EigenLayer testnet live, Aevo launched and more - The Daily Gwei Refuel #563 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of The Daily gray refuel where I recap the latest news in ethereum ecosystem I'm your host Dan this is on Earth has the 7th of April 2023. right everyone let's get into it so we have some updates on prism's EIP 4844 implementation today this comes from Terence who works at the off chain Labs team on the prism client so we uh prism has the following to uh has gotten the following to work state transition validator blob signing blob syncing alongside uh blocks blob storage and pruning and local devnet with multiple prism nodes and validators and then Terence says prism is ready for a multi-client devnet and this is pretty cool I mean as I've gone through before on the refuel there are these different stages that these upgrades go through

and a multi-client devnet is definitely one of those big Milestones that you want to see obviously ethereum is a multi-client network there is uh various different clients that need to talk to each other and the fact that prism is already ready for a multi-client devnet for 4844 is really promised thing I'm sure some of the other clients or most of the other clients aren't too far behind here so they'll be able to do these and you'll be seeing screenshots of this uh of um of terminal Windows I'm sure on Twitter when these multi-client devnets get uh spun up uh and there's also a GitHub tracker for the remaining tasks to get to feature completion and production ready which attract here uh and I'll link this in the YouTube description below for you to check out of course uh but yeah just continuing

the theme of 4844 coming along really nicely I'm getting more and more confident that this is definitely going to be ready by the time uh Cancun the next Network upgrade rolls around which will hopefully be by the end of this year timing on Cancun is is quite difficult right now you know I've seen some people say that we could get it by June and July I I don't think that's the case at all I think it's going to be at least six months after Shanghai uh before we get Cancun I don't think it's going to happen any earlier than that so you know Shanghai is going live obviously next week uh in on the 12th of April and then you have May June July August September October right that's that's six months so that's why I'm saying later this year I mean Q4 is when

I would expect this to go live uh but if they if the test Nets uh uh kind of um uncover some bugs and things like that they need to be fixed and things can keep getting pushed out and it may end up happening early next year but the the goal is definitely to get it done this year and I'm I definitely think that that's that seems reachable from what uh what achievable I should say from what I've seen so far but we'll have to keep uh tabs on this and I'll keep you guys updated on how all this progress goes but I'm sure you're going to be seeing a lot of terminal Windows as I said on Twitter a lot of screenshots of the terminal Windows of these devnets being spun up now I spoke I believe yesterday or or the day before about this kind of

Effectiveness rating or the effectiveness of uh of each stake or validators on the network uh and how it's been going down because of what happened with the Mev boost relay uh bug that was uh that was patched and uh data always here had had brought up something and Damned me about it which I thought was something that was worth talking about uh with this Effectiveness rating so the effectiveness rating isn't just um is it isn't uh I guess like affected by validators run by validator Effectiveness and there are different kind of ratings here so data always points out that the effectiveness rating has been down only because the effective stake per validator is capped at 32 eighth but people have unwithdrawable

rewards accruing until Shanghai so to put this in play in English uh 32 8th is the cap on a validator in terms of Effectiveness which means that any more eth per validator than that is isn't doing anything right the stake Effectiveness is zero because you don't get more rewards for having more eth per validator 32 8 per validator is is what you get rewards on now because withdrawals haven't been enabled yet there are obviously a lot of validators that have more than 32 each as part of them because they haven't withdrawn their consensus labor Awards because it hasn't isn't actually possible to do that so you can see in this chart it has been down only uh because of that basically and we would expect this to go straight to 100 uh within five days of

withdrawals going live because all of the the consensus layer rewards all those consensus layer rewards are going to be automatically swept now I I say all but there is a caveat here and why it won't go to exactly 100 anyone who hasn't changed their withdrawal credentials from 0x00 to 0x01 will not be automatically swept their consensus layer rewards will not be automatically withdrawn until they actually change their credentials so there will be uh a certain percentage of validators that haven't changed over for whatever reason um and then they won't it won't be withdrawn that way there so yeah but we can expect this to go up a lot from where it is now it's not going to be down only post withdrawals anymore so that's something to keep in mind and something to be aware of as well but

from what I can tell we still have those validated Effectiveness or generally validators not being as effective as they were if they're talking to external block Builders because of this Mev boost relay bug that was patched and they're still working on a better way to to patch this in order to bring us back to where we were but yeah I just figured that was worth highlighting all right so trentvan apps has a thread all about the kzg ceremony special contributions which started this week so I did mention yesterday the special contribution from cryptosat which was the one that was signed in space which was very very cool obviously but this thread from Trent is going to be keeping track of all the other ones so there's one other one that Trent has in this

