EIP-1559 on Goerli, Perpetual Protocol v2 and more - The Daily Gwei Refuel #155 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the delight refuel where i recap the latest news in the ethereum ecosystem i'm your host anthony sosano and today is the first of july 2021 all right everyone let's get into it so the london network upgrade the one that includes eip1559 went live on the girly test net uh earlier today for me a few hours ago uh you can kind of like watch it being burned watch the transactions going through on the watch the burn website here of course this will be linked in the youtube description but this is the second test net after roxton to go live here which is really cool to see everything went smoothly um there was no issues from what i can tell there's eighth being burnt as you can see up here about 79 8 has been burned so far uh this is obviously a test net so it's

seeing a lot less usage than the main net and you can kind of like split it on this chart into like the amount of eat that was burned the base fee which i think might be bugging out actually right now and the kind of transactions happening on the uh the chain here on on the test net so it's really really cool to see this so where we go from here next is rinkaby in another week from today uh or i guess like from a little while ago sorry from about 12 hours ago uh and then once that's deployed i don't know if so i the all core devs meetings are done on friday's normally which means that i think that if they were to announce a main net block date it would have to be essentially maybe next friday uh if if kind of like the wrinkly test net is

going live but you know who knows if they're going to do it then maybe they want to wait and and see but we might get a main net block date next next friday i think that's when the next all core devs qualities which means that if everything goes well um you know everything's going well for the two test nets so far don't expect to see any problems on rinkerby uh we should expect to see one five five nine in late july early august i'm probably going to put uh my bets on early august just at this point maybe the the core devs want to play it safe um and make sure that the test nets have like you know you know the first test then has like at least a month to run through it all to see if it's all good you know we have enough time to kind of spam

network transactions and kind of really stress test it so i would expect early august which is fine i mean obviously the original date that was given was a tentative date of july 14th but it's definitely not happening on july 14th but early august is two to three weeks as i've said before that's nothing i mean you know that's that's fine and gas is cheap now these days anyway so i i guess like it's not you know a huge rash a huge rush or anything like that but still it's cool to see uh the two test nets going off without a hitch just speaks to the fact that the developers uh and the core developers and the research and everything know exactly what they're doing when it comes to this sort of stuff and it inspires a lot of confidence that's for sure so looking forward to

the ring computer deployment next week so speaking of gas prices uh taken's theorem here on twitter put out an interesting uh kind of like animated imagery gif uh basically going through what gas prices kind of look like in you know each days of the week essentially so like off-peak and on peak so you can see here that actually i'll pull i'll kind of like pause this once all the days are done here so that you you guys can see this properly so yep there we go i got it got it perfectly actually so you can see wednesday is the most expensive and you can see hour of the day in uh in nyc time so east coast u.s time here i think just eyeballing at what 3 p.m on the the u.s east coast is the most i guess like expensive time to transact on ethereum

and the least expensive would be around the same time on a sunday uh to to transact on ethereum yeah which makes sense right you know on the weekends and and things like that people are doing less transactions of course uh i don't know like why people would be doing more transactions like mid-week so to speak i don't know if there's any kind of like explanation for that uh i guess maybe for some reason people just like get really i mean you know wednesday's kind of referred to as like hump day right it's like midweek you know everyone's probably like you know they they started through monday and tuesday they work week and then they're at wednesday and they're like probably you know really into the groove of things and then by friday they kind of like taper off um but you can see here on thursday and

friday i guess like it comes off so you know it starts kind of like i guess in the middle on monday uh peak goes up on tuesday and then wednesday it's where it peaks and then from there it drops off dramatically on thursday friday obviously saturday and sunday drop off from there as well so yeah i think i just thought this was a really cool visualization and this twitter account taken's theorem does a bunch of these so if you're interested in seeing just like different cool visualizations of things that go on in ethereum definitely give this account a follow um but you know it's funny seeing like the gas prices here like the the the most expensive that it got to during june was almost 40 kind of way this is average by the way this is not um this is obviously not uh the highest

