ETH infinite bid, Ethereum's next 10 years and more - The Daily Gwei Refuel #845 - Ethereum Updates

Transcript

Hello everyone and welcome to another episode of the daily refuel recap latest news in the ecosystem. I'm your host Dino the 13th of August 2025. All right everyone, let's get into it. So I'm back after a couple of weeks of not doing a refuel and boy is there a lot of stuff to get through. I guess you all are very aware by now that ETH is almost at alltime high. I think it's down like 4% from alltime high which is basically a sneeze away. And at time of recording the price of ETH is 46.40 40, which is insane because that is the highest price that ETH has been since December 2021.

It has been a long time since ETH has been at this price. But we obviously all know why this is happening. You know, we have record ETF inflows coming in. We have lots of ETH treasury companies buying a lot of ETH. Uh but I'm going to talk about all of that later in the episode. But just to give you an explanation as to why it's been a couple of weeks since the last refuel. I was actually away in Queenstown, New Zealand for the last week celebrating my 15th anniversary with my uh fiance. So, I was there from August 6th to yesterday. So, I just got back yesterday. And then before then, I was actually planning to do a refill before I went away, but it just didn't happen. I just ran out of time and I didn't get one done. Uh, which I kind of regret now because there

was a lot that happened, you know, in the week that after I did the last refuel and now I'm like having to cover everything over the last 2 weeks, which is insane. I mean, I had to stop myself from opening more Chrome tabs here. I had like a lot more than this open and I closed a bunch because there's just so much that happened, but it kind of feels like a lot of the stuff that happened is already really old news, which is insane here. Um, but yeah, I'm I'm back here today to go through it all. So, I guess without further ado, let's talk about the I guess one of the most bullish things that's happened over the last few weeks, which is the ETH treasury companies that have just been relentless in the amount of ETH that they're buying. Now, I don't know if I mentioned

this on the last refuel, but um Tom Lee, who is basically working with Bit Mine here, said that he wants to own 5% of the total ET supply. Yeah, I think I did cover this last time. So, that is a lot of ETH, guys. that is six around 6 million ETH I believe. Um and now they have 1.2 million ETH. So they announced that they've been able to somehow buy a lot of ETH over the last couple of weeks. Um and it has obviously reflected in the price of ETH. I remember I think on the last refill people were asking me why isn't ETH going up? You know, it's at 3700. Why isn't it going up uh uh with all this buying happening? And I remember saying at the time that guys like it takes time for this buying to actually be reflected in the market. And

it did. It took a little bit of time. It hasn't taken that much time. mistaken like 2 weeks or something, right? Uh but it has been reflected there and it's still going to keep going up from here, guys. Like I mean, you guys know my my targets for ETH and and kind of like how bullish I am on ETH generally. And honestly, I think once we're past alltime high, it's going to be anyone's guess where we kind of go to before we have any, I guess, meaningful pullback. And what I mean by meaningful pullback is that we had one at like 37 3,800, right? We I think ETH went to 3,700 3,800 and then pulled back to what did it pull back to about 3350 but then just like continued on from there relatively quickly. What I mean by meaningful pullback is that we have like a massive

crash. Let's say that ETH goes down 30 40% or something like that. That's like that's huge, right? And then it stays down for months at a time. That's what I would consider a meaningful pullback. These pullbacks of like 15% and then like a few days later it's going back up again. I that's that's not a kind of meaningful pullback to me. That's just like a bunch of profit taking some longs getting getting wrecked, right? And then we continue on from there because we have all of this buy pressure. Now, going back to what I was saying about Tom Lee, he owns well I guess like Bitmine currently owns 1.2 million ETH. Now, as I said, 5% of the total supply is actually 6 million ETH. So, Bitmine has to buy another 4.8 million ETH to achieve their stated goal. Now, as I mentioned last time on the refuel to do

