ETH ETF is coming, Geth at 69% and more - The Daily Gwei Refuel #733 - Ethereum Updates

Transcript

hello everyone welcome to another episode of delu refuel where cup the latest news in etherum ecosystem I'm your host and isano and today the 19th of February 2024 all right everyone let's get into it so I'm back after a one day off I guess like one day was the Friday technically off and then obviously there was the weekend I had a rug fuel on Friday but I think it was a rug fuel that you all enjoyed because I put the episode with Eric live on Friday to make up for because I kept teasing you guys about that episode and good news on that front as well there's going to be another drive-through episode this week with Eric uh it will be out on Saturday the normal time uh unless I do another rug fuel then maybe you get it sooner but we're recording it Friday so

unless I do a rug fuel on Friday my Friday um you're not going to you're not going to get it till Saturday uh but in saying that I think that we want to make it more of a kind of collaborative thing with the community so uh someone suggested taking kind of questions from the daily gay community and answering them on the podcast with me and Eric so if you do have questions go to the Daily way Discord Channel and there's an AMA series series uh channel in there that you can ask your questions in and Eric and I will do our best to answer them we probably won't answer all of them it just depends on time uh and also uh one big topic this week that we're going to be talking about is how to take profits in crypto because we spoke a lot

obviously on the video about how bullish we are on eth and how we think eth is going to like 20K or 15 20K this cycle and how longterm it's going even higher than that but crypto Cycles I mean well sorry the crypto markets and all markets work in Cycles right and if you can take advantage of those Cycles you can substantially increase your Holdings without having to kind of put fresh capital in and obviously you want to be able to take profits so that you can buy other things maybe you want to put a down payment on a house maybe you want to buy a new car you know stuff like that right so we're going to be discussing our strategies and how we kind of structure ourselves uh you know and how we've structured ourselves historically Eric has a lot of really great insights on that honestly more

probably better insights than I do on it because he's been around longer and he he is honestly legendary at calling macro tops and bottoms on on the crypto markets like it's actually scary how good he is at it so I'm going to let him kind of take the Reigns on that when we do the episode this week but yeah you guys can look forward to that there now of course speaking of the ETF stuff we had another kind of I guess couple of updates around the eth ETFs over the last few days one of them was that one of the issuers filed I think an updated form to the SEC that's not really big news I guess like that's expected at this point but there was this tweet here from uh Nate garach who is a the president at ETF uh the ETF store here

who said who who quoted a fox business article from Elanor tette here who is one of the guest like analysts at Fox Business who covers or journalist I should say who covers a lot of the ETF stuff uh the quote in the piece was the SEC will be hard pressed to come up with a new argument for denying a spot e ETF when the same factors in the spot BTC ETF approval are also at play here uh and the reason I bring this up is because this is a narrative and this is something that I've been saying for a little while and I'm glad that other people are saying it now because it really kind of like makes me question why people are so bearish on the eth ETF if I mean for all intents and purposes they're they're basically the same products as a BTC ETF and the eth ETF

has the same kind of factors at play such as the fact that eth has Futures ETFs already and BTC had Futures ETFs uh and then basically a court court uh ruled against the SEC in the grayscale case saying hey why did you deny the spot ETFs if you approve the Futures ones when they're basically the same product you know 99% the same product and then a few other things obviously falling off of there uh and I've also seen a lot of people talking about I guess like the two main bear cases for or at least like the two main things people seem to point to when they're kind of well actually there's three I'm thinking I'm thinking of more than three but I think I'm going to bucket it into three main kind of cases people get give in terms of the bare case as to why the

eth ETFs won't be approved by may this year um so I give I'll give all three of them the first one first and foremost is people think that they'll be denied simply because Gary gendler and Elizabeth Warren and you know the high ranking Democrats they hate crypto and they will be gradally dragged to approve the BTC ETF so they're not going to approve the eth ETF uh uh one as well I I don't think this argument is is necessarily a weak argument like I I get where people are coming from but I don't necessarily think it's a strong one either I think it's like a coin toss at at at this point whether they kind of like approve or deny based on that reasoning there uh because I can see both sides of it right but at the same time it just depends on if the SEC wants

