EigenLayer mainnet roadmap, Devcon7 venue and more - The Daily Gwei Refuel #749 - Ethereum Updates

Transcript

hello everyone welcome to another episode of De refuel where C the latest news in etherum ecos system I'm your host and 15th of March 2024 all right everyone let's get into it so a big episode today you can see all the tabs that I have open in front of me there is a lot to get through uh before I dive into it just want to give you guys a reminder that there'll be no refuel next week on Tuesday and Wednesday the 19th and 20th of March as I'll be traveling to Sydney for some crypto policy events there uh attending a few dinners and and and doing a bit bunch of networking there definitely looking forward to it uh but yeah I'll be back on Thursday and there should be a refu on Monday so just giving you a heads up there but let's dive into this probably going to be

longer than usual episode today uh to round out the week here so you guys have had a break over the last few days from everything related to the eth ETFs uh but I'm sad to say that the break well not sad to say but like happy to say because I love talking about this stuff but happy to say that the break is over because we had some stuff come out today not really directly related to the E ETFs themselves uh but essentially what uh was posted was a um a letter here from two Democrat Senators sent to the SEC and Alexander grieve here who works at Paradigm shared this on Twitter saying that this Senator Jack Reed and Senator LEF fonsa uh I don't know her surname here lafonza Butler uh she he he and she basically put together this letter telling the sec's not to

approve any more spot uh crypto ETF products and they didn't I don't think they specifically mentioned Ethan here they did talk about BTC and how that was approved uh obviously recently recently here um but yeah they basically asked the SEC not to approve this stuff now for those of you who don't know as far as I can read Jack and Leons here they're both like not high ranking Democrats they're not like an Elizabeth Warren or something like that uh they're obviously still Senators but apparently they don't really have any political sway so people got thinking like okay why are they sending this letter to the SEC this doesn't really make much sense uh you know do do they actually just hate crypto or what's going on here and some people were coming up with I would probably call these some line conspiracy theories that the SEC actually told the

Senators to write this letter and to actually send it to them as proof that you know oh look the Senators don't want us to approve these things you know we're not going to approve them because as I've said to you guys before the SEC is in Checkmate right now and they're trying to find any reason they can uh to deny the ETFs and they're trying to like jum up support for denial of the E ETFs now if it is true which as I said this is borderline on conspiracy theory but if it is true that this is orchestrated in the back end by the SEC then well I mean must be truly desperate here right which just increases my bull case for the ETFs getting approved on on May 23rd honestly but regardless of that this was posted you can read the letter I'll link

it in the YouTube description below but then Nate jasi here put together a quote tweeted this and said you know where was this letter before the SEC approved e Futures ETFs or approved the BTC Futures ETF ETFs or allowed micro strategy to turn itself into a BTC ETF proxy or blessed the IPO of coin where anyone could buy Doge or allowed OTC trading of gbtc where gradar could buy a a broken product in an IRA and then he uh continues in another tweet where he said none of this is about protecting investors it's all about politics and I've been saying this for months now on the refill even like when the race was on for the BTC ETFs it's not objective analysis it's all politics and it's very sad what has become of these

institutions here like the SEC is a complete and utter joke like to me it has literally zero legitimacy left as an organization um I think that the only there's only like maybe a handful of people there that are legitimate or at least like I don't know all the people there but like at least the on the commissioner side of things Hester Pur obviously is is probably the most um most legitimate uh but there is another Republican commissioner as well that seems pretty Pro crypto but the two Democratic uh Commissioners and uh gensa who is the chief commissioner is also a Democrat they're very hostile uh towards crypto here obviously Towing the party line on this it's just right just politics it doesn't make any sense because as I've actually said on the refi before why did the SEC allow you know uh these products like gbtc and E

and other grayscale products uh to exist and be traded uh even though there were vastly inferior products I mean even just today the ethe discount widened to 18% again because people are now speculating that the EFS aren't going to get approved so the gray scale conversion won't happen until later on uh you know won't happen on May 23rd but will happen later on but like this these products have just been such dog for investors like they both traded at premiums and discounts but the SEC has allowed this allowed this to Happ happened you know uh they they approved the coinbase IPO and then sued coinbase over the stuff that they approved um you know in their IPO like it's just crazy right there's no consistency here from a purely objective view the consistency is really in the Democrats being hostile towards crypto now speaking of the

