EF Research team AMA, Erigon roadmap and more - The Daily Gwei Refuel #522 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of The Daily gray refuel where we cup latest news in the ethereum ecosystem I'm your host andreasana and has the 12th of January 2023. all right everyone let's get into it so apologies for missing last night's or yesterday's refuel everyone as usual I announced that in the Discord Channel that I was going to miss it and it was due to some technical issues that I needed to resolve and then I couldn't get them resolved in time before I ran out of time to record a refuel so apologies for that but I will make up for it today with a longer than usual episode and let's start off with the ethereum foundation AMA that took place on Reddit uh yesterday actually so this was an AMA between the ethereum foundation research team and the community this was the ninth AMA that they've done and you can

actually go all the way back they're all linked here in the Reddit thread go all the way back to the first one in Jan of 2019 that they did and I think they've been trying to do these every six months since then or six to seven eight months since then um but it'd probably be cool to go back and see what uh what questions people were asking back in Jan 2019 as opposed today and where the ethereum ecosystem was kind of back then but anyway you can go read the ninth AMA for yourself I'll link it in the YouTube description below I haven't had a chance to read through it yet so I'm not able to highlight any great questions or or answers just yet but I'm very much looking forward to going through it myself because just scrolling through you can see all the really long and

detailed answers that the researchers gave so definitely go check that out of course I'll link it in the YouTube description below all right so Terence from the prylabs team had another eip-4844 implementers call a notes thread on Twitter yesterday which you can go check out I'll link it in the YouTube description below I won't go through the whole thing but one thing I did want to point out is this tweet in the thread where uh Terence basically said that the kzg ceremony is going live this Friday so it's coming a lot sooner than I thought it was remember I the other day I said we'll probably expect it in the next couple months well I mean we're expecting in the next couple days now which is pretty awesome to see so uh grants uh are open for people who want to write their own implementation or do

fun crazy entropy generation things and you can apply there but the kcg ceremony will be a lot will be live at this website here ceremony.ethereum.org and there are different uh kind of summoning guides here with different interfaces so they have an ipfs interface a hosted interface you can write your own uh there's an explanation about what this is and you can see the contributions here I think that was a test net contributions I'm not sure if they're if they're considered mainnet contributions just yet and there's an FAQ at the bottom as well so if you are interested in participating you will get your chance Friday is when it all starts and goes live so I'm very much looking forward to that as you guys know I want to participate as much as I can and I've explained a bunch about the kcg ceremony before so I'm not going to rehash it

here but if you want to learn about it uh from the horse's mouth so to speak you can go check out this URL uh or get this website I should say I'll link it in the YouTube description below all right so the next thing to talk about is something out of the Lido ecosystem they have a request for proposals up for an ethereum sensorability monitor so basically you can submit your proposal right up until Feb 28th here to build a monitor for censorship on ethereum and you can see here what the criteria for the grants uh includes and there's this is in order importance so they want to build something that tracks the current and historical metrics of service degradation for sensible transactions now I've talked about this in the past

about how depending on what transactions are being censored will lead to a different service degradation degradation for users so for example with tornado cash which is the only thing being censored at scale that we know of today uh the surface degradation there is not that bad compared to something like unisop it is something like units are being censored so for example with tornado cache you can still get your transaction in in around five minutes uh there will still be a validator in five minutes or less that will include your transaction on chain and that's totally be fine because there is no time sensitive things to tornado cash really at the end of the day it doesn't really matter too much if it takes you know one block or 100 blocks right but when it comes to something

like a uni swap trade you want that to execute as quickly as possible you don't want to wait five minutes uh because a unisop trade if I mean if you were delayed five minutes you could be uh front ran and there could be a lot of bad Mev happening there uh all the transaction could just fail so uh when you look at it like that the service degradation for users would be immense from that and not just uni swap users but everything else that relies on uni Swap and relies on those transactions going through in a timely manner uh you know a block or two so to speak would be severely impacted by that so you know lydo still wants to be able to uh get a current and historical metrics for this secondly they want something that tracks the impact of Lido and Lido's note