thread so far this is a 3D printed a marble machine uh which is pretty cool so that's another source of entropy there and it's even got like uh the um the ethereum name at the top there which I thought was very very cool uh and the ethereum logo down the bottom uh and then crypto Kitty as well I'm just noticing actually it's got a few different means memes here I'm just noticed I'm just saying this now actually I didn't see this before there's the panda there's the the burn so uh so there's a there's a flame which obviously references the burn uh with erp1559 there's a rocket ship which could I guess reference two things eth going to the moon and uh rocket pool there is uh blocks falling falling down here which obviously references uh blocks on the network and I'm sure I'm missing other references here but I'm

just eyeing this uh off off my data data data here as well that's that's pretty cool this is actually really really cool it's not just a generic marble machine it's actually one that's been designed with ethereum uh ethereum Easter eggs in mind so very very cool to see that but yeah if you want to keep track of all the special contributions that are going uh or at least the ones that interest Trend I guess the most are the ones he comes across you can check out his thread which I'll link in the YouTube description below all right so I shouted this newsletter out a few weeks ago uh it's called Rhino review well their fourth edition is uh out today on substack which you can go check out for yourself I'll link in the YouTube description below but I just wanted to give another shout out to this

newsletter because if you want to keep up with everything got to do with ethereum staking and the ethereum staking ecosystem then Rhino review is just for you which you can obviously check out as I said I'll link it in the YouTube description below um but this newsletter is is amazing honestly there is so much information in here you can spend so much time researching uh uh about staking just from these newsletters and they come out uh once every two weeks uh and there's four editions as I've said before uh and you can go check this out for yourself it'll be linked in the YouTube description below uh but this is some I guess weekend reading at this point this is Friday it's Friday today so yeah if you're interested in learning more about ethereum staking and keeping up to date with everything got to do in ethereum

staking ecosystem then a rhino review is for you so yeah as I said I'll link this in the YouTube description you can go check it out for yourself all right Tony has added a few new uh things to the Mev boost uh dot pix website so he says yeah the Mev boost bids per relay uh Slash Builder now displayed on the Mev boost dot pix website the interactive charts allow filtering by individual relay and Builders so I think this this charts are from what I can remember is in the Builder tab I think it is uh yeah okay you can see here bids bids submitted uh per Builder and then there's also another another chart here so bids received and uh bid submitted which I

believe yes uh actually where was it um I know it's under it's under the relay one I saw this before and I've just started getting myself confused so under the relay uh tab up here bids received of the last 48 hours for each of the relays and you can see the distribution uh is pretty even between flashbots um ultrasound money and uh agnostic and then the smaller ones uh are charted up here as well and then you can go to the builders and see the bids submitted by individual builders CR which is pretty distributed compared to relays you can see how many different Builders there are and how they all have relatively similar market share I think the three biggest Builders are rsync Builder uh uh uh two two of the rsync builders and uh Manta Builder uh here three icing

Builders actually uh and there's a few different ones as you scroll up here so you can go obviously check that out for yourself and filter as well as I said that that that's uh that's an ability you have on the website but yeah if you're interested in anything got to do with Mev boost and Mev generally I think Mev boost dot pix has become pretty much my favorite website for keeping on top of everything I got to do with Mev metrics uh there are so many different ways that the data is displayed here there's filtering there it it's um it's up-to-date data and it tells you when um and then you've got access to the raw data as well and The Source on GitHub so just a really great resource um made by Tony here as uh as a public good so yeah you should definitely go check that out

for yourself I'll link it in the YouTuber description below all right so Brendan farmer from the polygon ZK AVM team has put out a tweet thread today starting off by saying polygon zkm ZK evm is the closest thing to ethereum and block space now of course I'll link this thread in the YouTube description below for you to check out but I don't particularly want to talk to this thread itself I want to talk to a wider topic and that is the topic of ethereum block space and how l2s whether they be ZK avms or optimistic Roll-Ups or whatever else uh really at the heart of what they are they're meant to be extensions of ethereum block space so I'm going to break that down so ethereum without L2

so just the theory the ethereum network itself right it has the L1 block space now everyone in the world uh can access the L1 block space obviously it's not cheap to access it but everyone anywhere in the world can access it permissionlessly there's no need for kyc all you need to do is have an ethereum wallet with some eth toupee the gas fees and you can do whatever you want on on the network now obviously as I said uh there are fees associated with that and the fees are you know are not cheap and ethereum block space demand is high with Supply being limited so how do we fix that how do we Rectify that well there are obviously a few different ways that we can increase the available block space on L1 um the primary way is by increasing the block size essentially or in ethereum we

