Dencun live on mainnet, Swell L2 and more - The Daily Gwei Refuel #748 - Ethereum Updates

Transcript

hello everyone welcome to another episode of delway refuel very cup latest news in ethereum ecosystem I'm your host Dan Zano and today's the 14th of March 2024 all right everyone let's get into it so the blobs are finally here Denon he been activated on the ethereum mayet successfully it was quite an uneventful uh kind of upgrade for those of you who are watching the live stream we were kind of going through the live stream agenda going through all the questions and and giving our own little presentations and then the fork happened uh and then we just continued on there was literally kind of no no Fanfare around that it all really everything went smoothly and again it's a test a testament to the work ethic and to the amount of I guess like um people that have worked on getting 4844 or blobs generally shipped to the ethereum

network it it has been a long time coming as you guys know it's been years of this that has been in development and it really is just the first step in a new era of ethereum scaling and I've talked about this at length on the refi before but blobs really just represent kind of the Prototype of what dank sharding can give us that's the whole point that of why it's called Proto dang sharting I mean there is a play on words there as well because one of the um people that came up with it is named Proto Lambda so was just a nice little play on words there uh but it really is it really is just a prototype of what um Danang shining can actually look like and then we're going to be progressively adding more and more things obviously with blobs we can increase the size of

them at different hard Forks if and when we need to uh but then we've also got things like peas or peer data availability sampling hopefully coming at some point maybe even in pectra could be you know as early as um early next year which again brings a huge scalability upgrade to ethereum because it means that not every node will have to store every blob and that brings with it uh I don't know what kind of like multiplier it brings but it brings with it another kind of maybe it's maybe it's an order of magnitude kind of um difference in in feia and and more scalability now of course I'm sure you've all seen the screenshots of people have been posting about the fees on l2s and how they've dropped pretty dramatically I know that I said for the longest time that we should just wait

until Denon goes live until blobs go live before we start looking at fees and start speculating about what the fees are going to look like but it seems like optimism's fee estimator was correct so you can see here had this tweet from Jesse poac doing a transaction on Bas so before blobs went live it cost 31 cents after blobs went live it cost less than a cent it cost 0.05 now of course as I said to you guys the fees would drop dramatically uh you know initially for blobs because we basically reset the fee Market to zero essentially as I've explained before the fee Market is separate to the normal L1 fee market for blobs so right now the L1 fee Market is 40 gay but for blobs it's considerably less than that probably one way or less um and then that reflects in the fees that are being paid on l2s here

so yeah I mean it obviously feels really really good to see Subs Cent fees on l2s because l2s are ethereum uh and it's kind of amazing that we can actually have that now even in the face of the really high fees on on L1 right like the um blob Market is not influenced by the L1 fee Market anymore which is great because it means that that's not influenced by the fluctuations in the L1 fee Market it's got its own separate thing and it's been purpose-built to host blobs so that's been really really cool to see uh in terms of support for blobs a lot of the l2s had support out of the gate pretty much like starnet and I believe ZK sync had support pretty much out of the gate op uh the op stack followed shortly after arbitrum is going live I think today by the time you watch

this re the refu it's probably already live and they also have their own additional fee reduction upgrades going live on March 18th as well we should bring fees down even further there which has been great to see now if you want to track the progress of fees on l2s you can go to uh grow the Pi's new tool here which I'll link in the YouTube description below but they're tracking the uh median transaction costs in US Dollars on different l2s and you can see here what what it was before blobs went live and then what it became after blobs went live now of course some of these aren't live yet you can see arbitrum obviously is not live yet uh um as as is not using blobs yet I should say but Bas is an OP main that is Stark net ZK sync and Zora all are uh

linear and and arbitrum still got to upgrade there but yeah you can see here that on op main Nets uh the median fee is like 0.7 stock net it's about 1 cent uh base it's about 0.0 02 so yeah substantial reduction in fees and it's just kind of crazy like the fall off that you can see here like look at that look at that fall off there like darket was first out of the gate and you got the rest of them falling off I mean I'll link this in the YouTube description below for you guys to to kind of check out here but I heard I there was an analogy given last night on the live stream about what this actually looks like you know what blobs actually are and you can actually imagine it as the entire I guess ethereum network is a Highway and let's