operators on service degradation which obviously makes a lot of sense because right now uh lighter is like pretty much all the other staking is service our providers they do support censoring relays such as flashbots which is only natural for them to do and because of the fact as I've said before like these relayers are working off profit and validators talking to them or working off profit motives so it's an incentives issue uh thirdly they want an API or preferably an open data set to work with which I guess is just natural to want that as part of something like this or a tool like this they want it to be maintained long term or likely to be maintained long term so it must be low comp it must have low complexity it must be low cost of Maintenance and other sources of funding are a plus to keep it

maintained they wanted to track the impact of Lido and lighters node operators to service degradation compared to the other staking pools and operators in staking pools were applicable applicable and it must be open source uh so this is just the criteria for the first grant and the first grant is 20 000 die but then there is criteria for the second and third grants uh which are ten thousand and and sorry ten thousand die and five times two thousand diagrams respect effectively which you can check out the criteria in the uh in the post itself which I'll link in the YouTube description below for you to do but the reason why I wanted to highlight this is because I think it's quite interesting that we're getting more of these tools coming up because you guys all know about mevwatch.info right and there are

other tools that track things like uh uh a flash sorry raider.network which tracks Mev boost relay usage as well but it doesn't track censorship whereas Mev watch.info does its best to try and track censorship on the network uh Mev boost.pics as well is doing a really great job there and the thing is one other tool that I've highlighted on The Recoil before that does a great job of monitoring all of this and you know they're tools that I use pretty regularly to make sure or to I guess like get data on uh the fact that we actually did top out with that censoring of 80 of ethereum blocks which we did I think it's still at 67 last time I checked of all blocks have it you know being going through censoring relayers uh and it's always good to have the

these tools to monitor this sort of stuff so we can actually know that the things that we're doing on the technical side are having an actual real world impact it's all well and good to say Hey you know we did this thing it should improve censorship resistance on ethereum uh but we need the supporting data to actually know that it's helping with censorship resistance on ethereum we can't just say it so that's one thing that Lido I think wants to wants to do as well and one goal of theirs is to be able to track it over time be able to see what technical improvements are doing uh and how they're how they're improving things so if this is something you're interested and interested in you can definitely submit a proposal for a grant here um but I'm sure they're getting lots of proposals for this already so it's great

to see lydo doing this initiative kudos to them for putting this out there all right so uh Aragon put out their roadmap uh into one picture for us to enjoy so this looks very similar to vitalik's just overall ethereum Road mapping how it's laid out and you can see here what it looks like for the Aragon execution layer client and there is a lot here actually so I mean I won't read out the I guess uh full roadmap but basically you can see that split up into Aragon Aragon 2 Aragon 3 and Aragon 4 uh which is basically different versions of Aragon as time goes on so Aragon 1 was was called turbo Geth uh originally it was before it was called Aragon it was called turbogath and it was a fork of Geth and they were trying to make it uh

be able to sink faster they were trying to especially when it came to Archive nodes and they had a lot of um a lot of success there and then Aragon 2 which is where they are at today uh and I think they're moving more and more away from being I guess like a Geth fork or their code base is changing a lot because they're modifying a lot of things and it looks less and less like Geth and more and more like its own clients and then Eragon three and four are currently in development are but in parallel so they're not out just yet but they're being developed in parallel what I find really cool about Eragon 2 is that they've actually been able to get an archive node down to a disk from footprint of under two terabytes now for those of you who don't know a normal

archive node uh is actually in the I think 15 terabyte range at this point and an archive node is used and like I've known in a full node give you the same security guarantees but an archive node is used for getting more data out of the ethereum chain so for example uh a full node will not give you the balance of an ethereum ethereum address or the eth balance of an ethereum address at a block in the past so for example if you wanted to know the balance of an ethereum dress at block number one uh you wouldn't be able to know that you would only be able to know its current eth balance now obviously etherscan gives you that data but either skin is using an archive neuro to extract that data so if you want to do it yourself you would need to run an

