EIP-1559 recap, Zombie CryptoPunk auction and more - The Daily Gwei Refuel #181 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the daily gray refuel where recap the latest news in the ethereum ecosystem i'm your host anthony sosano and today's the 6th of august 2021 all right everyone the last 24 hours were absolutely crazy uh eip1559 is obviously now live on the ethereum mainnet uh today's refuel is probably gonna be one five five nine heavy i have a bunch of tweets i wanna go through a bunch of things i wanna talk about i think it's really important that we talk about you know one five five nine what's been happening in the last 24 hours what to expect going forward um but yeah i mean just like a little bit of color around i guess what you know what my experience was obviously i was on the live stream with bankless i hope a bunch of you had a chance to check

that out uh kind of um last night or yesterday wherever you are in the world whatever whatever time it was for you it was early morn very early morning for the us um but that was really fun uh we had like a bunch of cool people on that on that live stream and we watched it go live and i mean everything went off without a hitch right like it just it worked perfectly there was no errors there was no bugs or anything like that and then we immediately started burning eighth and wow like after you know two years of of waiting for this kind of over two years of waiting for this day um to happen waiting for the burn to happen it was just i mean the feeling was unbelievable honestly i've been talking about this for so long i've been monitoring it for so long and

you know it's funny because you go through different like market cycles too i mean when this was first proposed in like april of 2019 i'm pretty sure the eighth price was maybe around 200 or something like that um something you know very low compared to what it is today uh and you know i remember thinking wow this is gonna it's gonna be awesome right this is gonna fix the fee market this is gonna burn eight it's gonna be great and then it took two over two years to get here so yeah it's just it's just amazing to see it live and i think the community was was super super excited about it like obviously twitter was flooded with it the price kind of reacted to it but not really and i mean i i didn't really expect the price to do anything major around this launch

i mean i think that in the long term obviously one five five nine is incredibly bullish for eighth but in the short term the markets are just silly i generally i think the markets are are a bit silly but yeah i guess on that note as well like just i guess around the launch here um there was a bit of so i shouldn't say it went like a hundred percent all good um there was a little bit of drama with the miners um maybe not drama but like a little bit of uh kind of like um issues with the miners not uh all the mining pools and and the miners are not increasing their gas limit to 30 million which they needed to do because what erp1559 does it effectively doubles um the block size so well it doesn't sorry it doesn't double the block size or

double the gas limit it essentially um makes it so blocks are only ever 50 full and then it uses the other 50 as a buffer for when the network gets congested and things like that uh so what ended up happening was that the gas limit was 15 million prior to 1.559 going live and then once it went live miners needed to change it to 30 million now this doesn't mean that we doubled the block size because i or doubled the gas limit because as i said it's it's um it's elastic which means that it you know that that extra capacity is only used uh during kind of times of like volatile fee markets and you know and it's only used um through one five five nine transactions as well because now there's two transaction types there's the legacy and the one five five nine transactions

and most of the transactions still happening on the network are legacy transactions because of the fact that most wallets don't support one five five nine just yet and i know my crypto does and a few others out there uh but metamask doesn't for most people yeah i don't have the feature yet uh which is a bit disappointing but that doesn't mean that it's not being burned it just means that people will um will still be overpaying for fees we won't get that smooth kind of like fee market that that has been promised from 1.559 until we have more adoption there so there's a few dashboards kind of like around that tracking the adoption of that and everything so that's really cool to see but what ended up happening with the miners is a few of them didn't have it at 30 million they had it at like 27 million or

something like that or something weird but then we got them to put it to 30 million um we you know we reached out to them and said hey you need to fix this you need to put 30 million because that's kind of like how 1559 works um essentially and you know vitalik put out a tweet today as well saying uh he basically compared two different kind of pictures here where he said how full blocks are in a range of erp one five five nine blocks from today versus in a simulation from two months ago that assumes fairly uniform but random transaction activity and realistic block production it actually looks pretty similar so what this is showing um for those of you seeing on the screen you can see this this picture it says on the on the um on the y-axis here how many blocks

