opinions on celestia the main focus of the layer one is just for data availability and consensus which seems pretty perfect for a modular blockchain future do you think it would be beneficial for ethereum layer 1 to adopt a similar design and remove execution from layer 1 to maximize rollup effectiveness also do you have any recommendations for followers relating to it as everything i've found is pretty bare bones so far so for those who don't know celestia is one of those data availability blockchains that i've mentioned on the refuel a few times another one would be polygonal veil and another one will be zk porter from zk sync i guess the mata labs team um the as i said their main focus is data availability right it's not consensus um they're purely data availability layers

where they're hoping to just be able to host the data and not can't not necessarily come to consensus on it but just host the data and then the consensus is done uh you know off-chain sort of thing or or kind of like on within the roll-ups it's a bit of a a different design where it fully separates all the concerns because with ethereum once we move to eth 2.0 with the beacon chain we have consensus and we have data availability uh on i guess like eth1 as it's known today the execution layer and then later on the shards so they're kind of like more tightly coupled whereas in celestia those things are kind of like um decoupled now i think that the tightly coupled model is better from what i've seen it seems to be better for both scalability and security but that

doesn't mean that these kind of like data availability blockchains are inferior or useless or anything like that i think they're actually incredibly useful because as you know you would have seen already there are kind of like solutions out there right now that are called a volidium from starkware or dk porta from from zk sync or a volition where they kind of have this hybrid approach where it's like okay well let's put all the proofs of the transactions on ethereum layer 1 but let's keep our data off chain because putting a data on ethereum layer 1 is the most expensive part by far i mean you can see the kind of cost difference between something like immutable x which is a volitium and something like a arbitrary optimism which uh i mean optimistic roll-ups can't do off-chain data but essentially they have

to put everything on chain so it you know arbitrary optimism or a few dollars for for kind of like a swap uh or even an nft mint whereas on and they'll get better over time of course but on immutable x because they're throwing the data off chain uh they can do everything for free essentially because the costs are so little of to put the proofs on layer one that they're happy to cover those costs so uh i mean there's there's just kind of like a universe of these solutions out there uh that are coming to market and there's gonna be all different types coming to market but um to answer your question about do i think this would be beneficial for ethereum layer one to adopt this design i don't think so i think ethereum layer one should stick to what it that to the roadmap that it's

doing right now there are plans to kind of like enshrine uh things in the beacon chain itself so you could do verification to like put the evm in the beacon chain so you wouldn't need to have kind of like a separate a separate execution layer but i'm not sure if that will happen it is kind of complex it's a roadmap item that will probably end up coming way into the future it's not it's not a high priority but that is a solution as well um but i think that the way lay one ethereum is being designed today is already maximizing for roll-up effect effectiveness and efficiency that's been the way for quite a while now um and any recommendations for follows well i mean celestia you can follow the twitter account uh the the people working there i mean john adler is one of the

co-founders there's a few others out there they talk about celestia a lot but at the moment it is pretty bare bones it's very early stages for them obviously with polygon unveil you can just follow polygon you can go on you know read all the stuff on their website but this stuff is is very early and zk por the same thing uh where you know there's not much to talk about just yet but there will be in the future so yeah i guess like just following the official accounts we'll give you a nice overview of of that all right next question comes in from twosplat who says if ethereum l1 fees are up only then eight supply is down only after the merge but eighth supply can never reach zero because there are users who refuse to sell transact and will just hold forever we can't burn two

percent of the supply annually forever or will run out of eight in 50 years so i guess the question is over the long term what will the eighth supply look like look like a multi-decade view so the eighth supply i mean i guess like probably yeah i i'm just trying to figure out where to start here i think i should start with eighth can be divided into 18 18 places right so there's 18 decimals for for eighth so you could have like 0.000 and that could be worth a lot of money because it's like hardly any eighth left and the ethereum network would function fine obviously there's things like the 32 minimum for staking and stuff like that that would need to be adjusted in the most extreme scenario where like we we just burn so much each that it basically you know becomes um uh becomes

a thing where there's hardly any eth left uh uh and then that 18 decimal places can be changed as well it could go to like a hundred or 200 it could go to whatever we want it to go to so i think you know you're talking about the long term here the multi-decade view i think that the eighth price if if we're burning that much each kind of like a yeah an atheist an ethereum is kind of generating you know billions of dollars of economic uh activity a day in terms of like fear revenue the eighth price is going to go nuts right like because of the fact that you're going to have like a uh a lot of people holding you know eth not doing maybe not even doing anything with it keeping it in cold storage you're gonna have people using ether staking

obviously for d5 all those sorts of things everything people use for today then you're going to have the the fee burn on top of that which is obviously reducing the supply post merge it's going to be negative issuance pretty much all the time if the fear of a new kind of like stays the way it is the eighth price is going to go up and you're going to kind of like get this thing where the price goes up so much that it's kind of like a funny thing to think about because the gas market is priced in eighth uh and it's kind of like detached from the usd price so uh network demand is not really determined by the usd price of eight like eighth could be five thousand dollars uh today and the network demand could be ten percent and the fees wouldn't be high

because we weren't utilizing the whole network whereas um uh the network demand isn't at ten percent it's at like over 100 obviously it's always full so that's why the fees go up uh but it's got little to do with the actual you know eighth price itself but then when you think about kind of like the most extreme views of when there's like not that much either available uh people are trying to uh kind of get their hands on each and they just like i mean there's such a supply shock that the price will just skyrocket right and then people will i mean people do think of fees in usd terms they don't think of them in eth terms but the protocol thinks of them in eth terms the protocol doesn't know the usd value of eth right prices all the kind of like fees in eighth

um but yeah that's when it kind of gets murky because you start blurring the lines there where people say okay well you know we're paying like tens of billions of dollars of fees a day to kind of like um to to uh to use the network uh and there's so much eth being burned but if if the network is generating that much economic activity then i think it'd be safe to say that the price of eighth would be absolutely bonkers at that point right um so you know it kind of be like a balancing act there but it's hard to tell like i you know as you can probably hear i'm kind of like just speculating here i don't have any kind of like definitive answer it's it's very hard to tell what the future's gonna look like it's very hard to tell what the fee burn is going to be like in a

terminal state what the long-term fee burns going to look like it's impossible to tell uh you know how much you know is is there a ceiling on the fee revenue that l1 can generate like is there a point where uh it gets kind of like diminishing returns and there will be diminishing returns of course it's not gonna go up um like exponentially yes i i believe l1 phase over the long term are up only but there's aggregate phase and then there's kind of like individual phase i think aggregate phase definitely but then it's a diminishing returns thing it's not gonna it's kind of like any a new economy for example where you know you can spin up on your economy it'll grow really fast at the start if it starts getting adoption but then it'll level out just like basically anything with network effects kind of like levels out

eventually and you get you you kind of like have that s curve where you know literally the the letter s where at the start it's kind of like slow and then it goes up really really quickly during the adoption phase and then it levels out so i could see that playing out as well where the fear revenue basically levels out and it stops increasing and then we and maybe just marginally increases and then we can have like a much clearer picture of how the fee market is going to look like so so yeah hopefully that kind of gives you an idea of how i'm thinking about it but at the same time i don't think anyone has the actual answer to this question yet uh it's still very early days one five five nine has only been live for what three months or just over three months now uh and i mean i

know we've burned a lot of eighth already uh but it's going to be interesting to see how that plays out over our you know i guess like a multi-decade kind of view there all right next question comes from ab miss miss x0 uh hopefully i said that right they ask do you think pickle finance's voting system can gain the same traction as curve unfortunately i don't know pickle finance's voting system um i i just haven't seen it so if you could link it to me i'm happy to look into that and just answer it in the discord channel but i haven't seen what their voting system is or kind of like what what makes it different from curve unfortunately so sorry about that all right our question here from nikket who asks contained inside this rollup initializing transaction is the ability for any user to exit all of

their money from the roll-up this is called the escape patch and means that when a rollout breaks or turns malicious you can just hop out of the escape patch via transaction on the l1 a broken rollup is like a broken escalator it just turns into stairs uh and you say you read this on bankless uh but you don't know how and then you're going to say but i don't i don't get how one would withdraw nfts from l2s like immutable x to l1 you can pull your eighth balance to l1 but you can't pull your nfts if such protocols don't provide a proper withdrawal mechanism from day one should they even be called l2s so you're right here in that what immutable x is using a volidium isn't actually a true l2 because they're keeping the data off chain so unless they actually unless you actually well

they're going to transition to a volution where you can essentially put your data on chain if you want to but unless that data actually goes on to l1 you're absolutely correct you wouldn't be able to withdraw your nft from uh from that immutable x to l1 and that you know i guess like there is a researchers kind of like debate this and they say is this a true l2 is it not um people say it's not a trial 2 because data is not on chain and which means you couldn't withdraw your nfts now if it was a true l2 you can and and the thing is like there are nfts you can do on kind of like arbitrary optimism right now and those nfts will be posted to l1 the data of that that nft would be posted to l1 so i believe um i haven't

checked specifically on this but it should definitely work like this um with at least with arbitrary optimism right now is that you could withdraw that nft to l1 because it exists on l1 so a good way to think about it is that with the volitium the data portion of the nft which which is not the jpeg it's it's the kind of like state essentially of the of kind of like a user balance that lives off chain that it that lives on kind of like a server that immutable operates and they have like a data availability community that they call it where they serve that to users of immutable of immutable x i should say um whereas optimism and arbitrary don't have that all the data has to be posted to on-chain unchained because they're an optimistic roll-up now zk robs can do the same thing but it's more expensive

that's why as i was explaining before immutable x doesn't do everything it doesn't put the data on l1 because it's super super expensive and to be honest like most nfts do not need this oh sorry my dog's barking there most nfts do not need the security of l1 right like most nfts are worth very little you do not need a kind of like army to defend your nft that's worth a dollar uh whereas the high value nfts yeah you would but i think the high value nft is going to be fun to see how they play out as well like are they going to be issued on l2 are they still going to be on l1 because you know with for example crypto punks they're worth what right now 380 000 us dollars no one's batting and i have to have to spend a few hundred

dollars in gas fees to check you know to buy or sell kind of like punks so from that point of view it gets it gets a bit kind of nuanced as well but yeah you're definitely right that right now with immutable x as they exist as a validium you cannot transfer your nfts back to l1 unless they put the data on chain um and then in the future if they kind of like give the users the option to to put their own data on chain without them having to do it then you can but obviously you're going to be incurring l1 gas fees at that point which are quite high so yeah hopefully that answers your question give me one second i'm gonna just sort my dog out sorry guys [Music]

sorry guys my fiance is working so i'm on dog judy tonight sophie if if he does that again i apologize um but anyway continuing on so a question here from reginald grabs who says being a public person as you are and interacting with smart contracts and protocols using hardware wallets are you concerned about security i don't mean security from hacking or exploiting i mean gun to the head type of security after hearing about that tragic torturing incident in spain last week it got me thinking about a different sort of security especially for those of us involved in the ledger hack where there is now an association of crypto and our home address you're in a similar situation where you're publicly known so i wonder if you ever think about this type of security threat and what you may have done if anything to protect yourself so it's not something that i

would say that i think about uh really rarely i mean i'll probably think about it rarely to be honest like i heard about that story as well and then i kind of thought about you know what this could happen to me sort of thing but it's not something i regularly think about it's because it's kind of like you know if you just worry every day about kind of like getting attacked over of your crypto holdings you're just going to go mad and that's why i kind of like i haven't really thought too much about it but i think you know there are obviously people that are very very public and very very publicly like super rich like the the billionaires in the crypto industry and they from what i've seen have body guards like i heard that the celina founders at the recent conference that they did had like a whole detail of

bodyguards around them um i don't know if italic does that i haven't seen them around him unless they're really good bodyguards and they just like hide in the shadows um but i think it's definitely more of a concern for for people kind of like like that but you know maybe i'm underestimating how much of a concern it is for me personally um and especially you know i guess it's funny because like the last time i traveled internationally was uh in february of 2020 and that was before the bull run so back then i mean like you know it was a bear mark and no one really cared i guess we were just coming out of the bear market and no one really cared but you know now who knows right i mean i feel pretty safe where i am where i live in melbourne australia but you're

right like my address was unfortunately leaked as part of the ledger thing as well i did worry about that for a little bit but nothing really happened and you know i think that when you look at this this thing these things about physical security and i thought i spoke about this on the refuel when the legit leak happened when you're going and like if you were to kidnap someone or you were trying to torture them to get access to their crypto you're taking a pretty big risk in doing that not only because obviously you take the risk of maybe one day getting caught but also the risk of like of them even having access to the crypto at that point in time now i'm not going to go through how i secure my funds obviously but you know you're basically saying you believe this person is going