this uh is is really difficult because they can keep buying ETH, but they're going to keep pushing the price up because not only are they buying ETH, you have Sharp Link buying ETH, you have Ether Machine, you have Bit Digital, you have a bunch of these other ones, they're buying ETH as much ETH as they're trying to get their hands on and they're all doing it at the same time. So, that's why the ETH price is getting pushed up higher and higher. So, anyone who's saying they want to acquire, you know, X amount percent of the total ETH supply, it's a moving target. And I I think I did mention this last time on the refill about how you know ETH price doubles from here. It becomes double double as hard, right? You need to raise double the money. You need to acquire double the the the dollars to be able to

put it into ETH in order to get to your stated goal here. I honestly think that Bitmine stands a chance of getting to 5%, but it's going to be really hard for them to do that. I don't think the others are going to be able to get there. like they're already pretty far behind in terms of uh I guess like I mean by far behind I mean like for example Shar Link has 600,000 ETH, right? So if they want to get to 6 million ETH, they need to buy another 10 times more ETH. But the thing is is that if you have Bitmine trying to buy 4.8 million ETH, right? You have Sharp Link trying to buy 5.4 million ETH. You have Ether Machine needing to buy even more than that to get there. You have all these other ones like Bit Digital, Ezilla, BTCS, etc. trying to buy as much

ETH as they can get their hands on. Like, what do you think that's going to do to the price? I mean, it's pretty obvious what it's going to do to the price, right? The price is just going to go astronomical if if they're able to raise the money to keep buying this ETH, of course. Uh, and and so the the target just keeps moving. So, I do think that Bitine has a chance, like I don't know if I'd consider it a high chance of getting to 5% uh because the price just going to get ahead of them, right? They're not going to be able to raise enough money fast enough in order to gobble up the supply in uh in order to get to that 5%. And I just don't think any of these other treasuries are going to get there. Like as aggressive as they

want to be, it's just too much money, guys. Like ETH is not a small asset. It's it's worth over $500 billion now. So 5% of of it is yeah $25 billion, right? So I know that Bit Mine said they want to raise up to $20 billion to buy more ETH with, which is what they actually need at current prices to buy another 4.8 8 million ETH, but that's that's there's no guarantee they're going to be able to raise that. And also, if they do raise that, it's probably going to take multiple months to get there. Who knows what the price of ETH is going to be in a week, let alone a month. Imagine, if you will, in a in a couple of months, ETH prices double from here. Well, then Bitmine no longer needs $20 billion. They need $40 billion in order to get to their stated

goal. So, I just I don't know. I just don't see it happening. As I said, I think Bitmine has maybe a chance. It's not a high chance, but the other ones, no, there's no way. And and this is actually a good thing by the way guys. We don't want any one entity owning too much of the ETH supply. So it's a really good thing that it's actually becoming much harder for any entity to to own a meaningful uh percentage of the supply here. Especially because these entities want to stake the ETH too. We don't want them having too high of a share of stake. I mean for them to get to the critical threshold of 33% is impossible. Like there's none of these entities are getting there. That's just not happening, right? Um but like even getting to to 5%, right? We we don't want that. We want I mean ideally we

want them to to be below that and I I'm just glad that they I think they will be I'm glad that multiple treasury companies exist. Now there is actually one other thing I want to talk about when it came to the treasuries as well and this is to put a little bit of a I guess reality check on things. Not a damper on things but a reality check on things. I'm going to say that most of these things are going to fail longterm and and fail the failure case for these things is not necessarily that they blow up or even that they trade at a discount. their stock price trades at a discount to their nav. It's more the failure case is that they're just not able to raise money to buy more ETH with because they have to compete with these bigger players. I if I was to kind of

like put money on which players were actually going to be around in 5 years from now, there's only like a a handful of them here. I would say that Bitmine, Sharink, Ether Machine, and and and Ezilla like are probably like the best contenders, but BTCS has been around for a very long time now. So, I actually think that they're still going to be around, too, and and they're going to be really good. But these other ones, they're just too too new. A lot of them are trend chasing. Um, Bit Digital's is great, but like as far as I know, most of their I think most of their holdings came from trading their BTC for for ETH or their existing holdings for ETH. So, it's going to be interesting to see how how they raise money going forward and how successful they are there. But, yeah, the long tail of them definitely