so you know what is this almost 120 blocks here and then percent full on the x-axis up to like 100 full and then you can see like most of the blocks are almost 100 full or pretty much 100 full and then there's basically randomization with with the other kind of blocks here and that's how the the one five five nine mechanism works and this is the the um real uh scenario what's happening on main net and this was the uh the simulation which you know they're pretty close which which is really cool to see that the simulation actually um you know showed exactly what was going to happen on main net there so that was very cool to see um we also had our first deflationary block shortly after one five five nine went live and what this means is that basically more fees were burnt then was issued by

the block reward uh or you know um as part of the block reward here so that was awesome because you can see here on the screenshot like down the bottom it says burnt fees 2.078 and obviously each block reward is 2 8 so we burned more than we issued for that block obviously it doesn't count for like the whole um the whole uh uh and uh issuance it's not like making ethernet deflationary or anything like that uh for the whole kind of like period the whole year but like on a per block basis there's been a few of these now which is which is really awesome to see there um the ultrasound money our twitter account tweeted out this uh this tweet today saying east scarcity engines uh 6.5 million each staked in eight months d5 there's 9.5 million eth in there in three years and eight months and and

burned four point six k eighth in 24 hours so i mean i think it's a bit more than that now i mean it's been more than 24 hours since one five five nine went live but we burned you know four point six k like four thousand six hundred eight which is really cool and you know at time of recording it's at 47 there of what 4776 i've got it here on my little ipad mini i've got the the ultrasound money website up um monitoring the the uh the fees being burned there so that's that's really cool to see but i think a lot of people were blindsided by this to be honest where they thought wow okay i didn't realize that this much fee was fees were going to be burned and to be fair the network did get quite volatile um uh the gas fees did get

quite volatile after the network after the market activity picked up after 1559 went live and the and the miners obviously had to adjust their gas limits because by having their gas limit at like 27 million that effectively means that the the gas limit is essentially half of that which means it was less than the 15 million that we had before um you know and that means that there's less transactions that can fit in the block and all that sort of stuff and that's especially true because most people aren't using one five five nine style transactions just yet so we had a bit of a spike there and it needs being burned but generally you know i think that uh it's gonna slow down um you know in in periods of like just normal operation but obviously when the market volatility picks up the fees pick up and we see

kind of like all that happening and what i'm really excited about as well is the fact that everyone doing mev through like flashbots and things like that now have to pay eth uh there's no more zero grade transactions on the network you have to pay as the base fee to the network and that eighth gets burned so we're even capturing a bit more value back from uh from mev there which i think is is super awesome so yeah really really cool to see that um and the ultrasound money account put out another tweet as well are talking about ultramark four here which is justin drake's um kind of like measure of how much we're burning compared to proof of stake issuance so you can see here over the last 24 hours we burned four times more than the proof of stake issuance now obviously we're not in proof of stake

land just yet like the beacon chain is but the eighth one chain still exists there's still the proof of work issuance which is around four point five percent a year um and you know if we were to burn the same as we burnt today it would be like i think a one percent burn each year or something like that um so or probably more than that based on today's but if you average it out like it's hard to it's hard to tell because it hasn't been very long but essentially you can see here the 24-hour fee burn was was forty-five forty-five hundred eighth and the 24-hour proof of stake issuance was one thousand one hundred and twenty-five eighth and you know that's just once the merger goes through and this is why the merge is so bullish right because we're going to be burning more than

we shooting and that's what is considered ultrasound money right so that's really cool to see so uh super super awesome tweet there from ultrasound money paradigm put together a really great thread of all the research pieces that giorgios and husso have put the khasu have put together over the last couple years on erp one five five nine if you're still interested in digging into like how it all works at a deeper level and everything like that you can go check out these threaded links in the youtube description this is a lot of research that they did um uh you know obviously long before one five five nine went live and they were pretty they were instrumental in like some of the top researchers working on this sort of stuff which i thought was was really really awesome um and you know i don't know if they link it here