to be able to access their crypto then and there for you and you're going to get you know you're going to have long enough to get them to do that and then you're also saying that they that you're also kind of like assuming that they have a lot of money as well right at the end of the day and they have enough to kind of like send to you and i don't know there's a lot of assumptions you have to make especially but yeah i would say that i it's not something that i worry about uh on the regular it's definitely like a concern for public people um in this in this ecosystem but uh at the same time you know for example the as i said like the risk of kind of like going after someone and not knowing how they store their funds

what if someone has like uh no access to their funds at all and they've got it secured away wherever it is like they could have it in like a bank safety deposit box or they could like have their kind like hybrid wallet there and and they have their seed phrase split up with you know three or four family members or something or have like a cipher i mean there's so many ways to secure your funds and your private keys and things like that that i don't know i just don't think it's a huge thing and you know you you mentioned that kind of like incident in spain well the thing is is that like how many of these incidents has that actually been over the years there hasn't been many from from what i from what i know and how many crypto kind of like rich people

are there there's a lot right and how many publicly rich people are there there's a lot so when you kind of look and how many of those people actually scammed people to get the money as well like think about all the scammers that are public that took people's money and how many of them have suffered kind of like uh any kind of physical violence or stuff like this so i don't know that's kind of like how i think about it but at the end of the day there's not much i can do i i'm not going to hire a bodyguard to stay around me 24 7. that would just be stupid um i just take care to like secure my funds as best that i my crypto funds as best that i can uh like everyone should by the way i mean if you have more than

like maybe 500 uh no i would say a thousand dollars in crypto you're definitely should have a hardware wallet so that's just a reminder for everyone at least uh and then if you you know the more and more money you have in crypto the more and more you should look at securing things and especially you know it's easy for people to say get a hardware wallet but the most important thing is securing your your seed phrase right your secret phrase whatever they want to call it those 12 or 24 words because they give the attacker or anyone access to everything like with the hardware wallet even if they have your hardware wallet there's a pin on it so if they don't have the pin there's not much they can do if they if they enter that pin incorrectly three times the hardware wallet actually resets itself and it's

gone like not even you can access that so the ultimate way to access your funds is through that seed uh that seed phrase which um you know you have to obviously do to secure that properly if you don't that's obviously a big risk there and something that's like a central point of failure as well so yeah just something to think about from that point of view but yeah interesting question so one here from kb house who says do you know of any crypto tokens that allow us to get exposure to traditional stock indices such as the s p 500 or the nasdaq um i think there's some maybe some synthetic ones out there on either synthetics maybe mirror protocol i haven't really kept up with this because i find uh the boomer stocks as they're named like incredibly boring and it's

not something that i actively invest in um but uh yeah they might i think there's other projects out there as well that i just haven't haven't kind of like looked at lately or haven't come across but i guess like if you and i mean i mean it's not just like within d fights also on centralized exchanges such as i think ftx has a bunch of these and binance does as well but there's regulatory issues there so i think that they listed some of them i don't know um yeah i mean you could probably just google for it and find some there but i'm not an expert on that unfortunately all right so a question here from john the thorn who asks mind explaining what phonon is david from bankless was saying it allows for bitcoin transfers between two hardware wallets without using the bitcoin blockchain but that doesn't

really make sense to me um transfer transactions would necessarily have to be consented upon the network by definition for them to happen that you could shed light here so phonon for those who don't know is an off-chain privacy protocol the really cool thing about phonon is that the way the way this works is that you share your private key right you securely share your private key from one hardware device to the other so phonon is going to work with the grid plus so essentially what you can do is you can basically send um your private key from your grid plus through over the phonon network to this other um to another grid plus or maybe even other side of the world and only you two can see that because it's cryptographically secured by black math black moon math magic i'm

sure um but uh that's how it works so it doesn't actually have to touch the the blockchain itself because essentially what happens is that the private key is securely uh transferred between these two devices now there are kind of like other aspects to this as well and i suggest people go and read uh you know you can google phone on down there's more information about this but uh this sort of stuff it uses very kind of like sophisticated cryptography to achieve this so it doesn't actually need to touch the any chain like this doesn't i just applied a bitcoin it applies to ethereum as well it doesn't need to touch the chain which is i think a breakthrough because that means you can do ba you know you can do free kind of like transfers secure transfers of private keys and seed phrases and stuff

like that between hardware wallets which is is really awesome so and the reason why this works is because um the fact that the the the private key is uh it lives on the device right it lives on the hardware device so you can kind of like have a guaran have the guarantee that that um it has been shared correctly and that no one else is kind of like seeing it along the way as well so so yeah hopefully that get that shed some more light there for you and then you had another question here where you asked is it the case that reddit is forking arbitrary working off that forked roll up for settling on ethereum just heard this on bankless if so why why do that doesn't that leave you with a state of the l2 chain that's no longer being maintained by the core

arbitrary team and therefore subject to becoming stale so what reddit's building is a all new instance of arbitram um so arbitram's network that's live right now is called arbitram1 and oh sorry my dog's biking again sorry guys one sec um yes it's called arbitrary one the one that um that off chain labs the team building arbitrarium has deployed but the thing is anyone can use the arbitrary software to launch their own

arbitrary network it doesn't it doesn't have to be a fork it can be like literally um its own thing that has its own genesis and that's exactly what reddit is doing so you could imagine reddit calling theirs like arbitram reddit or something like that and it would live as its own standalone optimistic rollup using the same technology as uh arbitram1 does um but obviously it would diverge from from from there and reddit would be able to do what they wanted with it they'd be able to kind of like tweak it as they wanted because it's open source do whatever they want or they could just follow arbitrary ones kind of like roadmap they could just integrate whatever arbitration one does into into their software stack uh but yeah that's kind of like how it works there it's not it's not a fork it's kind of like a new a completely new instance

and you know you or i could do this as well like i could set up my own instance on my kind of like pc of an arbitrary kind of like chain uh and as long as i'm obviously paying the l1 gas fees and stuff like that uh it becomes kind of like a roll up and this is exactly what's happened with optimism recently where people have other kind of like um other i guess teams have forked it like bobber network and i think nami and stuff like that have kind of like i guess forked the code and kind of created their own kind of thing and branded it as their own thing but using the same technology so yeah we're gonna see a lot of this happen i think not just with optimistic rallies but zk roll ups as well because as i've said on the refuel

countless times now i think the error of l1 is pretty much like over and now it's all about the l2s and the easiest way to spin up an l2 is not to build your own it's to kind of like take the code from another l2 launch it and try to get adoption on under a different brand which we've seen this happen plenty of times in crypto right um and it's going to be it's pretty pretty wild to see how that plays out as well so yeah hopefully that answers your question all right so another one from niquette here who asks you mentioned that ethereum l1 is trying to protect against attacks from nation states however if a concentrated attack is made from such entities on all on-ramps and off-ramps it would have no direct impact on the protocol but it would still significantly impact price and the

crypto ecosystem in general thoughts on that you're correct i i've mentioned before on the refill that i think that the easiest way to attack crypto as a whole right now or two easiest ways is the first way you go after the on and off ramps like the fiat on and off ramps the centralized exchanges especially the ones based in the us very very easy target you can shut them down if you wanted to i mean right now basically the second is go after stable coins which again uh decentralized stable coins which again is just as an easy target as these exchanges and the funny thing is coinbase centralized exchange runs i guess like um is big partners in running usdc the centralized stablecoin so you could go for two for one if you wanted shut down coinbase shut down usdc now the likelihood of this happening very

low i think uh very low for a number of reasons but in saying that if a nation state was to attack the actual base layer itself i don't i don't even know if that actually publicly um kind of like state that they're attacking it because you could imagine the us army for example um or the us military whatever you want to call it having a little kind of like division as part of their their kind of like um you know cia or kind of what nsa all those divisions and basically having like a secret team and that secret team is tasked with taking down the ethereum network for example and they're not going to publicize this right they're not going to say oh we're attacking ethereum obviously the ethereum network being open and everything would know that an attack is happening but it wouldn't know where it's coming from and

it could be an attack that comes in many different flavors so from that point of view um it'd be very kind of like different to the government basically being very public and saying we're going to shut down coinbase we're going to shut down stable coins which is what they're doing right now with kind of like um you know signaling that they think oh stable coinage stable coins need to be regulated much more heavily so they're already doing that but they don't get out in the open they're not covertly doing it um whereas i think with attacking the actual network that would probably be more of a covert operation uh but in saying that it's it's more about resisting nation states that are i wouldn't i don't know if i call them rogue nation states but nation states like north korea right or or all kind of

like places in eastern europe and stuff like that like russia and things like that all or kind of like these places that uh people don't consider to have like a strong kind of like rule of law or aren't democracies and stuff like that those and and not even kind of like the existing nation states but any future nation states as well that managed to kind of like gain a lot of power um defending and it's not even just nation states it's also kind of like massive corporate actors too defending against all of that is ethereum l1's goal and the only way you do that is by making it as expensive as possible to uh to attack l1 of course and that's what ethereum's optimizing for especially with proof of stake um but yeah hopefully i mean i guess like hopefully that that gives you my thoughts on that i don't know

other people might have different thoughts to me on this but i do think that any kind of attack on these networks that is a serious attack is not going to be advertised before it happens because one you give the network i guess kind of like time to prepare for the attack right it's not you know it's not like if you're an army attacking another another another nation another sorry army's base you're gonna tell them that you're coming right um they may know because they've got their own spies and things like that i don't know i'm getting a bit like funny with the analogies here but no one's gonna you know they're not gonna walk up there and say hey guys we're gonna attack you soon just letting you know i hope you're all good uh you know this is how we're going to do it

that's not going to happen right um they're going to just do it covertly and then it's up to the network to recognize that it's under attack and it's up to the kind of like ecosystem to defend against that as well but making it as expensive as possible to attack ethereum is the is the goal and under proof of stake it just becomes so hard like so so hard and that's why i think that as i've said the path of least resistance is the fiat on and off rams as you mentioned and also the stable coins what why would you kind of like spend all this time and money trying to attack the actual network where you can choke it by going after the fiat on an on-ramps and the stable coins that's why i'm a big advocate for decentralized stable coins i'm a big advocate for a circular

economy where we don't have to actually rely on fiat at all but we're very far away from that unfortunately and we just have to hope that you know this industry doesn't get choked before we get to that point i don't think it can i think it's already at a point where you know it's inevitable but they could definitely slow us down if they did that so we're gonna have to keep an eye on that i don't think the us would do it or any of kind of like or most of europe and uh most of kind of like the the countries that are considered western but we've seen china crack down pretty hard on it already and uh you know there might be maybe other countries out there that do this as well but yeah it's going to be kind of like a country by country

basis i think so a question here from dixie who asked a question regarding the recent news about commonwealth back commonwealth bank supporting cryptocurrency purchases you mentioned that you have an on-ramp that is cheap and easy to reach from your bank account i'm interested to know if you can disclose which on-ramp this is since i'm struggling with fees uh so i'm gonna assume that you're in australia so there's a few different ones that you can use the two primary ones that i use are kraken and coin jar now i only use kraken for cashing out i don't use it for cashing in because with i use coin jar to cash in so coinjar allows for what's called mpp or it's called the new payments protocol that a few banks have signed up for including com bank that allow you to do instant deposits uh and i think there's

a limit of like ten thousand dollars a day i uh aud i think you can increase that if you want but um that's my current limit on there because these days i don't do too much fiat kind of like buys of crypto unfortunately um but uh yeah i mean that's what i use and the fees i mean the fees are relatively cheap because they have two things you could you can either go through the normal coin you know buy and sell interface or you could go to their coin job pro exchange which allows you to kind of like trade on an order book i usually just go through the normal buy and sell process um for me you know when i look at fees if i'm buying eighth and the fee like for going from fiat is like one percent like it really why do i care like in the grand

scheme of things one percent i mean eath moves one percent like every day essentially so to me i'm actually happy to pay like a one percent fee it doesn't actually make a a big difference to me but at the same time i have a lot of coin jar points which are like their loyalty points which allow you to kind of like skip the field together but um they're they're i think one of the cheapest if not the cheapest in australia uh and they've got like decent liquidity as well and they trusted like i've used them they've been around since like 2013. i've used them for a very long time i've never had an issue with them so that's the one that i use and a bit of color around how i use it as well but there's plenty of exchanges now i'm sure there's probably better ones out

there but i stick with what i know to be honest um i don't really kind of like try i mean i don't keep any funds on these centralized exchanges but you know there's always that risk of things getting stuck and then there's support being really crap and taking forever to get back to you coin jar supports always been good to me so yeah i'm a big advocate of them and have used them for for years now all right question here from kb house who asks what's the best way to get from fear to an l2 directly without going through it eth main net and incurring horrendous fees so right now your options are unfortunately a little bit limited uh i think crypto.com has a direct on-ramp to arbitram so you can use them um there are some centralized exchanges like okx and i think uh ok coin and maybe a