call it the gas limit now obviously that is not long-term sustainable there is a bunch of trade-offs that come with that one uh the biggest trade-off being that it further centralizes the chain and makes it harder for people to run the chain on normal uh consumer Hardware it increases the the hardware that's required to run the chain so okay then if that's the case uh how do we Scout like how do we scale ethereum how do we scale to a global audience well we do that via uh higher layers like layer twos and layer threes and that's why you'll often see people say that these ethereum uh higher layers are just meant to be or at the heart of what they're meant to be uh is an extension of the ethereum layer one block space so essentially what layer 2 is doing and

this is an analogy that gets used quite often but I think is um is pretty accurate is that they compress transactions so it's like uh you're zipping transactions you're compressing them uh so that you can fit more into it you know you can fit more I guess like data into into less essentially so basically when you have a USB drive and it's 32 gig well if you fill that up uh the uh or the only way that you can uh um that you that you're able to uh uh use more of it right or use more than 32 gig or fill it up with with more um is either deleting something off of the the drive right which obviously is not is not filling it up with more you're just you're replacing right uh or you can

um uh compress compress the data and you get more bang for your buck because of that right so that's essentially what the l2s are trying to do and Roll-Ups do for ethereum they compress all of those transactions at L2 and then put it on L1 and and you've seen lots of terminology around this such as compressing uh proofs on on these EK avms so that the proof is gets posted to L1 along with the with the the data which which stores the state and all that sorts of stuff and because of that you can fit more transactions into an L2 block than you can on L1 but you still get to inherit the L1 security and other properties uh because you're doing that compression so it's still really the same block space at the end at the end of the day in a

properly constructed decentralized roll-up but you're you're extending it right you're basically fitting more into the uh the same amount of block space so ethereum L1 the gas limit hasn't gone up but the scalability has gone up with these l2s uh because of the fact that they're compressing those transactions I think that's that's a pretty good analogy uh for people who maybe uh having a hard time wrapping their head around um how l2s actually scale now there are different kind of constructions as I mentioned before the ZK avms as optimistic roll ups there's validiums which I guess aren't true l2s or they're not raw Ops so they're a bit different but they work in in similar ways right they're different from a security perspective but they work in a similar way so just wanted to to speak to that I

think mainly was that that's a good way of thinking about these l2s they're an extension of the existing block space that we have in ethereum and that's the whole point at the end of the day um l2s give us a lot of other things as well such as a better and more expressive design space they give us uh an ability to write smart contracts in different languages we're not just tied down to solidity and the offshoots of solidity right there's more flexibility uh there are ways to to basically build apps on L2 that you can't build on L1 not just got to do with the cost but also got to do with things like privacy by default and other such things uh like building games and stuff like that right uh with with things that aren't

available on layer 1 ethereum and and things you just can't do in layer one ethereum because the evm won't let you do that so there are a lot of other benefits but essentially what the primary benefit of an L2 is to expand the available block space uh by bringing those fees down obviously for end users and then we can also upgrade the block space so to speak by giving it new features that developers and users get to take advantage of so yeah anyway you can read Brendan's thread uh for the how how um this applies to polygon ZK AVM I'll link in the YouTube description below and it's not that that's not a long thread at all there's only seven to eight TR but yeah I just wanted to speak to the fact that uh layer 2 is generally at the at the heart of what they are is

a way to expand the available block space on ethereum all right so a big announcement out of eigenlayer today they have released their a test net for the first stage of the eigenlayer protocol which supports liquid and Native restaking so this is obviously stage one of the test net there are going to be three stages so stage one he's focused on stakers stage two is focused on operators and stage three is focused on Services the current launch for the stage one test net is built on the ethereum girly Network and supports only a re-staking the test net supports both native and liquid restaking with Native staking new stakers can set their withdrawal credentials to eigenlayer when creating new validators and

existing stakers can replace withdrawal credentials to eigen layout once shapala goes live and with liquid restaking uh the test net currently supports restaking for steth and R8 so both Lido and rockapool liquid staking tokens to be supported at mainnet will be announced in advance and based on community import and you can join the Forum to discuss that there but there is this blog post as well as that tweet thread explaining all of this and links relevant links to check all this stuff out such as the test net itself the code on GitHub the documentation all that good stuff there but awesome to see eigenlayer finally live on testing I mean we've been hearing about eigenlab for quite a while now right there's a lot of hype around this project they just announced their fundraise which I Azure disclose again that I participated in of course