to open themselves up to law suits again because if they deny and their denial is based on basic you know wishy-washy logic which the SEC has been using for quite a while now against crypto and you can bet your ass there's going to be lawsuits out the Wazoo towards them now do they want those lawsuits in an election year that is really critical for the Democrats do they want those lawsuits when there's actually now a uh crypto-friendly Republican uh uh I guess uh competitor for Elizabeth Warren so he's running against Elizabeth Warren do they want those bad headlines against you know against her and does that happening so it's very political and I would argue that this is potentially even more political than the BTC one right but that's kind of how I view that there but I understand both sides of the argument on that point the second point

is people bring up this poly Market prediction Market here so they say that well the poly Market prediction Market has uh e chance of an approval by May 31st uh for an ETF at 42% right now and it's been trending down originally it started at like 80% and now it's in on JN 10th and now it's at like 42% I actually wouldn't put much signal in this guys to be honest I mean the whole idea of this is that it moves over time like it's not a binary thing you can buy yes shares now and then you can sell them at like 50% if you want and you would still make a profit that's the whole point of a market like this it's not a kind of a binary bet where you're saying okay well these are my numbers for the lottery and you you know uh you

you you buy one ticket and that's it if you want to have more uh chances of winning the lottery or if you want to change your numbers what you do is you go buy more numbers right you go buy another ticket so it's it's kind of different in in that respect there uh but I wouldn't put much signal in this we're still 3 months out from the ET from that date basically a bit over 3 months out from from that date at the moment which you know may not seem like a long time but when it comes to these kind of things evolving and changing over that time I could see this trend up just based on you know even the smallest amount of news so let's just say the SEC is seen kind of like speaking with the the issuers or talking with the issuers

about the eth ETF that would immediately in my opinion make these make this yes uh chance go from 42% to at least something like you know 60% or something like that because if you look at what happened with the um SEC talking to the BTC ETF uh issuers which are the same issuers right but they they talked to them U everyone got more confident right everyone got much more confident in these things being approved so I think that the prediction Market isn't much of a signal right now I think that uh the the you know the BET size is actually quite small to it's $1.3 million bet size right now so yeah I I really do think that the next 3 months is going to have this basically trending up to be honest I mean I haven't bought any shares or anything like that if I'm

going to bet on the eth ETF approval I'm just going to keep buying eth right like that's my kind of logic uh to this but yeah if you if you want you know if you're confident that it's going to get improved by May then you could basically bet on this uh and and it should be I'm not going to say easy money but like obviously if you're right it'll it'll pay out nicely here especially if you buy it now but I as I said I don't put too much stock in this in in these kind of odds right now I do think we're we were going to get a lot more signal over the next month or so definitely uh the E ETF maybe the next month or two I guess um but yeah that's the second thing that I've seen people point to and I really

don't put much stock in that the third thing which I don't really put any stock in is people saying well the eth E discount is still like 15% or 14% whereas the gbtc discount was trending down uh you know it went below 10% when uh BTC was going to get an ETF this is just flat out kind of not looking at I mean I'm not going to say it's flat out wrong but it's actually not looking at the the time in correctly here now I would bring up the charts of the discounts but I don't have them in front of me right now because uh the site is like payal or something but I looked it up before and I was able to get the numbers for you guys the G so so gbtc and E are grayscales products the ones that they want to convert from uh closed

closed trust to the open obviously ETFs that they converted um you know they converted gptc already and they want to convert e as well gptc didn't trade under a 10% discount until a month before the ETFs got approved or at least like five weeks before the etf's got approved so it's the beginning of December where I think it first went under 10% and started just going down only uh from there and then obviously it's basically at 0% now because the the um conversion happen the E ETF I think if I actually maybe I can look it up on my other screen right now so I should say the E discount not the EF the eth discount right now is at I'm just looking up my other screen you can't see this but uh it's what is it 13 12 12 133% right now so that is already better