couple others out there that allow for direct l2 onboarding but there is another way so what you can do is you can actually go to uh polygon or you can the polygon pos chain from a centralized exchange or you can go to uh bsc or you could go to i think maybe even the uh avalanche c chain um and they're evm chains and they have bridges two l2s like hot protocol for example now you have to be careful about which brood you use of course because you're taking on extra risk but they offer like cheap fees and obviously you're taking extra risk by being on these other networks in the first place but i think if you're looking for like a straight on-ramp to an l2 um and you're gonna go from a centralized exchange anyway it

doesn't really matter if you go to one of these other networks first and then bridge in so essentially that would probably be like an easy way to do it as well but um i would use you know hop protocol connects the one of the kind of like bridges that uh the cross chain bridges more more so than the ones that kind of like do like a weird iou or locking of tokens because they they are more risky so yeah those are the ones that's an easy kind of like hack as well or the work around as well uh your second question what are some bridge aggregators that you would recommend to use so the one that i have used before is called uh ally finance um i think there's maybe one or two others that i'm just not thinking of right now but ally finance supports connects and a

few other i think uh bridges right now so you can definitely use that um to go from multiple chains to multiple chains all right another one here from you on the phone who asked why would someone want to move assets from l2 down to l1 i a using a cross protocol shouldn't we all be migrating to l2 and staying there with l1 simply being a settlement layer for roll ups so that's the long term vision right l1 being a settlement kind of like thing for rollups a certain layer for rollups but the reason why someone goes from l2 to l1 is because currently most of the centralized exchanges do not support withdraw sorry deposits and withdrawals to these l2s so if you want to cash out right you have to go to l1 and then to these centralized

exchanges or as i mentioned before you can go to you know you can bridge out through to another chain and then go from that chain to a centralized exchange as well um another reason would be that they simply want to do things on r1 that aren't on l2 obviously the it's very early in the l2 roll out right now there are missing apps on certain things like on arbitram there's no money market no are there an optimism it's still missing a lot of things on there um and there's other l2s like standalones like dydx for example you can only do perpetual trading on there uh and you might want to go back to l1 because you want to do other things with your funds immutable x is only nfts right now uh you know i mean there's other there's plenty of others out there but that's

essentially why you would want to go back the two main reasons why you would want to go back to l1 and for some people it's simply security as well where they're like you know they know that these l2s are still very centralized they're not as secure so maybe they don't want to keep a lot of money on these l2s just yet they go there do their business come back to l1 sort of thing so so those are the reasons in my head that i can think of of why someone would want to go back to l1 for now maybe you know in the long term most people won't want to go back to l1 at all or almost all people won't but for now that's just the state of the the market all right a question here from md triple five who asks are you aware of any

single sided liquidity options on l2's or polygon um no not right now uh i'm not really up to speed with like liquidity providing and single-sided liquidity providing i don't actually provide liquidity to anything right now i haven't done so in a while um but uh yeah i mean unfortunately not if you want to ask this question in the defy channel in the discord i'm sure someone will be able to answer that there better for you there's a lot of um we've got a lot of guild farmers in the discord channel so you'll get an answer there for sure all right a question here from you on the fawn who asks what is weth or wrapped eat and why would one ever need it when there is eighth so the reason why wrapped eighth exists is because eighth isn't an erc20 token and because ether isn't an erc20 token it

means it cannot be used natively in pretty much most d5 apps because these default apps are i mean the smart contracts are coded up to run using erc20 tokens and using the sc20 token standard and they do not work with native eats some of them do but for the most part they don't and it's actually easier to work with and reason about all these tokens if they're all the same standards so that's why it's kind of like erc20 and and the other token standards out there i haven't really seen any adoption it's kind of like a winner take all market that's why wrapped ether was created now and why you would why you would need it and use it instead of eighth and in saying that they are exactly the same asset uh wrapped ether is a smart contract so when you put your eight into it you're

basically you're using the smart contract to wrap your eighth and transform it into wrapped ether but it that's smart contract is very very basic it's been around for a very long time i think it's been around for six years at this point um it's been you know obviously audited like crazy and people have looked at it like crazy the chance of there being a bug or an exploit in there is pretty much zero at this point so and and the reason why it's equivalent is because you can always unwrap that eth no one can stop you from doing that you can do that non-custodially um so you can always wrap it on rhyme with rapid using the contract and as i said the reason you would want to do it is because it's much more compatible with uh smart contracts than than ethios all right uh one here from dom who asks

i know it's a bit early to talk about this but would you consider smart wallets in their final form uh where they're headed as being part of layer 3. uh in my opinion better say for simple ux with seamless interoperability across l2zk rollouts while preserving self-custody seems like a massive shift it abstracts nerdy spooky handling of keys into a more adoptable form for general for the general public this kind of abstraction could be its own layout especially given that l2 interoperability means they could be thought of as living on top of l2 the same way l2s live on top of l1 what are your thoughts on this i think the layer terminology is going to be phased out to be honest i i've already seen people start doing this um you know everyone's favorite polynei has started doing this i think it's just a kind of like um

i guess like a relic of of of times gone by at this point in terms of like referring things as l1 and l2 obviously it's it's going to persist persist for quite a while i don't think that terminology is going to go away anytime soon but i'm not a fan of introducing more terminology like layer 3 and layer 4 and layer 5 and just keep going like that because i think it just confuses everyone i would just kind of like refer to the layer 3 as you put it in this kind of like context as the interface layer or the user interface layer right rather than layer 3 because layer 1 and layer two have very defined technical meanings where layer one is the consensus layer and layer two is the execution layer uh whereas uh within if you if you say like layer three is like

the interface layer it's less of a technical thing and more of a kind of like visual um interface thing rather than uh you know getting into the weeds of the technicals so yeah i personally would avoid using more layered terminology i get where you're coming from for sure i understand where you're coming from um but i think that if we want to keep things simple and keep things and keep the kind of like narrative simple as well uh i would i would just err on the side of not using that layered speaks so to speak so so yeah uh all right i'm gonna take a quick break here drink break i'll be back in a minute all right next question another one from

nikket which l2s are truly decentralized so there's only one right now actually out of all of them that are truly decentralized don't have kind of like centralized admin keys or anything like that so and that one is the one that's actually not used for anything right now funny enough so that's fuel from fuel labs this is an optimistic roll-up it is the only truly decentralized uh optimistic uh sorry layer 2 out there uh in terms of uh i i mean i guess like i would say in terms of not having an admin key and kind of like putting all this stuff on l1 i like following all the best practices but in saying that it still suffers from the fact that there's a centralized operator for the

sequencer so they could censor you uh so you know they could drop your transactions so if you take that view then that isn't even truly decentralized so speaking from that view i would say none of them right now um but the worst that they could do uh at least kind of the worst that fuel could do would be to censor you um and there's kind of like other things with the other l2s out there some of them have like very very centralized kind of like keys some of them keep their data off chain so there's other things they can do i would recommend checking out the l2b website at l2b.com you if you click into any of these l2s it'll actually describe to all the ways that your funds could potentially be you know lost or censored or you know what's missing from this to what sorry

what what um centralized controls exist on these things it gives you a full breakdown a better breakdown that i can but i would say fuel is the closest but none of the other ones are close right now um they obviously want to work towards that but but they're not right now because it's still very early days all right uh who i see you i'm gonna i'm gonna invite you up onto the stage you can ask your question you just gotta click accept i just invited you oh

no it's still there maybe it didn't work there we go it's all good sorry can you repeat that sorry all right okay uh why yeah why the ethereum foundation decided to send i think it was twenty thousand eighth to kraken um so i mean i don't think anyone knows to be honest um i think obviously everyone assumes that it is because they're gonna kind of like sell it or whatever um

because that's what you do when you send things to a centralized exchange uh there was a bit of speculation around that in terms of what i think the ethereum foundation sends kind of like eth two exchanges kind of like all the time if you look at their account they've done it many times in the past and i know some people were saying that they do this whenever they think the market's gonna top there's actually only kind of like like um one instance of this happening i think and that was back in the 2017 kind of like cycle where the ethereum foundation i think sold eth at like a thousand dollars and then obviously eve topped at 1400 this time they did it back in may as well where they sent some some eth in but they didn't technically sell the market cycle top right because we're now at new

all-time highs uh as part of like this market cycle so that that narrative of like the ethereum foundation whenever they sell they send eth to an exchange it means that you know we're going to imminently crash i don't believe that and i also think that the the funny thing is is that when you kind of like look at this and you kind of um look at i guess what they can do with that eighth on the exchange there's many different things you know maybe they i i kind of like i speculated myself that there it's towards the end of the year maybe they're getting ready to pay out end-of-year bonuses to their staff in the form of ether and that and they don't want to uh go you know they don't want to dox everyone's address so they go through a centralized exchange to do this that's one possible um

one possible outcome there another one is that they want to split up the funds um into different kind of wallets so they want to preserve the privacy is there as well another one is yes they could be selling it to fund their operations i mean the ethereum foundation i don't know how many people i have on on the books but it's not a cheap enterprise they have a lot of people to pay there's a lot of people doing research and development there there's a lot of other things going on so they have bills to pay um and you know maybe they just want to do effective treasury management and protect against their downside maybe they they see the kind of like price where it is now and they're like okay well you know let's sell 90 million dollars worth of eth right now and that gives us

runway for x amount of years sort of things so there's many different ways it can go you you never i don't think we're ever going to get an answer of um kind of like what actually is happening with that eth but i don't buy into people saying that it's gonna you know it means that the market's imminently gonna crash i don't know i i just think there's like one and if you wanna stretch the definition over two data points of this happening in the past whereas there's other data points where they've sent each to exchanges and the market's been fine i mean they did they did it in december of last year i think they sent a hundred thousand eight or something to an exchange and we were at 500 in december of last year and now we're at 4500. so um yeah i guess those are my general

thoughts on it i would say not to worry too much about it i think all right thank you no worries cool on to the next question here so this one comes from nikket again who said who asks while ens as a project could do extremely well how do you project the price of a token like an air since it has no utility apart from governance um i don't know i'm i'm not going to give like my framework i guess for projecting the price of any given token i would say that it's it's always tricky with these with these tokens right i mean i still hold my a and air so i'm not i'm not i'm not kind

of i'm not saying just sorry i just as a disclaimer there i still hold my ans on sasel.eith uh you can go see it and everything i i don't think i'm gonna sell it or anything um but when you look at these tokens and you look at what kind of like they're used for go i mean i think people discount the you know what governance can actually be used for and how important governance is but at the same time i also think people don't realize how important attention is in this kind of like um in this space i did a video on twitter the other day it's like a 10 minute video i'm sure some of you have watched it where i talked about attention within crypto and how the things that have long term value are the things that kind of like are able to go again to get attention on

them and get long-term attention not just short-term attention now i think the a token that is worth kind of like comparing ens to or two tokens would be something like gtc which is get coins token or uni which is obviously unisop's token now i hold a lot of gtc's disclaimer there as well that's at cecil.edu so i'm not trying to pump my bags here or anything but if you kind of compare them i think they're in the same kind of like uh a stage of their life where they're popular ethereum based products they're only governance tokens there's no kind of dividends or anything being being paid out to them um people are kind of like trying to value them but they're like much loved ethereum dialing projects is that enough to kind of like keep them from going up in value maybe but

you know they all started with very high market caps especially like ens started with a very high fully diluted market cap obviously you know that's vesting out over time and stuff like that but you know i've been pretty public in the discord channel about how i feel about coins with very high fully diluted market caps from the get-go i feel like they bring forward all of their kind of like future price discovery and then what ends up happening is that over the over the years uh that has to basically be priced in and you may have like a price that stays you know maybe relatively flat against usd but also bleeds against eth so the way i measure my portfolio and like anything that's not ether in my portfolio is i measure it against eight if i'm not outperforming eighth then the thing that i'm holding may as well be

like completely non-existent like there's no point me holding it if i am not out performing eve and to outperform ether over the long term is incredibly hard like if you go look at pretty much most of the um the charts against eighth for most of the tokens that have been popular at any given time they're pretty much all underperformed eighth over the long term um even the most popular tokens like the perfect example is wi-fi that was one of the if not the most popular and most bullish token for i guess probably from when it launched till maybe like september last year which was like three or four months uh it went crazy it obviously started at zero went to like forty forty five thousand dollars it went to like 110 eighth per wifi

but then over the last year or so it's gone from like a peak of 110 to i think seven or eight eighth per wifi which is a 90 plus percent drop if i'm doing my math correctly there so when you look at these sorts of things it's not it's not good enough to just look at it against usd you also need to look at it against eth so for me um you know it's kind of like hard to tell and as i mean i don't i don't give investment advice here but i mean i haven't been shy about the fact that i just a lot of these tokens if when measured against eighth i just look at them and i'm just like okay i know ether has a much higher market cap i know that kind of like eight for me in general is like a longer term hold uh