but they also had a piece where they argued that they um they thought that miners were going to you know remember all that drama i guess like a from a few months back where miners were saying hey you know we hate one five five nine we're gonna do our own fork we're gonna push back against it and i remember telling you all back then that it was just like a bluff and i'm calling their bluff and this is never gonna happen well of course it didn't happen like they all came along with the fork you know miners don't control the chain um but you know georgios and hasu also put out a piece arguing that as well saying that based on a game theoretical perspective the best thing for miners to do would be just to accept the fork and go along with it and they did i mean

and that is how it works at the end of the day they're just one group and you know oh well you know you got a little bit of a pay cut you still you still have many revenue streams like including uh the the block reward obviously um an mev and you know the tip uh the feed tip as well so all those sorts of things are still going to miners and i don't think they're hurting too much the hash rate i mean it's funny because if you look at the hash rate it only drops because the price you dropped so obviously the eighth price you know more than halved and then the hash rate um you know didn't hur i don't think it hard but it went down a lot and now it's trending back up because the price is going back up hash rate follows price as simple as

that um and you know obviously like the fear revenue was really high back in the day but i think that they're getting lots from mav at this point that that's making up for the lost fee revenue from the burnt eighth um so that's really you know the game theory was there for them to just kind of kind of go along with it and you know i'm glad that uh that more people got to see that because i had a lot of people asking me it's like you know what or if the miners are against it then how is going to happen how is it going to work and you know i remember saying this like on the review i'm like guys like the miners do not control the chain they're such a small part of the chain and such a small part of the ethereum governance process

and it's in their best interest to go along with the rest of the community for multiple reasons which i won't rehash uh now so yeah anyway i'll link this thread in the youtube description you can go check it out uh kane put out a really interesting tweet um not talking about the burn but but around 1.59 where he said i am less excited about 1559 being implemented than i am about the process that enabled it to happen rough consensus is hard and sometimes important things take years but once they happen the community tends to converge around them that is ethereum's superpower and i mean this is it right i wrote about this in the delegate newsletter yesterday um but i think this speaks to the broader point as well so the first point that it speaks to is that ethereum um the ethereum community is really aligned

on getting these upgrades into um you know ethereum eventually even though it takes a while we we when we stay the course we get them in we get it done and um you know achieving this kind of consensus is hard we stick to it and we get it all implemented but the second thing and what i think is actually more important from like a broader market ecosystem context is that every successful major upgrade that ethereum does lessens the execution risk of ethereum to the public essentially now this you can trace this back to if you want to go back to the beacon chain essentially a lot of people thought that uh proof of stake for ethereum would never work yes a lot of people thought this even though we had lots of test nets over the years um the the uh the actual spec was was

formally verified and everything like that and and it was it was looked over by researchers and and you know it was going to work like we knew it was going to work then we built it did all the test nets and the beacon chain went live on december 1st 2020 and it went live perfectly like seriously it didn't there was no hiccups there was nothing wrong with it it was just like the most perfect launch ever and that was you know obviously a huge major upgrade um or sorry i made your launch it wasn't an upgrade to e1 but it was a major launch and you know we also had the minimum eighth required to bootstrap the chain being met as well on november 24th so those two those were two major things that happened that like lessen the execution risk and then we had one five five nine go live

which is which is just as big because it shows that the ethereum ecosystem can upgrade the ethereum one chain and do these major upgrades and do them really smoothly and get them working and implement things that are you know for a 300 billion network that's just absolutely incredible to me to me honestly and i think that really does um show the world hey like yes okay there's execution risk with ethereum because there's a lot of upgrades going on but we can do these upgrades we take our time we do our research we build these things and you know we come together as a community and we get it done as simple as that now the next major one coming is the merge and that'll be the biggest one to date that'll be bigger than the beacon chain launch that's gonna be bigger than one five five nine