not going to do too well, I think, because it's just there's just not enough money. It's too spread. it's too spread out here. Um, and the same goes for I guess the BTC uh treasuries too. I think that Sailor has I guess like most of the AUM of all of those and he's still able to raise more and buy more BTC even though it is slowing down relatively. I think um uh but yeah, that that's still going to keep growing. And then you have all these other doubts for other tokens. I saw that Story Protocol has one now like these longtail kind of assets getting these these treasuries.

Guys, I'm very bearish on these things. I I really do not do not think that they one need things like this because they're not strategically important assets. Two, they're basically griffs and they're ways for people to exit large positions in these kind of I guess like insider VC raises and things like that. Uh and three, like I just don't see the demand there for them like there is the demand for ETH and BTC for example. Like I just don't see it. So yeah, may maybe as I said like a reality check there, not to put a damper on things, but those things can all still be true while the bigger players are able to raise more and more money in order to buy more and more ETH with which I think they're going to keep doing. I think that they're all going to be doing this for many years to come.

This isn't to say that ETH is just going to go up only for years. Uh but I do think that ETH is going to reflect a lot of what BTC did over the last 18 months in terms of price action and then after that it's kind of anyone's guess. And obviously, as you guys know, I'm long-term bullish on ETH. I think ETH is just going to go up only for over longer periods of time, but that doesn't mean that there's not going to be dips in between, right? It doesn't mean that there's not going to be periods of prolonged downturns in between. Just how these things work. And actually the last thing about the treasuries and and I just thought of this now because it's a question that I'm getting and that I'm getting more and more of is people asking okay well you know how long until

one of these treasury companies starts selling their ETH whether that be for dollars or for other assets and I'll be honest guys I am fully convinced that the bigger ones are just not going to sell this ETH anytime soon. Two two main reasons. One they've just gotten started. It's only been like two three months of this. But secondly, and more importantly, these treasury companies for ETH are not like the BTC ones. The B BTC that these companies are buying, they can't do anything with that BTC, right? But with ETH, you can do a lot of things with it. And this is actually another bull case for Ethereum as a network as well. And why I believe Ethereum, the Ethereum network's D5 TV is going to explode is that when you buy ETH, you stake it, right? You you can just stake it. You can just do that and

that's it. or you stake it, you get an LST and then you use that LST within DeFi. You borrow against it, you put it into different uh kind of AMM pools, you mint stable coins against it. You can do all this stuff on chain with your ETH. So ETH is obviously a programmable store of value as a as has been me'd. It is a productive asset. So why would you sell your ETH even though the price has gone up a lot? Why would you bother selling the ETH when you can continue to generate extra yield on top of what an extra I guess like money using that ETH which will be reflected in the uh I guess like stock price and and and and it'll lead to a premium on your stock price and then what you can do from that is you can actually uh uh raise even

more money to buy even more ETH width to keep this flywheel going. Now of course the yields will compress over time, the returns will compress over time, the premiums will compress over time. they're probably not ever going to get to like a a zero premium unless like ETH crashes spectacularly uh goes down a lot um and like it did I guess at the start of the year or something like that, right? That could lead to a a more prolonged downturn downturn here. But for the foreseeable future, it it stands to reason that there's a lot of capital that wants to come into crypto. A lot of it, I mean, I would argue most of it, especially in the Trafy world, has zero exposure to crypto, let alone ETH. And that's all coming in. We had the other day uh Trump signed an executive order to allow 401ks, which is the US