and then you can you can probably ride the short-term waves on these sorts of things but it's also an attention game like will ens keep its attention long enough to keep the price kind of like where it is or going up um i think it will i mean yes it's pretty popular but then you can look at other things like uni um as a comparable thing or gtc they've been flat against usd and down against eighth so you know and that's i'm not trying to pick on any one token here um and as i said like i have gtc as well so i'm probably like fighting my bags here but um when you look at it from that perspective it's very very hard uh and and as i said you can ride the short term waves you can outperform in the short term like you did amazingly

if you know if you did this trade where people do this it's very hard to do this i'm gonna make it sound easy but if you did this trade where you basically went from um you put eth into wi-fi at the very beginning right say you bought it at like a thousand dollars which was the price that it stayed out for a little bit for a couple of days gave everyone a chance to buy it and i think it was like maybe i don't know what it was five or ten eighth per wi-fi or something like that um or kind of like probably maybe maybe a bit more than that i'm not exactly sure what the price was but say say you bought one wifi for 10 eth and then you sold it at like near the top say you sold it for like 88th and you you did

that kind of like rotation over the over the short term and then you just held that eighth until now you would have made like obviously an eight times on your eighth and then against usd by holding eight you would have made like i mean eighth was like 400 bucks back then you would have made over a 10x like a 11x or a plus at this point now obviously no one really does that like there's some people that do do that it's very hard to do that but this is why things kind of like bleed as well is that some the people who the people that they do this at the top but then as it keeps bleeding people keep doing it and then eat keeps going up because eighth is really bullish as an asset so you have both like an asset that went up a

lot in value coming down from its own little market cycle but at the same time you have people rotating back into each which pushes eighth up and it becomes this cycle of being incredibly hard to outperform eath and then on top of that you have to factor in taxes your taxes are dominated in fear they're not dominated in eighth so even if you outperform eth you have to outperform eighth after taxes because you have to sell to cover those taxes so it's just it's hard and it's and that's why it's very hard to value anything in this ecosystem not just things that uh quote-unquote just governance tokens i'm talking absolutely anything even things with cash flow sushi has cash flow it's dead against eth right there's uh i mean there's other ones out there that have cash flow like rv i think and mkr technically with the burn all debt

against eth eth has cash flow too because of the burn ethan has better cash flow than all of these tokens and i i talked about this in the discord channel the other day where i basically said that um ether has better tokenomics than than all of these tokens right now because it has uh you know 60 to 80 million dollars of fee burn a day like crazy amounts of fee burn a day which is technically a dividend because that flows back to eath holders it has incredible ways to increase the scarcity of eth right it has um staking it has defy it has um you know story val a story value money nurse um it also has all of the attention and it's a shelling point for people who are like well if i want to get exposure to the ethereum ecosystem how do i do this

while i buy eighth right if i want to get exposure to l2s how do i do this there's not many l2 tokens these days so i just buy eighth so you when you compare eighth to like every other asset on ethereum and not just on ethereum like every other asset like in crypto some of them may outperform over the short term but over the long term most of them get just utterly destroyed because eth is the asset most people want to hold and i'm not just saying that because because like obviously i hold eighth but you know i hold a lot of eth and most my portfolio right now is eve because of the fact that i believe um that ether is going to outperform everything and i don't want to i don't i'm not a trader i don't think i can spot tops and bottoms on

things and rotate out and stuff like that sometimes i'll i'll rotate things but i have bought things you know over the last year that didn't outperform eighth and i actually uh ended up kind of like being down against eighth now granted i bought them with fiat but i still would have just been better off buying eighth instead of buying uh you know this other token and taking on all that extra risk so so yeah i mean maybe that i don't know if that answers your question about kind of like the how the price of ens is going to go but that's just my framework of how i think about tokens in general thinking about them against usd's all well and good but thinking about them against eth is the real winner there because by buying these other tokens you're taking on a ton more risk than you are by just

buying eth and you you want to be compensated for that risk with extra reward if you're not being compensated with extra reward for taking on that risk then there really wasn't wasn't any point in doing that and then most people you know that are investing in these things are doing for so over the long term which just makes it even harder like if you're a long-term investor um you're not flipping in and out of things especially if you have to pay short-term capital gains tax like in the us and where i am in australia it gets really painful paying short-term cap gains tax uh and then kind of like being down against eth i don't know for me it just doesn't end up being being worth it over the long term that's not to say that you shouldn't buy these things and you shouldn't have an

investment thesis on them but you really need to be careful if you're trying to kind of like uh outperform eth because it is incredibly hard to do so yeah again not investment advice just the framework of how i think about things all right on to the next question from axiomatics who says who asks is there a risk of future gas being so high due to mass demand on scale to roll up centric ethereum that staking eth on l1 becomes inaccessible for small investors in reverse a crude yield from a couple of eight stakes now would be uh would at best cover gas costs two to three two to three years from now so i would say that smaller stakers are already kind of like priced out of l1 i

mean you can see with rocketpool going live it's not economical to stake with rocketpool unless you're staking like you know one eighth i guess at this point because of the fact that the gas fees are going to cost you you know too much it's going to eat into any of the future yield that you would have gotten so unfortunately it's already at that point but there are ways around this you can do like batched um kind of like onboarding into these sorts of things you could have like exchanges cover the cost for users and then just take a fee on that there's multiple ways to do it but you know and then and then kind of like you go on about the accrued yield from each staked uh i guess like yes but you could probably just wait longer for that for the yield to build up and then kind

of like withdraw there but i think in the future there may be something at the protocol level that can be done where essentially you can kind of like have it so that um the fees are much less for withdrawing out of out of staking uh because i guess like the cheapest thing you can do on ethereum today is uh ascent eighth it's 21 000 gas that could be lowered to be honest i mean there's no reason it has to be that high um and that would just basically apply to staking as well so in the future it could be a lot the gas cost of kind of like um withdrawing from staking or withdrawing kind of like the yield that you've got or staking in general could be brought down um through kind of like what they call op code changes where the gas costs for the op

codes go down as well so yeah we'll have to see how that plays out but i would say right now unfortunately smaller stakers have definitely been kind of like priced out even with rocket pool but there's going to be solutions coming i believe all right a question here from uh con limani who says with the power of quantum computers uh in three to four years i read that they will be able to crack any current sci-fi that the world is going to need to move to a new level uh post quantum sci-fi thoughts how will this affect security of ethereum is this on the road map um so i don't know how close quantum quote quantum computing is i haven't really looked into it myself i've been hearing about it for a very long time but one thing i will say it is on the ethereum

roadmap but it is something that has been thought about like quant uh you know post quantum resistance um i'm pretty sure justin drake has been looking into this a lot so uh maybe he's written something about it i'm not sure but it's definitely something that's being thought about uh but i don't think we probably have to worry about it for a few years still maybe even longer than three to four years um and you know the funny thing is if that if we if um quantum computers was able to break all the existing encryption today i think like crypto would be the least of people's worries because i mean encryption is used everywhere right it's used for like all authentic authentication across the web for securing very sensitive data you know for securing banks and stuff like that so i think that if we do get to

that world where i guess like um quantum computers are capable of doing this the kind of like fix on ethereum would be deployed very very quickly just like it would be around the world all right one here from clinio campolina who asks one thing that annoys me a lot is how ethan other crypto assets follow btc in every dump do you think this correlation will someday cease what has to happen for it to swap to stop so i think the thing is is that you can look at short-term and long-term correlations short-term of course everything's going to dump together or pump or kind of like pump together in the very short term and you've got to kind of like define your timelines here as well um the most kind of like liquid pairs like if btc is so if btc is

dumping yes most things will dump with it but this is over the short term if you're talking about long term correlations you can even just like look at ether against bitcoin since the bottom in mod march of 2020 ethers outperformed bitcoin by like uh what was it 0.02 to 0.07 today i guess like three and a half times right so that is an anti-correlation there where eth has outperformed over 18 months and it's not just eight there's a lot of other things that have outperformed bitcoin and outperformed eth over you know over the kind of like uh over certain periods of time but in the short term because a lot of the trading is done by bots and traders these things are going to correlate very very heavily especially if the king as of crypto in terms of like liquidity are

kind of you know dumps of course that's going to happen the same thing happens in equities and any other market it's not unique to crypto if you go look at it when the whole stock market is down on the day um like i i guess like the biggest stock goes down say you know tesla dumps on the nasdaq other tech stocks tend to go down with it right um but i think crypto becomes much more pronounced because of the fact that the market seems to just look at btc as like this asset that um kind of controls everything that's come down over time i believe i think it used to be a lot worse than it is today and i think that's changing over time but it just takes time for the market to catch up to it takes time for other kind of like coins to build liquidity

but also as i said it's it over the short term um short term i'm talking like you know maybe a day couple days three days it's all determined by by these bots and traders but you can even look at things when you know i mean even in the short term there can be anti-correlations where bitcoin could go down um but eth could go up because people are signing bitcoin for eighth for example and there's other examples of this happening you know funnily enough the other day i think it was a couple weeks ago people were signing btc and eth for shib ship was going up a lot better c and e were going down and there was there was actually a rotation happening and then the rotation happened the other way and b to c and eighth went up so uh i think that the market matures over time but also in

the very very short term it's going to be mostly correlated to to bitcoin and to eath and if they kind of like dump the rest of the market will sell off because of these kind of like arbitrage bots and traders just kind of seeing this seeing these kind of like signals and being like okay you know let's go risk off now for just you know for the very short term and let's go risk on again so yeah so hopefully that answers your question about that all right one here from act three who are who says could you explain like five this moshi uh tetranode curve gauge thing i think i mostly understand what happened but not completely this seems like one of the more interesting events of the last week so i'm not gonna say i know totally what happened here i followed it loosely to

be honest it kind of felt like uh just really bizarre but from what i know there was this thing called mochi finance uh not moshi mochi uh finance that basically spun up they got a got a bunch of money they bought cvx tokens so convex tokens they deposited those convex tokens to kind of like bribe themselves to get like a higher yield on their curve gauge for their stablecoin which was called usdm and they were able to kind of like redirect redirect liquidity there but they also kind of like drain the pool i believe as well to do this they kind of like drain their pool um with usdm uh for like die in usdc and then bought the cvx doing that so and it was a bit hard to follow because

there's a lot of stuff going on there's a lot of people kind of like um you know fighting each other like berating each other but essentially uh it was basically you know there's this kind of concept of bribing within curve where you you kind of like lock up civ tokens to get the best yield on your your curve gauge um so that people kind of like going to your pool instead of other pools and that's what kind of like they did here and then there was this kind of like mochi token that people were like speculating on because it was like a dog token or something it was weird and then um tetrano got involved and was like you know i'm going to dump this to the ground and then eventually curve got involved with their emergency dow and i i think just like remove the pool or something because

they said it was like a systemic risk um so yeah it was it was a bit messy i think there might be a post-mortem someone will post maybe it's already been posted but i'm sure someone will post about it but hopefully that gives you like a little bit of an overview of what happened as i said like i am not fully up to speed with it so i probably can't even explain like i'm five but essentially it was just like i guess classic d5 drama really from what i saw all right a quick drink break and then i'll go to the next question all right one here from i don't even who says the company i work for was founded in a typical centralized framework the company is transitioning to a more broad-based ownership model as

the founder phases out and the current leadership has become interested in some of the decentralized autonomous organization schemes as food for thought as they establish homeownership can extend into the future uh how ownership sorry not home ownership can extend into the future i don't think they will go full tokenized decentralization but they are interested in enabling more people in the company to disapp to participate in its development and direction do you have any good resources i can send them on the mechanisms behind decentralizing ownership and decision making oh there's a lot of resources around dows i mean i don't know if there's kind of like the ultimate guide to dows but uh i i can't even kind of like begin to tell you how many kind of like blog posts i've seen on daos how many kind of groups are working on dows how people

are talking about it and governance in general i think i think ask me this question in the discord channel and i'll link you some things because i just don't have anything right now to to send you in front of me but there's a lot there's a lot of writings on this there's a lot of kind of like mechanisms and and kind of like thoughts around this um it's chaotic i'll give you that there's no right or wrong way to do it there's just a bunch of different experiments playing out right now but yeah definitely just ask me this on discord tag me and i'll kind of like send you a bunch of links because i just don't have them right now so sorry about that all right a question here from go1 who asks the way olympus dow works might be revolutionary majority of the lp tokens

will be held by its dow but a small group of people aka the team actually controlled liquidity uh the lp tokens isn't this concentration of the tokens uh centralized uh centralization and going to be a concern in in the long run so yeah it is centralized when there is just kind of like a core team and there's no kind of like token voting and there's like a multi-sig but i guess like the plan is to have it controlled by a dow right and in the longer term so i would say short term very centralizing long term very very bullish i'm actually incredibly bullish on this concept of protocols owning their own liquidity because it means that there's not a chance of the liquidity being rugged by random people providing liquidity and all of the value like a lot of the value generated by the actual