and if we get the merge done man i like i don't even like that d risks the entire platform so much for like literally everyone um because then that's the you know the the the biggest upgrade in ethereum's history i think for the foreseeable future done and dusted uh and you know and and you know if it goes through perfectly then you know i guess like people will look at that and be like holy like they did it sort of thing so i mean that is ethereum super power as kane says here i just couldn't be like happier to be part of this community honestly after seeing this 1559 go live you know the ethereum spirit is still alive and well the culture's still there we're still you know mostly all aligned on getting this stuff done and you know we're burning eighth like that's the

most exciting thing i think right now is that we're finally burning eighth and uh and the last tweet here about one five five nights and i've gone on about it for a long time uh at this point um but this came from trent van epps uh who basically says you know it's serious when we move to a screenshot you may see people asking uh questions in relation to london one five five nine such as why gas prices high wire priority fees higher than uh two guay uh et cetera so he's got a kind of like breakdown here in his screenshot where he says you know why are base fees high um and these are a few of the reasons there have been a few large nft drops which leads to congestion many services such as exchanges disabled functions in like withdrawal functions and deposit functions in a window around network

upgrades so they'll be offline for a few hours you've probably got emails from your decentralized exchanges that you use uh and this pent up demand is released once each platform is satisfied with the chain stability and turns those withdrawals and deposits back on uh some miners were sitting in the gas limit before 30 million as i explained before um a positive outcome from 1.559 going live with market volatility increase in gas prices because obviously the market you know kind of like heated up around then and then fifth reason people are trying out the new 1559 features sending transaction type 2 sending their first burn transaction so you know you might have some latent kind of like demand from that and then on the second part here he says why are priority fees higher than two nano eighth gray while interfaces are still rolling out obviously most

people aren't even sending um the 1.599 transactions yet so they can't adjust the priority fee and gas apis will need time to tune their algorithms for suggesting priority fees aka tips uh so yeah i mean i love when trent puts this stuff out like for those of you who don't know um trent like i've spoken about him a lot in the past because he was behind the state full works one five five nine um nft and the beacon book and all that sort of stuff um but he works as an ecosystem person at the ethereum foundation and what that means is he's basically like a liaison between i think the core developers and you know stuff that goes on at the ef and the community at large um and you know he does a really great job of just breaking all this stuff down so if you're not following him

definitely go follow him he's one of my favorite people in this space um and you know this was just a great breakdown from him here to clear up some confusion so yeah great to see that from trent but yeah i think that's it for the one five five nine talk today um you know i think there wasn't there actually wasn't that many updates other than one five five nine um that came out of the last 24 hours so i did want to give that a nice chunk of the refuel but i'm gonna move on to the next major thing that's been talked about over the last 24 hours and that is regulation right i'm sure you all saw this on twitter um and this just came out before actually but before i get into this tweet here that i've got in front of me essentially with the regulations what's

happened is that there's two amendments uh to the bill to the infrastructure bill that i spoke about the other day the first amendment would basically uh exclude proof of work from the new regulations so it would regulate proof of stake and and kind of like all these other service providers like uh you know decentralized exchanges and other things like that but it wouldn't regulate proof-of-work networks um so that's obviously like uh i guess a really bad uh amendment because it's basically picking winners um and it doesn't really make sense that they would uh exclude proof of work from from these kind of regulations and the second one is from a different group of senators um the second amendment uh amendment to the bill is from a different group of senators and that is the pos that is the positive one that uh we want to go through

because it basically the language is a lot better um and you know and it's and it's much fairer uh basically uh and then just before about an hour ago from time of recording um uh jeff stein here from uh was from the washington post uh basically put out this scoop where he where he said treasury secretary uh janet yellen has been privately lobbying lawmakers against the um wide and loomis toomey crypto amendment which is the amendment that we want um as white house seeks to fend off push to limit new regulatory authorities per source is familiar so essentially what she's doing is she's going and reaching out to these lawmakers and being like hey you know you need to vote against this um and i've been hearing things on my end as