or lowest whether this is just the average gas prices and the average was it was not even 40 grey whereas if you just took this from a month before in may uh you would have seen that the average was like a hundred plus which is which is pretty fun it's like almost double um and that wasn't even like on the peak day this is peak average um the average this would have been the average on um you know i guess like the 100 like on a normal day because the network was so kind of congested so yeah fun funny to see things kind of play out here and you can actually see like during each time of the day as well i mean obviously the peak is going to be afternoon uh or like afternoon evening kind of thing but then you can see like

early morning late evening uh uh east coast u.s time here just like falls off a cliff essentially so if you want you know the best time to do your transactions seems to be on a monday at midnight uh us uh time uh ny sorry new york city time here so and you know and then the worst time to do a transaction would be as i said like up here at uh wednesday at about about like 3 p.m or something on a wednesday so yeah cool visualization from taken's theorem if he's watching this or she always watching there if you'll keep these up i really enjoy them so this account the ethereum fear and greed index account on twitter posted out this basically just this picture of a quote from vitalik that says

uh so this this is vitalik saying this uh he goes quote whereas most technologies tend to automate workers on the periphery doing manual tasks blockchains automate away the center instead of putting the taxi driver out of a job a blockchain puts uber out of a job and lets the taxi drivers work with the customer directly end quote now obviously i i think this is like an older quote uh because this is talking about like decentralized i guess like uber and decentralized kind of like a web 2 services whereas these days it's all about decentralized finance and you know a bunch of other things like dows and nfts but i think the same principle applies right what blockchains do um and specifically what ethereum does is it basically automates away the center so if you want to think about the center in the context of d5

you're automating away banks for instance like and then just like these these large kind of like financial institutions that are getting replaced by protocols and code that live on ethereum and it lets users go directly to the source essentially like you know when you're interacting with one of the default protocols you're going directly to the source on on on ethereum are you interacting directly with the contracts there's no middlemen or anything like that uh and you know you get like that that kind of like smooth experience now of course if you wanted to you could go through a third party and i wrote about this in the newsletter the other day where there's i mean i spoke about compounds treasury products where compound is is essentially going to act as like i guess like a financial institution um for not not the protocol the actual

company compound labs for uh i guess like compounds so it'll be the compound kind of i guess protocol the center would be compound labs and then you have like their institutional and business customers coming in going through compound uh treasury the product compound treasury and that touches compound protocol so that's like a middle man there but that's fine for businesses and institutions and whoever wants to use that that's just a choice whereas you know a lot of the time in the traditional finance system you don't have a choice you have to do it one way or another like there's no going straight to the source you have to use one of these centralized intermediaries whereas with ethereum you have the choice uh obviously you can go directly to the source yourself or you can use a third party or you can use something like a a protocol on chain

like yearn that lets you just pull funds together um and it kind of is a third party but you know it's it's not like a centralized kind of like financial institution like that we that we kind of um i guess know of from the traditional system so i think this is a really profound way to describe blockchains and what they enable to people because i think you know people still obviously don't get it they don't they don't understand what the value prop is you know you say oh it's decentralized it's censorship resistant blah blah blah blah all the buzzwords and a lot of people this means nothing to them really at the end of the day if they don't have any kind of like prior knowledge here into these things it doesn't really mean anything to them so if you describe it like this where

you basically say well you know how there's this company you know like your bank right just say a bank name you know how there's like jp morgan for example and you have to go to jpmorgan if you want to do things like buy into you know stocks to a brokerage account or whatever or you know do kind of like um digital payments and stuff like that or you know you don't have to go to jpmorgan for that but they they kind of like allow you to do that like wires and things like that as well um so and you tell people kind of okay well what ethereum does is it basically removes jpmorgan but from the equation and replaces all the services that they give you with code on on kind of like this blockchain thing and that means that you don't have to deal with any centralized

parties you can just go directly to the source so that's that's kind of like an easy way to explain it to people and i think that a lot of people would actually get that and it will click with them but maybe even the uber example is even better than and then kind of like i guess like the the jp morgan example and another way to explain it is it's just peer-to-peer and the easiest way to explain peer-to-peer and what that means to people is kind of relating it back to torrenting because you know for better or worse everyone has kind of like torrented something whether that's been for piracy reasons or something else so they understand kind of like what this appear to be pure file sharing is and you explain to them you go okay well you know how you can like file share online and you can kind of