Democrats being hostile towards crypto uh Justin Slaughter also from the uh Paradigm VC team here put together a thread all about crypto uh crypto today with regards to how crypto is influencing uh opinion polls about uh the Republicans versus the Democrats specifically about Trump versus Biden obviously because this year is an election year now this tweet is the most interesting uh here where Justin said and now for something surprising crypto voters leaned to Biden in 2020 but now lean Trump among crypto voters 43% recall voting for Biden in 2020 and 39% recall voting for Trump now crypto support is Trump at 48% and Biden at 39% in a close election this swing could be decisive and I've said this on the refi

before that like a lot of these elections are generally pretty close and if it's close enough where a few thousand votes can swing things in different jurisdictions then this really matters this definitely really matters and this is something that I believe the Democrats could have an easy win on honestly approve the E ETFs stop being hostile towards crypto work with the crypto ecosystem to draft you know good legislation and policy and hey these people who vote for you uh you know as as Democrats they'll just they'll keep vote voting for you I I would actually wager that a lot of the people that have swung towards Trump now aren't NE necessarily swing voters but they're going towards Trump because they know that the Biden Administration is not friendly towards crypto right so it actually in my in my view and and based on the data here it seems to be having a

material effect and this is one of my bull cases for the EFS getting approved on May 23rd is that I figured that they the um SEC Gary gendler uh you know Elizabeth Warren the Democrats generally would wisen up and say okay well here's an easy win for us like here's something we can do to increase support for us on the crypto front like we can put the brakes on the anti crypto stuff we're going to prove the E ETFs right and that's just like an easy win for them now obviously I'm not an expert on politics I'm not an expert on the the undergoing of the the the ongoings of the SEC and so on and so forth but from the outside looking in and from the very outside I'm not in the US I'm an Australian citizen I don't vote in US elections but from the very outside

looking in I just I don't know I I see it that as like an easy win for them to do this because it would get them a lot of Goodwill just to stop being hostile here U maybe they haven't seen this data yet and hopefully they do and hopefully they see this reflect in their in their own polls so they can maybe take a step back and think okay wow we're actually going against the voters now we're going against what people want so let's like put the brakes on and be more friendly towards crypto here because this to me is the first kind of I think hard data that we have with regards to the fact that this could potentially influence the election in a negative way for Democrats if they keep on their hostility towards towards crypto here but you can read this whole threat from

Justin Slaughter it's great I'll link it in the YouTube description below and there was also another tweet here from Nate jassi sharing something that van said where Vanek said from a market perspective uh well sorry someone at Vanek said from a market perspective part of me believes that the market size for a spot eth ETF is potentially as big if not bigger than the spot Bitcoin ETFs uh you know that's a that's uh that's a bit much for small potatoes don't you think right um but I've always said this I've said that you know the spot e ETF will go live and then we'll get a staked e ETF later and within a staked eth ETF not only do you get the or within both the ETFs actually so with with the spot ETF what you get is you get spot exposure to eth and you get a

deflationary eth right so you're basically getting a stock buyback essentially uh because of the fact that eth I mean it's not a on to one stock buyback obviously ethereum isn't going and directly purchasing eth using a treasury or using its own cash but it works the same way where every time someone uses the ethereum network we burn like 70 to 80% of the fees there and that uh that leads us to a deflationary eth so with a normal spot e ETF you get exposure to that right and that can be marketed to clients of these ETF issuers like V for example then later on when a staking ETF gets approved not only do you get the deflationary eth and and the stock buy back but you also get a yield on top of that I'm telling you guys this product is something that trefi would absolutely

