Dencun shadow fork, ETH 2024 bull case and more - The Daily Gwei Refuel #709 - Ethereum Updates

Transcript

hello everyone welcome to another episode of the daway refuel where C the latest news in the etherum ecosystem I'm your host Anthony s and today the 20th of December 2023 all right everyone let's get into it so actually before we jump into it today I just wanted to mention that I think there will be a rug fuel tomorrow so I think I will miss tomorrow's episode tomorrow being Thursday because I am going to a Meetup in Melbourne that will probably go uh bit a bit late so I probably won't have time to record a refill tomorrow uh I should be fine to record one on Friday so no rug fuel on that front there but I'm giving you guys fair warning here uh most likely tomorrow there will not be a a refuel um but I I should be back on Friday there but anyway let's jump into

the news from the last 24 hours so we have a tweet here from Terren who works at uh who works on the prism ethereum clients saying girly Shadow fork for denb and Cancun so yeah I mean girly was Shadow forked for uh for essentially Denon which is uh obviously the um denan Cancun names there and you can see on the door of the Explorer which is the block Explorer here for the shadow Fork everything seems to be running quite nicely we have partici uh participation rate up near 100% basically and um I think all the I don't I don't know how many I don't know if all the clients are currently on this um on this Shadow Fork right now but you can see the different combinations here you know Lighthouse GE Nimbus WTH I mean even WS there which is really cool to see Lighthouse nethermind

Etc and Etc so yeah it seems like the shadow Fork has gone quite nicely there obviously this isn't the fork of the actual test it's just a shadow Fork we do these for main net as well but essentially the fact that it seems to be going nice and smoothly is a good sign it means that we should still get that uh Fork of girly of the girly test net in early January and then obviously onto the other test Nets uh and then Shadow Forks in between of course of of main net uh and then onto actual main net deployment uh probably still in in March April as I've mentioned before there but if you want to go check out this Explorer for yourself I'll link it in the YouTube description below but just good progress being made on getting denune to main net of course and as as I

said to you guys uh Denon isn't the only thing that's happening on the core Dev front right now they're hard at work on Petra which is the next ethereum upgrade I'm hoping that can go live next year as well like let's just say towards the end of next year but obviously we have to see um see what uh what eips end up going into it you know what the lift is there what the load is there but generally things seem to be moving smoothly but yeah you can go check this out I'll link it in the YouTube description below for you to do so all right so super fiz has been getting together a bunch of people to run an obal distributed validator client here or distributed validator stack here as part of a squad staking initiative so he was doing this with nine other people

so he got nine other people to join him to do a 10 person uh distributed validated cluster here using ob's technology now I covered this I think a couple weeks ago when Obel went live saying that you could get have up to 10 people obviously each of you would put in 3.2 eth and you'd all run the full nodes and the validated clients on your own machine and be part of this cluster so this is really awesome to see it was a really great initiative from Super Fe I didn't put my hat in the ring because I didn't want to uh kind of uh I guess like spoil the bunch so to speak I wanted super fuse to be able to recruit people that haven't done a a cluster before and maybe haven't even run a validator or a full node before on their own kind of Hardware here because this

kind of squad staking here is how we get more people to be validators right get more people to be node operators uh and I'm already a note operator like I already I'm I'm I'm a huge note operator like I'm a power user so I didn't throw my hat in the ring for this some you know a couple people ask me it's like are you going to join super Fe I'm like no I don't think so because of the fact that I wanted him to recruit uh in particular new people that hadn't done this before now I don't know if it's named here uh basically who joined him I think maybe super fiz has a tweet of some of the people that have joined him here or some tweets about it but I'm not sure exactly where it is I mean you can go to his profile and probably probably

find it there but it was just a great initiative here shows that yeah if you have you don't even have you don't even have to have nine other people to do this with as I showed you can do this with a minimum of like I think two or three people or something like that I can't remember exactly what the minimum is and you can obvious obviously the biggest barrier to entry is still that Capital cost if you do it with uh two people uh for example I don't know even know if that's possible I think it should be possible but if you do it with two people it would be like 168 each right and then you you you keep going down from there the more people that you add but by doing it that way you all get to run the instance of the validator and