kind of liquidity pool the fees go to the dow as well so the dow is actually generating revenue not just on their own products but also on providing the liquidity for their own token and then once it goes to a proper dow model with token uh token voted uh token weighted voting there is kind of like a lot more um decentralization to it as well so i would say long run not to be not no concern as long as they actually transition to a proper dao short term sure yeah it is always the same concerns with centralization that for this as there are in like any other aspect of centralization all right a question here from who another one here uh how do you think these other l1 chains perform once or if a bear market actually occurs as someone who wasn't

here during the 2017-2018 crash i've heard that other ethereum killers back then slowly died and became zombie chains neo icx etc do you see something similar happening with other l1s something like liquidity exiting these chains also once the liquidity programs end or is it different now so this is a fun question to answer because i honestly have kind of like i guess like two i mean two minds about this it's like a 50 50. so you're right in saying that there were a lot of these other l1 chains in i guess 2017 and even 2018 that garnered a lot of attention but basically amounted to nothing so you had eos neo icon aeon wan chain kutum

tron a bunch of others right um and now in the the fresh crop that you have these days are completely different you have bsc obviously you have solana you have i'm not even going to mention cardano you have polka dot you have avalanche you have terra you have i mean i'm just going down coin gekko you have like al goran uh v chain i think that vhm was around in 2017 as well funny enough um cosmos i don't really consider cosmos an ethereum killer but hashgraph phantom all these other things right ron don't even know half of these things these days um i would say that for a lot of them the same thing is going to play out that play out played out for these other l1s especially as

kind of like we get more of these l2 chains online and these l ones literally become like totally obsolete but the thing is is that when you look at how these l1s are valued it's all narrative because most people aren't using these things and for example the perfect example and i will mention cardano here they didn't have smart contracts until recently and they still have nothing going on in their chain right the smart contract contracts that they launched are basically useless but they their network value got up to 100 billion dollars just on pure marketing and memes and narrative alone had nothing to do with fundamentals that doesn't actually work in a bear market because in a bear market there's not much dumb capital around there is some here and there there's not much new capital around or like new people in the ecosystem that kind of like can be

swayed into these sorts of things so those things get weirded out because as i was mentioning before they lose their attention they lose that kind of attention game there and they crash really hard all of the ethereum killers from back in 2017 are down a lot against eth and i mean a lot like 90 plus against eighth some of them are down 95 percent plus i know 90 to 95 doesn't sound like a massive kind of like difference it is it means it dumped another done 50 again so um it's it's a it's a huge kind of like difference there but i will say that there are some ecosystems today that have a lot of money in them right um and they've actually managed to form somewhat of a community for better or worse but they have a lot of money and i and the obvious ecosystems here is

something like solana they i mean everyone knows my opinions on solana at this point but purely from kind of like a funding perspective they have enough money to last them a very long time and they're also trying i think with eos what and i think eos and salon are very similar but the thing about eos is that they didn't try they took the money they sold the eth for bitcoin and then they just didn't try to do anything with eos i actually consider eos to be a scam if i'm being honest i thought i thought it was a scam back then i think it's a scam now i think it was literally just used to extract as much value as possible from people then through their race because they had a year-long ico they raised a ton of eighth they soldered that eighth for bitcoin and now they have like 300 000

bitcoin in their treasury or something crazy like that that they're just sitting on so that was pure value extraction whereas with solana um you know just use an example here they're actually trying to get adoption they're actually trying to onboard developers and trying to do things and they have the money to do it they have backing not only from their own kind of like the celina foundation soul tokens that they have they also have a lot of vcs interested they also have ftx backing obviously that's a pretty powerful backup right there and then choose another example you have bsc which has binance backing it uh we all know bsc is kind of like you know total crap total centralized it's just like a casino but that's what a lot of people want a lot of people do a lot of people use and binance can just keep throwing money at

it and kind of like onboarding people into it and keep it going for for for a long time um now what you know what's going to happen to their tokens do their tokens actually outperform continue to outperform either over the long run i don't know this is purely from kind of like i guess the tech slash narrative perspective but the vast majority of these l1s are going to become obsoleted by l2s and if we do go into a kind of like longer term i wouldn't i don't know if i'd call it a bear market but just say we go into a bear market for a year where the prices of things keep going down you know most new people are gone it's really only the hardcore kind of like believers left then yes they're going to get obliterated their value is going to go down really really hard against usd and

it's going to go down even harder against eth i can pretty much say that with 100 confidence because they lose because of the fact that in a bear market there is hardly anyone to get attention from and a lot of the people who stick around in a bear market are here for like the tech and a lot of these other things don't have interesting tech a lot of them are literally just clones of the evm right bsc is an evm right it's just a centralized ethereum phantom evm avalanche only has an evm chain online right now there's other ones out there too i mean uh tron was a fork of the ethereum still is a fork of ethereum you know and tron didn't try either trying just like a pure scam too but um when looking at all this stuff in aggregate i think it's safe to say that

holding these l1 tokens are kind of like a long term especially the ones that require new blood to come in and don't actually have any kind of like good adoption or good tech uh in my opinion uh i wouldn't do it not investment advice but i wouldn't do it i mean i don't hold any l1 token except eth anyway but um and i think that if we do go into a bear market it doesn't really matter for eighth its price will go down of course it's not going to be immune to that but uh its attention will not it will still have the attention still if the developers still have the ecosystem still have the community that already went through the most brutal bear market in crypto history where eth fell 94 more than bitcoin had ever fallen in any of its market cycles by the way besides

the the first one i think the really early one um and it was extremely brutal and eth came back from that ethereum bounce back from that are these l1 going to bounce back from that when if it inevitably happens uh you know if we go into a bear market i doubt it none of the other ones did because they lost the attention they didn't have money to and they didn't really care they they're kind of like you know we're like oh we're giving up we're losing now so yeah i mean as you can tell i have a lot of thoughts on this sort of stuff but i think it's safe to say that uh to answer your your you know your question kind of like with a tldr most of these l ones gonna be obsoleted by l2 but also if we go into a bear

market they're gonna be you know they're gonna crash in value i believe all right next question john the phone who asks you can qualify this with not financial advice but in your l2 dominant thesis for 2022 and beyond does immutable x have an equal seat at the table among l2s could you give us just a fun market cap prediction for imx by end of year 2022 uh it's not just i'm going to qualify this with not financial advice but i'm also a series a investor in imx so i'm not going to give you any predictions on price on market cap i'm sorry i'm not even going to entertain that but what i will answer is does this you know will immutable x have an equal seat at the table among l2s um i think it will because

and the reason why i'm so big on the middle x the reason why i invested in their series a and the reason why i talk about them a lot is because i believe nfts are going to be the front door i mean not just nfts as like um i mean nfts the broad category you know collectibles music arts yeah all that sort of stuff anything i mean nfts apply to anything unique but i believe that's going to be the the biggest onboarding vehicle we will have ever in crypto now what who's who has a monopoly on this as an l2 right now immutable x does and there's other l2s that are doing nfts but immutablex has been specifically built for that nft market okay and then we look at the partnerships that they already have they have bloody tick-tock i mean they on-board a tick-tock they have um uh

play code which is a huge mobile gaming company uh uh conglomerate they have um uh c a esl uh the esports league with cs go stuff that they're doing they have other partnerships that i've probably forgotten now and they're going to have they're going to keep having more so yes 100 immutable x is going to be here for a very long time they're going to have a lot of success i believe uh they already have games building on them guild of guardians eluvium they have gods unchained as well that they launched the immutable team launched um so if you take all that i mean you can tell i'm bullish on the imx token right and but the thing is as i said the full disclaimer i bought in at the series a round so i'm not going to give you a price prediction or a market cap prediction or anything like

that but i will say that i think that their team is very strong they obviously have a very great business development team they're they're targeting a use case that has an absolutely a massive total addressable market and it's still very early days so i i would say that immediately x will be one of those l2s that will be around for a long time have a very unique value proposition and um have a lot of growth over the coming years i believe all right a couple of questions here from patrick first one a friend of mine and i launched a podcast we would like to build up our audience imagine you need to start all over again and have no connections you can get a boost from how would you go about building up an audience so the funny thing is is when so when i started well when we started

me and eric connor started our first podcast the ether podcast in late 2018 there was basically no competition there were no ethereum focus podcast there was no bankless they i think bankless was just getting started uh no i don't even think it was i think bankruptcy started in 2019. um there was no defiant there was no d5 dad there was nothing focused on ethereum there were obviously crypto podcasts but nothing heavily focused on ethereum so it was much easier for us to get kind of like i mean i don't know i don't know if i'd say it was much easier but it was easier for us to get kind of like attention and people listening to our podcast uh and people still listening to our podcast today obviously um but if i was to start from zero today

um i would first accept the fact that it's a lot harder to grow something these days because there's a lot more noise there's a lot more p there's a lot more going on in the ecosystem but i would also use that to your advantage in that there's a lot more people in the ecosystem now so you can get kind of like a lot more eyeballs on your content or a lot more kind of like ears listening to your content i should say um that would have been possible in in the past so where i would start i would make sure that i'm present where peop the people are so obviously on twitter i would make sure i'm present there i would leverage my own personal twitter account like i like i did in the past to grow my other properties i mean i've leveraged my personal twitter account to

grow both ether and the daily grade to where it is today um and and and that's been the biggest driver of growth for everything that i've done to be honest this has been twitter but i would also make sure to share your podcast uh wherever you know is relevant like on the ethereum subreddits in various discord channels um you know getting on guests that actually can bring in an audience because i think the most important uh part of the podcast is the guests that are on and those guests have their own audiences they can get more kind of like listeners to your podcast as well so that's kind of like a high level of what i would do and then i would monitor the growth of it too and if you're not seeing any growth for a little while um or maybe maybe if you're not seeing any

growth for like a month i would switch up what you're doing i would try something new because there's no point doing the same thing for six months and seeing no growth because you're just wasting time uh and this is kind of my philosophy to everything to be honest in life um and this is how i've been able to grow i've grown um i experiment a lot with with different kind of like attention kind of or i guess like marketing plays um and i and i see which ones work and see which ones don't um and i i did this with my twitter account it's kind of like how i grew to where i am today i do i did this with kind of kind of like the content that i put out um you know the daily way started off as an experiment doing my daily newsletter

and and then i and then i did the daily videos the videos didn't start till like five months after i started the newsletter but then the newsletter started getting a lot of traction people are loving um all my updates was getting a ton of great feedback on it and then i was like well i don't want to just write about one thing a day i want to talk about everything happening in ethereum um and i didn't want to do that as part of kind of like ether because i figured that i already have the delegate newsletter so i want to expand that to the to kind of like um to a youtube channel and obviously daily grade is my own thing and i do ether with eric connor um so so i saw i did that i did the youtube channel and the youtube's growing really

great uh really really great and people seem to love watching my videos so now i and just recently i've i've kind of like started doing um videos on twitter because i have access to longer videos um and kind of like doing standalone videos there and and the first one that i did seem to get like a lot of good traction i'll probably do more in the future and we'll see how we go from there so that's the most important thing about building an audience is experimenting with different ways to get attention and stop and and to stop doing what's not working and not just keep repeating it expecting kind of like different results because that is the definition of insanity um uh but yeah as i said like i i don't just apply that principle to to crypto to building an audience within crypto i apply it to

everything i mean i'm currently dieting trying to lose the weight i put on during covert and i'm applying that the the same kind of principle to that where i weigh myself once a week and and don't like leave leave it to like uh once a month or something like that because i can see if i'm doing something wrong immediately if if for some reason one of the weeks i haven't lost the weight that i expect to lose expected to lose i can quickly adjust my diet quickly adjust the exercise that i'm doing and get back on track whereas if i was to wait a whole month what ends up happening is that if i was doing something wrong for that whole month i've wasted three weeks right instead of just kind of like wasting one week so to speak so it's kind of like i mean and if you want to i mean it's

kind of like this thing where it's like time management as well and not getting stuck doing something that that isn't working so so yeah maybe that's just like a little bit of a side note to what you were asking but that's how i've gone about growing my audience and and kind of like and as i said how would start today would just be experiment a lot with different kind of like um attention sinks but for a podcast definitely trying to get on guests that have their own audiences because that's a great way to grow a podcast as well and then you followed up that question with saying you know your podcast has a big focus on how to do yield farming and you mentioned a couple of times that you do yield timing as well where do you look to get an overview about what your

