ETH ETF chat, Everclear introduced and more - The Daily Gwei Refuel #776 - Ethereum Updates

Transcript

hello everyone welcome to another episode of delway refu where recap the latest news nether ecosystem I'm your host the 5th of June 2024 all right everyone let's get into it so I'm back guys sorry for the last few episodes that I have missed there but I am back today obviously you guys know I mentioned last week that I was having surgery unfortunately it has taken me longer to recover from that than I would have liked I've been in and out of sleep on painkillers just not being a very fun time I'm definitely still not at 100% so you may notice a bit of I guess like less bullish energ today than I usually bring to the episodes because of that but I felt like if I missed another episode today I'd just feel so bad about it and I didn't want to do that to you

guys again and once again thank you to whack Whack Attack for filling in he covered the ethereum news on his show Rocket Fuel while I had been away the last few days and missing episodes there but I'm back today with a bit to talk about not too many tabs here but there is a bunch of stuff that's going to fall off of uh the tabs the Twitter tabs that I have open here in order for me to talk about and I think today I want to start off with a discussion around the eth ETFs now of course we don't have to speculate around the eth ETFs being approved or not because they were already approved as we all know but now we're left speculating on when they're actually going to start trading and what impact that is going to have on the price of eth now of course there has

been many takes given on this on crypto Twitter on various different podcasts everywhere that you look everyone has their own take on this and I of course have my own I think that I've given some of this before but I felt like it was worth reiterating but the first question I want to answer for you guys is when exactly are these eth ETFs going live for trading when are we going to see those first inflows coming in to eth like we see for BTC because BTC today actually had one of its biggest inflow days of almost I believe a billion dollars or over a billion dollars into the BTC ETS Fidelity in particular had a really big day so yeah when are we going to see that for those flows for eth when is eth going to get some love here from what I've seen the earliest that we can

expect this is still the end of June I think there hasn't been too much movement on the s-1 forms but uh there is movement there and obviously they're going to start trading at some point we're just left wondering and speculating on the timeline I think end of June you know into July probably looks good there you know and people argue whether it's bullish or bearish to launch kind of uh sooner rather than later and so on and so forth I think speculating on that's probably not the greatest use of time to be honest because you can't prove the one or the other like if the ETFs were to go live trading next week you couldn't prove that it would have been more bullish if they were to go live trading next month because we don't live in that reality right so I think that's not really

something to speculate on uh because it's kind of a waste of time I mean I think that overall no matter what position you take on the E ETFs uh these new flows coming into eth that only go into BTC and no other assets because no other assets have an ETF uh is bullish for the price of eth because I don't think that anyone expects eth or anyone is going to be selling their eth right at this point in time certainly not long-term investors thinking that ether is topped or anything like that I mean we're not even at all-time high yet but I think one of the biggest open questions around the eth ETFs and their impact on the price of eth is around what's going to happen with eth e grayscales eth e trust product which as you guys know is a close-ended trust that's being converted into an open ETF

uh that that they following the same process that they did with gbtc converting into an ETF now the reason why there is much speculation around this is because as we saw with gbtc around half of that AUM came out of gbtc once it converted it didn't happen all at once but it did happen over a few weeks uh and uh you know there was a sell pressure because of that right the price of BTC did actually go down after the BTC ETF started trading and it only started going up I believe or at least got back to the price it was when the BTC ETFs were approved I believe a full month later right so there was definitely an impact here not just from those outflows but also from the speculators selling off because obviously we had a long speculative phase right up until the BTC ETFs were

approved of at least three months where the market was pricing in these approvals whereas for E has been the opposite where essentially right up until we knew that we're going to get approved on I believe it was May 20th when the news first broke eth was being priced as if the ETFs were going to get denied and that's why eth was at 3K and then of course eth did its one of its biggest candles if not its biggest candle daily candle in history and went from like 3K to 4K in a single day there now of course since then ether's kind of stayed around 3800 hasn't really gone above that obviously hasn't gone to all-time high or anything like that and people are speculating know is this because the market expects there to be massive outflows from the eth product like there were was from gbtc and of