just say we have like five Lanes on that highway now what we've done by adding blobs we've added a dedicated bus lane to that highway so now there's six Lanes but five of them are used by the normal L1 transaction and then there is a sixth Lane which is a bus lane which is only able to be used by buses or in this case by l2s using blobs now l2s aren't the only party that can use blobs but I guess the bus lane in this analogy is is blobs right so that's why there's been such a substantial reduction here in fees now I do want to say with regards to fees I did put a tweet out where I said you know while blob enabled L2 gas prices are very cheap right now we can can expect them to increase a bit over time as demand for blobs increases this is

expected behavior and his wife 4844 is only the beginning blobs are an evolving primitive and are part of the wider dank sharding road map now I've talked about this so many times on the refuel and it's kind of funny because there's a bit of dunking going on on Twitter with people saying you know why are you cheering for blobs being so cheap you just know they're going to get expensive again at some point it's like okay for SLS yes I mean we do know that like or at least like a lot of people already know that maybe the maybe the people that don't pay much attention don't know that and two you know let us have this win like we actually just brought fees down substantially and we've already said this is just the beginning like this is not the end State you know this

is really just a prototype of what full dank shiding can kind of look like here um but it is true obviously that as demand for blobs goes up the fees are going to go up like that's just how any blockchain works as demand for Block space goes up the fees go up and we've seen this across every single chain that has ever claimed to have low fees you know originally ethereum had low fees like it was funny because back in the day ethereum was the low fee chain compared to bitcoin because Bitcoin fees were high ethereum came along and like had low fees then demand went through the roof and ethereum fees uh you know aren't low on on L1 anymore right um same happened with I remember Avalanche was uh was all about having cheap fees on their evm chain and then they went up

as well even salana fees have gone up right like I know they're still cheap like I'm not going to say they're not cheap of course they're cheap right they're subsense transaction fees a lot of the time but they've gone up from where they were like so if you started at basically free and now you've gone up to like maybe 1 cent or maybe half perent or something like that that is a substantial increase in fees and if demand keeps going up that means fees are going to keep going up and I know they're working on a bunch of stuff to to fix their their fee market and make things more orderly and and and you know it's great that they're doing that because we obviously want to see efficiency gains across the board in crypto here but the main overall point is that it's all supply and demand at

the end of the day and right now the supply of blobs is relatively limited we did that on purpose because we wanted to make sure that we didn't overload the network we want to let it bake for a bit and then of course we can increase the supply by increasing the size of blobs as time goes on while also adding Nifty Things like P Das or data availability sampling generally in order to greatly scale that by orders of magnitude which is just crazy to think about the fact that we've got you know many maybe not many but like a few more orders of magnitude uh increase in scalability left which for those of you who who can't maybe um visualize that or can't kind of uh put numbers to that that could that could be another 100x kind of scalability increase in the next couple

of years for ethereum here so we've really just laid the the groundwork with 4844 it's our base it's our uh kind of um I guess like if you're building like a skyscraper it's the foundations of that skysc we've put them in place and now the rest of the building can go up relatively quickly as opposed to the base we need to make sure the base was solid and that's what we've done with 4844 along with some of the cryptographic Primitives that came such as the kzg ceremony which is going to be really important for things like pias and for those of you who don't know what pias is you can Google it there's some research posts on it I've discussed it before but it's a p p r d s p dash you can Google it and you'll find the the research post there but that's also