well that this is because they really want to squash d5 before it takes off uh which i think is extremely short-sighted i think it is the stupidest thing the u.s can do i mean i've spoken about this a lot on the refuel already i think that this would be incredibly bad for for d5 if if this kind of went through and i just really think that i understand what they're doing by regulating a sector such as defy because it's just i mean defy is not just only about decentralizing finance and taking power away from from all these middlemen and big banks and things like that it's also about just improving the financial system by like 100x or a thousand x better than what it is today and by the us heavily regulating it they're going to miss out on all this economic growth that comes with d5

um you know if they if they do squash it and do kind of like effectively outlaw it uh or basically make too many regulations so it's hard for teams to comply these teams are just moving they're not going to stop building what they're building like these entrepreneurs and these um and these founders and these these teams they want to build they want to build defy so they're not just going to stick around if they can't do it in the u.s they're just going to move and do it somewhere else and that economic activity is going to go away uh so i think that's extremely short-sighted um but the other side of this as well is that i want to kind of like temper this by saying to you that i think there was a lot of a lot of kind of like the skies falling rhetoric

on twitter over the last 24 hours which i thought was a bit uncalled for because if this amendment actually goes in so let's say the bad one goes in right um it doesn't actually go into law until 2023 so we still have like two years until this goes into law which means that we can fight uh not we but like the the relevant people sorry not not me obviously i'm in australia i can't really do anything about this but um the relevant people can fight these uh these are these regulations in court and they can get them amended again before it actually goes into law in 2023 so even if this i mean and this is being voted on tomorrow on saturday um but even if this uh yeah that does kind of go through in like the worst possible regulations

uh i don't know what what's gonna happen over the next two years because essentially you're gonna have every big crypto company in the us lobbying against this and basically lobbying to get it changed before it actually goes into law because that they stand to lose a lot if it doesn't because could you imagine coinbase for example having to end their staking services or having to do like extremely complex compliance on their staking services that end up costing them more than they're making from it um and then they just give up on it it's like oh well i mean that's good for ethereum it's really really good that um that they they can't take on ethereum anymore because that means that we're gonna have a better decentralized staking ecosystem uh but they're not gonna do that like staking i mean it's not just ethereum it's all the other networks they support

as well that is going to be a big revenue stream for coinbase so why would they give up on that so then there's only one player there's other players as well there's just massive funds that have invested a ton of money into this space like a16z and all the others they're not gonna just sit badly by and let the us government put in these regulations that absolutely destroy defy so there is light here there is light in this tunnel guys like this isn't all doom and gloom this doesn't mean that you know if this if this bad regulation goes in on saturday uh crypto's banned everything's banned you know we're going to dump we're going to uh the crypto prices are going to crash and we're all going to lose all our money that's that's not what's going to happen so i think just like

a kind of um you know tempering that rhetoric that i've been seeing on twitter is important but yeah i mean i'm not even surprised that uh that um yellen is doing this like the incumbents are gonna fight for what they're what they're supposed to protect right like and they're protecting the status quo that and then at the end of the day you know a lot of them have uh people paying uh paying them or donating to them uh from like different banking lobbies and things like that so i'm not gonna get into the politics of it but yeah i mean this is nothing new we've seen this plenty of times before but i hope that the um the good amendment goes in rather than the bad one uh because then it's just a lot easier for us to kind of like uh work you know to get this kind of amended

even further going you know over the next two years before it goes into law and stuff like that so yeah and then jake chavinsky who i've been i've been talking about he even said this year he's like uh you know if we're taking this to court if it passes but don't forget it starts to get through the house even if we lose the battle this week the war goes on so you know i mean the u.s isn't a dictatorship right like there's checks and balances everywhere for things to actually pass into law it takes quite a while it has to go through multiple things i mean i'm not i don't understand like the total process in the us of how things work and how they get into enshrined in law um but essentially you can keep fighting this you can keep fighting to change it