course there were both bullish and bearish arguments to be made here the bearish argument I mean the clear bearish argument is that there's going to be5 $6 billion which is about 50% of what E A is right now of eth that is sold uh pretty much over you know a few weeks after e ETF start trading which is sell pressure that the market has to eat that is the max bearish scenario I think when when you're looking at it from that perspective I don't think that you would see more or or more kind of outflows than that I don't even think you're going to see that many outflows and this brings me to my kind of bullish case and the bullish case is a few different things and I think there's actually more of a bull case to be made than a be case about e the the

bull case falls into basically uh two main main kind of buckets here the first bucket is the fact that ethe is trading basically at par at this point it is not at a discount anymore like it was and I believe it was at like a 25% discount uh right up until May 20th I believe but now if I look at the E discount I'm just bringing up on my other screen here you won't be able to see this because I have to open it in a in a different window here but the discount is around 1.7% so it's essentially at par now right or it's essentially at I guess like near what the fee is for eth E here so from that perspective if you were really really itching to sell out of eth e and sell out of eth Al together and go to cash and put your money elsewhere it

could stands to reason that you wouldn't just wait another I don't know how many weeks until the e a product gets converted to an ETF and then sell right so it there's an open question around like how many people are actually waiting for this whereas I think the opposite is true where essentially a lot of people bought that discount and are up you know a lot right now because if you bought the 20% discount you're basically up a free 20% eth denominated not USD nominated but also USD Den nominated because eth went up by 20% right uh from that trade so you're sitting on on some healthy profits there both both against USD and obviously um you know benchmarking against eth spot as well because you got to buy at a discount there so if you're in that position like you're not going to be

waiting until e converts into an ETF in order to sell out of it and go to cash maybe you want to get out of that product and go to a different ETF like that is a net zero thing that is not sell pressure that is essentially a wash because you're going to be rebuying it in the new ETF anyway so essentially that Nets out to zero so that I wouldn't consider to be sell pressure so if we're talking about the actual net sell pressure here from those people that just want to sell when it gets converted for whatever reason it doesn't really strike me as a as as a good reason to sell out here um then essentially what what's going to happen is that I believe there's not going to be much of those people now the second case here is that I believe grecale actually learned their

lesson from gbtc and I do not think that their fee is going to stay as high as it was because the reason why there were so many outflows from gbtc is because they kept the fee very very high compared to the other ETF fees so anyone who wanted to be even stay in an ETF would still sell out of the um of the other the product right they would they would sell out they would go to to cash initially and then have to Reby as part of the other ETFs yes it would net out to zero but it does still count for that you know that period of time there is that kind of I guess like Delta period between like when they sell and when it gets rebor in the other ETFs and then of course you had the narrative on top of that people looking at these outflows

being like Oh my god look how much is being sold so on and so forth and then the rest is history as we've seen from the price action there so there's that perspective but um I I I struggle to think that grayscale is going to do the same thing with eth because if they already know what it's going to look like at least 50% of the uh AUM is just going to get out of that product altoe and go to a competing product or just leave crypto all together then why would they do that to themselves like it doesn't make any sense at all so what makes more sense is that they're actually going to lower the fee maybe it won't be as low as some of the other ETFs out there but they're going to lower the fee much lower than what it was for gbtc when it converted on their

ethe product which should result in much less outflows I do believe that if they do leave it at the same is is now with a huge fee they're going to see massive outflows of it and I still believe that's not going to be bearish because it's just going to net out to zero I don't really think there's going to be that many outflows from eth E that are just going to go to cash and go somewhere else and aren't going to Reby eth eventually but I'm just not seeing the like huge bear case here and I'm not even mentioning the fact that this is just one product with one set of outflows when we're going to be having all these other e ETFs going live bringing in fresh money uh hundreds of millions if not billions of dollars in the first few weeks right if not tens of

billions of dollars in in the first couple of months and that's just the ETF money then throw in the money within crypto or outside of the ETFs that's going to be going into e still as well and essentially you will have more demand than even 50 plus% of outflows from from eth here so I'm just not seeing the bare case but I think that's maybe particularly one reason why the market may be a little bit kind of weary about bidding eth right now which to me as I just explained seems insane but that's kind of where we're at right now but in terms of the longer term here this is this is something that would I I see playing out over maybe the next three months all up like if we kind of take the whole thing from today to when the ETFs are trading to what the e e uh