coming so I guess the point here is don't be surprised to see that these cheap fees as they exist today are going to slowly creep up over time as demand increases as more l2s use blobs you know arbitrum isn't even using blobs right now so that that that's going to play a factor in it as well but I've also discussed this before and I've actually written about this uh I think I went back and I looked it's over 2 and a half years ago or maybe two two two two and a half years ago I wrote about this in the daily way newsletter where I called ethereum's design The Grand Design you know the rollup Centric road map I consider to be a The Grand Design of blockchains because obviously you guys know I'm a modular blockchain Maxi you know I don't believe in the monolithic

blockchain Vision as being long-term sustainable and all about the modular stuff um and back then even in that post even though some things haven't aged as well because uh things changed this time what goes on even back then in that post I basically uh uh kind of alluded to the fact that with the The Grand Design with uh the rollup Centric road map we basically get all of these l2s that uh get to kind of uh scale on their own you know um uh basically uh on their own as their own L2 scaling the execution side of things and then we we scale L1 through data Shing for the l2s and then because we're scaling for the l2s and the l2s are basically businesses on top of the L1 we can have a really orderly settlement layer because the way that l2s use blobs is going is not going to

be sporadic like people use the regular fee Market because one thing that I wish that ethereum had and is working towards is a proper multi-dimensional fee market and what that means is that each kind of um each part of the fee Market would be segmented into its own little bucket depending on the the the high level use case so obviously we have that now with blobs but that's just for blobs right and then it'd be nice if we had it for like other things within the uh you know other other op codes I guess so to speak or other parts of the fee Market uh because that would really improve efficiency across the board because right now outside of blobs the rest of the um fee Market you know the normal L1 fee Market uh that's not orderly at all it's really just random I mean it's

dominated by meev but it's not orderly there is just so much going on it's it's basically chaos whereas with blobs it is in I guess like all of the best interest of the l2s and it is economically incentivized for it to be very very orderly and because it's going to be an orderly uh kind of um you know transaction mechanism there and orderly fee Market it means that the fees themselves should be much more predictable and they shouldn't suffer from like massive spikes or anything like that just by the nature of blobs which is something that I'm super excited to see play out over time but yeah it's only been about not even 24 hours uh since Denon went live as I've said to you guys I want to see this bake for a couple of months before drawing any kind of long-term conclusions on

this but it is great to see the ethereum community be really really excited about the fact that we've dropped fees so substantially and the fact that this really is only the beginning it's just the first step there's more and more scalability increases coming now and the fact that 4844 really lays the ground workor for the rest of the Dank Shing brow map which is the way ethereum scales at the end of the day and I know that there are other issues we need to solve with l2s such as fragmentation um you know such as uh making it so that in the wallet you don't see like 10 different versions of eth across 10 different l2s I understand that like obviously those are user experience issues that we need to need to fix and that's being worked on in parallel that's the the powerful thing about the

ethereum ecosystem it's not a sequential thing it's not like okay we're going to do this now going to do that later and then we're going to do this another time no it's okay we're working on everything in parallel and then whatever looks like it is relatively ready for a network upgrade we're going to input that into into the network um you know during the next kind of hard fork and we've seen that play out obviously um over the last few years especially in the ethereum ecosystem but even outside of that outside of uh ethereum Network upgrades which obviously require a hard fork and massive coordination to accomplish we have all of the l2s doing their own upgrades to their networks we have all of the apps doing their own upgrades we have all of the interfaces all the other infrastructure so it's all working in

parallel in tandem just for the betterment of bringing everyone on chain into ethereum so I'm just loving uh seeing that there now in terms of tracking which l2s uh are using uh blobs here you can go and view this dashboard from Hill Dobby he's also got a nice little uh uh uh kind of tweet he put out today where he said six chains posting blobs so far and here is where each one started so he basically shows you where each uh chain started posting blobs on his tweet here so you can see here ZK sync went first I didn't know that I actually thought Stark net went first but ZK sync apparently went first here then star net um then op main net and base and then Zora and and mode uh came later here then you can go view this dashboard for yourself to see other