than what BTC was before you know 3 months at least 3 months before the final deadlines the final deadlines I think are 23rd of May the fin the first final deadlines so we're still 3 months out from those and E the eth discount is already basically at 10% uh so I really don't put any stock in that at all people saying oh that's the market saying it's not confident in E ETFs like guys like there's still three months left right uh I mean three months before the uh BTC ETF approval BTC was still struggling to break out of 30k and then we had the grayscale win and that's when it kind of never looked back and then as we got closer people got more confident BTC price kept going up the gbtc discount was collapsing the prediction Market odds were going up as well I

couldn't find a market I couldn't find any stats on what uh the BTC ETF prediction Market looked like uh you know over a longer time period I could only go back to the beginning of December um but yeah I mean it's still too early it's still three months away like as I said I know it doesn't seem like that's a long time but that's an eternity when it comes to this stuff we know that crypto can move really really quickly uh but it you know it can move really really quickly and it can catch us off guard and it make make us feel like it's been a long time but I think that's what's going to happen going forward here so I know I spent you know 10 minutes on that but I felt like it was really worth just worth just walking through everything here and walking

through why I think that people are wrong to say that there's only like a you know 40 50% chance of these things being approved by may I think there's a much higher chance than this and you know as we get closer and closer obviously uh people can up their odds based on your information but I'm pretty confident they're going to get improved by May at this at at this point right I mean I'm I I think that because there's still 3 months left and obviously because I'm eth biased my prediction you know has more chances of being wrong uh than my G my BTC ATF prediction did uh because I got that one right and I think there were still a lot of people fading that right up until it got approved but I'm pretty happy staking my kind of reputation or St or basically saying

that I think they're going to be approved by May if I'm wrong I'll gladly admit that I'm not going to sweep that under the rug right like why would I do that um but I I I'm pretty confident at this stage and I think that you know over the next I guess like maybe two months especially we're going to see the confidence either go up or down based on movements within the issuers and the SEC but honestly I'm betting on on them being approved uh by May here but we'll have to see obviously the price action right now is quite positive probably the the price action is trying to front run the ETF approval of course but we'll have to see as we get closer to that anyway I'm going to uh I guess like leave that one at that because as I said I've already spoken about that for 10

minutes uh just quick here um Eric as I said like um we did the podcast and the drivethru and I hope you guys enjoyed it we're going to do another one this week I just wanted to highlight this little meme that he has here where he's put Like Larry Fink Supply sync and he's kind of got the the eth logos and Larry Larry um Fink's head like with a couple of sinks in front uh uh uh below it I just thought it was a funny meme to highlight and this was something that Eric brought up on the podcast that black rock is just going to be a Hoover Hoover up of of eth right and they've already doing it with BTC through the e ETFs and the same is going to happen for for eth here and I think that's obviously something to be really really

bullish about but anyway going to leave that at that at that enough price talk for today moving on to some updates so first off was there was an ethereum all core devs call that wrapped up last week uh that you can see a summary of Timo has his thread here I'm just going to read out the summary or the the allord devs uh recap so obviously denune is very close right now it's coming uh you know I guess like in three three weeks or something just over three weeks or something right now it's it's obviously on the 13th of March there so uh there are maintenant client releases starting to come out so if you are running any of the clients that have already been released maybe you want to update or maybe you want to wait until you know maybe a week or two before to see if

there's any more updates that come out there there is a couple of updates around Petra I think we're going with the name Petra now instead of Petra I think I better get used to saying Petra even though it's really annoying to say uh so they discussed many eips on the call but didn't make any additions to the fork aside from agreeing to move 2537 from considered for inclusion to included uh and then they're going to spend the next few weeks reviewing the various proposals and there was also um an announcement about an inclusion list breakouts a call that that that happened which I'll talk about in a sec uh and they're also organizing an account related breakout in the next week or so to discuss the various um externally owned account or account abstraction related proposals more deeply which is pretty cool that they're looking at this

more deeply now because account abstraction has been something that the community has been clamoring for for quite a while here now of course I will mention that the inclusion list breakout session did happen and there is a recap thread from Terren here I think inclusion lists are shaping up to be like the star EIP of pectra it's the one that you'll see a lot of people talking about it's the one that seems to uh be getting a lot of attention from cevs because inclusion lists uh basically I guess like improve ethereum's core value prop of censorship resistance and I've talked about it before and I've talked about how Mike nuda has been at the Forefront of this and put out a bunch of research posts and so on and so forth you can go check them out uh you know uh you can just Google for them Google