archive node because an archive node will give you every I get okay 10 what it gives you is every state of the chain at every single block and the state is obviously the balances in the accounts uh such as heat balances and token balances so that's what an archive node gives you and that's why the data um the data storage space it takes up is a lot more but Aragon has been able to actually get this disk from print down a lot now I don't know if that allows for the same kind of flexibility or the same kind of data that you can extract from a normal archive node uh but I believe it does I believe it just requires a little bit more processing power depending on which block you want to look up right so it's kind of I guess maybe it could be

called like an optimistic lookup where essentially you have it all available to you but then you pick which block you want to go to liquid pick which address you want to look at and then it will compute that for you I'm not sure right I'm just speculating here um but it's still very impressive that they've been able to do that and they've been able to get us the sync time down to 65 hours now in the past an archive note could take up to a month to sync it's a very long time right uh they've able they've been able to get it down to around 65 hours which is incredible and I'm really looking forward to what they're going to be doing with Aragon three and four here because their plans are laid out here on their roadmap diagram which I'll of course Link in the

YouTube description below but you can see here that the the goals of Eragon 4 especially are to get uh less than 20 hour sync uh at 20 million blocks we're not at 20 million blocks yet we're at uh I think almost 17 million blocks um and less than 1.2 terabytes of uh of disk footprint so obviously very ambitious goals but if they can achieve that I mean huge power to them I'd love that I love to see uh people working on different things because as I said before the whole point of client diversity on ethereum or at least one of the points is to have different teams working on different parts of the stack so to speak in different kind of features and making sure that we have something like Geth which is the oldest most robust most secure but not necessarily the fastest right get is not

going to sync an archive node in 65 hours it is not going to do it with a disk footprint of less than two terabytes but Aragon will and then nevermind is working on a bunch of their own features and there's Basu as well on the execution layer side right and these things are being built in different ways and that's another reason why client diversity or a major reason why client diversity is so critically important now you can go check out this roadmap for yourself I'll link the uh tweet in the YouTube description below uh but I think it's great to keep up to date with what Aragon and all the execution layer clients are doing because they're all going off in their own different directions and interesting directions which I love to see all right so something here that I've come across a lot on Twitter lately uh

from from this person in particular M hokasalo uh dot lens on Twitter I think I've talked about him before but he's been talking about this notion of the eighth burn being based on uh I guess like more organic activity rather than ponzis or you know some spam on the chain or some other such things that are flash in the pan and he's talking about it in the terms of eat being deflationary so consistently deflationary and the cool thing is is that you can see the burn leaderboard here over the last 24 hours of when he took this screenshot pretty much all of it is organic activity is is stuff that we're used to seeing like Open Sea uni Swap and and tether not some random

random scan Ponzi token not some uh kind of thing that's just chucking gas for the sake of it whatever else it is we've seen those before but the whole point of ethereum right is to build or I guess like any crypto network is to build sustainable application occasions that people are paying for because they're actually getting value out of it right it doesn't matter if the value that they're getting out of it is to make money from it that's fine but we want it to be sustainable that's the key there are tons of things that have happened over time that led to a lot of eth being burned but they're not sustainable at all right like all these Ponzi tokens and the nft mints they're not sustainable they're one-time events a lot of the time so and and obviously events like FTX blowing up that

volatility from that that's not necessarily sustainable it's not like a baseline so what we want to do is we want to get the Baseline of activity to the ultrasound barrier and I've talked about the ultrasound barrier before it's basically the gray barrier of when eth actually turns deflationary I think currently it's around 16 way and it goes up as more atheist is staked obviously but right now it's 16 way so if we can have consistent consistently the gas the average gas price at layer one B16 way based on organic and sustainable demand from the apps that people know and use and love uh consistently over time like maybe say six months so something then we can safely say that we've moved past relying on these I guess ponzis and these uh flash in the pan things to make

eth deflationary it means that ether's deflationary based on its organic and sustainable demand which of course is incredibly bullish I already think that Eve being near deflationary since the merge is is stupid bullish anyway because I mean on proof of work including the burn we would have issued 1.4 million eth since the merge uh it's been about four months since the merge um and then uh on proof of stake we've issued with the burn around 2008 so 1.4 million on proof of work to 2000 Eve and we've seen this the effects of this play out in the BTC ratio as I've discussed before and I think as the man keeps trickling back in we will definitely see that play out in the ethusd price as well uh and obviously we're seeing more eth B staked over time too because I