details on this there's also other things in here such as blob fees per hour blob submitters you know uh uh blobs posted and so on and so forth which is really great to see that uh there now there's another tool here you can use as well called blob scan.com which I think I've covered before this will show you a bunch of different metrics around blobs you'll be able to search for blobs and kgs and stuff like that check out the stats like the various different blob metrics here it's got uh a really cool stat I saw just before I think uh I don't know if it's on the front page here uh but basically there were there were metrics around like how much uh fees were Sav Saed or how much kind of I guess like oh no I think it's on the front page yeah yeah

total transaction fees saved so that's obviously going to build up over time but it's going to be interesting to see what that looks like but I am actually really curious to see how The Blob Market kind of evolves over the next few months and if it does reflect an orderly kind of market like I think it's going to reflect because there's no reason for it to be a market that spikes up and down because it's it's expected about what's going to be posted to the the blobs right we already know it's going to be the data from these l2s from these rollups I should say so we like just like we don't it's like basically the opposite of the normal L1 fee Market where we don't know what to expect I mean you can have reasonable assumptions that okay well if the prices of assets

move violently then we can expect a lot of MAV Arbitrage to happen we can expect an uptick in things like sandwich attacks potentially we can expect uh an uptick in liquidations uh we can expect an uptick in just overall transaction activity but when it comes to actually kind of having any any really kind of certainty around it yeah it's not really something that we can have certainty around whereas with blobs we can because they used for a very very specific thing here so uh yeah but I think that's the last thing I had uh to cover with regards to blobs but just want to say again a huge huge Kudos and thank you to all of the people who worked on getting 4844 to mayet it was a huge lift over the last couple of years especially there were teams working on it from everywhere you know ethereum Foundation

all the ethereum client teams um and you know their respective uh kind of companies that they work for you had coinbase obviously a huge part of it as well um you know with their whole base initiative but they were one of the first players in this and all of the independent people that worked on this and did analysis on this and all the people who built infrastructure around it you know all the people who were building metric tracking tools like blob skan obviously Hill Dobby as well as I showed before grow The Pie as well like L2 beat as well with their da page that they've got up that I showed yesterday there two many people to thank but I just wanted to give a heartfelt thank you to everyone because this was the biggest upgrade since the merge it went so flawlessly so smoothly so it was so

boring but at the same time we like that we like that it's boring because at at the end of the day we don't want anything exciting to happen during a hard Fork because it means something went wrong and obviously we don't want things going wrong so yeah just wanted to again say huge kudos to everyone uh and I guess like to all of the people uh watching and listening to my episode today you obviously are onchain users so I hope you are enjoying the cheap fees I know I am I've done a bunch of things on chain since uh denk went live and I'm really really enjoying the cheap fees honestly it just kind of breathe a fresh kind of like breath of fresh air into ethereum again and I actually put a tweet out today where I said that it this uh 4844 blobs they

basically act as like a stimulus package for the ethereum economy when it really needs it because I can't think of a better time for blobs to go live because we're obviously expecting a lot of new people to come into the ecosystem over the next I don't know however many months this bull market lasts for maybe another year or something like that and they're going to want to have cheap fees they're not going to go to ethereum L1 and use ethereum L1 and obviously there are other l1s that they can use you know salana is very popular right now with with the meme coins and things like that and that's what retail really loves so you know people go there but like the thing is is that obviously eum are competing with with salana so now that I I think they're on basically equal footing here in terms of what they're

able to to kind of service or what users they're able to service here that's debatable I know someone's going to call me out for that and say no they're not on equal footing they still have multi- and they still have um have kind of centralization and centralized sequences and it's like okay guys like it's one step at a time and also that's orthogonal to fees I think when you when you really kind of think about it there but I'm so tired of all those arguments at this point all I want really is just to see more and more people come on chain I want us to do it in a s safe secure and sustainable way I want like I want us to build these things in that way and I think ethereum is doing that in space like it's just doing it so beautifully the rollup Centric row map

