EIP-1559 NFTs, IMX token announced and more - The Daily Gwei Refuel #170 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the daily gray refuel where recap the latest news in ethereum ecosystem i'm your host anthony sosano and today's the 22nd of july 2021 right everyone let's get into it so i wanted to discuss something to do with eip1559 and the ultrasound money meme today i kind of put out this tweet where i said um ultrasound money for eight is only achieved once we have unlocked both eip1559 and the eth one to e3 merger aka full proof of stake we're getting eip1559 on august fourth and we'll hopefully see the merge in the first half of 2022 patience my fellow ethereans now this tweet was prompted by the fact that there are a lot of people out there that believe that as soon as one five five nine is activated

on ethereum's main net it means that the supply of eighth is going to be going net deflationary and that means that we're going to be achieving this ultrasound money kind of notion that that has been put out or at least being talked about over the last few months now that is not correct it would be correct if the gas prices were 140 plus um you know for the whole year so to speak look if you're talking about like yearly issuance here with proof of work it's about 4.5 percent um per year of new heath being issued so gas prices would have to be around 140 gray at current prices uh sorry gas prices too and that would have to persist for the whole year to make ethernet deflationary now once uh the merger comes around

that drops down to like about 11 gwai at current eat at the uh current amounts of eat steak now the more eat that gets steak the higher that will be because you'll have more eat issuance the more eat that is staked but it's around 11 way and even if like uh you know double the amount of eat get staked it would only go up to like 20 gray and i've said before i ex how i expect like 10 to 20 gray to be pretty much the floor of gas prices going forward um and that's probably just going to increase over time no matter what the market is doing so just yeah throwing that out there that one five five nine on its own does not make ethernet deflationary uh it would definitely won't make it that deflationary under proof of work uh because of the fact that we have that

that large four point five percent issuance now with proof of stake the current issuance is around point five percent probably less than that or maybe more than that uh i can't remember the top of my head right now but um and that's like at like about six point five million each staked so um and you know as more eath gets staked that goes up over time but pretty much it's gonna be less than one percent i think at all times it depends how much eighth is staked of course but i don't imagine there being more than maybe 30 million each stakes within the next couple years or something like that we'll have to see how that plays out of course but uh you know i i i think you know post merge the fact that it will only require around 11 way to make ethernet deflationary with one

five five nine that's what we should be focusing on that is ultrasound money it's not ultrasound money with just one five five nine put in place this is a this is a long term game like ethereum's monetary policy and and what we're kind of progressing towards has been uh you know in research and development for for quite a while now it's not like it's just all going to be activated at once it comes in phases we've obviously over time been reducing uh the block awards that we've been paying out to miners uh we've done that a few times already and uh we're reducing um the issuance by about ninety percent with the merge and we're obviously going to burn each with one five five nine which reduces uh the amount of in circulation um and obviously like offset some of the issuance but until we get to

uh post and a post merge world when it's just all one ethereum it will not uh make ethernet deflationary over over the course of something like a yeah it's just it requires gas prices to be you know 140 plus you know every pretty much every single day um persistently for for that to happen and that is definitely not going to happen when the market's quiet and even when the market's kind of um hot uh it that only lasts for a few months at most that doesn't last the whole year and there's you know in in the current climate of what ethereum is today now i've said before on the refill plenty of times that i expect one day ethereum to be doing billions of dollars of transactional um uh revenue on its network in terms of fee revenue uh and you know no matter what the

market is doing but that is still a while away that is mass adoption levels that is essentially when you know a lot of the world is using ethereum for whatever the you know for their financial activities or for whatever else so yeah i just wanted to kind of clear that up and on the note about one five five nine as well this is a a related i'm not a related note but like a separate note but just about one five five nine in london there was a an issue on the robston test net with london um unfortunately a very uh edge case bug with eip1559 this bug was so edge case and so kind of like rare that that there was only a one line that needed to be fixed within the goal ethereum client so what ended up happening was that um essentially the the kind of uh the