Mike's name and then you'll find them and you can also check out terrence's thread here about this latest uh breakout session and I just wanted to say something on this topic as well when it comes to blockchains generally and I've been thinking a lot about this lately because people are always saying you know blockchains are good for this or blockchains are good for that or they're not good for this or they're not good for that and I've just been thinking about like okay if if the core value of a blockchain at least my belief of a core value of a blockchain or a layer one blockchain specifically I should I should say is that it is a root of trust right it is a settlement layer then what is the most valuable property of a root of trust or of of a settlement layer like what above all else right and

I'm not talking about decentralization I'm talking about the properties that basically make decentralization happen so out of all those properties what is the most important and I think I've landed on and I mean I've thought this for a while but I I think that I've landed on sensorship Resistance being that property like that is the core property now if you don't have robust sensor ship resistance I think that everything else breaks down because you don't really have credible neutrality in that if you don't have censorship resistance because you can't claim to be credibly neutral as a network if there are certain actors being completely censored right because obviously it's not um these networks aren't censorship proof but they are censorship persistant uh but if you have a network that is not sens persistant then that means that there'll be actors that just can't

transact on the network at all so you don't have credible neutrality then and then you don't really have decentralization either because it means that there's like a centralized point of you know a point of failure there your Economic Security kind of counts for nothing because like you're you know you're not offering what a you know you're not offering anything better than what a centralized database can offer in in my eyes right in terms of what a blockchain should actually be for I'm talking about a layer one blockchain specifically something that requires consensus right not layer twos and things like that but something that requires consensus that is really slow obviously and really inefficient compared to a centralized counterpart the only thing the only property that I think uh uh that you need to have right and the one that is n negotiable is censorship resistance and that's why so

much of the ethereum road map is dedicated to improving ethereum censorship resistance because without that honestly ethereum becomes a lot less interesting to me because I'm like okay well if if if people can be censored on the network then what the hell are we building all this other stuff for like all this other stuff feeds into just making the network more robust and more reliable but at the same time why would we bother with that if we can't even guarantee that every uh actor on the network can get their transaction included even if there's delayed inclusion like we're seeing with tornado cash right now um so that to me is and always will be the core value prop of of blockchains and without that you may as well just have a a database you may as well just have a centralized database there is literally no point to having a

blockchain if it is not censorship resistant because you can do everything else more efficiently on a centralized database where if you're censoring already it doesn't really matter if it's centralized because then you know you're the same thing in my eyes but I'd be curious to know what you guys think on that but that to me like after thinking about it for for quite a while and just like thinking through everything else that goes into making a blockchain I really do think that a layer 1 blockchain has to have sensorship resistance or else it is pointless in my mind but anyway you can go give terrence's thread a read about inclusion list I'll link it in the YouTube description below for you to do so all right so gu is now down to 69% dominance on the execution layer client side of things now this has been

trending down for a while you know you remember it was up at 90 plus% there's been a big drive from the community to get gu down below 66% espe especially before denune hits mainnet it seems like we're going to get there you know it doesn't even take coinbase anymore for us to get there it takes like maybe a few other smaller players to change over and will be below 66% now honey aru the person who is responsible for maintaining this um this website client diversity. org did point out that the this info is basically based on uh you know it's it's subjective info it's basically them going out and asking each of these providers what percentage of gu they're using or relying on information that these staking providers have have put out about what execution layer clients they're using so it is not

perfect it does not have 100% network coverage but it is probably the best data set that we have right now honestly like I I don't think we have anything better than this right now so in the absence of better data I'm just going to go off this one by by caveat it by saying that you know it's not perfect I mean there's never going to be any perfect data on on uh you know client diversity or anything like that but it is the best that we have right now so obviously 66% is that critical threshold that we want to get gu below but then we want to keep that up right we want to keep the pressure on we want to get gu to like 50% or something at least because then it takes a lot more to get it back up to over 66% if we only get it