is is really taking shape now and we've turbocharged ethereum uh from today and I just can't wait till we get more of uh the upgrades coming to to blobs such as pias and other such things like that I'm very very curious to see where that leads us but I'm also curious to see how quickly fees start getting expensive again on blobs and if we could do maybe like a I don't know maybe we can do like a hard Fork outside of Petra where it's like just a a blob specific Fork where you basically say okay we want we want to increase the size of blobs let's do that or maybe in a few months we decide to increase the gas limit because we we've noticed that the network can handle the increased load of blobs um and people are okay with increasing the gas limit by like 50% or something like

that which should help overall with scalability uh as well there but anyway that's enough about blobs last thing I wanted to mention here is that I don't know if optimism heard me yesterday but I was complaining about the fact that they don't have fraud proofs on on their Network yet and it's been such a long time and I really want them to have fud proofs as part of the op stack here while Calvin fcta who works at optimism Labs or op Labs said that they're going to be shipping permissionless fraud proofs to the op sapoia test net in 6 days so great to see that honestly I mean obviously that's just test net that's not mainnet yet but test net is the first step towards mainnet so I hope that mainnet is coming shortly after that but as I mentioned yesterday I do believe that uh the op stack is going to

be able to choose from both fraud proofs and and ZK proofs and it's going to be interesting to see which uh which kind of um proofs that they decide to go with they being the op stack chains because right now ZK rollups are still more expensive because proving costs are very expensive so they're more expensive than optimistic rollups right now and you can actually see that reflected even post blobs as I showed before I mean I showed you on the grow the P website oh where okay the the the website that I was looking at is crashed okay it's crashed here but on the on the grow the P website you can actually see here that you know for an average transaction cost on uh on starnet for example is around uh three 3 cents yeah and an average transaction uh cost on uh on Zora is uh

0.04 cents I don't think this was updated though that's why I I'm bit disappointed that the site actually died here because I wanted to show you guys what this kind of look like here but I mean you can go look at it for yourself when the s's back up but yeah ZK is the proving cost is still quite quite uh you know quite high so that means that they're more expensive not that much more expensive but they are but that's going to come down over time too like that's not a that's not a long-term block or anything like that but yeah I'm very curious to see how long after these fraud fault proofs go live on sapoia or op sapoia how long until they go live on mainnet here all right I'm going to yeah that's it for everything L2 and blob related two last things to talk about

with regards to ethereum staking so two major announcements so first one comes from ethery so they published this post uh titled staking is just the beginning where they basically step through their medium to uh yeah maybe longterm I guess like more medium term road map of what they're actually planning to launch here so their vision is to develop a suite of three integrated products steak liquid and cash over the next 12 to 24 months the first product obviously being stake it's the first liquid native staking uh sorry liquid native reaking solution which made it easy for users to restake their eth on IG layer a lot of you have probably already uh kind of used that there the next product which is launching on March 18th is called liquid which is a managed defi strategy Vault that deploys users eth e e or w into

defi to earn the highest quality rewards with manag risk that's pretty cool that's actually a pretty cool product cuz I know a lot of people um have want to take on more risk and they want to get more rewards for their sted eth well now e thei is basically just bringing that in house and saying you know what we'll have a managed Vault and we'll do it for you guys so very cool there and again disclosure I'm an adviser to e thei guys uh as you guys know just forgot to say that before uh and then I think this is the most interesting product that they're actually coming out with though over the next 12 months they're going to be deploying something called Cash which is a real life spending account that allows users to spend and borrow against their ethery balance in the real world that is

something that hasn't been done before at scale I don't think uh maybe not even just like at scale but even outside of scale um you can see here that this is going to include a mobile app NPC wallet that connects to users ethery account and a credit card that users can load with their ethery balance and they said to support this our plan is to create a payments L2 with built-in handling for payment disputes and many other features that are table Stakes for consumers when it comes to C comes to payments cash is in the very very earliest stages of development and will continue to evolve over the coming months that I think is the coolest thing that they announced to be honest because not only are they building a payments uh kind of app backed by your eify account balance uh but they're also building an L2 to