want to capture more of those yields because uh gas prices going up on layer one doesn't it doesn't just affect the deflationary ease but it also means hi uh potentially higher fees for people staking right block proposals uh the validators proposing blocks and then potentially higher Mev opportunities as well for that extra profit there and then more eth kind of being locked up in staking more if being staked leads to uh more being taken off the market which should in theory lead to a price increase which leads to uh more activity on the Chain leads to more interest in the chain it's like a flywheel effect right more uh more eth being burned more yield going to stakers more people wanting to stake eat and then we have all these other secondary things coming online like eigen layout which is

allowing you to restake it really is a beautiful snowball and flywheel effect once it gets going and I think for ethereum it has got going since D5 summer in 2020 and it really hasn't subsided that much yes we've had the craziness of the bull market and yes gas prices were consistently 100 gray for a while and then they came down they went under 10. now they're at around 15 but if we can sustain just the ultrasound barrier I think that's that's great I think that's enough and obviously really the gas fees going up on layer one isn't good for users but this is the beauty of ethereum the users of layer 1 are going to be layer twos so and the and the users of um of ethereum block space of cheap ethereum block space will be at layer 2 and all the users will sit there

and get value out of it so it's all happening at the same time we have the ultrasound um mechanism in place and we have the uh the merge done on layer 1 ethereum and then we have the explosion of layer twos and all their relevant activity happening at the same time so I really do think since I guess maybe the last two years especially ethereum has really been executing so well on all of its goals and everything that it's been trying to do not just that the protocol layout but also above that at layer twos and we have something really special for users to play around with now you get to basically hold it if you want steak eighth get exposure to it uh go on layer twos don't have to pay like lots of money in fees but the people who do and

who are comfortable with paying those fees on layer one ethereum still will and that will lead to each being burned it will it will probably lead to more eth being staked which should lead to appreciating in price so even the users don't don't get to use layer one because they're priced out of it they still get exposure to that uh I guess like burn and that usage via holding eth and um and they can still stake that Ethan they can still use it on these layer twos it really is just a beautiful system every time I think about it and really work my mind through it I think to myself ethereum is the only ecosystem that has this even anything close to this none of the other ecosystems have anything close to ethereum in terms of sustainable demand which is how this whole thing works without sustainable demand

everything else that's done breaks apart it doesn't matter if the eat Supply was capped it doesn't matter if we were um you know burning a lot more heat than we are today none of that that would matter right what matters more than anything is demand the supply side is obviously a big deal but if demand is zero right and Supply is negative it doesn't really matter because if there's no demand then no one wants it right so demand Trump's supply for in most cases I believe and that's what's beautiful about ethereum is that it it's still even during the bear Market had consistent demand and now with the prices just Rising a little bit we're not in a bull market or anything like that but demand has started to trickle in again gas prices are starting to go up again which is a really healthy way of seeing uh the the

sustainability of the demand as I've discussed before it's very hard to fake or I mean it's very expensive to fake uh I guess on-chain activity uh via fee Revenue because it costs you money to do so and you can't even do it um in collusion with validators because most of the eth gets burned anyway so you're just almost the money gets burned anyway so when it comes down to it demand trumps everything in most cases the Trump Supply in most cases but in saying that as well with too much Supply right you need need more demand so what you want is like a Goldilocks zone of enough demand to offset the supply and then some and that's how we get deflationary eth if you're talking about it from that perspective and that's how we get more valuable either time more valuable if the better it is as a collateral asset

the more stuff can be done in D5 the more secure the ethereum chain um is you know the better if is at performing draws in a lot more attention to it when eth flips Bitcoin it's going to be an absolutely massive event this is helping eth to flip Bitcoin right it's going to bring more attention to ethereum and it's that flywheel effect it's that beautiful kind of symbiotic relationship that all the parts of ethereum has and yeah as I said every time I think about it I get more and more bullish on ethereum but yeah just wanted to rant a little bit about a bit there bullish on eth as usual still buying you know even though the prices climbed a little bit kind of annoyed that the price climbed a little bit because I'm like I want more time to accumulate I don't know if it's