love to have in order to Shield to their investors like this there's nothing better than this like I I I can't begin to describe you how much the older Generations love yield like they absolutely love yield and it's not even just the older Generations younger ones too the ones that don't understand crypto or maybe don't want to take as much risk they love yield they love dividends they love stock BuyBacks they love this and like Bitcoin can't offer that like Bitcoin doesn't have staking there's no yield to BTC and it's not deflationary what BTC can offer to be fair to it is like an analogy towards digital gold but I don't think a lot of people really resonate too much with gold honestly I think they resonate more with uh productive assets and things that are more of a Tech play because eth is a Tech play as much as it

is a store of value money play in my mind and that can be marketed that way by these ETF issuers they can Market it any way they want but I believe that's they're going to do here so yeah the E ETFs even just the normal ones the non-st ones could potentially be bigger than Bitcoin ETFs if marketed correctly in in in my opinion here and I'm I'm glad to see vanex say that as well there and then the last thing on the ETF stuff here is just a tweet from Eric Connor where he was going back and forth with Paul Grell in a tweet thread Paul Grell being the chief legal officer uh of um of coinbase where he asked him a question for you if the SEC were to deny the eth ETF based on poor reasoning do you see a similar legal battle playing

out like BTC and Paul says one word yes now obviously we can speculate here on what this means obviously Paul believes that grayscale maybe not obviously maybe I am speculating a little bit here but I think that Paul believes that Grace scale would immediately sue the SEC over this like I I I strongly believe that the gray scale would immediately sue them but the more interesting speculative stuff here is if coinbase would sue them because coinbase isn't one of the issuers right but coinbase is very tightly coupled to the issuers because they are the custody provider and they've also done done their own analysis between the correlation between spot spot ETFs and Futures ETFs and they were in a meeting with the SEC just the other day alongside grayscale uh talking about these correlations and how they're

very tightly coupled and how denying the E ETFs based on a lack of correlation between Futures and spot wouldn't really make any sense so when you take that view and you look at what Paul's saying here how like amazing would it be I mean hopefully we don't actually have to go down this path but how amazing would it be if the SEC was to deny the the the eth ETFs and then they just get double sued straight away by coinbase and gray scale like that would send an extremely strong and powerful message uh to you know basically all of the crypto ecosystem but also to those agencies that it's not just grayscale it's also coinbase that is willing to stick up for themselves and keep in mind there is an active SEC case against coinbase right now as well which I've long held the belief that coinbase is going to win uh

based on you know the arguments that they present in court or maybe it just gets thrown out as well because it's a baseless case against coinbase uh but it's interesting to see uh you know if that becomes reality now obviously I hope that it doesn't because I would just hope that they approve the ETFs and we can stop speculating but I'm speculating here and I'm speculating that if they were to be denied coinbase would also sue the SEC uh based on that 100% think that grayscale will do it but yeah I think coinbase is actually uh another party that would do it here even not as an issuer they would sue over the fact that hey you know you made the wrong decision here based on the law you know we're going to fight it such and such whatever cuz coinbase actually has a lot to gain from this too uh not just

from the custody perspective but but when the Stak eth ETFs eventually get get approved cre base would probably be the majority player that Stakes the eth on behalf of the ETF issuers clients right so they'll do the custody and then the staking at the same time and they'll be able to make fees from staking as well as their custody services so when you look at it like that coinbase has so much to gain here and also they're building a layer two on ethereum like they're all in on ethereum so they have as much to gain here as anyone else when it comes to these e ETFs being approved but anyway that's enough on the ETF stuff again today moving on to some uh core Dev related stuff so there was an all core devs call that happened this is the first one post dencon they obviously

discussed everything got to do with denune on the call and everything around it such as uh you know how the fees dropped how blobs are going initially obviously hasn't been very long but how blobs are going so on and so forth uh you can read Tim biko's thread for a full breakdown of this I'm just going to quickly go over this uh there was also discussions about EIP 3074 which I'll get into in a sec which is the account obstruction EIP uh there was uh a lot of discussions around that actually and then there was discussions around inclusion lists and I think that there is a little bit more noise being made about Max EB or max effective balance I don't know if it was on this call but I'm seeing core devs kind of pick up chatter around Max EB which is great because if for those of you who watched