retirement accounts, to invest into crypto directly as well. So there's just all this sidelined capital, all this money that still has to come in, trillions and trillions of dollars of it that still has to come in. And they're either going to go in via the ETFs or maybe they go in via the treasury companies or maybe both. That I feel like this flywheel can keep going for quite a while. And that's going to lead to a lot of a wealth effect, too, because not only you going to have the wealth effect uh from ETH going up and a lot of people getting uh, you know, rich off ETH going up, you're going to have a wealth effect that trickles down to the rest of of um the Ethereum ecosystem. because I do believe that there are some really unique uh opportunities out there today in terms of DeFi tokens that you

could be buying that could do very well uh over the, you know, maybe next 12 to 18 months. I'm not going to name them here, guys, cuz I don't want to give investment advice here. But I do own some of them and I'm not going to name them explicitly uh because then it's going to be me be me pumping my bags. But I do think there's opportunities out there if you know what you're looking at. And I do think that these things being quiet and not doing anything for months doesn't mean that they're not going to be good investments long term. I think that what you're going to need to see play out is just like ETH going up a lot, wealth effect from that, all the onchain activity going up as well from the what I just spoke about and then that flowing onto the relevant

tokens that flowing into other areas uh and and everything just kind of going up only uh from there for a while. But I guess as I said uh don't you know don't get caught in the up only kind of mantra. Don't get caught in in being too bullish. You always need to look after yourself as well and look after number one. As I've said plenty of times over the years on the refill, when you're selling things, when you're taking profits, you you need to be understanding why you're taking profits. If you're selling, let's say ETH goes up a lot and you start selling ETH and your idea is, "Oh, I'm going to sell ETH here and then buy back when it's lower." That is a trader mentality. That is not necessarily an investor mentality. Yes, you can try and play these things as an investor over the long term. Let's say

you've been holding ETH for like 3 years and you're like, "Okay, well, ETH's 10K now. I'm going to sell all of it because I think ETH's going to dump and go back to like 7K and then I'll buy or buy back in. What you need to understand is that that's a risky thing to do for starters and that it's very hard to do that and that's why there's not actually that many successful kind of traders and investors out there because a lot of people think they can do it and then they don't realize that it's much more difficult than they thought it was. Whereas the flip side of things is maybe you're just taking profit because you want to buy something with it. And that's actually, in my opinion, the best reason to take profit is that, okay, well, you're up a lot and you think to

yourself, I can materially improve my life with the money that I've made. So, I'm going to sell for that reason. So, you sell to buy a new car. You sell to buy a house. You say sell to pay down your mortgage if you already have a house. You sell to help out your family and friends. Whatever reason you have for selling um when it comes to actually using that money for something else that um I'm not, no one should judge you on that. You shouldn't feel bad for doing that because you have a reason there for selling beyond selling to hope and buy back in later because my belief is that ETH is going to over over the over the longer term be the best way to preserve your wealth against uh especially against fiat. I mean fiat is absolutely trash like we all know this right? but

also against most other assets if not all other assets in in the world as but always over the longer term here. But that doesn't mean that sometimes I don't think to myself, hey, maybe I should sell some ETH to buy back in later because the only reason I would sell my ETH would be to buy back in uh cheaper. But then, you know, I don't think that that this much anymore, but I used to in the past when I was like, I guess less experienced. But then I I thought to myself, well, why would I do this and risk the ETH that I already have when I could just like make money in other ways and then buy more ETH with it? And yeah, maybe like I wait a little bit to buy. Maybe I think ETH's getting a bit too overheated over the short term. So

instead of buying now, I buy later. I haven't done that recently actually. I've been buying a lot of ETH and I'm I'm even buying here, guys. Um because I I just don't see this train stopping for for the foreseeable future. U but at the same time, you know, it's uh it's up to you. It's up to you what you want to do. It's up to you how you want to play it. But always remember that if you invested with the purpose of at some point taking profits in order to buy something such as a house, car, whatever it is, remember that's what you did. And remember to take profits. Don't get caught up in the, you know, even as bullish as I am, as bullish as everyone is, don't let that, I guess, kind of influence your decisions when it comes to looking after yourself because no one

else is going to look after you guys, no one's coming to save you. You have to look after yourself. You have to make your own decisions and you have to be happy with those decisions as well because there's going to be periods of time where you sell and price just goes, you know, way up from where you sold. You have to be content with that. You can't sell and then price go up and then be like, "Oh, I should I shouldn't have sold and then buy back in." Well, now you've got less ETH than you had, uh, way less ETH because you're probably paying taxes, too, because you have to account for that, right? Um, and now you're like kind of chasing, which is really bad because it puts you into a bad emotional headsp space. You start thinking, "Ah, I have less ETH than I had then. Oh, I got to buy more