flows outflows look like and when they kind of stop and just Plateau there I think you could say two to three months is is the bulk of it there so that's like the medium term that's not the short term it's the medium term but it's definitely not the long term if we extrapolate this out and go long term a year from now and we take all of the bull St bullish cases and all the bullish energy that eth is going to get not only because of the ETS but everything else over the next year it's stands to reason that eth is going to be a lot higher than what it is now so if you're a long-term investor worrying about these day-to-day movements where you're like oh eth is underperforming some random meme coin on the day or E is underperforming even though it just went

up like 30% you know the other week it put it went up in market cap by like 80 billion guys which is greater than every other assets market cap like if you actually go to coin Gecko and look at the top assets by market cap everything except BNB is below 80 billion everything like Lana at at around 79 billion you have and then from there it's xrp at 30 billion Doge at 23 billion like everything is less than that and eth did that in one day so of course the market needs to digest this over the short term guys like these people who took that trade imagine if you bought eth at 3K as a Trader thinking you know eth eth looks really like a really good buy here you didn't know anything about the ETFs but eth looks like a really good buy here I'm

going to you know take the trade here and then automatically within like a day you make 30% on your money of course there's going to be some profit taking there and of course there's going to be people that were already holding eth maybe from like $1,000 or $1,500 who are like okay well this is a pretty good time for me to to cash out some you know I'm up a lot of my money right now I'm going to going to sell off a little bit here so there's just that natural market dynamics that happen over the short term and keep in mind guys this is only two weeks ago and if is still at 3,800 at time of recording here going into a market where BTC is about to go back into price Discovery BTC inflows into the ETFs uh once again very very high

the eth ETF is about to go public Black Rock and Larry Frink and and other big tradire firms are making a heavy push into crypto into onchain stuff into tokenization the whole onchain ecosystem is growing faster than it ever has Queen base has their smart wallet coming out soon Al are taking off in a really big way like there's just so much stuff happening on the bullish side of things that if you're bearish right now you probably have some kind of mental illness at where it's like I don't know be itis or something like that or some kind of disease that makes you a bear because I see basically zero reasons to be bearish even over the short to medium term I see Zero reasons to be bearish I see a million reasons to be bullish over

the longer term here but that's how I I generally see it right now and I know I've gone for a little while on this point here but I felt like it was worth reiterating because of the fact that people for some reason are like oh why is eth underperforming it's like what do you mean underperforming like it's just crazy like e was at $3,000 2 weeks ago guys it's at almost 4,000 now and I bet like I I I I mean I'm not going to put any money on this of course maybe I'll just do like a social bet here that we could see eth at alltime high within the next few weeks if that I really do think that eth is is literally like once it passes 4K that's it it's going alltime high alltime high is around 5K I mean think 4,900 or something like that

depending on the exchange that you look at and once we're there and BTC is already in price Discovery and everything else is going bullish and mainstream media is now covering stuff again we have all these ETF inflows still coming in what do you think is going to happen to the price of I guess like not only eth and BTC of course but everything we're going to go into a proper bull market and that is going to be that kind of I guess like final 6 months or so of like the craziness of of the bull market I believe it could extend longer than that we've never had a bull market before when we had something like an ETF product live for BTC and of course soon for E uh but that's my general thinking on the markets right now so anyone who's bearish has a disease in my opinion or a

mental illness it's just there's no reason to be bearish here guys and I'm not even I didn't even talk about all the positive political stuff that's been happening I know that that fit 21 bill was vetoed by Biden but honestly I don't even think that's anything bearish I think that's just like politics at the end of the day it's going to get sorted out it's going to get ironed out I think that the shift in the regulatory landscape and the shift on the on the Pol political side is still very proc crypto I do think that the pro crypto uh candidates the pro crypto politicians the proc crypto kind of like um lobbying firms they're all making huge huge strides in getting uh crypto as a central part of the US political system especially in a election year where now you have uh you know the Republican uh