you all get to run a full node you all basically get to be a node operator which is the whole point here is to is to allow for the node operator to become more distributed and more decentralized because even if you're sharing a validat instance you're still running a full node right you so let's say there's there's 10 people as part of this cluster all 10 of those people will will be running a a full node and they're all contributing to the decentralization of the ethereum network they're all uh B basically doing this hopefully not in the cloud I mean I'm sure some of them will probably do it in the cloud but hopefully a lot of them are doing it at home as well but regardless of that that's the whole point of keeping the validator and full node requirements um really low right that's that's the

entire Point here because it essentially means that you can offer the ability for anyone to run these things on consumer Hardware right on Hardware that doesn't require you to put it in a data center it doesn't require you to spend thousands and thousands of dollars on it or even more and then the running cost as well on top of that now of course the tradeoff in the way ethereum is designed is that it doesn't have much capacity on L1 so fees are really high all the time basically and this is I think what a lot of people miss about blockchains generally is that you have really two ways of doing it as a as a layer one you can either limit yourself like what Bitcoin and ethereum has done in order to maximize the amount of people that can run full nodes that can run

validators um in ethereum's case obviously in Bitcoin it's it's minors but let's just let's just say full nodes here um or you can do it like some other trains have done it which they just crank up the the you know the requirements for hardware and that way they're offer offering cheaper fees but it's it's much more difficult for someone to run a full node or EV validated because of that right so it's just a trade-off at the end of the day and obviously ethereum went with this trade-off because ether is scaling via a layer 2 or rollup Centric road map where essentially ethereum as a layer one becomes basically a a B2B layer where where the businesses um are the layer twos they buy block space from ethereum layer one because they can afford it and then they onell that block space in a much cheaper fashion to uh to regular

users so the layer twos are the user facing layer and obviously you guys know this already but I figured it was worth reiterating uh obviously because there was a lot of discussions lately around this around which model is is sustainable or better I still have 100% confidence that the modular road map the rollup Centric road map is the is the the most sustainable model uh for the long term and when I say longterm I'm talking like five plus years out guys I'm talking when we see lots and lots and lots of uh adoption whether that be humans or Bots it doesn't matter I'm just talking lots and lots of activity on these things uh I do think the modular roow map is much more scalable because it can offer cheap not only cheap fees but free fees as well and it can do it in a much more sustainable way

where it doesn't have to subsidize things because also on these um on these other chains that offer aot lot of space uh what ends up happening is that you need a lot of activity on there to make up for the uh issuance that you're paying out to for the inflationary rewards that you're paying out to people that are running the powerful Hardware to run the network right so it's again it's just a trade-off space here and you know I don't like when people make this binary where they say one thing's better than the other and and and state it as fact like I State my beliefs right I believe the modular road map is much more sustainable over the long term I believe it is the better approach but I'm not going to state that as a fact you know I could be completely wrong on

this right I mean obviously I don't think I am but I could be completely wrong on this and then have people in the other Camp who think that the modular road map is is broken that it's you know fragments liquidity and it's not inter interoperable blah blah blah right it's not sustainable where which you know I believe is not the right way to think about these things because at the end of the day I do believe it's just an engineering problem to be solved uh the interoperability uh issue uh and also the fragmentation issue I do think that that is a very short-term issue in the grand scheme of things that will get solved and I do think some of these other chains that are trying to scale all at layer one will end up pivoting to a more modular road map just because it

makes much more sense not just from a scalability and sustainability perspective but also from a social perspective you know and also from an experimentation perspective because I think what a lot of people forget is that the layer 2 road map allows ethereum to be a much more experimental ecosystem than it otherwise would like imagine if we were just scaling layer one well then everyone would be at the behest of the layer one road map right it would be the behest of how slow layer one moves to upgrade it that people would only be able to use the v m whereas with the layer 2 row map these layer twos can move as fast or slow as they want they can use any technology they they want they don't have to use just the evm yes a lot of them are evm right now but there are plenty of other

ones that aren't evm that are that are online and coming online soon obviously starnet has been on online for quite a while now then you have others I mentioned fluent which is doing WM stuff uh obviously Eclipse which is bringing sana's virtual machine over to ethereum so you wouldn't get that if we didn't have the rollup Centric or L2 road map right you wouldn't be able you wouldn't get that experimentation there and that to me is ethereum strength is that it's always been a really great experimentation playground a really great place where the you know all these new and innovative ideas are born out of and that's been ethereum strength and it continues to be ethereum strength with the layer 2 road map but yeah I went on a bit of a rant there about layer 2os I think it is very topical lately to talk