and if there's enough pressure put on from enough players then it gets changed as simple as that and i think that the crypto ecosystem is big enough now and there are enough pit players incentivized to fight for the ecosystem to not be basically outlawed that we're going to be okay i really do believe that i mean even jake said that like i remember seeing a tweet from him down uh before he went to bed last night i think where he says um don't worry as bad as it looks i'm pretty sure we're all going to make it see you all tomorrow to do this all over again so you know i mean rarely is the sky actually falling like that's that's what i like to say especially when it comes to crypto regulations because uh you know for all the reasons i outline and also because the us isn't

the world yes it's a big chunk of crypto big part of crypto and yes it has influence over other parts of the world but at the same time there's a lot of players in this game it is not just a dictatorship where they can basically say well no crypto's ban that's it you can't do anything about it um you know the us is a democracy uh you know whether you believe that or not i know some people say oh it's not really a democracy i mean okay whatever like there are checks and balances there are laws you know you have to follow and things like that um you know and you know if you have faith in in the law then you know you you should feel better about this but anyway that's on the regulation front there i've got a i got three other things to talk about

today besides this sort of stuff to round us out here some some more fun things to talk about so um what launched i think i covered this on on the refuel the other day but essentially what launched the other day was this thing called party bid now the reason i'm on zoro here is because what ended up happening was that zora were hosting an auction for a zombie crypto punk with a uh minimum minimum reserve price of 500 eth so essentially it wouldn't sell unless the 508th reserve was met and anyone could bid on this now what ended up happening was that this party bid dao essentially launched and said hey we're gonna get all these people to bid on on this nft and you know pull their bids together and we're gonna win this nft and then

we're gonna fractionalize it and every person who who bidded and who put money in is gonna get a piece of the of the zombie nft so we have like collective ownership of it so what ended up happening was that um party bit did end up winning um i can't remember exactly how much they they spent on it but oh here we go thousand one hundred and forty four eight so a lot of eighth um two and a half million dollars something like that if i'm doing my math correctly um for this punk and then it immediately got fractionalized on the fractional platform and then everyone who donate who donate who put money forward uh got a piece of the zombie punk and technically they own you know the zombie punks so ever and there was like a collective kind of social contract around that saying

that you know if you owned a piece of it you can put it as your profile picture on um on twitter for example and you can say like i own a piece of this zombie punk it's like a form of collective ownership which i thought was was just really awesome i mean this is something very very unique to crypto uh and very awesome about crypto but on top of that the the party bid um uh kind of like auction as well was was really fascinating the final hours of it were really cool um because essentially what happened and maybe i can go to the party bid kind of website here if i if i search uh yeah it's the party down manages party beer but essentially what happened was that when you go on the site you can see here my screenshot see all the little like uh

icons here with the little cursors um you can see like there's an orange one a green one a pink one they're all real users like on the side at the same time as you so essentially what happened was in the final hours of you know final minutes of um the zombie punk bid everyone was on there you could see all their curses everywhere and people were sending messages like setting messages on their cursors you can like talk to each other and things like that and it felt very like um it felt like you were in person like at an auction instead of just being online so it kind of like brought more human um humanness i guess you could say or at least more humanity to this kind of like auction process um to an online auction which i thought was really really cool as well so

i mean this is just awesome i wrote a bit more about this in the delegate newsletter today and a bit more about things like how web 3 is just getting started and this falls into that i think nfts um you know blow fall into web 3 when you look at platforms like mirror the the blogging platform um and there's another platform called glass which is a video streaming platform which i actually might be putting the delegate on um uh refuel videos on soon so keep an eye out for that i'll talk more about that in the future but essentially it allows creators to decentralize their content from these massive you know entities like youtube and things like that um have permanence around it because they're stored on on um decentralized data blockchains like r-weave and also monetize in different ways so they can

issue nfts or they can basically have people owning a part of the content if they want to you know auction off rights to do stuff i mean there's so much here the world is really our oyster here um but yeah i thought this was just a really cool outcome where the party uh party uh dao partic or party bid participants won this nft and were able to kind of claim collective ownership over it which i thought was cool uh and on top of that kayvon from uh foundation here the ceo and co-founder of foundation put out this really great tweet uh yesterday that i actually missed until today where he said it's increasingly clear that big temp big temp big tech will attempt to co-op co-opt the term metaverse in my opinion we should fight for the integrity of the word what defines a metaverse