front runner Trump basically going all in on crypto whether you like Trump or not is irrelevant here whether you agree with the policies of one party or another is irrelevant here what's relevant to us in the crypto sphere uh for For Better or Worse is how crypto is being treated here and even if it is just like pandering and laughing at the end of the day if it's a net positive for crypto then we should be cheering for it I think from that perspective but I understand that politics obviously goes a lot lot larger than that I understand that a lot of people aren't single issue voters I personally aren't either I mean I wouldn't vote for someone just because they have a positive crypto policy if all their other policies were absolutely garbage and by garbage I mean didn't align with My Views and beliefs in things obviously

that's an opinion that's not a fact there but I'm I'm generally not a single single issue voter but I think that even if it's not just a single issue thing even if crypto is maybe just like one issue that you care about but it's a big issue then you will make your voice heard at the polls this year and I think that both parties understand that crypto has way more more people that are pro crypto than anti- crypto I actually don't think there's anyone who's anti- crypto like do do like and I think I actually did this this um this thought experiment a few months ago on the refill where I basically said is there a group of people large enough that are that are so anti- crypto that that is their single issue that they would vote on like is there someone that exists

that would not vote for Biden uh sorry that would not vote for the Republicans if they let's say they're already a republican let's say they're already a fan of trump is there someone who would not vote for Trump and the Republicans just because they're Pro crypto and go vote for Biden I don't think that person exists right so I don't think that the anti side is a Winning Side to be on I think the pro side is definitely a Winning Side to be on and I think that the politicians are wising up to that in a very very quick way and that's why we've seen a a kind of positive shift there now as I said I went through all the bull cases before without even mentioning the politics stuff which is a huge bullish case for crypto too so I guess wrapping up here there's zero

reasons to be bearish guys like I don't see any I'm extremely bullish I'm extremely bullish on eth in particular obviously extremely bullish on ethereum and I'm very very bullish on treadly getting involved in a really big way within the ethereum ecosystem on the real world asset tokenization front I really do think that within the next couple of years you're going to see a stock exchange built on crypto rails built within the ethereum ecosystem that is a fully tokenized Stock Exchange fully regulated tokenized Stock Exchange that is accessible to the tradire ecosystem uh and it's all basically on onchain I do think we're going to see that in the next couple of years and that to me is like one of the end games and one of the reasons why I was so excited about onchain Finance or defi to

begin with is for it to basically be integrated within the trfi world and just make a 100 1,000 times better Financial experience for not only people that exist uh as part of the financial system today but also the billions of people who do not have access to a financial system this is mass adoption guys happening before your eyes this is giving the people who are disenfranchised in on the financial side of things a way to get involved with the financial system and this is the complete and total globalization of the financial system which you know some people may think is dystopian but I actually think it's a net positive the more people that are connected together via value not just via the Internet the internet obviously connects people in a social way in a Communications way but the value layer of the internet has been

missing until we had crypto and that is what's going to connect the world that is the final missing piece and that is what's going to uh in my opinion usher in a new era of human prosperity because we're going to have much better Financial rails and we're going to have much more opportunity afforded to billions of people who haven't had those opportunities before so I'm super bullish on all of that now on that note I'm going to end my bullish rant there going to move on to a bunch of the other stuff that I wanted to talk about so first up is this eth roadmap website that I've covered before from ewave so this is eth roadmap.com they have updated this website in a big way here so essentially what it is is basically taking vitalic road map diagram that you all know and love and put it on this

website and made it interactive so essentially you can scroll down and see uh dates associated with all of these different um upgrades EIP numbers uh so on and so forth if you know if you go if you start at the top here you can actually look at the merge and click into it and it will show you an expanded view of what the merge part of the TX road map looks like with a bunch of different items here that you can again click into so if you click into them you'll get a bit of information about this with some resources here this is constantly being updated guys this is not like it's final form or anything like that but this is very very cool uh and I mean you can go check out eth wave eth waves tweet for an expanded uh kind of Spiel on what has been updated here