manage all of that within the eify ecosystem I'm not sure what L2 they're using or what kind of I guess um L2 framework they're using I'm assuming they're going to use they're not going to use their own they're going to build their own from scratch maybe they use like the polygon cdk or the op stack or maybe even in arbitrum orbit L3 or something like that we'll have to see what kind of happens there but yeah that one there is is probably my favorite from from the three here in terms of uh in terms of products but you can go check out their full announcements I'll link in the YouTube description below but kudos to to eifi for kind of outlining this road map because I think it's really exciting for people to to get to read this and see what they've got cooking because ether fire is not

just your average liquid reing protocol they have a lot of stuff they're working on and a lot of stuff up up their sleeves uh as as time goes on here now speaking of staking last up here is an announcement from swell so they were teasing an L2 last week and I last week or the week before uh it probably was last week or maybe even earlier this week and I speculated that it was an L2 they didn't tease the L2 yet but I speculated in saying okay I think this is an L2 and I didn't have any kind of um inside knowledge on this you guys know I'm an advisor and investor in well as well but I didn't talk to them about this I didn't actually know that this is what they were going to going to do here so it was it was kind of a surprise to

me as well but they yeah they building a L2 for reaking so they say here sw's very own ZK evm powered by polygon cdk and built in collaboration with igda and ALT layer uh and will be underpinned by Chain Link services to help Kickstart dap adoption so you can read the full announcement post uh here which I'll link in the YouTube description below but the fact that they're building this on polygon cdk uh uh with sorry with polygon cdk is really bullish I think because it means they get to plug into the AG layer or the aggregation layer of the polygon ecosystem and as you guys know that is the interoperability layer that's going to be sitting basically at the base of all of the polygon cdk chains and basically allow interoperability and composability between all of the polygon cdk chains uh

and that means that if you're on uh you know any of the chains within the polygon ecosystem you can tap into swells L2 and still use the same balance across all of the other l2s as part of the polygon I guess you could call it super chain or or something like that right which is very very cool here um so I thought I thought this was a good a cool announcement because because obviously staking on L1 is very expensive even as a like a just liquid reaker it's not it's not just only for solid staking and things like that but obviously rocket pool is is is is also expensive but then you have other options to stake with these with these platforms you can just buy the LST uh which you can already do on l2s but then if you want to actually stake with these

things and not just buy the ls you actually want to be part of the ecosystem and stake with them then it becomes you know quite expensive so getting an L2 uh spun up and being able to plug in that and being able to do it all with cheap fees is the way forward here so yeah I guess like uh congrats to swell uh for I I don't think this is live yet no it's definitely not live yet uh but congrats to well for for for kind of announcing this and working on it I know it's probably been a long time coming for you guys uh but it's great to see that the ethereum staking ecosystem is not slowing down at all and the various kind of staking products are looking to innovate way more than I think the previous ones kind of have I mean not Rocka pool Rocka pool has

really innovated a lot I think Lio as big as they are have been slow to innovate I would say they're innovating on different kind of I guess like uh products than the other ones are they they're moving slower just because of their size as well but this is what I meant by you know when I said ages ago that competition breeds Innovation breeds uh you know better I guess like solutions for end users and that's exactly what we're seeing here within the staking space and the reaking space as well as the L2 space too as I just talked about all the blobs with all the different l2s of course but now the Stak is staking ecosystem is getting involved with l2s so s just kind of blending together here and I do think that within like it's going to take a little while for it all to come together you know

very nicely but I do think over the next few years we're going to have such a really nice composable interoperable ecosystem within ethereum of all these things and then you won't have to worry about high fees anymore guys it'll just be like low fees for every user with interoperability with composability that is really the holy gry here and it just so many things are being worked on it's kind of hard for me to kep keep track of even though I do a deadly show it's still hard for me to keep keep track of everything happening uh there but but yeah again like you can check this out from swell I'll link it in the YouTube description uh below for you to do so there now last up here before I finish up today's episode just a brief comment on the markets you know it's always