the denune live stream the other day I actually shielded Max EB on there I I to directly to the court of alpers I was just like guys like I really think that maxb should be prioritized for pectra hopefully we can get it done and get it shipped because I think it would be a huge net benefit to the network so so I'm not going to take credit but I'm glad to see more more people talking about it uh there but you can check out Tim's thread I'll link in the YouTube description below but uh Erp 374 so this is the account abstraction EIP that has been talked about for quite a while a lot of people want this EIP to go into the network because it basically superch charges uh normal eoa accounts or externally owned uh addresses so oh sorry externally owned accounts which is

basically a normal ethereum address so when you just create a normal address in metamask for example that is what we call an EA or an externally owned account whereas there are other things like smart contract accounts which are part of smart wallets such as Argent for example um and you know I think coin Bas has their own implementation a bunch of other wallets as well but with uh Erp 374 we basically supercharge EAS with abilities such as the ability to do a um a token approval and a swap in one transaction instead of having to do it across multiple transactions so there's stuff like that but it also enhances the the the user security but don't let me butcher the explanation of what it is Dan Finlay from metamask put together a thread on EIP 374 that you can read it looks like this is getting a lot of

momentum here and you can you kind of see like what the um what the what the benefits uh what the benefits bring here like you can do like batching transactions sponsored trans transactions appr proven call which is what I just described delegation so on and so forth so this is a a pretty pretty awesome EIP there are some concerns around it that's why it's taking so long to ship but it is gaining momentum so you can go check that out I'll link it in the YouTube description below for you to do so all right moving on to an update from Igan L now this is a big update today this is their road map towards uh their enan layer main net here so uh this has been a long time coming obviously IG lay has been in the works for quite a while now you've got

Igan da also going live uh with with Igan ler here and there's all the details in the thread which I'll link in the YouTube description below but the I guess like roll out's going to be in in phases so the final test net is going uh to launch very shortly so on the hosy test net um before the mayet deployment uh there is a contract PR coming up uh gradual operat registration for operators on the network IG da launch will happen with a throughput of 10 megabytes per second that's huge guys like 10 megabytes per second is absolutely massive to give you some context here of uh what what that kind of compares to when it comes to something like like blobs so blobs were a massive upgrade but in terms of what blobs you uh what what the blob through

put is uh blobs are I think 32 kiloby per second like a big upgrade but I da is 10 megabytes per second now of course is offchain da it's not equivalent to ethereum Da uh you know but as I've said before I think IG da is going to be one of the most kind of secure because it it uses or will use a similar note operator set to ethereum as well as using restake e to secure itself obviously uh that Economic Security is a big deal there uh and then the main net launch will be completed uh after that there now in terms of timelines here I didn't see any timelines on the tweets and on the blog post I'm not entirely sure last I heard I think it was around Q2 and I can't remember where I heard that I don't know if if I heard that uh privately or

publicly so maybe I'm leaking a bit of alpha there but it seems like I think they're targeting Q2 for launch here um and and maybe I I I I I saw that privately so again yeah maybe I'm leaking some Alpha here but it's finally time guys for Igan Leia to launch now in terms of I think that obviously everyone's expecting there to be a token because of the points I don't know when that's going to happen uh maybe it happens when they launch maybe it doesn't I don't know so I don't think they've actually even announced their token yet to be honest like even though they've said I mean even though they're doing points campaign everyone assumes they're going to have a token they haven't announced it yet as far as I know but this is just the road map of how they're getting to mainnet and how