and what's going on here uh but I'm very glad this exists because I think the ethereum roow map is definitely something that a lot of people don't have much knowledge of uh because of the fact that it is vast right it's like a 10-year road map it is quite technical there is a lot of different resources that you need to kind of consume to understand what's going on there's just so many moving parts to it so being able to do this in a One-Stop Shop website like the e roadmap.com is uh is awesome and I'm very glad this exists yeah so you can go check this out I'll link it in the YouTube description below uh one bit of feedback that I did want to give though to eth wve if you're listening um please change the background I I don't think the background like I I like the eth logo

but I don't think this background lends itself to legibility I mean it's not hard to read anything for me but I don't know I just feel like it's a bit of a weird background maybe if you had like a I don't know like a gray background where essentially uh you could have like a faded eth logo in the background and it was it was like dark gray or black or like a dark mode or something like that it would look better I'm not a designer uh but yeah right now I don't know it that doesn't look that great and honestly like I'm just being honest here because I want this website to get more eyeballs on it it makes it look a little bit cheap uh I think because I I don't think many websites have these image backgrounds these days it's definitely something from like a an older website

design um kind of Paradigm there so that's my only bit of feedback there otherwise other than that I'm happy with everything I mean the information on here is phenomenal I really really do love uh everything going on and I understand that this is a volunteer thing no one's paying you to do this eth wve and no one's um you know paying you to to maintain this or put this together but if you do need help in any way at all I'm happy to help uh as best I can so just feel free to DM me or reach out to me there uh but yeah anyway you guys can go check this out I'll link it in the YouTube description below for you to do so all right so one thing that Rocka pool has been heavily criticized for over I guess like years now at this

point is the design of the RPL token and the fact that in order to become a Rocka pool not note operator you need to have exposure to the RPL token you need to stake a portion of uh the RPL token or I guess like a portion of your Holdings of the RPL token in order to become a note operator here and this of course has resulted in a lack of scalability for The Rocker pool protocol and also people getting annoyed that when the RPL price Falls and when the ratio Falls you have to stake even more RPL in order to claim your RPL rewards uh when you're Stak taking as n operator and also in order to if you wanted to withdraw your stake from the system now of course there has been a lot of work been uh done over the I guess like last year or so in changing

this and basically revamping the entire RPL token here so if you want to go check this out Jasper has a great um tweet here explaining some of this uh with a bunch of replies uh but also a link to the new tokenomics proposal I'll link it in the YouTube description below but the reason why I'm highlighting this isn't in particular for the to itself because you guys know I try to avoid highlighting any token except really eth on the refuel and I don't want to give investment advice here but the reason why I'm highlighting this is because these this tokenomics revamp has a very big impact on the protocol itself because it should result in the protocol um kickstarting its growth again and resulting in more node operators coming online which is basically the North Star for rocker poool right they wanted more

node operators coming online they want more validators coming online as part of the rockol ecosystem here and I do believe this token revamp or rework is going to be uh instrumental in allowing that to happen so you can go check this out I'll look it in the YouTube description below for you to do so here I'm not going to summarize it because there's a lot in that that's going into this and Jasper would be someone that you guys should talk to in the Rocka poool Discord or in the daily Discord if you want to learn more about this he's definitely the resident Community expert on the Rocka pool uh tokenomics revamp here so yeah if you want to talk to him I guess you can just tag him in Rocka pool in rockol Discord or the daily way disc Discord he's always happy to chat

about everything rock a pool all right so coffee here has introduced a new Dune analytics dashboard uh titled rollup economics uh blob fees this update to the rollup economics dashboard shows how much l2s are paying for blob fees when L2 submit blobs they pay both a normal gas fee and a separate blob fee for the transaction so this uh dashboard I don't know if it's linked here actually I don't know if uh if coffee has linked it maybe he has no um I think I've highlighted the dashboard before on um on the refuel but essentially uh it's just another dashboard to track everything got to do with blobs uh and with l2s generally with rollups I guess obviously uh I've mentioned Hill Dobby's dashboard before on the refuel he's also

got a blob related dashboard here and actually know um coffee did link their rollup economics dashboard but you can check out here um and the reason I like this dashboard so much is because it's not just got to do with blobs but it's just got to do with like rollup economics in general and what that looks like you know what do the what are the rollups paying for fees you know how much are they making on the execution side of things you know where what's the difference between the data fees and the execution fees over time and in a really nice easily to digest dashboard here uh which you can see as I as I'm I'm showing here on my screen right now so you can go check this out I'll link it in the YouTube description below but I think what's most most interesting about