ETH to make up for that. Oh, I got to do this. I got to trade. I got to take on leverage, which I've seen people do, mind you. Uh, and yeah, it it all kind of like spirals out from uh from there. But anyway, enough on the treasury companies. The next bit of bullish news with regards to uh I guess like buying of ETH is the ETFs. These things have been on an absolute tear lately, guys. We had yesterday the first $1 billion inflow day for the ETH ETFs as you can see here. And it was the largest inflow day for the Fidelity ETH ETF ever. I think it might have been the largest inflow day for the Black Rockck ETF as well. So Black Rockck got $640 million um uh of inflows yesterday for the ETH ETF. Uh Fidelity was 277 million all up

uh just over a billion. And then today we had over $500 million into these things. total for the week is now at over $2 billion. And we still have what's today? It's uh it's Wednesday for me, which means it's Tuesday in the US. So, we still have three trading days left of this week, guys. Uh which is which is crazy. Um and sorry, I should say this $2 billion is is from the uh last two days of of last week. So, if you're just including um this week, it's already at $ 1.5 billion. So, you know, by the end of the week, it could be $3 billion of total inflows for the week, which will be a record week, of course, there. Now, the more interesting story than just the inflows for the ETH ETFs is the fact that the inflows are actually much larger than the BTC ETF

inflows. So, yesterday the ETH ETF inflows were five times that of the BTC ETFs. Today, they are eight times the inflows of the BTC ETFs. And and you can actually go to on far side here and look at Bitcoin. It's actually kind of funny when you look at this and look at the difference here. So the the BTC ETFs today only had $66 million of inflows where the ETH ETFs had $523 million of inflows. So clearly a kind of trend shift is happening here. And it's logical because ETH is going up a lot. ETH is going up against BTC. I mean ETH is still not even at all-time high, which is crazy to say. And BTC has basically been rangebound between 124K and 112K for a while now. Actually, if I go look at this chart, it's been 2

months of that now. And during those two months, ETH has basically gone up only. So, it's logical that the ETF flows are reacting uh to that. I'm curious to see how long that lasts for, right? Like, how long do does ETH continue to outperform BTC? Um, you know, the the the the dynamics here are very different as well because, as you guys know, I put out a tweet every other day kind of saying how much of the supply the ETH ETFs are eating each day. So on average, the Ethereum network issues around 2500 new ETH per day, which is nothing, guys. Like that's that's like what 101 million a day. The BTC network or sorry the Bitcoin network issues last time I checked like anywhere from 50 I think it's I think it's at least over $50

million of BTC per day. I think it's much higher than that actually. I don't remember u what what it is off the top of my head, but it's a lot more. It's at least five times at at minimum more than what ETH issues per day. Right. So when you have an enormous amount of demand coming in uh which is like I think it was yesterday it was like 94x from just the ETH ETFs 94x uh more demand than there was new supply issued. So, when you have like such a supply crunch and you have all this insane demand coming in, like it's only logical that ETH is going to continue to go up. And I actually argued this, remember when I argued this years ago when I said that ETH supply dynam dynamics are just stupidly bullish. But it did rely on that demand being there because at the

end of the day, you could have the most bullish supply dynamics possible, but if the demand isn't there, then then it's then then the price isn't going anywhere. And and I I you know, it's funny. I used to argue this so much and people would would would kind of come back at me with, oh, we need to lower the ETH issuance. You know, it's not low enough. This is why it's suffering against BTC, which I always thought was insane because if you actually look at the last uh couple of years, I I guess you could say if you look at 2024, for example, ETH went down a lot against BTC. ETH went down a lot against Salana. Salana has 7 8% inflation on the token, right? BTC had uh uh has more than ETH, like much more than ETH, I think. Not not that high, but like much more than