to like 65% well then it can very easily creep back up above 66% through no fault of anyone just from people bringing online more nodes and just using G right it's the default client that they use so I'm just really glad to say that it's obviously improved here but we have to keep the pressure on we can't just uh essentially kind of uh rest on our Laurels now and be like oh yeah that's all sorted you know we're good and we're good and proper no we need to keep the pressure on and also uh coinbase's deadline is coming up they did say by the end of Feb they would have a a basically blog post about what they're doing on the client diversity front of things so if they do not meet that deadline by the end of Feb I think that we should be kind of like putting the

pressure on from there and tweeting about it saying hey you know coinbase uh you know we were expecting this by the end of Feb uh you know what's you know where is it not like in a mean way don't just tweet at them and say hey what's the hold up you know you said you were going to do it by the end of Feb you didn't do it you know where you know what what gives don't don't do it like that do it nicely of course but I think think that we have to keep these bigger players accountable and that's how we do it so give them to the end of Feb and reminder that there is a leapia so 20 there is the 29th of Feb this year so give them till like the 1st of March and then once that hits if we haven't heard

anything at all then I think it it'd be wise to kind of reach out to quein base on Twitter or maybe on farcast or maybe you email them and say Hey you know what's the deal here I'll be reaching out to to people I know as well uh at coinbase personally to see if I can get an answer around this because yeah it definitely would make a lot of sense to keep the pressure on but regardless of that it is a very positive sign that gu is almost down to that 66% threshold so I'm going to keep you guys updated on that as we get closer to that but yeah it's just great to see right speaking of coinbase Hill Dobby had a great little breakdown of coinbase's kind of financials report that they put out in the context of how much eth they have staked on the network

now coinbase put out their financials report for Q4 basically um which is obviously a thing that they have to do now because they're a publicly traded company coinbase looks really Strong by the way for anyone keeping tabs on this uh I think that's obvious at this point coinbase is the main beneficiary from the ETFs which haven't even uh played out in this data yet because the ETS went live in q1 they're also the main beneficiary of retail customers coming back or any kind of new customers coming back or getting into crypto they have a lot of things going on I'm really bullish on coinbase as a company I don't own any coin stock I couldn't like for me I you know if I'm investing in crypto I'm just going to invest in crypto I'm not going to go buy stocks I actually don't own any stocks right now 0% stocks

like even my retirement account is all eth as you guys know know but honestly like coinbase I'm extremely bullish on as a company they are just the premier you know crypto aligned company in in the world right now I'm also pretty bullish on on Kraken too mind you but obviously Kraken isn't publicly traded or anything like that so you can't go by you know I don't know what their what their ticket would be called crack or something that's a funny ticker right um but uh I'm bullish on Kraken as well uh and and uh but but coinbase is just killing the game right now for sure I mean they have their layer to with Bas going on that's growing and getting a lot of traction thanks to things like farcaster and so on and so forth there but in the context of eat staking he'll

Doby dug into uh the report and and um it shows that they basically well at at the time of this report uh when it was published they were staking $1.1 billion of eth or 4.4 uh million eth and I think that's gone up a bit now I think 4.4 million e is worth almost $12 billion now um and he said here this deviates only by 0.007% from what hobby already had on his E2 staking dashboard you know what I can't use your dashboard anymore mate like it's off by 0.007% how can I even uh trust this dashboard ever again no no of course I'm joking right the hill duby's dashboard is the best dashboard for keeping up with all things staking on ethereum if you haven't looked at

this yet I highly recommend going and looking at it I'll link it in the YouTube description below but it has so much information on here guys I love this dashboard I mean I think I go to this dashboard at least once a day if I'm being honest like it's just such a a fantastic dashboard and kudos to HBY for the amount of um you know effort and time he's put into this but it's great to see that his estimates were right on the money uh you know only only off by like a fraction of a percentage right less than a fraction of a percent like just basically a rounding error of a percentage here that he was off by but at the same time this also means that coinbase is down to 14.2% of all Stak e now those of those of you who have been