like um you know download movies or whatever right uh you know just just in in simple terms for them to understand that in the same vein you can do a peer-to-peer kind of like transactions on ethereum whether they be monetary or otherwise where it's kind of like decentralized because there's no central party processing it or anything like that um and you know i think that's another good way to explain it to people but still very profound kind of like quote from vitalik here i'm not sure exactly when he said this it must have been a while ago but still i mean vitalik we're so lucky to have vitalik like i'm not gonna fawn over him on the refuel but i think ethereum is so lucky to have such uh you know i mean he's younger than me like i'm 29 he's about 26 now it's only like 25

and it just feels like he's been around for so long and achieved so much already and i think that just speaks to his character and you know how i guess like um prescient he is and how far into the future he can see and also i mean you know he has so many other kind of qualities that it just amazes me at the end of the day and he kind of put into words things that a lot of people can't so yeah i i guess like thanks to the ethereum fear and greed index twitter account for posting this quote i hadn't actually seen it before myself but still very very true and it rings uh very i think it's just like a really great kind of a way of explaining things to uh blockchains to people so there was this kind of scam that uh

came out called antimatter and they'd been around for a little while here but they posted a tweet uh basically a few hours ago i think saying dear community after and after internal discussion mata has decided to move forward uh the unlock all strategic investors sorry the english is a bit broken here uh we believe this will benefit the protocol in the mid to long term helping filter long-term supporters of the project thank you for your understanding and support so i mean i quote tweeted this and said this is what we call advanced rugging right advanced drug pull because they basically just said we're to unlock all of our kind of like early investors that got in cheaper than all of you and we're going to let them dump on you and obviously this is like a total scam here now what i wanted to talk about was not

matter in particular because i have no idea what this project is or what it did it says this year it's like a perpetual derivatives protocol well i mean it's nothing now but um what i wanted to talk about was just scams in general in this space and scams come in so many different flavors in this ecosystem and i think it's actually so so hard for people to avoid getting scanned because what can look like a legit project can end up being a scam or what could end up happening is that the legit project's token could pump really really kind of high and then you have you know the insiders the investors and the team or whatever being like well why am i going to build this product now if i've already made so much money i'm just going to dump it and then kind of like uh you know i guess pretend

to be working on this project and then never deliver anything so from that lens it's just there's so many different ways to kind of get scanned to this ecosystem and this is what makes it even harder to invest too i mean i've spoken about on the refill plenty of times how i've said that it's so hard to invest in this ecosystem like as soon as you start going down the risk curve and exit like the btc and eats of the world it just becomes so incredibly hard to pick something that outperforms eth it becomes incredibly hard to pick something that's not a scam it becomes incredibly hard to pick something that's actually going to succeed like there's so many things to consider and and it's just like i mean and that's all early stage investing you know when something i eventually kind of ipos and is on the

stock market i mean it's already kind of like opens at like billions or tens of billions of dollars of market cap but at that point it is a business that has been around for quite a while i'm not talking penny stocks here i'm talking like things that are listed on the new york stock exchange but you know these things are a real business uh you know maybe they're not making a profit because they're still vc money funded but they're still you know generating revenue uh you know they're legally registered all these sort of things but the problem with kind of like ethereum not ethereum but like crypto in general becomes is that you can basically launch a token from day one before you even have like a working product or anything and you can build up hype for your project with promises and you can

achieve like a billion multi-billion dollar market cap just by doing that and there's numerous projects out there that have done this and due to crypto's kind of like nature to just pump everything like during bull markets what ends up happening is that you have these projects that should not be worth anywhere near billions of dollars um and then you have like uh the the project insiders whether that be team or early investors just dumping their tokens because they think to themselves well this project hasn't even got any traction i'm already up like you know sometimes 100x on this thing why am i holding it and that's why you see a lot of the charts they look very similar and it's not just them it's it's the opportunistic traders as well the charts look very similar they'll have like a spike and then they'll just have like a long