funny when things happen like for example Denon going live and then the eth price goes down uh and then suddenly people are like why did the eth price go down we just shipped enun it was a major you know uh it was a major upgrade it's the biggest upgrade since the merge doesn't the market realize this you know why is e going down and other coins are going up and so on and so forth well I'll be the first to tell you after many years of experience in the crypto Market it is one of the dumbest markets ever like ever it is such a dumb Market it doesn't work based on fundamentals over the short to medium term especially it works based on attention memes you know shelling points what people think are going to happen people aren't think aren't isn't going to happen um and then

there are there is this concept of like a sell the news event where essentially because you know obviously people are making noise about denune people bought e and they're like okay well it's live now let's sell the news you know that narrative is over because it's a narrative trade for a lot of these people over the short term and they okay the narrative is over let's move to somewhere else and that's why you see these things happening so I wouldn't really put any stock in it to be honest like guys I mean if you're watching the refu you obviously know that we're all about the long term here like I really wouldn't put any stock in it eth is still worth almost half a trillion dollars in market cap guys it's not a small asset by any means um and just because some other random assets go up

and down randomly other days doesn't mean anything for eth guys their Market is a random wall of of just like stupidity really and and it doesn't it doesn't make sense over the short to medium term but over the longer term you I mean you hope a like it makes sense it does for the most part but there are still some things that slip through the cracks that just is the nature of markets and at the end of the day when it comes to things like meme coins I know a lot of you guys you know confused about mem coins like why are they going up so much I actually view memec coins as just like the complete distillation of what makes a market tick which is attention like if you'll notice pretty much all of the things that go up a lot are the things that have a lot of

attention whether good or bad it doesn't matter as long as they have attention now when you have attention that brings with it scrutiny as well and that's why you see like a lot of the like a when a project gets a lot of attention suddenly people start futing it suddenly people start bringing up all the negatives about it but when it comes to a meme coin there's not really any negatives you can bring up I mean it's a meme like you look at the dog coins you look at something like Pepe like it's a meme it's just a coin that represents a meme you can't fud it because what are you going to FUD about it are they going to say oh this is stupid meme coins going up it's like okay cool it's stupid like we all know it's stupid but hey it's it's a game that people are playing um

and you're bringing more attention to it by calling it stupid and that's all you can really say about it you can't fight anything else because most of these things some of them do but most of them don't have road maps nothing like that it's just like they exist they have a you know a dog logo on it or they have like a Pepe logo on it or have something else on it and people like to play those games they like gambling games people like to make money on them people sometimes feel like it's the only way they can make money in this ecosystem because a lot of the other opportunities are definitely more Insider base with VCS and and and stuff like that in them so I totally get it from that perspective but yeah I mean when looking at the markets guys like just try and

blot out the short to medium-term stuff unless you're playing in it if you're trying to play in it then yeah you have to pay attention to it but if you're a long-term investor like I am you know you're buying ether the longterm you're not expecting eth to give you like a a 10x return next week right you're expecting eth to be slow and steady growth it's a story of value it's more like a savings account uh that goes up in value rather than getting eaten Away by inflation like a normal savings account with Fiat um then something that you dejen on that's the whole point of a risk curve you know eth is one of the lowest risk assets you can buy in crypto right next to BTC and then these meme coins are some of the highest risk you can buy in crypto but hey with high risk

comes High reward that's just how these things work so anyway I'm going to end it there I didn't want to ramble too much about the markets but I just wanted to clarify things for you guys focus on the longterm ignore the short-term noise it literally is meaningless because it's just Traders trading narratives trading lines on the chart it says nothing about the fundamentals and tying the price action to the fundamentals over the shortterm is a quick way to make yourself feel like crap but anyway on that note I'm going to let my I'm going to leave it at that for today so thank everyone for listening and watching be sure to subscribe to the channel if you haven't yet give it a thumbs up subscribe to newsletter join the Discord Channel and I'll catch you all tomorrow thanks everyone