paying attention will know that coinbase was up at almost 18% of all staked eth uh back in the day I think this might have been a while ago now but they've been trending down since then so Hill's dashboard actually will show you this where if you scroll right down to the bottom you can actually see the each staked by entity since Genesis of the beacon chain basically and you can see coinbase's share in the dark blue here uh I mean if you're if you're listening to the podcast you won't see this but you can see in the dark blue here their share was I guess like even up until recently if I'm looking at it correctly was you know 15% back in what is this I think it was May 2023 uh and now it's down to 14.2% so it is it is going down

and why this is positive from like for is because uh coinbase as I've said before is one single entity right they're one entity on the beacon chain they are the largest single entity on the beacon Chain by far the next closest single entity and I know there are debates around considering Li to be a single entity or not but I'm talking about like a single entity in the in the function of of being a node operator uh you can see here that coinbase is the biggest by far radar. network has coinbase at 14 almost 7% uh but Hill Dobby has him at 14.2% I think Hill Dobby's one is probably more accurate at this point but regardless I mean there's only a few percentage points off there but if you look at coinbase as the single node operator single single entity note operator the next closest is

binance at 4.1% so coinbase is by far the biggest one so getting coinbase's market share to to you know come down is obviously a priority here and ideally you'd probably want them below 10% right but that means that doesn't mean that they can't still keep growing on a real basis they can still keep getting more eth Stak I mean they're at 4.4 million right now that can increase up to like that can that can double or something you know and their market share basically remain the same it would just rely on obviously the other players getting in you know more getting more market share as well right so when it comes to relative market share uh you know we want it to go down but in terms of real market share that it's still probably going to go up because there's going to be more and more people who

stake with coinbase obviously a lot of new people like to stake with coinbase because it's so easy a lot of new eth holders so nothing wrong with that but I do think that there is one thing that will slow down coinbase staking operations that they may be able to offset with with um institutional St staking but there's one big thing and that's uh liquid reaking tokens because coinbase has a liquid staking token right now CB e but it's not very popular to begin with as opposed to other lsts and I really doubt the queen base is going to be able to delve into anything to do with reaking for a little while here especially because it's a regulatory Quagmire and they're already being sued over their staking product from the SEC so yeah we're going to have to see we're definitely going to have to

see what they do there but I do think they're going to bleed a bunch of market share to the liquid reaking tokens um and and that's kind of uh I guess like healthy I think for the bacon chain but I do still think coinbase can offset that with institutional uh grade staking because they're one of the only players that can offer that to the bigger institutions because the bigger institutions are going to want to trust that you know that they that they're staking is in good hands and and is with an experienced operator uh but also just like normal retailer who have no idea about Ring I'm talking about like the the the complete Normy retail who are like I just need to buy some crypto because crypto is going up right like that that kind of retail um I don't think it's going to be the one on who

are kind of aware of reaking they're obviously just going to go buy LS or or stuff like that but anyway as I said you can go check out Hill Doby's dashboard for yourself highly recommend doing so we'll link it in the YouTube description below for you to do so all right so I had a question from ruy over the weekend in the daily gay farcaster channel uh for me to review the non 4844 eips that are going live in Denon and I did say that I would answer this question on Friday but I missed Friday's episode so I'm doing it today so as you guys know 4844 is not the only EIP that's going into denune there are actually a bunch of others here that are pretty important but honestly pretty much all of them have nothing to do with end users directly and that's the reason

why I haven't actually been um uh uh been talking about them is because well one I mean they're very kind of like in the weeds and I'm not the best to explain these things to the you know to people because I haven't done my research on them myself and two because they're not user facing I just kind of thought it wasn't worth bringing up but hey someone asked and I'm sure a a lot of you are curious about it so I'm going to cover not all of them but the ones that I think that are probably the you know at least a little bit relevant to you guys and and I'll explain why so the first one on the list is actually a pretty old EIP it's called EIP 1153 so uh this is very old actually this is all the way back in 2018 so this EIP is