well your digital objects belong to you your digital objects are portable and your digital objects hold value nfts are the building blocks of the metaverse there's no metaverse without nfts this is something that i think i've talked about on the refiller before how how not only is big tech trying to co-op co-op the metaverse and things like nfts but also some other quote-unquote blockchains now i'm not a fan and i've spoken about how i'm not a fan of the flow blockchain because i don't actually consider it to be a blockchain i don't consider what they have on there to be nfts because it's centralized there's kyc um that it's not an open platform uh they don't the the kind of nfts don't truly belong to you they're not portable you can't send them to other kind of um you know uh platforms or any apps you can't bridge

them or whatever and a lot of them don't really hold their value very well uh to be honest so contrast that to something like a crypto punk which that truly belongs to you right it's on ethereum so it's totally open totally portable you can fractionalize it if you want as i just discussed you can put into liquidity pool you can trade whenever you want you can do anything you want no kyc nothing just straight from your ethereum wallet uh and it holds value very very well i mean obviously a lot of nfts aren't going to hold value because they're just bad enough t's but but it's something like a crypto punk does and i think a lot of its value is definitely tied to the network that it's on i i i i you know it's part of ethereum's culture it's ingrained in it and i

actually know a lot of eth-rich people who have bought punks recently and they bought it because they're like well you know i'm eighth rich this is what you do you buy a punk and yes some some people might may think that's like um silly or gratuitous or you know whatever but like that's just the reality of the situation like if if you're yeah like a hardcore etherean if you want to call them eath maxis and you have a lot of eath um and you know that's appreciated over time well i think the punk floor is what 54 eats right now it was like less than that you know just a couple days ago uh it's worth you spending that money because now you own a core piece of ethereum culture and you know there's not many of them it's very very scarce and even if you if you find one that

looks like you can change it to your profile picture and show it off and things like that so there's so much cool stuff going on there i mean honestly totally amazing uh and and i really love uh how kayvon put this here so yeah i really enjoyed this this tweet from him all right finally i didn't notice this just yet but token terminal one of my favorite websites to kind of monitor for uh kind of different blockchain metrics and things like that also has a way to monitor uh governance forum activity so you can see here that they're showing off the uh the uh the index card here maybe if i maximize it you'll be able to see it no i think that just filled up my whole thing there um but essentially uh you can see kind of like the activity here on um on the index co-op where

essentially the governance forum um you know in the chart here and like see like uh you know the post on the side and things like that it's a bit hard to see here you can go on token terminal and see it for yourself but i think this is cool because this is basically tracking something that's not you know on chain metric related but is related to obviously um something orthogonal to it like a governance forum and i think that's actually a very good thing to look at if you're kind of like um trying to evaluate a project because at the end of the day uh a lot of these kind of um projects they may have like really good metrics on chain because liquidity mining or something like that where they're just paying out with token incentives but their actual community might be non-existent so you could actually

tell that by by looking at these sorts of metrics so i thought this is a really cool feature from token terminal um but yeah that's i think that's it for today everyone uh just a final note actually there is an ama tomorrow in the daily grade discord channel so definitely join that and and you know if you want you can attend the ama it's at 11 p.m australian eastern standard time whatever time that is for you guys uh be sure to ask your questions in the ama series channel i wasn't originally going to do it on saturday but uh but unfortunately all my plans got cancelled because melbourne is in another lockdown so i'm doing it tomorrow like saturday night at 11 pm you can find all the details in the discord channel so join that um uh but yeah i'm hoping to see you all

there if not it'll be recorded uploaded to youtube as usual uh but that is it so thank you everyone for listening and watching be sure to subscribe to the channel if you haven't yet give the video a thumbs up subscribe to the newsletter join the discord channel and i'll catch you all tomorrow thanks everyone