IND da is coming online and I can't wait for it honestly guys like this is a new era for ethereum as much as I guess like blobs are as much as obviously the merge was because reaking as a primitive is is massive I mean we all know this by now it's just a massive primitive it unlocks so many new use cases for ethereum and it really starts the reaking era of ethereum and we're going to have a lot of cool stuff happening obviously a lot of risky stuff happening a lot of concerns that we're going to address over time but it's all happening very very soon so you can go check out this from igen layer I'll link it in the YouTube description below for you to do so all right speaking of road maps Obel announced today uh or introduced today their R&D road map for Obel the

distributed validator protocol so they say here the DB protocol will be the foundation for a credibly neutral trust minimized infrastructure layer for ethereum so as I've said to you guys before Obel is not just a piece of infrastructure that you can plug into your nodes or do Squad staking with it is also going to be a network so Obel 2.0 is going to be called the distributed validator protocol uh or or you know sometimes known as OB V2 uh it's a research and specification effort started by Obel and nethermind for a middleware specification for distributed validators so you can think of this as something like a chain link chain link is considered a middleware for ethereum because it provides oracles I know chain link is a lot more than middleware but you know traditionally if you just looking at chain link as an oracle provider rather than the lots of things

that chain link does to be fair uh that's the way to think about it there so that's similar to what OB is doing here now in this uh I guess blog post they outlined the road map I remember I I went over this the other day as well they've got like a very similar Ro map diagram here to what ethereum has with different uh different sets of uh of of items here which you can go check out but in this post they detail those items so if you're interested in learning more about obal and all of their plans you can go check this out for yourself I'll link it in the YouTube description below and just another disclosure here I'm an investor in Obel and I should have disclosed that I'm an investor in Igan Lair as well apologies for not disclosing that before I sometimes

forget um but you know it's funny I've been following oal for so long now and I think I when I invested in them was such a long time ago like it was one of my first Angel investment actually um if I'm if I'm kind of thinking about it now I think uh I invested in them in October 2021 so it's been over two years now so they've been heads down building for such a long time now um but it's great to see it's it's really great to see them making a lot of progress here and for and seeing their technology used as well I mean Lio is using it I think rocker pool's going to integrate with it solar stti is obviously integr with it and so on and so forth so it's been great to see all of that but you can go check this out for yourself I'll link it

in the YouTube description below for you to do so all right speaking of staking uh Cody here from smoothly has given us an update on farcast today where he said a quick update as to the donations that came in from the Denon P Denon pup so for those of you who don't know uh you have to send 0.003 eth to an address uh to get your Denon po up now the eth went to the smoothly address which is going to be put into the smoothly pool so that if you're a solo Staker and you connect to the smoothly pool which is basically a smoothing pool for for solo stakers you get a share in these rewards so right now the funds are at 6.8 e and Rising they're going to be transferred to the um pool before the end of the next reward cycle which is happening in

less than 48 hours I think it's going to be like 36 hours now um and as if you're a solo Staker you still have time to join smoothly and get a share of these donations so all you have to do is go to smoothly. money follow the instructions there and if you join that smoothing pool it's it's very similar to The Rocker pool smoothing pool where basically everyone shares the execution rewards but the um yield can be Juiced by things like you know pup I guess eth going to oh sorry e people used to buy this pup going as part of donations um and then other donations that can go to that pool as well so yeah I mean I'll link this in the YouTube description below for you to guys check out uh but yeah this is something for you solid stakers out there to go

join all right so on to l2s so blobs they've been live for 24 hours I think all of the major networks are now live with it arbitrum is but I'll talk about that in a sec but first thing is here from Michael silbering so he decomposed op chains on chain cost by the source of fees so previously this was bundled in L1 data fees but now L1 call data used to be 99% of costs now it's 0% because they're using blobs instead of coold data the L1 overhead is up from 1% to 70% uh blob gas is 0% for now and state proposals are accounting for now as well in this chart as you can see link this in the YouTube description below uh for you to check out and there's also a dashboard here for you to check now I

wanted to springboard off of this into another thing with regards to an OP stack chain uh in Bas so you guys would have seen some I don't know if I call it fud but like some confusion on Twitter over the last 24 hours about how bases fees went up like dramatically I think they went up to like 30 cents from 1 cent or whatever it was now the reason for this was not because of blobs going up in price it was because on an to just to simplify it like this is not I mean on a rollup I should say just to simplify it there are mainly two I guess like costs here there's the L1 cost the cost of settlement essentially putting your data on there on the L1 putting your your proofs on the L1 you know whatever other things you put on there