the robson testnet forked because in the go ethereum client it was unfortunately had a bug in that line of code that i told you about um and you know that caused this kind of like fork to happen and then the gold theorem team has obviously fixed this now but this may lead to a delay of one five five nine and london sorry i should say because of the fact that you know go with euro and fix this or the guest team fixed this but everyone needs to upgrade their client now and we're about what 10 12 days away from august 4th or maybe maybe 13 days away uh and you know is that going to be enough time now the time to give people to upgrade their clients to this new version of geth with the fix in place now the final decision will be made

um on the old call devs call happening tomorrow uh that happens about midnight my time i'm not sure what time that is for you but essentially they'll make the call there i think that if there is a delay it'll be one week at most i don't see it being a two week delay i don't think we need that much time um and you know there's even a chance that there's no delay because the the core devs feel that it's enough time to give people to upgrade their clients you know it's 14 days it's not hard to kind of like upgrade the client and everything like that it's actually really easy to upgrade and you don't have to resync the chain or anything like that you can just use the one you've got and everything should be fine so you know i guess it's just a coin flip if

there's gonna be the delay or not and even if there is a delay of like a week it it's really not a big issue at all like i've said this before we've waited so long for one five five nine that at this point it's just like another a week delays whatever but also you know i saw some people talking about what kind of impact this could have on the price of eighth i i don't think it's going to have any impact on the price of heat like the market is not that efficient um as the crypto markets are nowhere near that efficient and as i've said before i think you know i was discussing this the other day on the refuel where i was basically saying that uh these kind of news events whether they're bullish or bearish they don't really have an immediate effect most of them some of them will

like and some of them will have a very noticeable effect but most of them don't and i really don't think the market's going to say oh wow eip15590 is delayed by a week let's dump eth i just don't see that happening at all even if the market was efficient i don't see that as a reason for easter dump now of course there could be kind of something that happens where the delay gets announced and then within like 24 hours the earth price dumps and people will be like oh it's because one five five nine got delayed and you know you could argue and debate that forever and you could basically um you know try to sell whatever narrative you want to sell but in my eyes i just don't think this is going to have any effect on price but i just wanted to give you guys a

heads up on it this is the uh retrospective that tim biker put together on the issue with kind of like a timeline of events and things like that so you can definitely check this out it'll be linked in the youtube description but uh yeah this is why we have test nets right it's really great that uh this happened on a test net or not on mainnet if it was to happen on mainnet the funny thing is if this exact bug happened on main net what ended up what would have ended up happening is because geth is the majority of uh the the network it's about 80 i think of the network it would have actually just de facto become a a um a protocol rule which means the other clients would have been the ones that would have to update uh or at least kind of get back in sync

and get back in consensus with geth and then we could fix that and do like a another hard fork to kind of um fix up that issue so it wouldn't have been a breaking issue for uh for the network on mainnet it would have been fine um but it would have kicked off the other clients off the network they would have to fix their clients and all that sort of stuff but the network would have kept running just fine so yeah i mean full details of what happened is in this uh retrospective here you can go check it out if you want to so daniel put out this really cool tweet today it's a short tweet but it really encapsulates uh what i love about ethereum conferences but essentially he said you uh problem you feel smarter than anybody else you meet solution go to an

ethereum conference now uh as you all know i'm having like massive fomo over the fact that i can't attend ecc and obviously this is very topical here but essentially he's totally right i mean i've been to a few ethereum conferences mostly uh uh the second half of 2019 is when i attended most of them but i've been to like devcon edcon dapcon 8th denver um and they're all pretty much like very similar in in kind of like what daniel says here is that you go there and there's just so many smart people around uh because you have all the smart people that you see on twitter but they're in person and they're just like you know anytime you talk to someone you always end up talking to people that are just way smarter than you about a particular

topic you learn so much and you know for me like conferences really are about networking i don't attend too many of the talks but the talks are even kind of like really smart talks but personally i just you know i know they're being recorded so i kind of like just watched them later on i go for like talking to people meeting people meeting all my like kind of twitter friends and things like that and and really it's it's it's amazing how many smart people are there and you know on top of that a lot of these conferences usually have like hackathons going on as well where you can go and talk to developers and see what they're working on and it's just incredible the amount of uh really cool things that come out of hackathons i mean a lot of the top projects in this space have come out of