drawn out period where they just keep going down against usd ethan btc um and you know there might not have been like a scam but generally like it's just the way the industry works by issuing a token or a publicly traded kind of like thing so early now you know in antimatter's case it turns out it actually was a scam because you don't unlock all strategic investors stake in the protocol uh and and kind of justify it by saying that this will benefit the protocol in the mid to long term uh by helping to filter out the the short versus long-term supporters which basically this is them saying well we're gonna unlock the strategic investors and see which ones dump and see which ones stick around i mean that's total like that's just the stupidest thing i've ever seen

in my life and that's why i said that that's in advanced drugging um so yeah just generally be careful out there everyone it's so easy to get scammed so easy to get rugged and you know rugged comes in many kind of different kind of shapes and sizes and i think the word has kind of lost most of its meaning at this point but also just like putting your money into into new smart contracts very easy for exploits to be in those contracts or for the developers to kind of like just steal the money out of them if they want to because a lot of this space is anonymous and that comes with you know good and bad kind of trade-offs there so it just generally uh you know be just just try like to to not kind of like fall into these things and you know there's many different tips

that i can give you and i think i've talked about how there was a thread from coingecko's founder or co-founder the other day how to keep your crypto safe but that was more i guess like centered around how to keep yourself secure and there were some tips in there about scams and things like that but generally my rule of thumb when looking at these sorts of things and looking at new newer projects and stuff like that is i look at the valuation of the project if they have a token and if it's already like outlandishly high for what the the project has in terms of traction i don't even go near it i don't even look into anything else i just look at the fully diluted value and um you know i look at kind of like especially if it's a newer project and i

look at the attraction and if the traction is very minimal then i don't touch it and you know people like during the bull market tried to meme this thing that the fully diluted market cap didn't matter and unlocks of investor tokens were bullish and all these sort of things and i think that that actually uh ended up hurting a lot of people because that's so not true like as someone who spends a lot of time i guess like on the angel investor side of things and sees a lot of these deals go through uh you know that that's absolutely not true like there's no such thing as a bullish unlock there are exceptions to the rule of course like i i remember thinking that um solana would dump really high when they had their unlock in december but uh it didn't right i did i obviously

went on to to perform quite well um but you know that's just an exception the rule is really that a lot of these projects that had really high fully diluted market caps as soon as the investors started unlocking investing over time they dumped and this is for multiple reasons you might have investors on your cap table that don't care about like anything but but making money you might have investors that are actually obligated by law to de-risk once they make enough on their investment and this is actually true for a lot of funds in vc in our funds uh uh fund managers and vcs out there is that their the fiduciary duty is to uh make the most money for for their clients as they can and if they see that a protocol is already up 100 x that they've invested in

well i mean that's an incredible return in a short amount of time so they actually have to sell some so there's so many of these things kind of going on there's so many narratives so just like my number one tip is just to be really careful about what narratives you kind of i guess like believe and fall into and to also always check that fully diluted market cap and you know i think it's not maybe not enough to check the fully diluted market cap i think you have to go deeper and check like okay well why is the fully diluted market have one billion dollars and the and the circulating is like 10 million dollars for example and there are some projects out there like that you have to go look at the coin distribution you know is most of the coins with the team and

investors or is it being paid out in some liquidity mining program because if it's being paid out of a liquidity mining program it just means that the token is going to stay you know stay put for a while it's just going to either bleed out or kind of like go sideways um you know i think the crv token is a perfect example of this where kerberos has obviously got like a ton of traction right like an absolute ton of traction it's one of the best defra protocols out there um a legit team they keep innovating you know obviously they're not a scam or anything like that but their token uh is being paid out through a pretty lucrative liquidity mining program where they're paying out two million crv a day now the last time i checked the crv price it was around two dollars so they're paying out four million

dollars a day and i know people say oh okay well a lot of that is actually getting locked up uh because of the crv boost and things like that the vcrv boost and stuff like that and that's fine i get that but it's not all of it still being locked up so even if like a large chunk of it is being locked i think 50 60 of it is being locked that's still two million dollars a day of cell pressure uh because a lot of the farmers are mercenaries at the end of the day and their fully diluted market cap is still quite high at two dollars i think it's uh multiple billions or something like that so from from that perspective you just kind of kind of have to take all those things into account when uh i guess like um looking at these projects and evaluating whether