and then there is the L2 execution cost which is basically the cost of processing the transactions now these costs are Meed in different ways based on a number of different factors obviously with data we've got blobs now it's relatively simple to explain the RS post their data to blobs and then the blob price dictates how much that costs uh The Blob G price on L1 or gas price on L1 dictates how that much that costs but execution costs uh vary wildly across the different l2s and their costs here now will price put out a good tweet where he said that base transaction fees were spiking because of uh nft mint celebrating lower fees ironically um and these are the L2 fees and blobs is still cheap so the total fees are actually still uh 10 times lower than the pre-upgrade you can actually see the the

spike here in the fees uh and that that Spike was definitely due to the L2 fees uh the L2 base fee as you can see here on the chart not the blob fee so it had nothing to do with blobs and anyone saying that it had anything to do with blobs was wrong now of course as blobs as as there is more demand for blobs as more you know as as the l2s or the rollups start out bidding each other for blob space the cost is going to go up over time but it's still going to be relatively cheap it's definitely not going to be expensive for quite a while there but now the bottleneck kind of shifts to the execution side of thing so the L2 execution costs which are being worked on I mean even Jesse poak today tweeted out that that's what they're

tackling and have been tackling for a while but the cool thing about that is that it doesn't require a hard Fork because it's the l2s it it just requires them to upgrade their own uh kind of systems it doesn't require a hard Fork of L1 so which means that it can move a lot faster blobs obviously took multiple years to get into the network uh but with the L2 execution side of things it can move incredibly fast guys I'm talking in a matter of like weeks or months not years here they can upgrade their systems and and this is one of the beautiful things about the rollup Centric road map where essentially we've pushed all this stuff to l2s that can move a lot faster without having to go through the entire ethereum L1 governance process which takes years you guys know how slow it is and it's slow

by Design don't get me wrong it's not a it's not a bug it's a it's a feature but still that's not that's that's not necessarily a feature for uh l2s obviously because the l2s want to be able to move fast they want to be able to upgrade their systems and that's exactly what they're going to be able to do on the execution side of things here so if you did see that uh fud I guess on Twitter that hopefully clears up the confusion for you guys there um but those are the two kind of high level things there's the L1 cost and then the L2 cost like they they're separate a lot of the times um and the L2 like the blobs didn't do didn't do anything for the L2 execution cost it was all about the L1 data costs there now speaking of blobs

arbitrum AR os20 Atlas is now live on arbitrum 1 blobs are in effect reducing data posting costs I believe someone said it cost like about one cent or something to to use arbitrum one right now to do a few things like sending tokens and stuff like that maybe it's a bit more expensive for swaps but the cool thing about this is that this is only part one of arbitrum upgrade here they also have additional gas fee reductions happening on March 18th now these gas fee reductions happening on March 18th are on the execution side of things so these are on the arbitrum one side of things rather than the L1 side of things with blobs uh which which is a perfect example of what I was just saying before about how there are different costs here uh and that's happening on March 18th now I believe

they're lowering like the minimum gas price you have to pay the minimum gay price from from 1 to 0.1 so that's a 90% reduction there that does not mean that the fees are going to come down 90% but that's that's the kind of reduction there I think there's one other way they're doing it as well but if you want to know all about that you can read it in their blog post which they they they posted today as well as the um the Twitter thread which I'll link in the uh the Youtube description below but yeah this just perfectly illustrates my point that uh the l2s can lower fees on their own on their own execution side of things and they can also lower fees on the L1 side of things too they can just do more compression on their data they can just essentially maybe they don't