farming opportunities are out there so it's actually a bit of everywhere right now there's um it's actually hard to be honest i think a podcast focused on yield farming could actually have some really great appeal d5 dad used to do a lot of videos he doesn't do many these days i think he's busy with other stuff i used to use him a lot but these days i kind of like maybe just kind of look at discord channels i mean the d5 just the yield farming discord channel um and the d5 channels in the in in the daily grade discord has a lot of great information i have a group of friends and you know if they ever come across an opportunity they kind of like talk about that and shout that out but i would say that you know there are kind of like sites that show you this sort of stuff

as well and there's like aggregators like yearn but yeah i would say that like a a podcast focused on purely yield farming is is probably missing at this point so that's actually great for you because it means you can essentially get like a lot of attention because you're doing something unique and you're also doing something that allows people to make money that's what a lot of people are in the secret system for so if you're telling them hey you can earn like 10 on your dollars here's how to do it they're going to listen to you right um but in that on that point i would say that you would obviously do well with having like uh a video so it wouldn't just be a podcast it'd be a video and kind of like audio and doing it through a youtube channel because obviously obviously people want to

follow along and i would say go watch defy dad's older videos about yield farming to get an idea of like how he did it and there's some of his most popular videos as well so it's definitely got a large market so you'd probably have a better you know probably gonna have an easier time growing an audience around something like that that's for sure all right a question here from creative who asks hi anthony traveling to melbourne from europe between december 15th and january 15th just curious if there will be a community meetup during those times um i haven't decided when i'm going to do the meet up yet i want to do it when it's walmart because i like going out when it's warmer and usually obviously it gets warm between december and january um i'm not sure if it's going to be between those dates but definitely just keep an

eye on the discord channel i'll keep you updated on it and for other people for context here i've been planning to do a meet up in in melbourne in the city for the delegate whoever can attend just go to a bar or something like that uh because it'd be great to to kind of like catch up with everyone in real life since we've all been locked down for ages uh but yeah i'll let you guys know on an exact kind of like um date and time for that uh when i when i decided myself to be honest um and your second question this has probably been asked before sorry if it has but for staking eighth would you recommend diversifying steak eat between centralized exchanges and rocketpool you always tell us to run our own node is it possible to also stake our own node is that ultimate safe house

if possible um i don't know if diversifying stake really does much i mean you know it depends because like you're paying different fees depending on where you're staking as well and different kind of like centralized exchanges have different risk profiles um and then you have to like monitor things and maybe different kind of like withdrawal fees and stuff like that so it gets a bit murky there um but i would obviously say that like when i say you run your own node i mean running your own validator as well um so that i think that's what you are you're kind of like alluding to when you ask is it possible to also stake on your node you have to have a 32 eth minimum to stake you're on your own um stake on your own node uh but you can you can kind of like do a hybrid

approach with rocket pool i think they only require 16 eighth so um to do it so you can look into that as well but i would say and you you ask about like the ultimate safe house i guess that's referring to like the ultimate way to stake is staking on your own um you know staking on your own validator on your own kind of hardware but that costs 32 minimum to stake so in terms of diversifying your risk i mean you probably can by diversifying a stake across like centralized exchanges and rocket pool but at the same time you're just going to incur extra fees as well so that's something to look out for because it might eat into your profitability all right one here from dom uh actually i'm gonna have a drink this is a long one one sec all right one here from dom who asks

what does the actual process of living off your eighth bag and or default look like i don't mean to pry on your personal finds finances so more like the high level stuff i understand you can borrow against your everyday expenses and get some moderately high apys on stable coin farming and stuff that would be my personal dream someday but even then the inherent risk behind all of defined smart contracts would scare me if that was my main only income ie exploits flash crashes that liquidate my loans or stable queen apocalypses crypto wide black spawn etc how does one mitigate that kind of risk enough to sleep peacefully at night so i'm not going to go into too much detail about my personal finances but i'm usually pretty transparent about this stuff and to be totally transparent i don't live off my eat bag um my eighth

as a lot of you know by now is most of it is in staking but i can't actually access that yield because it's locked because it's in staking and there's no withdrawals enabled i'm not staking through a centralized exchange or anything like that um i'm not currently yield farming with the stable coins and i'm not currently borrowing any stable coins to yield farm but in the past i was but the way i'm living off my kind of like i guess crypto gains right now is that i cashed out a fair chunk of crypto in like april may and i cashed out enough to last me quite a while i have other investments that i cash out from time to time i have a lot of things that best out to me over time that i also sell off so that's as far as i'm going to go with that i'm not

going to go into more detail than that but that's kind of like my position now for other people who i mean for the 99.99 of people that that doesn't apply to obviously i'm in a very unique position the way to live off your kind of like eath is to do what you mentioned you borrow stable coins against it you go and put those stable coins in a yield farm uh wherever like wherever is going to pay you kind of like a yield and wherever it's going to give you relatively low risk and then that's how you kind of like pay yourself and then when you want to pay back the debt you obviously take your principal out and pay back the debt with it and then pay off any interest that you've accrued there because like obviously maker charges something like two percent right a year

that fluctuates it's not a fixed rate or anything like that um but on that note uh you mentioned the risks right exploits stable coin depending flash crashes they're very real risks and that's this this is partially the reason why i also stopped kind of yield farm is one i didn't need to um because um the risk isn't worth it um but two i was worried about the risks as well in saying that there are kind of like protocols where that i consider to be to be the least risky like maker for example and die i consider that to be the least risky flash crashes can't liquidate you in maker because there's an hour delay on price updates on oracle updates so it's impossible to be liquidated on a flash crash uh so you have like an hour to fix your position there are also services to um to

automatically fix your position like uh defy saver for example that basically um you know they work pretty well from what i've seen um stable coin depending is definitely a risk not much you can do about that uh for centralized table coins even bigger risk that they're centralized crypto wire black swan again not much you can do about that because the very definition of black swan is that you don't know what it is until it happens um so in terms of mitigating the risk and the things you can do is don't borrow too much that you're at risk of liquidation um say you know you put ethan to make her you borrow enough that your liquidation price is like four thousand dollars for eth don't do that because you can get four thousand dollars can happen while you're sleeping right and if you've got no things like

d5 saver or anything like that you're gonna get liquidated so don't do that um the way i kind of like borrow against my eight is that i keep a liquidation price very very low like normally under a thousand dollars and as the eighth price goes up i adjust that but it's kind of like that loan to value ratio and that health ratio that you have um i never cut it close like that and as i said you can't get liquidated during a flash crash but if you're sleeping and the price dumps 20 which it very well can in in the period that you're sleeping you have run the risk of getting kind of liquidated there um and the other way to kind of mitigate it is to take out cover or insurance on your positions but that's also nuanced you know sometimes they may not

cover things they may not cover black swans things like that you have to kind of like read the fine print there as well same with every kind of like insurance that you take out right you got to read the fine print um but yeah generally my solution is obviously very unique in how i kind of live off my crypto uh it is not something that applies to most people and as i've said before i'm never selling my eighth either it's all just going to be at staking eventually so and the reason why most of it isn't in staking right now is because i have borrowed funds against my eighth right now but i'm not using it to yield farm i borrowed funds for other things um uh so so that's right most like that's why not all of my ethers in staking but um yeah

i mean i think eventually it'll become a thing where i'll live off the staking yields themselves when withdrawals are enabled but that's probably not going to happen for another kind of like probably a year at this point right until withdrawals are enabled so so yeah hopefully that gives you a bit of color around my position but again my position is very very unique most people do not have things that are vesting out to them such as annual investments and advisory roles um and and you know a lot of people in new order crypto don't have things that they bought early on that they kind of cashed out of so so hopefully that gives you enough color there to kind of get a general idea all right one here from stonep89 who asks are you familiar with fabian uh i don't know how to pronounce his surname

vogelsteller's luxo network i've read through their documentation and it seems like they're working on a fork of ethereum's people mistake my question is do you know if they're planning on integrating with eth2 or launching a competing competing l1 i don't know anything about the project itself i have heard of it um from what i saw it might be a separate l1 i'm not actually sure what they're trying to do to be honest so unfortunately i can't answer that for you but if you ask it again in the discord channel in like the general channel i can probably point you to some resources that i've come across but yeah i haven't actually looked into it myself just yet all right one here from copper who asks thank you anthony for your hard work and dedication can you go over again the difference between running an eth2

validator versus let's say a geth full node does eth2 help help by adding four nodes um so with eth2 or with the beacon chain there are two pieces of software that people run validator and a beacon node the beacon node is equivalent to a geth full node where it doesn't participate in consensus it is just a fully validating node it basically validates the chain follows the chain but doesn't actually build blocks and kind of like process transactions and all that sort of sorts of things doesn't actively participate in the consensus whereas a validator does right a validator an e2 validator can talks to a beacon node and validates uh the consensus and builds the blocks

and does all that sort of stuff whereas um the the get full node doesn't do that either but then the miners can connect to a death full node and build blocks by doing that so hopefully that kind of gives gives like a high level of how that works and uh i think the point of confusion for a lot of people is that they think that you need 32 eth to validate the kind of like eth2 chain you don't all you need to do is run the beacon node you don't have to have a validator you just have to run the beacon node and you can actually validate the chain and post merge there's going to be um uh two sets of of nodes that you need to run the a a geth node or kind of like an execution layer node and a consensus layer

no such as um you know uh prismatic glass or prism sorry i should say uh lighthouse stuff like that um and then you can have your then you'll have your validator that you kind of like that talks to all of that and runs off of that so yeah that's the common misconception that i've seen that people think that you need 32 e's to validate the chain you don't because you can run the beacon node for free a lot for free you have to obviously spend electricity to run it and hardware but you don't need any eighth to run the beacon node just like you don't need any each to run in ethereum full node as it exists today or a death full node so hopefully that answers that question for you all right uh one here from a lucas coach bulma who says when data pumps sir

man i keep promising this and i keep rugging everyone for those of you who don't know the daily grade data pump series is a on-chain analytics video series that i did for a while and i haven't done one and i think like five months now i've been rugging the community on this um i don't know when i'm gonna do another one i keep trying to find the time and it just kind of slips away from me uh because the data pump requires a lot more prep than the normal refuel videos do because i need to kind of like go through all the data load it all up look through it look through it all and kind of like go go over what i'm gonna be talking about um so hopefully soon i don't really have a date for you unfortunately i i'm gonna try not to to keep rugging you guys and

get one done soon for you all right one here from uh danny who asked after reading countless articles about the modular blockchain design there's something that i still don't understand the data availability part of the validiums and the volitions what does it mean to have the data availability on a different chain is it a different blockchain in the l1 but using l1 validators it's not a different blockchain so data availability chains don't come to consensus on the data that's this is the major difference meaning that they store the data but they don't kind of like have a set of validators that basically process the and come to consensus on the data that lives there that's what the ethereum l1 is for so so i wouldn't consider them to be separate blockchains i would just

consider them to be kind of like separate uh you know i guess like data layers so to speak right um and to have data availability on a different chain to have it on something like celestia which is a that availability chain so to speak um or kind of like the polygonal veil it means that the data isn't isn't being isn't coming to sorry isn't part of like the consensus which means that that data can either be kind of like withheld from you it can be censored it can be corrupted um it can be deleted whereas when it's on kind of like l1 that can't happen because i mean it can happen but it's a lot harder to happen like for example let's take an example here because i might be confusing people immutable x valydium if immutable decides to delete all of the

data that they have that are on their kind of like server that they're writing for a mute for immutable x um for their volitium then you will not be able to get your funds back on l1 your funds can't be stolen but you're not going to get those funds back until that data is made available to you again because the l1 chain doesn't actually know the state of that data and data here doesn't mean um like like the jpeg for your nft for example data means state and state means user balances so the l1 doesn't actually know what the user balances are in a volidium construction because it doesn't have the data on it now you mentioned volitions that's going to give users the um the kind of like choice of settling their data on l1 um or keeping it in kind of like this off

chain construction now this is good for things like say you're a kind of like trader or a trading firm and you're trading on this validium and or kind of like on this uh validity of this volition and it's in validia mode because you want to have like really really cheap uh constant kind of like high frequency trades and then at the end of the day right say at the end of a 24-hour period you say well i'm okay paying uh paying on chain kind of like fees right now or l1 fees to to kind of like settle out my day's worth of trading or the last 24 hours worth of trading so you would you would basically um take a hybrid approach where for those 24 hours you're running invalidium storing all the data off chain it's less secure of course but then at the end of those 24 hours you

basically say okay well i'm done i'm going to switch to volition quickly put my data on chain settle out those last 24 hours of transactions and now i have the full security of l1 and then you just start again right it's kind of like what already happens in the traditional system where settlements are done every kind of like you know it could range from 24 to 48 hours or even 72 hours right and that's what we mean when we talk about kind of like ethereum l1 being a settlement layer because that is the final kind of like source of truth and the final source of security um and then you can do everything off chain and then just settle it onto onto l1 um so in those constructions i think those are going to be very very popular because there's no point putting every piece of state onto l1 for