about these sorts of stuff because I think a lot of people are having doubts about ethereum's modular road map and whether it's actually going to be as good as we think it is and I'm not one of those people definitely not one of those people who having doubts about that I do think that is going to be and it is amazing as it exists today but I do think it's going to get exponentially better from here and I do think that there is room for definitely uh you know other attempts and other other other kind of um I guess like approaches here but at the end of the day like I feel like sometimes I have to explain to people that I'm not playing the you know short-term 2 threee game here I'm playing like the 10 plus year game whenever I talk about these things and I

say the term longterm I'm talking F at least minimum five years um and and all the way out to 10 plus years uh because I am only interested in supporting something that I can be a supporter of for you know decades to come I don't like changing things just because um just because the the the thesis didn't work out in the short term or the thesis is taking longer to play out and with ethereum it's it's also become a kind of habit for me too because with ethereum it's taken long to do everything I mean proof of stake was promised in 2017 and then it took until 2020 for it to happen right so I'm I'm used to waiting for things in ethereum but up until now ethereum has been able to deliver all of its promises uh and obviously there's a lot more promises that get made and and

and we still have to deliver on those but I've never been more confident in the ability for the ethereum ecosystem to deliver on that and that is the heart of why I'm bullish on ethereum and people are bullish on other ecosystems because they think they can deliver as well and that's totally fine there's nothing wrong with that but I think that gets lost in the I guess like playground or nut housee that is crypto Twitter uh and other kind of social media platforms but anyway enough on that I'm going to move on from that one there so the latest EF ecosystem allocation update is out so this is for quarter 3 and I I um cover these whenever they come out each quarter and it's basically the ethereum foundation giving away a bunch of money to a bunch of projects you can go check out all the

projects that have been supported I'll link it in the YouTube description below but the total amount that was given out for Q3 was $9 million it is usually around like the $9 to to $12 million Mark here and there are so many different projects supported here you can see all from different categories such as community and education cons sens layer you know ZK proof stuff like that but if you want to go check out all those projects for yourself you can I'll link this in the YouTube description below uh for you to do so there all right so speaking before about running I guess like full nodes and validators on Lower powered Hardware the ethereum on arm Twitter account is one of my favorites because it's always showcasing just how low powerered you can go with this stuff so you can see here they have twittered this is a $189

arm64 board running two ethereum L1 plus L2 synced nodes at the same time yes both L1 and L2 node so they're running gu and Nimbus on L1 and op uh optimism or o op uh mainnet and and bases clients on L2 so you can run full archives staking L2 nodes on consumer Hardware this was ethereum's goal since day Zero and that really I mean that really encapsulates it right this has been ethereum's goal since day Zero it's been something that we've been steadfast in not compromising on and it really is at the heart of what makes a blockchain special and at the heart of what actually gives blockchain its value in in my opinion I know other people have different opinions on this but really at the end of the day like uh when you're building a blockchain and when you're building something that's trying to be

you know truly decentralized you want it to be as easy for someone to verify the rules of the system as possible because if they don't if they don't have that ability you know they don't have to verify it's not like I'm saying that every user needs to run a full node OB and obviously with light clients down the line this is going to be a lot better overall but light clients still rely on full nodes obviously we need uh people running full nodes at home to keep the network decentralized but really if you're not able a to run your own full node that means that you're not able to verify the rules of the system for yourself which means you're de facto trusting someone else to verify those rules for you which in the most extreme case means that essentially you're just reverting back to what we have today

because today in the centralized e ecosystems especially within the centralized Financial system you're literally trusting that system including everything that goes into it like the government and the regulatory bodies you're trusting all of them to essentially tell you the truth about what's going on not hide from you what's going on and we've seen this fail time and time and time again that's the whole reason crypto is is a thing it's the whole reason Bitcoin was was invented to basically make an open source transparent you know verifiable by the every everyday person Financial system here and yes it comes with trade-offs like as I said like the fees on layer one are going to be high because of this right this just a trade-off that exists here but I think that trade-off is worth it as long as we can scale via other you know via other means which we are doing