ethereum conferences slash hackathons so that's a signal right there um but you know it's not just kind of like uh the the smart people you meet at conferences and that's not the only reason why you should go the the biggest i think thing for me about ethereum conferences is that when you go there you can basically feel the ethereum culture around you because one you have people from all over the world attending uh like from pretty much every country out there which is crazy because for me i actually didn't travel very much outside of australia until until actually i think 2019 i think i actually had to get a passport because i didn't have one to go to new zealand and in 2019 i was uh well how old was i 27 or something like that so

um i hadn't traveled overseas or anything i traveled nationally but then i started traveling overseas in 2019 a lot and you you basically get a lot more cultured right like that that's obvious people have traveled a lot but essentially i met people from from all over the world that i hadn't even talked to before because i just had no reason to talk to because i was you know in my little bubble in australia and that and it's funny because like they meet australia like australia and these australians are basically underrepresented i think in crypto or have traditionally been underrepresented and they kind of like um comment on my accent even though i don't think i have an accident and things like that and you know you just share you're sharing the culture there but that is what makes up ethereum's culture and i spoke about like

generation ethereum on yesterday's refuel but essentially ethereum's culture is a kind of like combination and amalgamation of all of the world's um different cultures just coming together around uh uh basically to kind of like build this decentralized thing where yes we're we're all part of like different countries but we're all part of like the ethereum nation and we're all ethereum citizens so to speak which i think is another really cool thing and you won't get that online you won't get that from vr conferences you have to go to one of these ethereum conferences preferably in um you know a a a place that you haven't been before so something somewhere like paris would be cool because you have a lot of the european culture there um and then you know obviously there's a lot of them in the u.s uh that happen

there's also going to be devcon six or five i think it's six that it was announced for colombia um uh so you know you have basically all these different kind of cultures clashing uh in a in a positive way not clashing in like a negative way um and you know i'm remembering back to the other conference as well like one in berlin uh there's prague as well i mean you get to experience a different culture and then you get to experience all these kind of these conversations with people from these different cultures around the world so that to me is the coolest thing about ethereum conferences and that to me is a big reason why i'm fomowing because i love just talking to people uh you know offline and getting to know them and getting to meet all of my twitter friends but hopefully soon

uh but yeah i'll leave it at that for now but essentially if you haven't been to an ethereum conference and you can go to one highly suggest going to it hopefully next year we can put uh covert behind us with you know most of the world vaccinated and we can actually start travel everyone can start traveling around the world again because i think that everyone should attend an ethereum conference at least once in their life and one of the bigger ones like there's small ones that happen from time to time but i think the bigger ones like devcon or hcc or eve denver all those sorts of things or ethnic and things like that those ones are the ones that i think um uh uh people should attend and you know you'll know what i mean when you attend them so uh stateful works has uh introduced

the aip1559 and ft's now i spoke about these the other day uh this has been made in collaboration with the aip1559 contributors and all proceeds will go to them uh there are two different nfts the ip1559 supporter one with one thousand five hundred fifty nine total editions and then the one five five nine patron one of one edition which is up for auction for fifteen point five nine eight which is about thirty grand at current prices um so yeah you can go to this website here i linked this in the um the discord the discord channel uh yesterday to kind of alpha leak it out and i was actually people thought that i was on an insider and i had like insider kind of information about when this was going live but i really didn't what ended up happening and why i was the first minter

of this nft was because i kept refreshing the page i i assumed that it would be it would have launched like early morning u.s time because i uh because of the fact that's just the the um the the time that makes most sense to launch it sorry um so i was like okay and i just kept refreshing it like every so often and then it popped up and like my heart skipped to be and i'm like oh my god oh my god it's live and i went there and then i did it and then two seconds later the second person popped up i'm like oh my god i just i just made it in time but anyway it's really cool to see 860 of these nfts have already been sold as i said it's a limited edition of 1559.