post uh their data every block or every few blocks maybe they wait like a couple minutes or something like that like for optimistic rups for example they can actually wait up to 7 days because there's a 7-Day dispute period there obviously we don't want them doing that because uh it's it's less secure and it affects things like um uh uh uh so it's less secure and it affects things like uh guarantees around the security of the system but they could technically do that cuz there's a 7-Day challenge period there so they're able to to to to post it uh or wait that kind of whole seven days there but uh and I guess like similarly you know ZK chains can do this as well but it works differently where if they don't post their data you won't be able to have those fast withdrawals

so for example you won't be able to withdraw until the data is posted to the L1 uh because obviously with optimistic OB withdraw will take 7 days if you go through the the standard rout route instead of using a bridge whereas ZK rollups are faster but they're only faster if you post the data right if the data is there to be able to to exit to the L1 um but yeah anyway you can go read arbitrum Twitter thread I'll link it in the YouTube description below for you to do so uh but as far as I know that is all the major l2s now that are supporting blobs so go forth my friends go forth use whatever L2 that you like using whatever roll up you like using enjoy the cheap fees because uh they're only get cheaper from here obviously like it's going to get more expensive

probably in the short to medium term as blob demand goes up but in terms of laying the ground workor for what's to come Pier increasing the size of blobs full dank sharding like that's all coming in the next hopefully couple of years I think um and I think Pi Das could even go live with Petra and if it does go live in Petra that means in less than a year's time we get another order of magnitude increase in scalability because pias is uh basically a simplified version of data availability sampling where essentially the way it works is that not every node would have to store the blobs even uh like obviously blobs expire after 18 days but we split it up this is the original kind of vision of sharding right and doing that with data sharding is is ethereum's road map here we basically split it up

but you can ALS always have guarantees that the data is available using uh I believe um the cryptography that was part of the kzg ceremony using that so we've already done the kzg ceremony which is already in the protocol now so when you when you look at it from that perspective like we could be looking at another order of magnitude increase in scalability on the data side in less than a year so that's why I'm saying like the the bottom neck has now moved to the execution side for the l2s and this is actually where a lot of the nonm l2s are going to shine because they're not limited by the EVMS uh execution limitations obviously the evm is being worked on in a really big way monad is doing it at L1 they apparently they've achieved 10,000 TPS on the evm which is a pretty big feat but we'll see that's

on their test net we'll see what it's like on mayet uh and there's also another project called Mega eth that's building a layer 2 parallel evm uh so we're going to see what their gains are there I think they claim to be able to do like 100,000 TPS or something like that but obviously until it gets the main net we don't know but when data is no longer the bottleneck and the bottleneck is execution then the best execution layers are the ones that are going to be able to offer the best kind of scalability guarantees um and the AVM definitely falls into that because the evm is always improving then you have Eclipse with the svm you have fluent with ZK WM you have movement with move like this is where it kind of shifts to now and it's going to be very interesting to see the how that all

works across uh across the L2 landscape there all right one of the last things on blobs is ultrasound money updated their website to now have a blob gas price and blob burn metric tracker now live so if you go to ultra sound money and scroll down a little bit you can see what the blob fees look like over time uh and the blob blob gas markets uh and the blob fee burn now because the gas fees on the blob uh fee Market are still very low averaging about one way or something like that like very very small um and we've only got one day of data this isn't really going to show you anything and the total fee burn is absolutely tiny like 2.13 guay that's like nothing like 0 point there's basically nothing right but But as time goes on you know weeks and months go on

we're going to see this uh obviously populate with more data then we're going to see what the the burn looks like because do keep in mind it's using the same e559 fee mechanism as a normal fee Market which means that we're going to burn fees but the whole point is that blobs are going to be cheap so it's not going to burn as much fees the majority I mean 99% of the burns still going to come from normal L1 transactions but that's the way it's it's kind of been designed here but just wanted to put that on your radar it is live now but we're going to have to obviously wait a few day uh you know at least a few days you know weeks months for us to get some accurate data on this here all right just wanted to give a kind of shout out here to Eric's uh