ETH, right? So, when you look at it from that perspective, it wasn't the supply problem. It was the demand problem. ETH didn't have the macro buyers like BTC did, and it didn't have the DGENs because it didn't capture the memecoin meta like like Salana did. But now, we've captured the macro buyers in a really big way, more than BTC is getting these days, right? And then the the cryptonative buyers aren't really having an effect because the market cap is so big. We just needed the macro buyers. So the cryptonative buyers can keep buying other stuff which you know maybe they'll see some success there, maybe they won't. But ETH having the macro buyers is the most bullish possible thing for ETH. And that's why you're seeing ETH perform so well here. So when you bring this all together and you include not just the ETH ETFs, but also the treasury

companies, right? They're buying hundreds of thousands of ETH per day. The the the network only issues 2500 new ETH per day. So just do the math. And I actually do did the math on this yesterday. The ETH ETFs yesterday alone bought over 50% of the total new issued ETH since the merge. So net issued new ETH since the merge. Over 50% in one single day. If you account for the last three days, three trading days of the ETH ETFs, they bought more ETH than was net issued since the merge. Like all of it, and that's just the ETFs. There's not treasury companies as well. So, the supply is just so constrained. We have

such a massive supply crunch and we have a stupid amount of demand. I don't know, guys. Like, you do the math on that. Where do you think Eid's going from here? I think I know where Eid's going from here. But yeah, again, I got to like temper some bullish kind of talk here because I want you guys to keep remembering that you you do need to take profits at some point if you if if you invested with the reason of taking profits because there's different reasons to invest. Investor to take profits at a later date. Invest to to sell then buy back in cheaper. Or maybe you're investing because you believe that this is what you want to have for the long term. You're just buying. You're like, "Okay, I'm going to buy ETH and I'm sitting on it for 10 years. I'm sitting on it for 15 years. This is the

best way to preserve my wealth." That's my strategy. Maybe it's yours. I don't know. You have to decide for yourself what that uh strategy is um there. But anyway, moving on from that stuff to another piece of really bullish news that came out that's actually really old news. Now, this is two week old news, but I needed to talk about it. So, the SEC published something a couple of weeks ago uh called Project Crypto, which is essentially what they've kind of put forward as an initiative to provide I guess clear guidance uh for crypto within the US here. So the TLDDR is basically that they want to bring or the SEC wants to bring crypto activity back to the US with this new project.

They want to introduce clear rules for all kinds of onchain primitives such as tokens, NFTts, stable coins and more. Clear guidance will be given on what is a security and what isn't. I mean finally, right? Uh safe harbor for companies doing ICOs and airdrops will be given. Uh I guess again finally they want to allow trading platforms and exchanges to trade both securities and non-security tokens and do D5 plus staking services uh and much more which you can check out the report I'll link in the YouTube description below uh and you can see what's what's happening there. So pretty insane stuff here guys, right? Like pretty insane that last year the SEC was trying to kill crypto and in particular they were trying to kill

Ethereum whereas this year and like with the new leadership, the SEC is doing the exact opposite, right? They're trying to I guess help crypto as much as they possibly can, which is pretty insane because that's like Block Works level of flip-flop, right? That's some pretty That's some pretty extreme flip-flopping there. But I guess when it comes to the SEC, it makes sense because last year the head of the SEC was Gary Gendler. This year it's Paul Atkins. I think that's his name. Um, and he's very pro crypto and obviously the Republicans are very pro crypto. So, it's all pro crypto here. So, I just figured it was worth kind of mentioning that that that I guess like big shift that we've seen there because this is something that may