um but uh but yeah I mean I've I've said before on the refuel about how people had have had concerns about eigenlayer generally for a number of different reasons and I think I had you know I had a few discussions in in Denver about this and my conclusion was basically that I understand people's concerns but at the end of the day I don't think we're going to get any real answers to those concerns until we actually see eigenlayer live and see how it plays out in a live mainnet fashion with all the different incentives that that entails uh and I think we're going to see that sooner rather than later now that the stage one test net is already live with stage two and three hopefully coming shortly after and a mainnet launch I would assume that they're gonna try and get mainnet out uh definitely this year

at some point I'm not exactly sure when that's going to happen um but I'm I'm fairly certain they want to get this out as quickly as possible given that withdrawals are going live next week so there's no reason for them to need to wait any longer um and they're already at stage one of their testnet which is which is really really cool to see as well so yeah as I said you can go check out the full details in the Twitter thread and the blog post which I'll link in the YouTube description below all right so optimism's Bedrock upgrade has been uh approved I believe so yeah the the token house has approved the Bedrock upgrade this is a major Milestone not only as the collective's first ever vote on a protocol upgrade but also as a step towards the Bedrock enabled super chain of future and

optimism says we'll share more info in the coming weeks as we get closer to the actual upgrade for now taking a moment to celebrate so I met I believe yesterday that uh I I assume Bedrock is going to go live in uh sometime in May I I think that's still the case uh because it just went live on the test now and they're letting it bake on girly fraud for a couple of weeks and it has now been approved for a mainnet deployment as well so yeah May looks pretty good I mean it could get pushed out to June but may seems pretty promising here and if you want to learn more about uh the super chain which is something that optimism has been talking a lot about lately you can head to superchain.optimism.io which isn't working right now for me yeah I can see

it here super chain or it doesn't seem to be loading for me I don't if that's because the URL is wrong or or something else maybe it's the wrong URL I'm not sure no it I I maybe it's offline I don't know but you can just Google optimism super chain and I'm sure you'll be able to get to the right URL there but that seems to be the big thing that they're going for uh post Bedrock is creating this super chain of interconnected uh op stack chains that can all talk to each other and to operate with each other uh and and basically have it so that it's a a big super chain Network on top of ethereum uh layer one um and uh get all the benefits of the interoperability and and other such features that remains to be seen how successful that is versus other designs

in the L2 space but I'm pretty excited about it I think it can be something that uh people really um get a lot of value out of I think that if there is a thesis that there is going to be a lot of different app chains out there not sovereign app chains but app chains built on the op stack and if optimism is encouraging which this which is uh which I think they definitely are by building things such as the op stack then it definitely makes sense for them to create infrastructure like the super chain in order for all these chains to be able to talk to each other and connect to each other rather than being isolated um and and kind of in their own silos I think at the end of the day the main draw and benefit of these crypto networks is that they're interoperable

that they're composable and bringing that back to the L2 world because we lost a bit of it initially with l2s but bringing it back I think is a very important thing and I'm great and it's very awesome to see optimism focusing on that but uh yeah I'm super excited for Bedrock it has been approved for a mainnet deployment by the token house so let's uh keep an eye on that and I'll keep you guys updated on that as we get closer to the mainnet launch all right speaking of launches Avo announced today that they have launched uh their product so they say yeah it's launch day after months of building installed we're finally ready to open our doors to Traders so today users are able to start trading eth options across daily weekly monthly and quarterly expiries getting started is as easy as bridging usdc from the ethereum mainnet

now I remember I've covered this project once before on the refill video for those of you who don't understand what the I don't know what the project is they're an on-chain options are trading a protocol now I believe that they're live on uh which network are they on right now they're not on ethereum mainnet I don't think I think they're they're potentially on optimism right now or arbitrim I oh wait no that's right this is the so I remember now this is the um the project that was building their own uh app chain so they're calling it Avo chain which is an optimistic roll-up uh a built on top of ethereum that runs on the op stack so I guess this this definitely um talks to what I was just saying before about how the op stack exists for people to been up their own app chains really really

easily and that's exactly what Avo has done with Avo chain here and then potentially in the future well hopefully in the future um when uh the super chain is more of a reality all these chains are going to be able to connect to each other talk to each other and be able to interoperate and and do all that good stuff that we like from from defy right interrupt probability composability all that good stuff there but yeah as I said these this is live today um and there's there's a road map here that that they've stipulated as well there's a few major Milestones including launching BTC options more make it Market maker Integrations and launching a stealth project around altcoin options trading once the Avo exchange and avo chain are in a more mature state with