you want to put your money into them in any capacity and obviously that's not investment advice just just like general advice in this space and how to kind of like avoid scams because you know it's funny a lot of the time like the the classic rule of if it sounds too good to be true it probably is it kind of applies to crypto but not really because there actually is a lot of things that that that sound too good to be true that were actually true think about the uni swap air drop if you told someone that um you were air dropped at i don't know the current uni price but say it's like 20 or something like that i think it's less than that but say it's 20 if you told someone that you were airdropped 400 tokens worth 20 each for free for

only you know interacting with this app once across all of your addresses they would say to you oh this must be some kind of scam that's too good to be true blah blah right and there's all these other i mean airdrops is the perfect example of something that that seems too good to be true a lot of the time because some of these air drops are worth a lot of money but they're they are true and they the liquidity is there for you to sell if you want to and a lot of the time selling the airdrop was actually a bad idea like everyone who sold their swap airdrop probably regrets it because they sold it below ten dollars at least or even below five dollars so um you know from that perspective it's hard to use that rule of thumb so for the way i just view it as i said

i look at the fully diluted values of these things i also look at the kind of age of the project i look at the team and things like that they're investors to see if they've got legit investors on board that you know these investors don't want to put their names on on scams or anything like that so you you hope that they've done their due diligence but still they could miss things or they could just not care depending on the investor and stuff like that so always good to just be on your guard on in d5 in crypto in general um and you know obviously like falling into those other things that are just pure casino coins like the dog coins and stuff like that i mean you know i think most people understand that those things uh just gambling things at the end of

the day you literally are just gambling when you're buying into them so i think that's fine but there are a lot of uh projects out there that try to like act legit but when in reality they're just rug pulls or scams or just like you know insider pump and dump kind of things here so yeah anyway i'll leave it at that i think i've rambled a little bit too much on about that but yeah i just thought it was a it was kind of like a a good thing to talk about considering that i'm seeing more and more of these kind of like ridiculous kind of tactics popping up lately from these projects are basically scamming people so the biggest news i think from the last 24 hours was twitter dropping nfts on wearables so you can see in my screenshot here that twitter has a bunch

of nfts they've got seven there's only four pictures here that they've issued on ethereum of course uh and they're selling them via wearable i don't think they've put any for sale yet all these are not for sale 20 of 20 editions um now the reason why this i guess is a big deal is for two two reasons one reason is obviously because it's twitter right it's twitter doing nfts it's just legitimizing nfts further and i think it's just showing people that nfts you know aren't in this kind of like bear market people think they are in i think what ended up happening is that uh nfts are still there and they're still getting a lot of traction but uh you know obviously the market cooled down and and the money moved to like different kind of things i i think during like the nft kind of like mania

there was a lot of people just buying things that were just like total crap they had no future and they were just buying it for the sake of it and a lot of opportunists as well that came in and sold you know some of their old art that they just repurposed as an nft and things like that uh so that's why i think it's a really good thing it's like the legitimacy aspect and two for those of you who don't know jack the current founder of twitter and i think he's still the ceo um i'm not totally sure on that but definitely the founder um he is a bitcoin maximalist like he is he's definitely said multiple times in the past he doesn't really care about ethereum doesn't want to buy eth or whatever or whatever it is like classic bitcoin maximus speak which i think is just a sad state of

affairs for him i really do think that ethereum speaks to a lot of what he's trying to do and trying to achieve in the world but the funny thing is is that uh to issue these uh nfts on uh you know on ethereum he had to own eighth and now this isn't jack owning it he's obviously twitter the company owning eth but they had to buy eth to pay the gas fees and they had to buy um you know uh sorry they had to use ethereum to issue these nfts uh so the reason why i bring up that as like a bullish thing or like something that's really interesting is the fact that i've kind of talked spoken about this before is that even if you hate ethereum even if you think it's like or or a scam or whatever or if you think that eth is like a coin