via layer 2os but yeah I mean this has always been the the the kind of at the heart of it for me if you can't verify the rules of the system for yourself then you are de facto trusting someone else to verify those rules and as I said I don't expect everyone to run their own full Noe or anything like that but the ability for someone to do that is the most important thing and as you can see here you can do it on very very cheap Hardware still and as I've said before this is running full nodes this is not running validators obviously to run a validator it takes an eth you know to run a solo validator you have to put up eth but to run a full node is free all you need is hardware and an internet connection and obviously electricity

right but in terms of a capital uh requirement you don't need any eth to do it you don't need to put up anything as collateral you just need to run it on your you know basically your existing Hardware on your home PC on your home laptop whatever it is uh and yeah I mean the other kicker is it needs to be online 247 if you want to stay in stink with the network but in this day and age when we have like you know highspeed internet everywhere well not everywhere but in a lot of places around the world of course and and also this day and age where Hardware is is really really really cheap uh it's very easy and and you can get like these little boxes that just sit on your desk it's really easy to run these things and just keep them

running uh and the cool thing about running your own full node is you can actually use it not only can you verify the rules of the chain you can actually use it as your own RPC which means you don't have to trust a third party RPC now and you can just use your own and relay your own transactions to the network so that really is the heart of what makes ethereum uh really special and what makes blockchains special uh in general here all right speaking of Layer Two got a bunch of things to talk about with regards to them today so optimism published a Blog po a blog post all about their super chain ecosystem so they said here in the title of the post is preparing optimism for the super chain future now for those of you who need a refresher on what the super chain

is it's basically the concept of many many many different chains built on the op stack many different rollups basically being able to interconnect uh uh with each other as part of one big super chain so essentially a chain of chains of chains because ethereum is a chain of chains which are the L 2s and then the super chains are the chain of chain ch right so it chains all the way down really but obviously the benefits of this are interoperability you know you know removing removal of the fragmentation uh keeping people in one ecosystem as well without fragmenting the attention to and there's a few of these uh kind of super chain things happening right now obviously op stack then you have polygon cdk zky has their own thing going on and I do think that these things are going to be the

ecosystems that get the most usage in the L2 space but there's going to be ones that aren't part of any of the super chains like for example dark net and scroll and stuff like that but they're going to still be able to interoperate with these other ecosystems through other means as well but anyway you can go check out this blog post from optimism I'll link it in the YouTube description below for you to do so all right so we have an update here from uh Rachel who works at offchain Labs on arbitrum stylus so she says yeah new St the next stylus test net Cuts fees by another 2.5x cryptography is 2 to four times cheaper VM acceleration is three times cheaper and 428 adds for every one evm add and we're not done yet uh and she says here as a test I ran an

unoptimized Library against our Styles VM it's over 5.3 times cheaper end to end than its solidity equivalent and even better if used as a library and it's trivial to deploy Stylus is still in Alpha just wait until we reach main net so just the refresher Stylus is uh basically arbitrum answer for people to build using basically any language they want other than solidity and compile that down to the evm so the cool thing about that is as Rachel said here they can lower the fees a lot more than what they currently have and this is true for l2s across the board they're going to be able to lower the fees so much lower than what they are right now you know not obviously uh 4844 is coming as well and like full DK shotting eventually but the l2s themselves can keep lowering their own fees through various different

means here uh and they're going to keep doing it guys like I mean at the end of the day fees are erased to the bottom really when when you're building something to scale uh a blockchain right whether it's as a monolithic blockchain or as a modular one when you're building something to scale the fees are always going to be eras to the bottom and as I've mentioned before the end game is really that users don't even see fees at all because the fees are so cheap that the apps and the chains are subsidizing it right they're still paying the fees down to ethereum L1 right ether an L2 but they're just so cheap on a per user basis that the chains are happy to subsidize it you know the funny thing is people people don't don't think about it in these terms very often but when you

think about it on like a per user basis let's say a per user fee is extremely cheap on these l2s to the point that it it's free but then you have a lot of these kind of um transactions paying these fees being done you know let's just say you have millions of transactions tens of millions hundreds of millions of of these transactions done each day well then you basically have the volume of fees be really high but the per user fee is really low now of course this is not an alto exclusive thing this is how the monolithic blockchains plan to plan to kind of like scale out their ecosystem right they want to keep fees you know as cheap as possible but also an aggregate feas is going to be really high which allows the network to become sustainable but I feel like ler 2s have a much better well I