everything you do because if you can settle it once a day then that's fine and you know maybe we can talk about like attack scenarios here to illustrate this point further say 12 hours into your 24 hour day something happens and the data is gone right the data the data that you have um uh has kind of like been withheld or is completely gone uh and then you you're like okay well i need to get my funds back you can because you have the the kind of like uh the the the data that you posted to l1 from the previous day but in saying that that l1 data doesn't have those 12 hours of transactions it just has everything that happened before that so you'll lose those 12 hours of transactions that you did but you won't and you lose all the

state changes but you won't lose everything that came before that which is really powerful obviously and that hybrid approach basically means that you can do really really cheap transactions and just settle once a day if that's your risk model or your security model that you're happy happy going with which i think is really really cool um so so yeah hopefully that answers your question around how those kind of things work but you know data availability can either be like a its own kind of like change so to speak or it can literally just be a piece of kind of like a data on your pc for example um in the future these kind of like validiums or when they're volitions you'll be able to store the data on your own computer so you don't even have to store it on l1 if you trust yourself to secure your own data on your

own computer then you can store it there and you have the security you have the security of your own pc of your own computer and uh you know all you have to do to kind of like uh if if for example um the validium goes offline or the volition goes offline you can basically present your data that you have stored on your local machine to ethereum l1 because ethereum held one still has the proofs for the transactions posted to it and you can basically post it there and say hey i have the data give me back my funds and you can get your funds back so that's the amazing thing about the the volition construction is that you is that people are going to be able to put their data wherever they want and because the proofs are still on chain you can have your data on your own pc

bring it if something goes wrong and get your and get your funds back whereas in a pure volidium construction you can't do that and you're relying on this data data being available to you at all times and if it's not there you can't get your funds back because of the fact that it needs the data to get your funds back but the operator can't steal your funds either because uh it doesn't belong to them that they can't sign the transaction from your private key um to get to get your funds uh but they can withhold the data from you which is obviously not ideal but as i said before something like immutable x that is home to like nfts that are you know worth very little uh a lot of people probably won't even care about that a lot of people won't care about their data being

hosted off chain but there are going to be bigger accounts on there say someone holds like millions of dollars of nfts on immutable they're going to be like well it's worth my it's worth my money to make sure that i have the my own data secured on my own pc and that i have the data on l1 ethereum so so yeah hopefully that gives you um color around that i actually think of the volusion construction is one of the most interesting things happening in the l2 space or in i guess like the scalability space on ethereum and i really do think we've only scratched the surface of how we can kind of like store this data whether we can do whether we can store it as part of kind of like these data availability chains or some kind of like committee or on your own pc or even getting people to

store it as kind of like a a light client proof or something i mean there's some crazy wizard moon math you can do on this sort of stuff it's really awesome and you know you probably hear it in my voice this is one of the things i'm most excited about um but but yeah hopefully that answers your question all right um one here from midi who says how do you see taxes playing out long term i listened to the bankless weekly rollup and they brought up the example of a 10 year old picking up a sword with a thousand dollars and suddenly owing the irs money i can see a world where if you want to create a crypto game you also you will also need to provide information about all transactions performed in game i've used the crypto tax software but i feel that will lag

behind and not very good with d5 currently and people will get burnt or the irs will be flooded with so many unpaid taxes they can't possibly come up with tracking funds nfts from address to address so it is interesting because taxes vary so much from you know jurisdiction to jurisdiction even in like the u.s state to state vary so much country to country also varies a lot i think the the way to play this is that you shouldn't get taxed on things on like air drops when you get them so for example right now the way it works in australia and in the us when you claim your airdrop you are taxed on that as income and then any change in price is a capital gains tax when you sell it so for example if your

airdropped a thousand dollars you owe 30 tax on that you owe 300 in tax if that airdrop goes up to 1500 well you're you owe tax on the difference between the tax that you paid on the income so say you pay that 300 you only have 700 now well say sorry say that goes up to a thousand dollars again because of capital appreciation well now you owe capital gains on that 300 when you sell when you sell kind of like um the whole portion of it i think this is unworkable at scale i think what should happen is that anything that your airdrop that has economic value should still have a cost basis of zero from the beginning so what ends up happening is that you're only taxed on it when you sell it as capital gains tax so this would

alleviate the problem of some of a 10 year old picking up a sword worth a thousand dollars because what ends up happening is that their cost basis for this is zero and when they and when they sell it uh they basically incur that their capital gains tax and not an income tax now there are obviously going to be kind of like loopholes here that people are going to exploit and there's obviously going to be a lot more thought that needs to go into this but i don't see how this works at scale as you said how can you how is the tax office going to keep up with this a lot of kids are going to be playing these games like what you know what is even the laws for these sorts of things like in australia you have to be 14 years old and nine

months to work in australia which means to be and and to kind of like actually get an income and to pay tax on that income and there's obviously tax free thresholds and stuff like that but i just don't think it's yeah it's workable at scale when it comes to these sorts of things so i would say that um the most prudent approach would be to change it so that you're not owed so that any kind of like thing that you receive has a cost basis of zero dollars and only when you dispose of that asset such as selling it um for kind of like fiat or maybe even kind of like trading it for another item or something that you were taxed on the capital appreciation but even trading it for another item gets murky because like there's no weight i mean if you trade a sword for a

shield and they're worth the same amount of amount of money how are you gonna pay tax on the kind of like capital appreciation of that sword uh when you've gotten a shield you haven't actually gotten fiat or a stable coin or like or like eighth or something so i would i would think that you would need to basically uh only be taxed on uh going to a capital assets such as ethor um ethor or stablecoin instead of trading between items but we'll have to see how that plays out i'm not holding my breath that the tax office is actually gonna well that any tax office is actually gonna tackle this correctly but i agree with you that this is gonna be impossible to enforce at scale especially with the thousands millions tens of millions of items that are gonna be coming out that are gonna have

economic value there's going to have to be something here a new legislation put forward i believe all right four more questions on my list before i jump into the ama series channel and then we'll wrap it up so one here from brian peace who asks the idea of signing with ethereum is really exciting but would that mean i'd have to carry my ledger around with me all the time um no i mean you could this is the thing like you could use any wallet to sign in with you know with ethereum to any other wallet but there's also kind of like uh sorry to any service for example like you could have like a hot wallet that that you just used to sign into things but also has um actually i should take a step back i did talk about this project on um the daily

way uh refuel where i said this project called seismo that basically allows you to have proof so it uses zero knowledge proofs to basically say that you that you kind of like own something or that you kind of like have an nft or have some governance tokens but they're not in your current address so for example i'm going to use my own e s as an example say i have saswell.ethan say that's a hot wallet say it's not connected to my ledger which it is right now but by the way but say i transferred sassel.heath to another address and that was like a hot wallet say it was um an argent wallet on my phone for example now with seismo what you can do is or what i could do was i could actually have a proof sent to me as an nft to cecil.ed that basically says that i have

um governance tokens in my other cold storage wallet it doesn't reveal what the wallet is but it gives a kind of like cryptographically guaranteed proof that i have them in that wallet and then what that what can happen from there is that i could actually use sass myself.hot wallet to vote on things um uh in kind of like governance for example without actually signing from the wallet that the governance tokens belong to because i've i've kind of like delegated it through this kind of like zero knowledge nft proof to my hot wallet so that's when stuff starts getting really crazy so the question is no you won't have to carry your ledger around once these things kind of like reach maturity and you don't even have to to have to do that today you can basically have a hot wallet with a little bit of funds in it but once

these other solutions like seismo get like kind of like further along that's when it gets like really really really exciting and i think that's when we kind of like level up designing with ethereum stuff and your second question uh you asked about the curve wars and about like mochi finance or something i answered this before uh so uh it's earlier in the video it'll be time stamps if you're listening to this on on youtube so definitely go check that out i think the question came from uh let me try and quickly get this up for you there was someone asking for an explain like i'm five if i remember correctly actually i'll just it came from act three so if you just go to the youtube description check out the the timestamp for act three i explained it there for you all right a question here from disco

dancing who asks what would be the cheapest way to produce some nfts using only the ethereum network so using ethereum l1 i mean there's no cheap way to do this i'm sorry minting nfts is going to cost you a lot on ethereum l1 um if we're talking about l2 uh immutable x by far the cheapest way to mint nfts right now it's free you can't get cheaper than free right i mean you can if someone paid you to do it then technically that's cheaper right um so yeah ethereum l1 there's no cheap way to do it uh and if you i'm assumed by cheap you mean like a dollar at most right no ethereum l1 to mint nft is going to cost you like 50 100 150 even 200 depending on what you're doing so um definitely not not any cheap way to do it on l1

on uh on l2 or technically i guess like not a true l2 but mutable x that's the place to go all right last question here on the sheet is from evil robot who says new to altcoins what do you make of the gm token um and they're kind of like 10 taxes on trades is it a scam or simply nft royalties model for coins i don't know about this token specifically i it screams opportunism to me it screams that someone saw this and was like hey this is a meme let's make a token out of it let's make some money you know i don't know i don't know anything beyond that so unfortunately i can't answer that i don't know if it's a goodbye or not i'm not going to give any kind of like investment advice there but i would say that um i i don't know from

what i can see it just seems very opportunistic unfortunately this happens a lot in crypto for better or worse but yeah it is what it is all right uh so there are a few questions in the ama series channel i'll answer these and then i'm going to end it there because we're coming up on two hours here so first question from yunes hopefully i said that right who asks what is the need for eighth layer twos like polygon when eth2 rolls out so um layer twos and i mean eth2 i shall take a step back here eth2 describes a set of upgrades coming to ethereum the main upgrades are the merge where we merge the proof of work chain and the proof of stake chain to become one ethereum that is only secured by proof of stake that's happening next year um then we have sharding as another

major road map item that's happening in 2023 hopefully and then statelessness is another major roadmap item which is also maybe happening in 2023 could be a little bit later but these are kind of like the the main the main major roadmap items um these all work to enhance layer twos so ethereum's roadmap is basically layer one is working to enhance layer two what that means is that uh when um kind of like proof of stake is introduced it means that we've got like a better kind of like security layer for these layer twos but we also um have like the foundations to introduce sharding now what sharding does and what's being introduced with kind of like the quote-unquote e2 rollout is data sharding now i was talking about data

availability before essentially what these data shards do is that they give more capacity for these layer twos to put their data on which brings cost down for l2s and increases their scalability so eventually we're going to get to a point where l2s can do millions of transactions per second and they all live on uh they're all secured by the l1 so you can see how like sharding and then statelessness which allows us to basically increase the block size of ethereum um and and basically allows us to increase kind of like the capacity of shards and stuff like that that that further works to increase the capacity or the um the scalability of layer twos so i would say that layer two ethereum and the e2 rollout and any layer 2s not just polygon but

like any l2s um they all kind of like work in a symbiotic relationship with uh with with ethereum once kind of like the eth2 rollout is those major roadmap items are rolled out um one here from aomiko who asked what ranking would you put on the l2s like between immutable matic or something completely different i don't think ranking the ranking the l2s is the right way to think about it because for a few reasons first reason they're all very early second reason they do all do different things uh arbitrary and optimism uh similar in that they're both optimistic roll ups and they're both do evm compatible optimistic roll-ups but they have different ways of doing it optimism is evm equivalents arbitram is

evm compatible uh arbitrary and optimism are going to have different fees because they're going to have different optimizations on their software they're going to have different apps they're going to have different ways of doing um fraud uh uh arbitration stuff like that then you look at kind of like the specific app chains like immutable x which is uh kind of like a specific kind of thing where they're just doing nft so they're not trying to do anything else right they're not trying to do d fire anything like that just trying to do nfts dydx just trying to do perpetual exchange um loop ring that bloopering is pretty cool because they have like their exchange they have a payments rail they have like a smart contract wallet but again they're not trying to do like a generalized approach right um and then you have the polygon pos chain which is

what i'm assuming you're referring to by saying matic that's not actually a layer two it's kind of like a hybrid uh something called a commit chain um but they're generalized as well like they you can build whatever you want on there then they have polygon hermes which right now is a zk roll up that can do payments isn't generalized yet but will be in the future then there's other i mean there's plenty of other ones out there right um diversify again that's just doing it kind of like exchange some d5 stuff on there and yeah i mean so rare again nfts so i would say that ranking them doesn't make sense because they all do different things um but uh yeah i mean maybe you could rank the generalized ones over the long term such as kind of like arbitrary optimism and some of the other ones

coming online but i think it's too early to tell at this point all right so one here from apollo 0x who asks a bit of a personal question but do you have any tips for dealing with regret about not getting into crypto sooner i have a very similar story to you living in the crypto space in 2013 i left in crypto 2018 and feel like i'm so far behind those who stuck around for the bear market um so yeah this is a funny question because i'd yeah i mean for those who don't know i got into bitcoin in 2013 as my first foray into crypto i didn't have much money but i bought a bit of bitcoin got pretty obsessed with it back then ethereum didn't exist of course but i got obsessed with it wrote it up to like what a thousand dollars then it crashed