you know a lot of these people that think that still use ethereum because it's just too tempting for them to do so because they're getting value out of it in one way or another whether that's doing something on default doing something with nfts i mean we saw plenty of bitcoin come over to ethereum during d5 summer and i'm sure within that bitcoin there was plenty of bitcoin maximus coming over saying oh wait i can stack more sats on ethereum i'm going to do this you know maximalist in the streets you know uh sorry bitcoin maximalist in the streets profit maximalist in the shade sort of thing uh and i i don't think that's like a bad thing um i just think it's just funny when you when you kind of look at this and you think to yourself well you know if you're using ethereum if

you're buying eth uh then you can't you know you the fact that you're saying one thing on twitter and doing another thing is just that it's just a pretty funny kind of juxtaposition there so yeah big deal anyway um i think more and more companies are going to follow here obviously i spoke about reddit doing this the other day twitter is doing it maybe facebook's gonna do it instagram tick tock who knows like we'll see we'll see what happens there uh but still really cool to see this and it's funny because i don't think twitter exactly needs the money here and maybe they're just gonna do this um i guess like the sale and kind of donate the proceeds to charity which i think is probably the best way to do it uh and i'm just going to be curious to see what they do with this and if they

do more in the future so perpetual protocol announced uh or introduced a v2 uh called curie here of of their protocol which as they say here this upgrade dramatically improves capital efficiency and increases fee capture for liquidity providers now the one thing i did want to talk about when it came to this is the very interesting news that they will launch uh curie or picture protocol v2 on arbitrary so natively on arbitrary so this again is following the trend that i've been talking about how a lot of apps are now just going to bypass layer 1 entirely and go straight to layer 2 because there's no point really launching on layer one anymore when you know that pro users are priced out of it and you know that layer twos are very very close

and you know that um you know the end goal is for users to just be on layer two so why not just like you know focus all your attention on deploying on layer 2 doing everything right there focus on you know your kind of like marketing customer acquisition strategies business development um making the product as best as possible instead of having to worry about high gas fees and dealing with users having to worry about that and having to worry about optimize your code down to like the best way you can optimize it to get the most juice out of it for users and having to worry that users aren't using your app because of the gas fees and things like that so i mean this is the third product that i know of that so far that is launching natively on on kind of uh layer two here there was

future swap v3 which is launching on optimism uh no sorry arbitram and then there was lyra which is launching on optimism soon uh and i think we're just gonna see more and more of this so i mean i'm just really happy to see this trend playing out i wrote a little bit more about this in the delight newsletter today but i don't see this reversing i do think that there will be a lot of projects that stay on uh layer one of course and that have like both layer one and layer two kind of deployments such as the biggest projects out there like maker of a uni swap compound whatever but i think a lot of the newer ones are going to say well layer one's really crowded it's expensive there's this whole new kind of like i guess like field and design space on there too

let's just deploy there and focus all our efforts there and you know i know perpetual protocol was on i think they were on x die um uh uh you know in their v1 which is a side chain so it's not a layer two um but now they they're obviously going to uh uh to arbitrarily now i don't know i didn't kind of like see anything about the extra deployment if they're going to be deploying v2 on xdi but i mean i don't know if they kind of like really need to at the end of the day because i do think that um arbor trim is probably the better solution here since it's an actual layer 2 that's gonna be inheriting ethereum's decentralization and security guarantees and that's what we want at the end of the day so yeah really really cool to see this uh i think it's just really interesting

this trend that we've been seeing and i'm and i'm excited to see it continue so speaking of uh different kind of like d5 protocols heading to layer two synthetics is actually one of them as well so synthetics is going to eventually migrate off layer one completely and go straight onto optimism uh they're on there right now but they're gonna eventually migrate everything to optimism um but you know the tweet that they put out today was wasn't about that it was about uh synthetics trading volume and how i think last month it hit one billion dollars in trading volume uh which is 15 of their total tracked volume uh which means that uh 6.75 billion in just one one month on on the protocol here now a lot of you may not have been hearing about synthetics lately they've been kind of quiet i know kane