the price is 0.15598 for the support of nfts which is about 311 at time of recording now obviously uh that's a bit steep for an nft for for a lot of people and that's totally fine like um you don't have to buy it or anything like that but still i think it's awesome that this many people have bought it and it's raised 134 eth which is a lot of money for the eip1559 uh contributors there and then on the patreon edition you've just got one person bidding so far leo rad.eth which is the same person who who um did the infinite garden uh movie and and donated the most to the infinite garden uh uh uh crowd crowdfund there but yeah this this auction goes for another five days and 19 hours but i i doubt there's many people who have uh

this much east splurge on nft but they look so cool i mean these are made by my good friend kid air um you know you i've spoken about him before he's made his other nfts out there and he donated proceeds to get coin but he made both of these so this is the one of one uh edition and then this is the patreon edition here which i think both of them are just absolutely awesome i really like kitte's work he's he's really talented um and he's been a long time etherean as well so he kind of gets it which i think is really cool but anyway go check this out if you haven't already i have i think i've shielded enough on twitter on the discord channel on the refuel so i'm sure you've seen it but i think it's very important to go check it out

so immutable announced their token today remember how i told you guys that if every single crypto project is going to have a token um you know and and just assume that they will well this is just another one coming to life here so their token is called imx and this will power are they saying this is going to power the growth of the first layer 2 for nfts on ethereum now a bunch of this is getting air drops for people who you who are i'm part of i guess like god's unchained you can see here the airdrop detail oh sorry the tokenomics details here and then there's um a way to earn uh imx which is in this blog post about the airdrop once it loads there we go uh and you can see here how the airdrop is done so they're doing it in a few

different ways there's going to be a bunch of imx distributed evenly to every user who traded or held in their inventory a gods unchained card or a mute on immutable x at any point before the snapshot date of 22nd of july and then there's a secondary air trap which is much bigger that will go to people for uh that hold um different kind of like rarities of god's unchained cards you can see the table here now this snapshot hasn't been taken yet so you can actually buy these cards to get this airdrop um uh you know when it happens in a few weeks they've stated here so yeah two different kind of like ways to get an air drop there which i think is really cool um but yeah i mean the the general kind of gist of this token they actually tell um actually say what the imx's use cases

are gonna be within the immutable x network one of it is fees so 20 of every transaction fee on the protocol will be paid in imx if you do not own any imx imax will be automatically purchased using your eth which i think is really cool it's like using meta transactions there uh staking all imx used to pay transaction fees is sent to a staking rewards pool this pool will proportionally distribute uh be proportionally distributed among users who are currently staking imx the more you stake him the more you earn and governance obviously as an active member of the x community you have an imx weighted vote on the future of the protocol i'm really glad that they're um talking about i guess like the uses of the token like right off the bat instead of just leaving it up to the community to come up with uses

because normally you'll see tokens launch and they'll be like okay we're a governance token and i've i've kind of discussed how i think that that's fine and i believe governance tokens are bullish but the problem is is that uh you can get to a point where the community doesn't really come together to uh drive value to the token because they don't really care you kind of need this benevolent dictatorship at the start you need this little bit of centralization in order to bootstrap these sorts of things at least i believe so that's really cool uh and on top of this like immutable is a aussie based team they're up in sydney so you know it's just another aussie team kind of like making more of a splash here which i really really love seeing um but yeah if you haven't read the details about the airdrop and everything

and you want to learn more about that and the imx token of course generally i'll link both of these blog posts in the youtube description and you can go check it out so i'm sure a lot of you saw this video today of ashton kutcher posted on twitter where he said welcome to kutcher kitchen talks episode one now i'm probably going to spoil this for those who haven't seen it yet but i'm assuming that most of you have seen this but anyway it's basically a video of ashton asking um miller kunis his wife a bunch of questions about crypto and like what is um you know crypto what is uh a blockchain blah blah blah and she's she's giving like um you know she's giving decent answers i i don't think they're like bad answers or anything but then halfway through the video he pans the camera

from mila to vitalik who's sitting in ashton kutcher's kitchen which i mean you can see the comments here everyone's like what the this is hilarious and then you know crypto cobain had a hilarious comment here what he's where he says completely disagree with what the last guy said to describe ethereum very bad explanation imo hate all these new normies jumping on the scene trying to explain what ethereum is to us crypto ogs then you have this guy this account here called good names you said this is the founder though and they were serious about it and all the comments i mean this whole thing was just an absolute laugh and i i loved it but what was hilarious to me was it was just so unexpected like you don't expect vitalik of all people to be sitting in ashton kutcher's kitchen right um so that was that was pretty funny but