millions of TBL and volume will fully open up the exchange to the world without guard rails so yeah if you're someone who is a Trader or who just did an options trading definitely a go give Avo a look uh it's a very unique exchange where it's an app chain built on the op stack they've got like a really cool interface yeah I think this is really cool I think this is something that uh that that's gonna um uh go a long way to proving out the op stack app chain thesis uh if it actually works as advertised which I don't really see any reason why it wouldn't uh so yeah definitely go check that out for yourself I'll link it in the YouTube description below all right so I have an update out of the far Caster ecosystem from Dan Romero so jam is another far Caster protocol front

end which is a fully functional replacement for warpcast so users uh can log in with firecast star they permissionlessly created a new long cast format 4 000 plus characters that gracefully falls back to a link in other clients uh like iMessage blue bubble green bubble so if you're on fire Caster right now uh you can definitely go check out this new client instead of warpcast if you would like to it's available on both the IOS app store and Android and both of these links will be in the YouTube description below as part of this tweet um and also I got a a fresh round of firecaster invites uh just very recently so I'm going to be going through my backlog of DMS that I have from people who asked for an invite last time I I shouted it out I actually did didn't

have like 70 invites I think I had like 40 invites last time and they went really really quickly I have about 90 left now I think so yeah if you want to forecast the invite be sure to tag me in the Disco Channel and I'll DM you to get your email so if I DM you for your email it's because I need it for the firecast stream by there are a fair few people that were confused by I was asking them for their email I have to you get your email so I can send you the invite so don't be scared if I DM you say what's your email um and I'll get that invite out to you hopefully uh relatively quickly but yeah as I said there is a backlog right now there are people who have dm'd me so I'll try to get to you guys over the

weekend um uh but yeah if you're already on fire Caster this is a client that you can check out for yourself I'll link it in the YouTube description below all right finally here there was a report put out from the U.S treasury which is a which was a risk assessment on defy now the actual report itself I believe uh has been circulated on Twitter and you can probably Google it I haven't got the link handy with me uh but Tim Copeland From the Block tweeted out a pretty funny section of the um of the conclusion of this risk assessment of D5 so there's a sentence here where the people who wrote this report say uh and I quote moreover money laundering

prolifera proliferation financing and terrorist financing most commonly incur occur using fiat currency or other traditional assets as opposed to Virtual assets now the reason why this is funny is because we've obviously all of us over the years has heard constantly from the crypto haters that all crypto is good for is criminal activities or people just buy drugs with crypto people do terrorism financing with crypto people do money laundering with crypto and that's all it's good for well this report from the U.S treasury Department itself this isn't from some random think tank or a crypto uh bias publication this is from the U.S treasury Department themselves says that all of these things are way more uh uh common using fiat currency than crypto

and anyone who has paid attention knows that to be true because fiat currency obviously has much more adoption than crypto does and by virtue of that it is used much more frequently for criminal activities than crypto is 99 of uh drug deals in the world are done using fiat currency right uh like that's not even close and and I I'm sure the same is true for terrorism financing and money laundering because Fiat has a million times more adoption than crypto has right now so it doesn't actually make any logical sense for people to use yeah Crypt for crypto to be used more than fiat currency and on top of that crypto is much easier to trace as well like it's all transparent except for a few different things like there are some

blockchains like Monero and Z cash which uh privacy preserving and you can still use Toyota cache if you want to uh if you want to do that and there's Aztec protocol and things like that but on net like in in terms of the amount of uh information that is exposed publicly from these networks it dwarfs any of the Privacy preserving stuff that we have so again it's it's not actually um a tool that you should use you're better off just using Fiat if you want to launder money or if you want to do drug deals or anything like that rather than crypto and that's what this report uh concludes yeah and I actually put my my own comment on this and I said uh the treasury Department just played the ultimate Uno reverse card on the rest of the US government because I just thought

it was funny that the res that a lot of the rest of the US government and a lot of the politicians are saying you know crypto's only for criminals it's only used for criminal Enterprises and all all this stuff when in reality it's fear that is is used for that um in a lot of different ways and I think that's obvious to anyone paying attention but as I said you can read the full treasury report for yourself you just have to Google maybe U.S treasury D5 report and you'll find that as I said I don't have the link handy right now for you uh but yeah you can go give it a read I think there's a bunch of good insights in there from what I saw people talking about on Twitter but just want to talk about that little excerpt because I thought it was quite funny but anyway on

that note that's going to be it for today so thank everyone for listening and watching be sure to subscribe to the channel if you haven't yet give it a thumbs up subscribe to newsletter join the Disco Channel and I'll catch you all next week thanks everyone