not be considered bullish shortterm uh or at least people are going to forget about it short term, but long term it is extremely bullish, guys. Like, and I really hope that they can get all of these new laws and regulations in place before a possible kind of admin shift potentially next year. I know that the US has the midterms next year and then obviously a couple of years after that or I guess like in in uh in what is it 2028 or something like that. Uh there's a new presidential election and maybe the Republicans lose and Democrats win. I don't know. And if the Democrats are still hostile towards crypto, you know, you bet your ass they're going to try and kill it again, right? So, we need to make as much progress as we can in that four-year window that we've been given since since Trump uh kind of won the the

election there. And uh we'll see how that goes there. But I I'm pretty confident that we that the US uh is on the right track here finally. All right. Another thing that I didn't report on because the last refuel was on the July 28th was Ethereum's 10th birthday. So Ethereum turned 10 on July 30th um back uh a couple of weeks ago now. Uh and it was uh it was quite a good uh I guess like timing on that because ETH price was going up, right? So, everyone was already bowled up a lot. And then you had this just ridiculous bull post from Justin Drake, which I I wanted to focus on. So, I'm not really focusing on Ethereum's 10th birthday. I think, you know, that's that's really old news now. We've all celebrated it. 10 years of 100% uptime.

Really great, awesome. We love it. But what I really liked was was this bull post from Justin Drake cuz it's not a bull about ETH necessarily, the asset. It's a bull post about the Ethereum network. And he broke these down into different things. So this is basically what his view of Ethereum is over the next 10 years. And as you guys know, Justin likes to look pretty far out. He doesn't want to kind of focus on the day-to-day. He wants to focus on the decade to decade, which I love. I've always loved that Justin does this. So he's split up the next 10 years into three main kind of categories here. So essentially uh well not not three main categories but like he's got a bunch of different categories here but the the the main category categories and the reason why I'm categorizing it as three

different things is that he said that Ethereum has a defense mode called fort mode. It has an offense mode called beast mode and then it has like a third category of things that that is um kind of lean Ethereum he's calling it here. So what does he mean by this? Well, when Ethereum is focusing on and when you talk about Ethereum's fort mode, it basically talks about its economic security, right? It's hundreds of billions of dollars worth of economic security, which is the ETH that it has staked. And it's also about Ethereum being able to survive anything, nation states, quantum computers, nuclear war, whatever it is. That's fault mode.

That's what Ethereum is optimizing for uh in that respect. Then there is beast mode, which is uh Ethereum being on the offense, which is essentially scaling the L1, scaling the blobs, making sure that we can go to uh 10k TPS on the L1 and then go to 1 million TPS on the L2s, right? And we're doing this through gas limit increases. We're doing this through ZK and and shortening slot times and and blobs and peer and all that good stuff there. So, he's calling that beast mode. And then he says scale versus decentralization. Why don't we have both? The moon the moon math we need is now tamed. We have real time ZKVMs for lean execution and data availability sampling or DAS for lean data. And Ethereum has a road map for this. Uh

he's calling lean upgrades. So essentially uh we're going to do lean consens lean consensus with the beacon chain 2.0 which is going to be hardened for ultimate security and decentralization plus finality in seconds. It was formerly known as the beam chain which I discussed after his talks about this uh at DevCon in Bangkok there. Lean data which is blobs 2.0. So essentially doing things like postquantum blobs uh essentially scaling up blobs uh uh to to be able to service the L2s and then lean execution which is all about the EVM 2.0 or ZKVMs uh and and things like that. Uh and this is basically uh all being done with the goal of having performance abundance under the constraint of non-negotiable continuity continuity which is obviously

the 100% uptime, maximum hardness and refreshing simplicity. And then there's a few other things here which I'll link in the YouTube description I'll link the tweet in the YouTube description below for you to have a look at such as lean cryptography, a lean craft, and a lean legacy. This this post really got me bowled up, guys, because I think when you look at I guess like the next 10 years of of Ethereum and if you if you were to look at Ethereum in 10 years time and then look back at what it is today, it's actually going to look quite different. It's going to look the same in respects to what we actually want Ethereum to be decentralized, 100% uptime, you know, censorship resistant, all that good stuff, but it's going to be looking very different to how uh you know, under the hood, right? We're going