going to go back down from here or if it's going to go up from here who knows right I'm recording this before today's CPI numbers come out uh come out I don't even know if the market cares that much about that anymore as you guys know obviously I'm a long-term investor so these numbers don't really mean anything to me uh for the longer term investment that I do in eighth uh but yeah I mean it's just great to see that even with a little bit of demand coming back it is just basically still close to being deflationary since the merge uh and it is performing so well especially against Bitcoin which I think people don't you know some people say oh who cares about Bitcoin why are we measuring it against Bitcoin because the everyone outside of ethereum cares about these things right cares about these rankings and if eth

can basically prove that it can perform better than Bitcoin in a bear Market which it traditionally has never done nothing has performed well against Bitcoin in a bear market then I think that is at least with other flywheel effects which I've spoken out before but I won't go into it today uh but yeah anyway gonna leave that one at that moving on to the next update here from uh Jasper uh so Jasper from the rocketball community put a tweet thread tweet today saying uh eth finally breaks resistance rise right as rocketpool announces the new odar member being proposed and it's none other than coinbase through their Venture arm so this is actually pretty cool and surprising so there are two new potential Oda members being coinbase Ventures and unit 410. I haven't heard of unit 410 before uh but definitely

heard of coinbase Ventures now the reason why I find this interesting is one because it's really cool to see a big organization such as coinbase uh getting involved with rockapool as an odar member I mean as one myself it's great to have more of these um more of these legit players on board uh and on board in the rockable community but two it's actually quite surprising because coinbase runs a competing service to rocketball they run their own staking as a service thing right so the only reason I could think that they're doing this outside of Goodwill because I do think coinbase is a good player in this ecosystem is because they probably want to become more involved with rocketpool in order to double dip on their stake potentially so basically using this their stake uh in different ways with rocker pool maybe they spin especially

uh post uh lib8 or Leb 8 where you could spin up more mini pools mint.re and basically double dip on the either their customers are trying to stake with and get more yield like that that's the only thing that I can possibly come up with we'll have to see what they do there but I still think it'd be really cool to have them as an ODI member because coinbase's infrastructure is really great it runs really really well uh coinbase Cloud which uh um which a lot of coinbase cloud was acquire uh sorry was Aqua hide as part of Bison Trails which is a staking as a service kind of infrastructure provider that was acquired by coinbase turn into coinbase Cloud uh which runs all of this sort of stuff runs all the staking services and everything they don't just do ethereum they do pretty much like every chain

that every Big Chain at least that does staking so they're very experienced here coinbase has the best in class for custody right I know that I've always said to you guys you should custody your own assets but if I ever had to pick a second best place to put your crypto assets I it had to be like an exchange it'd be coinbase above everything else and there isn't even a close second here um coinbase has never been hacked on the custody side of things uh they've never lost any user assets and they have some great infrastructure for running validators uh already so them running an Odell node I expect them to run something that would actually uh participate uh quite well in The Rocker pool ecosystem and there is actually a big role as part of being an Oda member

uh where you have to generate uh do something called a tree gen so run this tree gen program every 28 days to calculate the rewards uh the rocketpool rewards uh there are an eight I think 50 of the members have to submit the uh tree gen sorry submit the output of tree gen in order for the rewards to be paid out uh and they're depending on the hardware that you're running uh will depend on the time it takes you to generate that tree so I get I'm sure coinbase is going to throw a lot of hardware at that to get that done nice and and quickly I my first attempt at generating tree gen actually didn't work at all because I only had 16 gig of RAM on my Odell box I and I was actually going to upgrade that the 32 gig but I

hadn't gotten around to it yet and then I came home and I heard my rocket pool note like fan going crazy I'm like oh okay why is that happening and then I went on and checked it and it's like okay tree gen's running and then I looked at the logs and and tree gen and what had happened is like tree gen had taken up so much of my Ram it basically hit its limit uh and my beacon node fell over but it fell out of sync which means tree gen couldn't run and it was just all pretty much broken but I have since upgraded to 32 gig of RAM I've run the 3gen dry run and it's all working fine and I think the next uh I guess rewards period ends in like six five or six days or something like that so hopefully it