has been putting out blog posts recently where he's been saying that he's going to come back and help the protocol along because he feels like he stepped away too soon and things like that so i think that with him back on board with their layer two deployments going forward they're definitely going to have like a bit of a renaissance here i think synthetics and i think that people are underestimating them now i'll disclose here our own snx token so you know maybe you think i'm showing my bag but generally like i've held snx tokens for a while now and i just think that synthetics is uh an underdog now i used to be like the darling of the ethereum d5 but i think the fact that uh their protocol doesn't really work with high fees on layer one it actually not doesn't really work it doesn't work

at all it seems uh in terms of like being able to scale it at layer one um whereas on layer two i feel like they're gonna get like so much more trading volume so much more users because of that low fee environment there and the fast transactions of course and things like that so really cool to see this traction can't wait to see them on layer two i'm getting really excited to see how that plays out on optimism so six million eighth is now in the eth2 deposit contract this represents around 5.2 percent of the total current eat supply which is huge i mean this is what six million at times 2200 last time i checked the eighth price would be 18 billion or something like that in the e2 deposit contract securing e2 which is awesome like absolutely awesome and the funny thing is this this just

keeps trending up right people people might think to themselves yeah you know oh maybe it's just going to taper off and we're going to stop seeing eath fall into the deposit contract but i don't think that's true i think more and more ethics is going to keep flooding in more and more services for staking going to keep popping up obviously we have a lot of services already like the centralized exchanges um you know rocketpool's going live soon as well we have lido and a bunch of other staking service providers out there um and i'm curious to see actually what happens when rocketpool goes live and to see how many individual kind of users that don't have that 32 stake with with rocker pool here um but yeah six million eighth that is going to get to 10 million before the merge in my mind uh and i think that once the merge

happens and people see that the apy shoots up to even something like 20 percent they're going to fomo into that as well and you know just a little bit anecdotal here all the ether that i'm buying these days every time i hit 32 eth again uh i put that into staking like every 32 8 that i accrue goes straight into um a validator now obviously it doesn't happen very often 32 is a lot of money these days it's over 60 000 um but it's happened a couple of times now at this point from just my stacking youth and buying and buying some cheaper uh like as as we foul in price and i'm just putting it into the you know to staking and i think that's what a lot of people are doing right now is that they're putting it straight into staking um instead just stacking more eat when

the prices are what they think to be a low price maybe we go low from here but who cares if you're putting it into staking anyway well well you know you don't have to play the markets you know it's locked in there until the merge happens if you you're doing it on your own and you basically get to accrue more eath as time goes on i think the api is still about 6.5 percent but as i've mentioned before that's the apr just um and just uh if you if you account for like the uh the ether you're accruing it doesn't account for like the eighth price appreciation so if each price like doubles and that's conservative i think from from here but if each price doubles and goes back to its all-time high well then the rewards that you earn doubled as well so you're earning much more than that 6.5

just from the appreciation of your rewards but that six point five percent is denominated in eighth so that's not denominated in dollars uh so that's that's kind of like the interesting way to think about it now i got a question here from thomas that i wanted to answer where uh he said i have heard but would appreciate the clarity that 10 million each state is the limit after the limit is here does that mean you cannot stake unless someone pulls out first i'll be watching the daily grade for an answer please so here's your answer thomas there is uh not a limit of 10 million there is plans to put in i think a soft limit of 30 million each being staked at any given time now this is based on the amount of validators that are that are active so that doesn't mean that it's like a

hard limit the reason why i say it's a soft limit is because for example there could be 60 million each staked but what ends up happening is that only half of that is an active stake so only half of that a 30 million eighth or half the validators will be actively uh participating in the consensus of the network at any given time um so which means that like yes there's 60 million ethan deposit contract but only half of it at any given time uh is active and validating which means it'll rotate through as time goes on so that's how it's going to work it hasn't been implemented yet but i think that's how it's going to work and it might change but yeah hopefully that answers your question there on that one thomas but on that note that is it for today's refill everyone thank you again for

listening and watching be sure to subscribe to the youtube channel if you haven't yet give that video a thumbs up subscribe to the newsletter join the discord channel and i'll catch you all tomorrow thanks everyone