monitoring here is basically that a lot of people have been futing this recently which is just weird to me where they basically say that and I I think I've covered this on the REI before but they basically have this Narrative of oh if everyone's just using uh the l2s and if the l2s have really cheap data costs on L1 then how does e AC value if basically the gas fees are low on L1 because everyone's on L2 and the reason why this is insane to me is for a few different reasons but the main two is basically that one okay so you fighted eth L1 when it had high fees and now you're fighting it when it has low fees like we can't win and just just a really annoying narrative and two you're assuming that the aggregate demand for data from these

l2s doesn't keep going up and the right when it will because the more these L2 scale execution the more data they use the more data gets posted down to L1 and as I've said before we can expect to live in a world at some point in the future maybe like 10 years in the future or something like that where there is literally tens of trillions hundreds of trillions of transactions being processed each and every day and if they're only paying a very very small fee like you actually net it out and say okay well each of these transactions is net paying Z 001 or whatever cents of a fee if you if there is hundreds of trillions of these transactions happening each and every day that adds up to tens of millions if not hundreds of millions maybe billions of dollars of fear Revenue overall for

these protocols and I think people just aren't I guess like tuned to this Paradigm that's coming where essentially they think that as it exists today is what we're going to get to but that's so untrue we're so early on the tech side of things and every time that we scale up every single time we scale up whether that be at L1 or L2 that scalability gets filled very quickly and then we have even more economic activity being generated and we haven't even onboarded like 0.01% of the world we probably that's probably all we've on boarded to be honest on chain we have another 99.9% to go guys so there's no reason to be bearish on I guess like eth fee capture and eth value acru from fee capture because it's going to go up into the

right and as I've described before as well it is not even like the top thing to be bullish on for the top thing to be bullish on eth and and its value acral is its use as a money and as a store of value and that is not going to be replaced I I believe even in like 10 20 years time within the ethereum ecosystem I do believe ether is going to be dominant there and remain dominant and I think that the only thing that will come close to it will be stable coins but they fill a completely different I guess like uh area where no one's storing their value in US dollar stable coins for long periods of time maybe you go to US dollar stable coins to pay some bills or maybe you're bearish on the market for the next six months you sit in

stables for 6 months but if you are wanting to buy a store of value for the long term you're buying eth or you're buying BTC right and if you're an eum native or you want to do stuff on chain uh you you're basically buying eth to do that so yeah I don't know these bearish cases that people come up with they're so convoluted they just make you more bullish because if you have to go so far to come with a bearish case for eth then in reality what you're trying to do is just confirm an already bearish bias that you have uh by making a convoluted argument which doesn't really match with reality so that's my my view on that one there but you can go check out the rollup economics dashboard I'll link it in the YouTube description below for you to do so all right so connect has gone through

a massive rebranding here they are now known as Everclear I should disclose here I'm an investor in Connect which is now everle here but what they're calling everle is the first clearing layer so they say here everle coordinates the global settlement of liquidity between chains solving fragmentation for modular blockchains I guess put another way this is one of those solutions that been talking about for quite a while around chain abstraction essentially making it so that you don't really necessarily need to know what chain you're on or I guess like what L2 you're on or you don't need to basically bridge between different l2s because you'll be able to do things cross L2 in an interoperable way in an atomic composable way uh via things like everle and the the way

everle achieves this is through intense now intense is something that's been talked about for quite a while I believe there's a t tons of podcasts on this at this point but the way to I guess materially describe or I guess to prag pragmatically describe what what intents are is that if you've ever used cow swap before that is a form of an intent because the cow and cow swap stands for Coincidence of once it's basically bringing two parties together that have uh something that they need uh and settling that in an intent based way so essentially when you go to Cal swop today and say hey I've got usdc I want to trade 1,000 usdc fa e what happens is that there's a bunch of offchain solvers that take that order they fulfill that order for you in uh through intents then they basically pay the gas fees on chain