works well there but there are other Oda members that also fail at generating the tree but as long as you have 50 that generate that um that output there uh the community is happy and I'm sure coinbase Ventures is going to be a great Oda member from that perspective but great to see this uh and uh I guess like kudos to uh the rockapole community I'm sure uh the rocketball team in community reached out to them in order to get is done or even if they were reached out by coinbase Ventures it's great that they're open to getting these sorts of Institutions on board in the Odell all right moving on to an update here from git coin they have some big news where they said we're excited to announce our git coin Alpha round starting on the 17th of January to the 31st of January it's a quadratic funding

round that will support three rounds 200 grantees and a 1 million dollar total matching pool and you can read more to find out here so I think this is like a mini round it only goes for uh two weeks here um and it's it's called the as I said the Bitcoin grants sorry git coin Alpha round here uh and the round categories uh consist of Open Source software ethereum infrastructure and climate Solutions uh and the round will work I mean it's all described here I'm not going to read it out for you guys uh but very cool to see another Bitcoin grants around going live uh oh looks like it's called a good coin Alpha round now I'm not a Bitcoin grants around uh because you guys know that kikuni is one of my favorite Platforms in the ethereum ecosystem I've benefited a lot from uh

other Solutions like Bitcoin grants or similar Solutions like your coin grants on both ePub and the daily way so you can definitely go check this out as I said it starts on the 17th of January so you do still have some time to learn the ins and outs uh but I'll link this in the YouTube description for you to check out below all right so something that I get asked often actually is a quick oh not not that often but like sometimes it depends on on what's Happening sometimes on Twitter there'll be a lot of fun about this particular topic and people ask me a question and I'll have to basically give them an explanation here um but the question and the context here is basically people wondering if polygon is still committed to scaling ethereum um or are they pivoting to basically

becoming their own layer one and only deploying their ZK stuff to the polygon POS chain for example that's not the case at all a polygon is committed with everything they have to scaling ethereum they have spent over half a billion dollars acquiring ZK teams to scale ethereum their ZK evm is going to be deployed to ethereum the polygon POS chain is something that they really want to change into a ZK VM that is secured by ethereum the founders are eth Maxis like I know that for a fact right uh at least some of them I don't know all of them but some of them right um they love ethereum they they've been trying to scale ethereum for a long time now I mean originally asthmatic Network

and now as polygon and to defend themselves don't just take it from me but to defend themselves the polygon ZK account here put out a tweet thread where they said polygon ZK teams are taking a moment to reflect on our core Mission scaling ethereum without ethereum there would be no polygon all of our ZK Tech is being built by and for the ethereum community that's where we started and where we'll end up and there's a thread here explaining some of that I should disclose I mean you guys all know this by now I think but I should disclose and I'm an advisor to polygon but I've been an advisor before polygon was cool basically right I joined the start of um of uh of 2020 uh 20 uh 2021 2021 yeah start of 2021 as an advisor or late 2020 I should say um and

I've been with them ever since and I couldn't be more bullish on the polygon ecosystem and more bullish on what they're building for ethereum and as I've said before I've defended the polygon POS chain that even though it's not a layer 2 on ethereum it is still worked to keep people in the ethereum ecosystem in the ethereum family on the evm before these optimistic rollups came out like arbitrary and optimism polygon POS was there as a as a relief valve for ethereum layer one and I do think that it has prevented a lot of people from leaking out to these other layer 1 ecosystems uh and staying within the evm family and staying within the ethereum family and on top of that polygon's business development efforts have have done wonders for the ethereum ecosystem I believe as well and I've said all this before but I just as I said I do get

asked rather often I mean I wouldn't say very often but rather often this question of is polygon still ethereum aligned basically and yes I can I put my full weight behind that every all my reputation everything I'll stay good on that right like I have no doubts about polygon being fully aligned to ethereum they love ethereum even though they cop a lot of from the community which I I don't like but at the same time I don't like to get involved with that because obviously I'm an impartial person in this I have a conflict of interest but yeah I can say that with all that I am I'll State my reputation on it which I have since I joined as an advisor that they are scaling ethereum and that's all they want to do anyway I'm going to move on from that on to the