know I I I believe I don't just feel it I believe that Leo 2s have a much easier path to doing this and a much more sustainable path to doing this than the monolithic l1s but remains to be seen how that all plays out over the next few years we'll just have to wait and see but great to see that um you know the cost reductions are continuing to come here for stylus and I can't wait for stylist to reach main it all right so liquidity frag M mentation on l2s has been a big narrative over the past few months whether people are saying it because they're just trying to fight ethereum or whether people are actually trying to you know work on the issues themselves uh generally it's accepted that it is a short to medium-term issue that will be solved and one of the ways it's going to

be solved is detailed here by aricon in his tweet thread today where he says in this thread we will explore based booster rollups bbr's and how they solve fragmentation and this is something that Tao has come up with and ER is actually Community Advocate at Tao and they posted about this all the way back in April I believe but on the eth Research Forum and there's also some Tao stuff that I linked in a previous refill but you can go to Tao's page and check that out there but this thread does a great job of summarizing how uh bbr's will actually solve fragmentation here so you can go check out the thread for yourself I'll link it in the YouTube description below but the tldr is basically that the rollups get to use uh the L1 itself so basically you can see here aricon defines a boosted roll is that you can

think of them as an extension of the L1 itself the booster rollup can interface with apps on the L1 and any rollup added can add a booster functionality but it makes the most sense to add it to base rollups like Tao and then it continues on in his Thread about what what the kind of benefits are of all of this and how things can interoperate the T you can interact with all your favorite daps regardless of the rollup you're using and this is what it looks like visualized as well you have rollup a and rollup B they're using the same based sequencer here which and and obviously they're go that goes goes to L1 and then everything is interoperable there so this is just one way that we can kind of like uh re uh I guess like uh I mean unfragment I should say things um and

and kind of like bring liquidity uh unification uh for l2s but there are multiple different ways I've highlighted polygon's way of doing things there's shared sequences there's um there's kind of a few other ways out there as well that I think I've highlighted on the refu before so as I said guys this is a short to medium-term issue this is not a long-term issue uh and it's going to get solved because it is obviously an issue the teams want to solve it and it doesn't require uh from my knowledge any changes to L1 to solve this issue so it can happen a lot faster than uh than it otherwise would because if you're trying to get a change into L1 that obviously takes a while I mean by the time denune goes live it'll be almost a year since chapella went live uh when we were

supposed to you know deliver it in like 6 months after chapella but that obviously didn't happen but that's what I mean by like L1 just moving a lot slower than uh than l2s here but yeah you can go check out aricon thread I'll link it in the YouTube description below for you to do so all right obviously there's been a lot of noise on I guess social media lately about uh and just like crap really I mean no it really is noise it's not signal at all but Jesse po put out a great like counter uh I guess um narrative to this today where he said for for what it's worth all the people H so Jesse poac is the lead on base by the way for those of you who don't know but he said for what it's worth all the people I work with are talking about

making smart wallets usable driving average L2 fees Le to less than a cent bringing l2s to stage two decentralization enabling L2 interoperability for seamless ux and making it dead simple to build on an L2 and then of course he says ignore the noise just build I think what ends up happening a lot in this ecosystem is that people pigeon hole themselves into certain communities right so you'll pigeon hole yourself into like crypto Twitter or you'll pigeon haul yourself into crypto subreddits or you'll pigeon haul yourself into what people are saying on YouTube and you don't kind of get that cross-sectional view of the entire ecosystem and I'm guilty of this myself as well I spent a lot of time on Twitter even though I I you know it's kind of funny how much time I spend on Twitter even though I hate like a lot of

the time I spend on there because it's just so much noise um but at the same time like I can sometimes pigeon hole myself into things as well or or maybe you just sit on Discord all the time and you're in one community and it becomes a kind of like Echo chamber of sorts too and I don't necessarily think Echo Chambers are the worst thing in the world but there is that kind of like um those negative externalities of them right where essentially if you're only paying attention to for example crypto Twitter all most of the stuff on there has nothing to do with what's being built it's just like a lot of speculative stuff a lot of DJ behavior and of course there's nothing wrong with that I'm not saying that at all but if you're interested in following along with like the de the Builder development

if you're interested in following along what what's happening on the fundamental level and with from the the long-term thinkers then you're not necessarily going to get that from crypto Twitter I mean I know that obviously I cover a lot of things on the refill I mean most of the stuff I cover on the refill is tweets and it's got nothing to do with speculation but that's because I curate this like I spend so much time on Twitter because I I I have to go through and curate this like the the the tabs that you see is the result of hours and hours and hours worth of curation here guys like I don't just like find these things I mean maybe there's a more efficient way to do it but I don't just find these things um within five minutes I have to go through it all and then I