tweet that he put out about Rabbi now Rabbi is a wallet that I've talked about a lot on the refi before uh but this basically more so talks about the ux of l2s uh and I guess like uh how Eric has been testing them recently with with blob going live he's been testing a lot of l2s so the cool thing about rabie and Eric says it here it's they've abstracted away a lot of the layer 2 user experience pain he says I have eth in this wallet on five different l2s for blob testing unless I click it it's all combined depending on the network picked on daps Rabbi automatically just uses that Network more of this please so I said this for years now the abstraction happens at the wallet level guys at the interface level it does not happen at the protocol level for for the major

vast majority of things and that means there's a lot more freedom in what these how these wallets can do things because you can see here that Eric's got a balance of like $11,000 on all these l2s but then he only knows what he has on each L2 if he clicks on it and then it shows you he's got you know $28 $80 on Main net 230 on on op 168 on Bay so on and so forth but then as he said that whichever Network that he's using and whatever uh daps that he's using Rabbi will just automatically take the funds from where they are and then obviously it will alert you if you need to bridge funds across this is a huge layer of abstraction this is not like metamask where it'll basically not show you any funds unless you actually selected that chain from the drop down menu that you

have and go to that chain it won't just automatically use that chain it'll tell you to switch the network if it needs you to switch a network but that's not good ux what rabby does is good ux and it's much better ux than than the other wallets out there and I do think this is going to be the the ux that all the wallets eventually go with r's just pioneering it here but I just wanted to highlight that for you guys because it speaks to what I've been saying for a long time that abstraction is the way this is how we solve scalability uh kind of issues this is how we solve the issues of fragmentation and well one of the ways I mean there are obviously other ways but this is one of the big ways that we do it at the user interface

level here all right last thing on blobs uh I I've just got this thread here from Bert Miller who works at flash Bots where he said this is a brief thread on 4844 and block building blobs add significant additional size to blocks that size adds significant extra latency to building while Builders are in a cutthroat competition to reduce latency now I'm not going to read the whole thread you can check it out for yourself but I just wanted to put this on your radar because it's an interesting thread where essentially because blobs as as Bert says yeah increases the size of blocks it means that validators have to do more work it means that it takes longer to propagate blocks around the network it means that Builders have to do more work to build blocks and and and essentially give up precious time that could be used doing other things like

building more profitable blocks and that may mean that sometimes they choose to just drop blocks and say okay well you're not paying a high enough kind of fee here in order to to to be included in my block so I'm just going to like punt you to the next block because there's another opportunity here this this isn't just exclusive to blobs uh pretty much like it works like this across the whole network that's the whole reason that we have priority fees where you pay more to get included but Bert argues that the the L 2's posting blobs should pay a premium for these block Builders to basically forgo any other profit that they could be making by spending more time building a block that has blobs in it so it's going to be interesting to see how the Game Theory Works around that right now we haven't

seen any of the builders kind of like um dropping blobs or not prioritizing blobs but yeah it's an interesting game theoretical kind of thing to think about but anyway I'll link this twe thread in the YouTube description below from ber for you to check out all right last upop here before I end today's uh um today's refuel so Devcon is happening uh on the 12th to 15th of November as we all know in Bangkok Thailand well today they announced the venue so the venue is going to be the at the queen ckit National Convention Center I probably said that word wrong but hey that's where it's happening so um I don't know this venue at all I've never been to to Thailand or to to Bangkok so I'm I'm very much looking forward to going and

seeing what what the kind of like uh Vibes like what the environment's like and everything hope to see a lot of you there I mean this is going to be one of the only conferences I go to this year honestly U It's relatively close to me which is nice as well uh but yeah if you want the full details on this I'll link it in the YouTube description below uh but I can't wait for Devcon honestly Devcon 7 this will be my first Devcon since um Osaka in 2019 so it's it'll be have been 5 years by the time this rolls around that I haven't been to a Devcon obviously because Devcon got canceled because of Co and then they ended up having it in Colombia and I didn't go to that one uh and now we have it happening in in uh in in Thailand towards the end

of this year here but yeah I think on that note 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 next week thanks everyone