next update here so stockware announced the release of something called Papyrus which is a new open source full node for starknet this full node will play a key role in improving performance and decentralization on the network so I believe this is the second uh full node for starknet so they're going for client diversity here which is really great to see so it's a rust implementation of a starknet full node um they're saying here here it will provide foundations for the new starknet sequencer which will dramatically enhance starknet's throughput uh Papyrus will help Advance performance and decentralization now that Stockman has achieved excellent usability these are its major development priorities and you can see them in this blog posts here so I'm guessing a Papyrus will be something

that end users will be able to run in order to participate in the starknet ecosystem as a sequencer if you want to maybe stake their stock tokens when they eventually come out and then earn rewards for doing that I'm sure that's going to be part of the process as well but great to see this because I know that optimism is also working on client diversity for their optimism Network I'm sure arbitrim is also working on it and it's a theme that's inherited from ethereum ethereum is one of the only ecosystems I believe or the only ecosystem that has client diversity at least to the extent that it has where it has like four or five executioner clients and I think five or six consensus layer clients uh no other ecosystem comes close to that I think there are some others that have one or two clients

um but uh that that are used at some kind of scale but nothing as close to ethereum has has gotten it uh and definitely not Bitcoin I mean Bitcoin core it really is the only client 99 of the network users so when it comes to client diversity ethereum is by and far the the major leader I mean there's no there's not really any close second here but as I said Layer Two seems to be inheriting this culture of client diversity from ethereum layer one which is extremely positive so great to see this from uh stockware today you can check out the blog post which I'll link in the YouTube description below all right an announcement from pull up that came out yesterday so they said today we released a new website which we hope becomes the go-to destination for

all things pop-up and you can obviously check out the website at pullup.xyz uh here it is I love this website honestly I love the art I love the playfulness of it I love the outline of it it just really kind of I mean look at that that animation is awesome right it really does feel like a website that includes you in what it's trying to do which is what pull-up is all about right it's about inclusivity it's about getting people together it's about rewarding people for doing certain uh activities right whether that be attending conferences or participating in different events uh or even something with something like git pop-up that's built on pop in order to issue uh Polish people that do work on GitHub and for different projects I love it right and there's a menu bar at the top here where

you can look at a bunch of different pages which obviously you can check out for yourself uh and then a what is pop right underneath it how does pop work links to the mobile apps and and who use is pop as well I mean it's a very nice landing page very nice website overall uh and I'm really happy to see them put this uh this out there that I think it's um seems to have taken inspiration from the ethereum.org website which is really great because I love the ethereum.org website uh but yeah kudos to part for getting this new website out I think it's great uh and kudos to the people who worked on it all right so a new money market protocol that I have come across uh yesterday or the day before called agena Finance or maybe the J is silent and it's called

Anna Finance I don't know you guys know my pronunciation of everything is terrible but they're released their white paper and they've said here you know what is this protocol uh well Anna is a lending protocol with no governance permissions or external price feeds such as oracles you can use it to borrow and lend against your entire portfolio including nfts so it seems like they're going after or at least they're competing with Euler Finance which I've talked about before and something like Nifty apes or astariar which allows you to use nfts as collateral so I only come across this two days ago I read I briefly looked at the white paper it just seems like they're trying to do both of the things that other protocols have kind of split up it remains to be seen how successful they are by doing that there are good reasons to split

these things up but Oiler has had a lot of great success with their model of um of their kind of like uh uh uh kind of catering to the long tail of assets uh for example uh and basically being able to use other third-party things as oracles like unisop for example which I think they pause because of the fact that uh the Mev block reorg issues but I'm not sure if they re-enabled that but that's what this protocol seems to be able to be going after and they're also trying to do it with no governance as well which has kind of become a little bit of a popular theme over the last maybe 12 months where it's become this theme of ungovernance uh and it was pioneered I Believe by reflexive Finance which is is rye and liquidy which is a