anyway ashton kutch has been getting more involved with crypto i guess over the last few months i think i've spoken about him on the refill before but he's pretty involved in the nft space and has been and has been doing a lot of funding in that area too so i'm actually really liking the fact that vitalik is spending time with him because who better to educate ashton on uh you know the crypto space and on ethereum than metallic at the end of the day so i feel that's very very positive and on the other side of things uh you know we had this kind of like bitcoin conference that happened over the last 24 hours called the b word and it was i mean i didn't watch it but like from the comments that i've read and people telling me about it it was it was pretty like it was just

too bitcoin focused like they didn't even acknowledge ethereum really except elon saying that he owned ethereum which i'll talk about in a bit so i'm really glad to see that we have other kind of like celebrity types out there or people with audiences just like um putting more spotlight on ethereum because bitcoin already gets too much attention in my eyes for what it does it really gets way too much attention uh and and i think that because of that you have people who basically bucket ethereum in with bitcoin and think of it as the same thing when ethereum is extremely different to bitcoin it is distinctly different i mean they could they actually the funny thing is that at their core they are pretty similar in the fact that uh they are decentralized networks and they share some similar views but once you start going um a little bit

higher than that you go to like the i guess the social layers they are very very very different things a very different beast and then you go into like what they can be used for and what what the community wants to use it for and it's just totally different so i'm really glad that i mean ashton advertised ethereum to his what is it 17.2 million twitter followers which is absolutely insane this video was watched by 770 000 people so far um and you know i was talking about this on yesterday's review where i said that maybe the day before uh where i said that vitalik's following of 2.1 million followers um i wish that he used it better because i um you know having this amount of reach and having this uh this kind of like audience is e and using it and getting people to kind of

like look at the right things and read the most interesting stuff about ethereum is the way to go about it i believe so yeah really cool to see this watch this video if you haven't yet i know i spoiled it for you if you haven't watched it yet but i just thought it was just absolutely hilarious um and you should go check it out for sure so i did mention that i was going to talk about the elon thing so i put out a joke tweet today where i said it's in response to elon announcing that he holds eth i wanted to reveal that i also hold eve this may come as a shock to some of you but the writing really was on the wall for a while so i know you guys some of you are standing up right now some of you like just being taken back

you may have fainted um but yes i do own some me no no no seriously um apparently uh elon said on on this the b word conference he said that he owns obviously bitcoin um ethereum and and doshcoin so i don't think i don't think it should come as a shock at all that he owns bitcoin and ethereum and it should definitely not come as a shock that he owns dogecoin um but he did say he owns a lot more bitcoin than anything else he said that like spacex and tesla own bitcoin which again is not very shocking to me um and he seems to be generally quite bullish on bitcoin he didn't really say much about ethereum which was disappointing i would love to hear his like unfiltered um thoughts on ethereum that don't involve him talking about it um yet on twitter or at least talking just talking about

dogecoin on twitter whatever uh because you know as much as i think that he has a lot to learn about this industry i feel like he's a quick learner and he's not like a total idiot either and i don't think he's ignorant or anything and i'm pretty sure uh he's he's i think he's met vitalik before um or maybe not but if he if he had i'm sure victoria spoke to him about uh about um about ethereum and all that sort of stuff there but what i wanted to focus on was the fact that like and i know i just said all that but at the end of the day like who cares that elon holds eth like i don't i don't know if the ethereum ecosystem really cares too much about celebrity worship and even like i was just talking about ashton kutcher and how

obviously he's a huge celebrity he has like you know tens of millions of followers on twitter and his reach is great and everything but outside of their i guess marketing pool i just don't know why we where we should care too much about celebrities you know coming into ethereum being onboarded onto ethereum it's all well and good for them to educate the audience as if they're doing it correctly and and doing the marketing side of things but generally as i've said plenty of times ethereum is for everyone at the end of the day like it is not going to the the network cannot discriminate against anyone you can be a a a poor farmer in some third world country or you could be the richest person on earth the ethereum um network does not discriminate based on that like yes you could make arguments that oh