have to decide which ones I want to cover you know so on and so forth right um but but like all this is to say is that like if you actually talk to the actual Builders and you actually talk to people in real life the trune is just so different to something like crypto Twitter or even like a subred I know people who spend all of their time exclusively on the cryptocurrency subreddit which I would actually argue is worse than Twitter for the you know signal noise ratio because it's just again Shilling of random things I mean I don't even know what their favorite coin is right now but they always have a new favorite coin like flavor of the month sort of thing and so does crypto Twitter mind you right but really if you want to have the most intellectual discourse in this space you talk to the actual

Builders right you talk to people with a long-term mindset you don't go talking to the speculators most of the speculators do not care about this stuff they only care about making money which which again there's nothing wrong with that but if you don't if you care more about more than making money then why are you going to go talk to the DJ and speculators about that right it's like me going to talk to them about the tech saying hey guys you know l2s are really cool and I'm I'm really looking forward to 4844 going live and then just going to look at me with these puzzled eyes being like dude what the hell are you talking about I'm I'm going and djenting on this new dogcoin like I don't care about that right and sometimes they'll care about it in if it's part of their

trade right they obviously shill it because it's part of the narrative but a lot of the time they don't even know what they're talking about they're like oh yeah you know 4844 is coming that means you know it's going to be bullish for Ethan L2 tokens and and they don't even know what 4844 is it just becomes a narrative right so when I guess like the point of what I'm trying to say here is when like looking at these sorts of things don't pigeon hole yourself try to expand your horizons here try to not kind of just focus on one one thing and try to spend time on different kind of platforms uh as well and if something's becoming too noisy for you probably a good idea to ignore that platform or at least reduce your time on it not obviously I need to follow my own advice

when it comes to to this because I've been someone who complains about crypto Twitter all the time but spends a lot of time on it but I think if it wasn't for the refuel I probably would have quit crypto Twitter by now I think I've said that a few times but maybe you know uh in at some point in the future I'm going to just like hire someone to collect all the tweets for me and all the content for me and I'll still do the refuel but I just won't expose myself to to Twitter anymore anyway going to leave that one at that got a couple more things to get through um so uh this Twitter account which I thought was quite funny it's it's um called 13-year-old VC in NY uh Works uh with with IG lay here just put together a really great great great

really great tweet summary of Igan layer so if you've been wondering what IG layer exactly is what people are excited about it how it actually works from a TDR fashion and a lot of the projects building on it as well you should definitely go check out this tweet I'll link it in the YouTube description below it just does a really really great job of summarizing it all and basically summarizes my bull case for ION layer as well so you can go check that out we'll link it in the YouTube description below for you to do so I just want to give a shout out here to this blog post from Jonathan Meyer talking about The Ether and this is a I guess like a discussion around the language that and usage and style for ethereum and a case to refer to the broader ecosystem more commonly

as The Ether in mainstream context so I'll link this in the YouTube description below but it is an interesting uh kind of exploration of language within the ethereum ecosystem and how we can evolve it to be more in line with what you know the eum system believes and and principles and things like that so definitely go check this out I'll link it in the YouTube description below for you to do so all right I've saved the best for last for today's episode uh and I'm going to leave you guys with a bullish rant before I rug you on tomorrow's episode but I put out this tweet that I spoke about yes on yesterday's refuel basically a titled it a modest bull case for ethereum in 2024 now this tweet basically just goes through all of the things that or not all of them but like

some of the things that I'm most excited about in 2024 and some of the narratives that I think people are going to latch on to when it comes to ethereum and eth in 2024 and I I want to go through each of them each dot Point here and just speak to a little bit of them but you can go check out the tweet for yourself I'll link it in the YouTube description below but basically the first point is the most obvious one here we have a possible spot e ETF being approved in May because May is the final deadline for a couple of the uh applications that have been put forward there obviously like as I've said The Narrative of the ETF is stronger than the reality and I think right now the market is actually when it comes to like trading Bitcoin the market right now is going