finally making it into the network and what it it is is is that it enables transient storage op codes now of course as I said this is developer facing but the reason why this one is so important is that Unis swap V4 actually relies on this EIP to go into the network before it can be launched and now because it EIP is finally going live with thenon Unis swap announced that they're going to be launching their V4 in Q3 of this year so that in I guess like an indirect way is user facing so yeah I mean you're going to be able to experience unisoft V4 finally in Q3 so that is probably I I would say the second most user facing EIP as part of um the Denon upgrade 4844 being the first most user facing obviously because it's going to directly lower fees on rollups where all the

users are now so so yeah and then there is another EIP that's got to do with 4844 which is 7516 which is basically just specifying from my understanding how the Bas fee will interact with blobs uh so again those two are just coupled together so I don't think it's worth kind of talking too much about that uh the rest of the eips I mean uh yeah as I said like they're very kind of like not user facing and very kind of uh I guess um directed at Developers if you want to learn more about them though there is actually an article that I came across from third web here that just gives you a quick summary of each of them which I think thought was really good so I'll link this in the YouTube description below for you to check out um but essentially uh it's just giving you like

a one sentence description of of all of them I'm not going to read through it now you guys can go check out the link for yourself uh but like I read through them all on myself and I'm like okay yeah my intuition was correct like pretty much all the eips have nothing to do with the end users very developer heavy so if you are a developer obviously this is probably going to be a interest to you uh but for me as a non-developer and someone who really only pays attention to maybe one or two earps per upgrade because it's just too much to pay attention to all of them and it's too much to follow all of them um I I'm not going to be the best person to speak to speak to about them but you can go check the links out I'll link them in

the in the yoube description below but as I said 1153 enables unisoft V4 to go live 4844 and 7516 uh all got to do with blobs which lower rollup fees and then there are a few others out there uh that that are that are that are coming with um that with denune that are very developer facing and I'll have an article Linked In the YouTube description below for you guys to check out if you want to learn more about all of that I finally here just a shout out that tomorrow Tuesday February 20th I'll will be doing an AM uh on a Twitter spaces with porell here uh about the protocol Guild pledge so I'll be alongside I think Tim Boo or Trent Vans uh I think that some scheduling issues

there so it's either going to be Tim or Trent veps but as you guys know those two are at the head of the protocol Guild so either all all works for this alongside a bunch of people from the ecosystem such as Joseph from Pell uh Mike from ethery cheeky gorilla from the protocol Guild uh and you here from Tao so I'm really looking forward to this as I said it's happening February 20th uh uh Tuesday which is tomorrow at 100 p.m. uh Central European Time which is 11:00 p.m. Australian Eastern Standard Time for my Aussies out there I think that's like early morning us uh but it'll be recorded of course so you and I'll I'll link it to you guys um in tomorrow's refu actually no in the refu on Wednesday because I'll probably record tomorrow's refu before I do this um so yeah you can go uh bookmark this uh it

it's shaping up to be a really cool AMA all about the protocol Guild pledge and uh for those of you who don't know the protocol Guild pledge is basically asking teams out there building on ethereum to uh basically donate 1% of their total token Supply at tge to the protocol Guild but anyway there'll be plenty of questions and answers given on the spaces that is happening tomorrow and I'll link this in the YouTube description below for you guys to bookmark but I think on that note that's going to be it for today I'm actually got to get ready for another podcast that I'm doing in a couple of hours with the bankless guys and Jordy uh and Mike EO the two guys I did the eth bull case podcast with we're actually doing the podcast that I mentioned last week it actually got pushed back to this week

about the layer 2os and the bull case for layer 2 tokens um that's going to be really interesting because I can give a bull case for layer two tokens generally but I can't give a bull case for each individual layer 2 token uh and and there's a lot of kind of things that go into that that I'm going to talk about on the podcast I'm really looking forward to that but yeah I got to get ready for that that'll be out uh actually I'm not sure when that's going to be out but I'm recording it in a couple of hours but uh anyway that's enough enough rambling for me I thank everyone for listening and watching be sure to subscribe to the channel if you haven't yet give it a thumbs up subscribe to newsletter join the Discord Channel and I'll catch you all tomorrow

thanks everyone