fork of maker without the governance but it and it it it I should say it kind of like remains to be seen how successful that will be because I don't think governance is bad I think too much governance is bad too much governance leads to Too Much overhead which leads to paralysis which leads to the protocol I don't really get anything done people getting pissed off too much bureaucracy a protocol not growing but I believe not enough governance leads to the protocol ossifying like Bitcoin for example so there is a Goldilocks zone here and I've used this term a lot what Goldilocks zone basically means that the zone you want to be in like the perfect balanced Zone that you want to be in I think ethereum is actually in that zone at least right now where it doesn't have

lots of governance there's no on chain guard evidence it's not like we're deciding on every parameter change or anything like that it's like we're deciding on on every little thing but it has a governance process the AIP process and it has a social layout which is very strong and enforces that and has obviously a network which is very strong and enforces that as well uh and and it's kind of like more of uh soft governance rather than hard on-chain governance and I think ethereum sits really well in that zone but no governance at all I don't think that that's going to work to grow our protocol over the long term I really do think that that a lot of protocols shoot themselves in the foot by going after a no governance approach but maybe I'll be proven wrong maybe it will be able to be

done I mean there are certain protocols that can work really well with no governance such as uni swap but then the funny thing is as soon as unisop introduced governance it turned into a little bit of a show right there was drama like unisop was fine in V1 and V2 and then V3 is awesome but they introduced some small governance into it and it immediately turned into a drama filled Fest and they're paralyzed now by it because the universe of human 30 wasn't used to governing ever anything uh and there are other reasons as well such as regulatory reasons but I think that uh you basically have to start with some governance at the start you can't just go from no governance to to some governance and then the gold Deluxe zone no I think you have to start maybe you you should start from like lots of

governance and then slowly remove it like ethereum did lots of governance and then slowly and slowly remove it more and more uh and and and it become I guess like more not ossified but like more of a homeostasis kind of thing I spoke about this the other day with with Domo these um uh I guess chat about this on on Twitter uh but that's how I view things there but anyway you can go check out this protocol for yourself I'll link it in the YouTube description below all right I'm running out of time here but there's one or two more things I need to get through one thing here from Sebastian who uh works at maker he put out a little tweet thread here where he said the weekly active sellers on coinbase Commerce remains low but steadily increasing this is economic activity using the blockchain I.E

organic Usage Now for those of you who don't know don't know coinbase Commerce is a point of sale system that uh different kind of I guess Eco Commerce businesses or even uh bricks and mortar businesses can integrate into their business to accept crypto and that crypto is automatically converted into their local fiat currency so you pay in eighth it gets converted to USD or AUD or euros and then it gets paid out to the merchant that way and this chart here on doing analytics tracks that and you can see it's actually been slowly increasing over time and this is only I mean most of this if not all of it can only be considered organic usage because you're organically buying something you're using this as money right uh and you're most of the time using it for

things like subscriptions the newsletters or buying uh physical objects uh or I guess like um buying digital objects as well uh not just subscriptions but other digital objects not nfts right different things uh because this is the the reason why coinbase Commerce is set up like this is because you need a way to bridge obviously the traditional Finance system and the modern system and also people want uh dollars if they want for their business they want a stable currency they don't want to hold Heath or BTC or some other thing that's obviously way more volatile than something like a US dollar uh and then uh Sebastian continues his Twitter thread with more dashboards which I'll link in the huge description below I don't want to go through them because I'm already way over time here but yeah I'll link this

in the YouTube description for you to go check out and finally here uh Lyra I got an upgrade uh yesterday so they've built an options amm that can integrate with any Perpetual exchange on any ebm compatible chain providing lower fees for Traders and better better Capital efficiency for LPS and they've got a blog post here uh talking about this upgrade which is called Newport and this gives you a primer exactly what this is so if you're interested in that you can go give this a read which I'll link in the YouTube description below uh but yeah that's going to be it for today's extra long episode thank you everyone for listening and watching be sure to subscribe to the channel if you haven't yet give the video a thumbs up subscribe to newsletter join the Discord Channel and I'll catch you all tomorrow thanks everyone