sideways because there's a lot of uncertainty around whether uh the ETF approvals is going to be a sell the news event or not even though it's bullish still there's just concern around that in terms in terms of the short term but leading up to it you know BTC went from 25k to 45k right so people will be speculating on that and if we're looking at on that for eth so if you're looking at it from a pure speculative perspective that should be you know should I mean it's not a guarantee but it should be good for for eth um and you know I think that chances of it getting approved are quite High I don't agree with people who say that the that it's it's a 0% chance I do believe it's quite High here but we're just going to have to see know wait and see what happens

there now the second thing is I layer going live or reaking going live and unlocking a major new primitive for ethereum now I spoke about this yesterday so I'm not going to rehash all of my points from yesterday but I do think that's going to bring a ton of new interest and demand into the ethereum ecosystem and into eth as an asset and then of course we have the continued eth Supply decrease from the Free Burn which is already at its lowest level since the merge and I mean I'm sure you guys have noticed gas frees on L1 have just been only lately I mean both from l2s obviously getting more usage and paying more in fees to L1 but also just L1 getting its own usage like people are still doing things on L1 a lot of inscription stuff happening you know those sorts of things but yeah we're at

the lowest level in terms of um e Supply since the merge and that's I mean if we are heading into a bull market right that's just going to get lower and lower and that I think is a really really great uh great narrative especially for E value acral um and something that plays out definitely over the longer term here uh and then of course we have the Denon upgrade going live in March and April with IP 4844 that's going to lower L2 gas costs I've spoken about that endless amount of times so I'm not going to rehash it there increased L2 adoption across the boards activi is already at alltime highs as I showed the other day uh non EVMS uh non evm l2s like eclips and fluence uh going live which brings in new types of apps and developers on top of that I would

actually say arbitrum stylus going live as well hopefully next year and it just brings in more more you know uh developers and new types of apps into the ecosystem uh the L2 ecosystem LED by a mutable will become the home of crypto gaming there is really no second best right now to a mutable when it comes to games they just have like this Powerhouse of games building on their platform now this is to say nothing about how successful each of the individual games are going to be but if you're actually going to bet on a gaming ecosystem you would bet on IM mutable and that's not me saying to go buy the IMX token you guys know I'm an investor in immutable and I'm not telling you to go buy the token or anything like that but if you wanted to like say or look at

which e which gaming ecosystem with in crypto is going to be the most successful I think immutable is is by far the leader right now because they've just been relentlessly building on this for years now and they have a lot of Integrations a lot of games on there um so I think that's going to be a huge thing next year um major ethereum projects will do their air drops and attract a lot of fresh Capital because of it I've dropped these kind of names before so I'm not going to rehash them here the wallet ux will continue to improve at a rapid pace and on board millions of new users to the ethereum ecosystem guys if you haven't used any other wallet besides metamask go please go use one of the other wallets I can suggest to you Tahoe rainbow Rabbi and Co even coinbase wallet I think coinbase

wallet's fine um but I I out of out of the other out of the other ones I think rabie is probably my favorite right now uh for um for desktop especially rainbow is probably my favorite Mobile Wallet uh and metam mask I mean I'm still using it as I mean I use all of these with as passrs but I'm still using it because I'm just used to it right um but yeah if you haven't tried anything but metam mask please go try the other ones they're so much better and I'm not trying to on metam mask here but these other ones are just so much better from so many different perspectives uh and the last Point here was that real world assets real world assets will continue to grow and bring more of the Old World Financial products on chain and I believe that's a trend that will

continue on ethereum L1 more than L2 because really when you're talking about cost TI if you're bringing on on chain a lot of these assets like a huge volume of these assets the gas costs are negligible to you um so yeah anyway that's that's a tweet I'll link that in the YouTube description below for you to check out but that's just some of the things that I think are going to be main bullish catalysts for ethereum and E heading into 2024 but then I also said in the Tweet just just to round this out I said uh funny enough even though ethereum has all of these catalysts and more the most bullish thing for eth is still just for eth to go up any experienced crypto participant knows that narrative follows price and when eth starts outperforming suddenly all of these issues that people have with

ethereum will disappear so really it becomes a self-reinforcing thing right these narratives lead to eth going up eth going up leads to these narratives getting stronger right and then it just kind of feedback loops on itself until eventually we blow off top and go into another bare market right this just the way things work in crypto um but anyway you can go read the full tweet for yourself we'll link it in the YouTube description below but I think that's going to be it for today so thank you 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 on Friday thanks everyone