well you know the rich people can afford the gas fees and the poor people can't i but like i'm not talking about that side of it i'm talking about the fact that the ethereum network itself regardless of gas fees is not opinionated on who's using it and obviously this applies to pretty much like most blockchains out there and everything like that but i think it's very important to reiterate that fact that it doesn't matter if celebrities buy eth or not it doesn't matter if they use a theorem or not i think they're they're as i said their power is in marketing and awareness i don't think that them buying um ether ether kind of like using ethereum is necessarily adding you know an outsized amount of value to it rather than you know millions and millions of people from around the world doing it but still on that note like i don't

think it's a negative thing i think i'm just neutral on it at the end of the day and i'm not someone who who who likes celebrity worship i mean i don't worship any kind of celebrities i mean the only person that i really look up to is vitalik uh for a number of different reasons i don't think i have to go through why why i look up to vitalik but i don't like worship him and and i don't see uh much celebrity worship within the ethereum community whereas some like in the bitcoin community you definitely see it there there's definitely a lot of celebrity worship there so i don't know if that's maybe i'm generalizing too much maybe i haven't i just haven't seen owning an ethereum but generally i don't think uh that uh we've got that we have that kind of like culture and ethereum which

is which is positive i think at the end of the day but anyway uh i guess cool to know that elon holds ethan as well as i said not shocked by that um but i i'm i'm looking forward to him at least getting more up to speed with crypto and becoming more knowledgeable about it because as much as i think it's just a neutral thing for him to be involved it's actually a negative thing when he starts spreading crap like i talked about the other day um about how he said let's scale dogecoin um uh by doing you know increasing the block size whatever and all that sort of stuff and i just i i i'd like to believe that he's just misinformed or uninformed and that he's not just spreading like crap on purpose so the more he gets educated the more he'll be able to educate those around

him uh and the better off i think we'll all be but uh yeah we'll have to see how that kind of plays out there i'm sure he's i'm spending more and more time looking into it considering he's becoming more active within within the ecosystem all right so last up here eighth block art announced that they have raised a pre-seed round led by a coin fund with participation from focus labs a venture dow which is medic cartel ventures sorry um and divergence ventures here now disclaimer i participated as a seed investor in this but um you know for those of you who don't know what eth block art is it's basically an nft project that allows you to create your own deterministic blockchain art painting uh with ethereum blocks um and nfts and

they basically allow you to essentially use data that's contained within the ethereum network within different ethereum blocks to generate different pieces of nftr now some of you may have seen this on twitter before uh you may have seen people posting pictures of it and saying oh look i just nft uh this transaction hash at this block and stuff like that uh that's i guess like on the surface what um the uh eth block art or or blockout as it's called here allows you to do um and it's basically a tooling and infrastructure that will allow builders and creators to do this i mean they describe it here they basically say the block art tooling and infrastructure will serve builders and creators at the intersection of creative coding generative art and ethereum data looking to develop their own independent platforms

such as ebloc.art powered by deterministic data so the website's already i mean all of this is already live actually this isn't like a a pre-product thing you can actually go here create your own kind of nft's mint them you can see all the ones that have been created already which i think is really really cool and you can start from a style i mean there's so many things you can do here um and maybe i should talk a little bit about the reason why i backed um uh this kind of like team and uh and everything like that it's because i i mean i've said before that i'm not a guy who's huge on art or anything like that but i am huge on on culture and i think art is just a culture in uh visualized essentially and i think that there's a lot of

culture embedded right into the ethereum network itself so if we can harness that and we can give people the ability to create works of art or kind of like really anything any type of nft's um um using that data i think that's going to be incredibly cool to see play out and i think that's going to be incredibly powerful so i'm really excited to see uh you know people building with this um building with these tools uh generating these kind of like art pieces and just coming up with things that i can't even think of right now to be honest so yeah i guess um you know congrats to to block out on the race here obviously i participated as a little seat investor among all these really cool people here um but i'm really excited to see how this project progresses but on that note

that's it for today's episode so thank you everyone for listening and watching be sure to subscribe to the 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