and i think i ended up selling my bitcoin at like 400 or something it wasn't much as i said i think i had like a two or three of them at that point so it wasn't much money at all uh and then didn't pay attention to crypto till early 2017 when i discovered ethereum again it didn't have much money bought my first little bit of eighth at ten dollars like i bought like a few eighth not not not anything substantial then by the time i came into more money and saved up a bit more money eth was at like 50 bucks so um i i you know i didn't get to buy much each um at the super super cheap price of of uh like ten dollars or below obviously fifty dollars is is cheap in hindsight but back then when i was thinking about

it right i had seen like eight be ten dollars in january and then fifty dollars in like it was march or april so it kind of like went up really quickly um but and the thing is and then you know in 2018 i kind of like stuck around cause i was like you know i know what happened last time i left this ecosystem i regret it so much because i missed out on on being really early to eighth i'd be starting on buying the ico at 30 cents and then buying it at a dollar i missed out on all these other opportunities blah blah you know the rest is history so i stuck around i actually bought most of my eighth between 100 and 200 um the majority of my eighth was brought between that because i had a longer time to to buy it in 2019 i had pretty much

the whole year to buy it between 100 and 200 except for a couple months in the middle there um so and i had a lot more money because i'd been saving so i did that um and yeah i guess that's that's the context in history for people who didn't know that um but to answer your question about tips of dealing with kind of like regret of not being earlier the way i dealt with it was that i realized that the ecosystem was still very very small um still very early and it still is very small and early today it is definitely bigger than what it was obviously right um it's definitely further along than what it was when i kind of like i was stacking kind of like what i was in 2018 2019 but i would say that there's so many

opportunities within crypto regardless um of kind of like now or back then and there's so many kind of like opportunities for not just like investing and making gains and things like that but also getting involved in working within crypto every single team that i know of is hiring right now there's so many opportunities to get involved with like a really early stage project get an equity or token share in that project and then ride that up there's i mean that that opportunity is available to everyone right now no matter what your skill set is so there's that there's also the opportunity to start something yourself and to grow your own profile like i guess similar to what i did um but yeah i mean the way i dealt with was that and this this might be getting i guess

like i mean it's not personal like i'm happy to share this but it gets into like non-crypto stuff the way i live my life generally is that i don't live with any regrets i know that may sound cliche but i live my life by never looking back in the past uh and regretting anything that i've done i look back in the past and reflect on things and reflect on where i've come from and try to stay humble because of that and kind of like you know sometimes i i look back and i'm like wow you know i've come a long way personally crypto's come a long way i'm really happy that i got to ride the kind of train and continue to ride the train but i never look back on the past and kind of hop on about things that i could have done better or

things that i should have done better or anything that i regret because for the simple reason that none of us can change the past and again i know this is cliche but when you really think about it and you really come to terms with it and you realize that the only way the only thing that we can change is the present which changes the future right we can't change anything about the past so there's no point dawdling on it unless you learn from it the only thing that the past is good for is learning from and reflecting on the rest is is kind of like useless the rest just makes you go in circles it makes you depressed that makes you angry so for me personally i just don't look at the past um very very often from that sorry at all from that lens um and i

know that's kind of like maybe an acquired skill it's something you have to train yourself for it definitely takes a bit of a different kind of like mindset it's not something that can just happen overnight especially if you're someone who always kind of like looks back at the past and regrets things um but that's how i personally i guess got over it so to speak and i mean the funny thing is is that some people may think it's easy for me to say that now because of the position that i'm in but really i mean in in i guess like 2017 even though like eth went up a lot and i didn't but i didn't have much eight back then so i didn't actually make much money in 2017 and then all the money that all the paper gains that i had made evaporated in 2018 i didn't sell anything like i

just held it um i held it all the way down no no from the top to the bottom i didn't buy i stopped buying it like 300.8 in 2017 but still i held it all the way down then once that 300.8 broke i was like wow okay now i'm in loss against my eighth but i kept holding i kept my conviction that made it easier because i had conviction that this thing was going to change the world and this thing was going to be really big um but but even still like up until really up until late 2020 i did not have a lot of money uh i in march 2020 um uh the bottom of the bear market i will i had like low five figures of of a portfolio um i didn't really have much money at all because eth went back to like what 90

dollars um i was majority kind of like eighth um i had like and and there wasn't really much opportunity other opportunities to make money at that point so um yeah i just i didn't really have much money at all then obviously 2020 happened with with covert and stuff and that was kind of scary too i was still working at set and i was like wow okay are we going to be able to kind of like raise money to keep our runway going because we're an early stage startup what's happening with covert very very scary time for everyone i think at least in the initial couple of months there but then d5 summit happened and i wrote a lot of defy up that was another opportunity that i was able to see it's like i was always worried because i was like damn it you know it's going up but

i haven't bought enough and i haven't got enough money how else am i going to you know kind of like get to the point where i want to get to and that's what i did i i kind of like um played around with defy summer i bet on new things there i invested in new things but i also grew my personal brand as well and i got really involved eth was born in the bear market late 2018 ether was launched i launched the daily uh in in mid-2020 when the ecosystem was still tiny even though the bull market seemed to be coming back i mean ethel in mid-2020 was still like 300 bucks or something and then i launched the youtube channel as well and things like that but all the while i was building up my personal profile getting involved with things getting becoming an advisor

to projects and then i only started angel investing in september of last year uh because you know or september october because before then i i just didn't have the opportunity to do it i didn't have the money to do it and then it kind of like snowballed from there so i would say that uh i kind of like they're they're dealing with the regret of not getting into crypto sooner is by realizing that there's so much opportunity left there's so much kind of like um there's so much kind of like opportunity left both financially from the investment side of things but also socially and we're still i know it's again i know it's a kind of meme but we're so early so so early still guys like the the market valuations can get ahead of where the tech is and they normally do like very much so but the

thing is is that you have an opportunity to be part of a movement to be part of a revolution that is the biggest in human history i truly believe this it is bigger than the internet is bigger than in the industrial revolution it is bigger than anything else in history because it not only touches technology it touches money and reinventing money is not something that we have done in uh in humanity for a very long time like money has always been kind of like this bit more of the same uh i i'm more of kind of like the same thing essentially controlled and especially over the last hundred years with fear just like complete garbage now we have a chance to basically have a free market for money have a free economy a free and open economy completely open source worldwide global settlement layout secure no one

can can tamper with it centrally um and you know and to think that we're at like kind of like the late stages of this is preposterous we're in the earliest stages of this there's so much stuff to build so much stuff to do so much money left to make if you know what to invest in if you place your cards right so much social capital left to left to kind of like uh obtain so many so much things you can do for yourself you can change your entire life by getting involved with this ecosystem even even today working for these early stage companies working for these doubts getting involved as much as you can and all it takes is your own decision you don't you know you've got no one else no one else is responsible for this it's your own personal decision and that's the

decision that i made in early 2018 to stick around and it changed my my whole life in more ways than i ever even imagined so i would say that's how i kind of like deal with it and to be honest i don't even think about it anymore because of where i am today there's no point thinking about it no point dawdling on the past no point dawdling on things that you regret you can't change it you've got to just always keep moving forward and that's how you do it so yeah i know that got like really deep into the weeds and really personal there but one of my goals with the daily guay and with what i do is to inspire other people to follow the path that i took and to forge their own path as well and to change their lives with ethereum and crypto

more generally and if i can help just one person change their life i i've done my job right i've done what i've set out to do and there's been a lot of people that message me over time that i that i help them a lot and that's what i really appreciate and that's what keeps me going so yeah hopefully uh that kind of like gives you an answer to your question but also adds a bit more color there for for you to kind of like have a think about all right uh one here from benny who asks regarding ecommerce do you see the future of the checkout process is just connecting your wallet metamask or whatever and signing and approving a transaction is there a good solution that you know of for this now the current crypto checkout solutions are a bit fragmented lastly do you think l2s

will take over this space um i guess like to answer your last question first i do think l2s are going to be where all this kind of like commerce stuff happens um and i do think it's just going to be very very simple kind of like signing and approving transactions uh it's going to be all abstracted away from the end user it's going to be literally the way it is today with centralized payment processors uh so yeah i envision that that's just way because it can't work any other way at scale like you can't expect someone to go jump through all these hoops at scale because they just won't it's just because we're early still there's a lot of kind of like um hiccups with it but there will be an l2 or multiple l2s that kind of scale this as pure payments and commerce

infrastructure and i believe that that um everything will be extra abstracted away all right uh next question from tim gabe here who asks what have you done in order to put yourself in the position to take part in early investment rounds for projects like imx zk sync etc i can see how your position as a domain expert influencer helps a lot but do you have any actual actionable tips on what one would look to invest time into in order to be able to take part in early stage annual investments within crypto um i mean you kind of like sort of alluded to it there the the way you get access to these early stage deals is by adding value um you know as an annual investor it's not by adding value through money but it's by adding value through social capital so obviously i have a lot

of social capital right i have a lot of twitter followers i have a lot of people that listen to me and watch my stuff i have a big audience i have a big reach if i say something if i kind of like put a spotlight on something there's a lot of people that are going to hear about it but i also have experience with um you know marketing uh community building brands building things from xero have a lot of network in this space have a lot of connections in this space and that's why i'm brought on to to kind of like um these projects so that would be what you need to get to if you wanted to partake as an annual investor in things um and the second requirement would be that unfortunately you need to have a net worth of a million dollars or more to

actually invest in these things because of accredited investor laws so those are the two parts to it but i mean uh the the thing is is that you can have that net worth but not have the social capital and it's not going to get you far because as i said when you're an angel investor they aren't looking for your money they're looking for your alignment and for your help on things that they're kind of like the vcs can't give them and what vcs can't give these projects that i can is massive reach massive network massive kind of like visas have their own network but i have like a very crypto native ethereum native network obviously you know i'm i'm i hate tuning my own horn but i'm pretty sure i'm the most well-known person in the ethereum ecosystem um besides like vitalik um and like obviously like there's

others out there as well like uh ryan um david and uh dc invest i mean there's a few of us right but i would say like i am definitely up there as a top as one of the most well-known people and that's another reason why i'm brought on and also have like a lot of experience growing um things from xero uh marketing community experience a lot of reach through ether deadly way of course stuff like that so um in terms of like actionable things that you can do i mean i i can't it's hard to say but i would say that just like you need to build up your personal brand you need to build up your connections your network uh that would probably be the easiest thing to to do but uh i would as i mentioned like the reason why you know i'm brought on as an

angel is because i like i have a big name in the ecosystem and to get to where i am it took a long time it took many years it's not an easy path uh but if you want to go down that path you can it's just going to take a while unfortunately it's it doesn't happen overnight that's for sure all right uh last one here from pepperoni nissan and then i'll and end of the ama for tonight so do you think there could be other applications for blockchain other than define nft gaming is it possible to use blockchain as a database for anything web 2 or not so i would say that the web 3 movement is kind of like about i mean web 3 is kind of like a catch-all term right now but let's talk about something like decentralized social media

that's not going to run on a blockchain it just doesn't make sense for it to run on a blockchain what will be stored on a blockchain will be the state so the state being user accounts um user actions stuff like that you know all basically the the user profile and all that sort of stuff but the actual kind of like website and the actions and and kind of like the features and everything they're not going to be stored on a blockchain because it's going to be too cost prohibitive to do that i mean especially on ethereum l1 but they could be stored on something like a volidium for example where it's very very cheap to to kind of like just put your proofs on chain and then store all your data off chain i'm sure like a validium construction would make sense um but like beyond decentralized social

media there's tons of other uses of blockchain i mean if you're looking at it for supply chain stuff there's enterprise stuff there's kind of like privacy protocols as well that can kind of work there um but you know i think that we've only really scratched the surface of the use cases of this technology i think that the the new technology coming out in terms of like the layer twos and the scaling tech will actually dictate what other apps get built i'm very much looking forward to seeing what apps get built here excuse me sorry i'm very app very much looking forward to seeing what other use cases and apps that we come up with but i think for now you know d5 nfts covers a lot of it and and is what works right now um but then uh you know in the future decentralized social media uh you

know that web three stuff dows supply chain stuff enterprise stuff that's gonna play a bigger role as we scale i believe all right i think that's gonna be it for this ama everyone uh unless anyone's got any final last questions i'll give it 10 seconds and then i'll just end it there all right well i think that's it for today so thank you everyone for listening to the ama as i said this has been recorded you can check this out on youtube within 24 hours if you came in late it'll be time stamped you'll be able to go and listen to everything there the next one will be held in two weeks from today uh but on that note i'm gonna end it so thank everyone i'll see

you in the discord channel