for you and they grab the liquidity from anywhere they can and speaking of calop they actually just went live on arbitrum their first L2 which is really awesome to see because that's one big complaint that I've had I love C swop so much but they haven't traditionally been live on l2s but essentially what they're doing is they're sourcing the liquidity from wherever they can wherever they can get it and the same is going to be true for ever cleia where it's sourcing the uh whether it be liquidity or the in the um the messaging that wants to be passed by intense whatever you're doing here sourcing it from anywhere that it can get it any of the supported chains and not just chains but any of the supported infrastructure that it can get it from here so I'm super bullish on this honestly even though I I mean I'm an

investor in conexia I would be saying it whether I'm an investor or not because I think I've been I guess like banging this drum for years now where anything that leads to further abstraction for the end user is is good and anything that does this in a way that's secure and does this in a way that is provably secure is good and that's exactly what ever clear is here cuz done doing it in a protocol enforced way as doing it as a protocol rather than doing it as a kind of like totally offchain pseudo centralized trust me bro thing right it's trying to do it in a decentralized protocol driven way here yeah but anyway you can go check out ever CLE for yourself I'll link this in the YouTube description below for you to do so all right lastly here are some older news

that I haven't covered uh this is about a week old news but it's pretty bullish and it goes back to what I was saying earlier about trafi getting more involved with crypto so this news comes out of MasterCard where they said here on Twitter MasterCard crypto credential has gone on live with its first peer-to-peer transactions this solution not only replaces a complex wallet addresses with userfriendly aliases but also make sending blockchain transactions secure transparent and accessible so essentially this is Master cards I guess like crypto wallets but I I guess like I kind of um struggled to call it an actual wallet so essentially what happens is that as you can see here crypto exchange users will be able to send and receive crypto using their MasterCard card crypto credential aliases instead of the typically long and complex blockchain addresses so

essentially it's kind of like a MasterCard version of ens but for uh but for I guess like trafi I guess like for a bridge between trafy and crypto right and there's more information and a video about how this works on in this um in this blog post there which I'll link in the YouTube description below but again this goes back to what I was saying earlier about the fact that there's going to be more and more of these Integrations happening they're going to happen much faster than you think they are because the race is on now you know I think Larry thinkink or Black Rock CEO whenever he goes on Bloomberg or whatever other mainstream media and starts talking about tokenization you bet your ass all these tradire companies are like what's tokenization oh do we have a tokenization strategy oh we need to be in this we need to do this

who do we talk to blah blah blah and they're doing this because they're all in competition with each other so they need to stay on the bleeding edge here and if they're being caught off guard you're going to have these Executives at these companies come down to these product teams and say hey what's that tokenization strategy and the product teams have to have something or at least have to have something that it looks like something they can't be like what's tokenization that that won't stand because someone will get fired and and someone will be replaced and then there'll you know there'll be a tokenization strategy so that's exactly what's happening here and as I said the next couple of years is going to be very pivotal to this and I do think it's going to all culminate in a onchain stock exchange completely powered by uh

you know by the onchain ecosystem but it Blends the tradire ecosystem into it in a way that we haven't seen before but anyway on that note as I said you can check this out I'll link it in the YouTube description below but I think that's going to it for today hopefully going forward there's not going to be any more missed episodes outside of the random rug fuel that happens every now and again um I don't know if I'll be doing like episodes uh every kind of second day or something like that I think people have suggested to me that hey if you're finding it hard to keep up with the daily Cadence why don't you do an episode every second day or an episode every third day or something like that and I don't think that would work there's too much going on in the

industry guys and I get so much enjoyment out of doing the refill that anytime that I miss an episode I feel really bad and I feel shitty because it's like oh well I'd love to do an episode it makes me feel good I love seeing the community get uh you know get informed and I love being a counter to all the bad information out there so I think I'm going to stick to the Daily Cadence you know for now I'm definitely going to change my relationship with crypto as I've discussed before where I'm going to limit my time on Twitter and Discord which I've been terrible out lately but I'm still going to try um and make sure that I'm not exposed to a lot of the toxic side of this industry um but yeah I just wanted to give that little heads up there but I think as I

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