to have ZK everywhere. We're going to have uh uh we're going to have blobs everywhere. We're going to have uh native and based roll-ups everywhere, right? We're going to have uh quantum resistance everywhere. We're going to have uh better, I guess, cryptographic primitives at the L1. We're going to have better scale at the L1. We're going to have shorter slot times, all that stuff there. And and it really would feel like an Ethereum 3.0. I know people don't want to kind of meme this into reality because it can get flooded to death just like anything in Ethereum, but it really will feel like we build Ethereum 3.0 even though it's not being branded as that. And I think what I like about that is the fact that this is because ZK is kind of considered the endgame here. This is considered the I guess like endgame of Ethereum. So once

we get all of this stuff delivered, the Ethereum protocol will most likely be pretty much oified at that point. And what I mean by that is that there won't be any major upgrades anymore unless they're upgrades for probably like security things or critical vulnerabilities and stuff like that. But in terms of like the Ethereum protocol itself, it'll be small incremental upgrades going forward and Ethereum could be considered done as a protocol. Now, we obviously don't want to oify too too soon and we don't want to oify too late either. And I know that 10 years sounds like a long time, but at the end of the day, it can go very very quickly.

And you know, if you kind of I guess like blink, you'll miss it to be honest. And I think a lot of this stuff is actually going to get delivered in less than 10 years. I would argue that most of this stuff can be delivered in 5 years or less. And I think when you're looking 10 years out, you're probably looking at things that are more exotic, things that are maybe nice to haves. I mean, Vitalik had this on his original road map of of Ethereum, which the the flowchart road map, which is still out there. But yeah, if I had to kind of put money on it, I would say that we could get most of this within the next 5 years. We will not have to wait 10 years for this, which is even more bullish, of course, right? But anyway, you can go

give uh this tweet a read for yourself. I'll link it in the YouTube description uh below for you to do so. All right. So, as you guys know, the Ethereum Foundation uh introduced something called protocol in in June. So, this is a couple of months ago now, which is a new structure to align the Ethereum Foundation around three strategic goals. Scale the L1, scale blobs, and improve the user experience without compromising on hardness or security. So Tim Bico posted an update about this on Twitter which I'll link in the YouTube description below about where they are today. So the first major upgra update was that Mario here from the uh GU team is actually co-leading the scale uh scale L1 work alongside

Ansar here now. So that's actually really bullish because he obviously has a lot of hands-on experience with the execution layer working at GE and with scaling uh things up because uh he's been focused on that for a very long time now. So him leading that effort with Ansgar is honestly a match made in heaven which is really awesome to see. So uh the main short-term goal of scaling the L1 is to get to 100 million gas as we all know. Parathos is owning the effort internally at the EF and is working closely with the Nethermind team on performance benchmarking and there's a write up here for you to check out. Uh another key milestone is history expiry which is what light client is working on and coordinating this work with premerge history now dropped. It saves 3 to 500

gig in disk in disk space. So they're starting to work on rolling history expiry now which will keep node sizes manageable long term. And what rolling history expiry means is that you're going to have like a set date where you'll just expire history from and then uh that will be rolling as time goes on. So you will only ever kind of keep let's say one year of history or something on your node and then anything older than that will get kind of rolled out and expired there. You can and this is and this is optional by the way. I mean it'll probably be the default to expire it but you can change it like you can with blobs so that you just keep the the history. I'll be doing that. I'm not going to be giving up the history. I still run an archive node guys. Like I

still have my GU archive node, which is actually I think the reason why I'm always number one when it comes to the Rocket um snapshot each month. Uh I always publish my my node always publishes it first. And I think that's because I have a full-blown archive node still. Uh which is which is really cool. So I'm I'm keeping that running. It's a death archive node that's just going to stay there until I um you know until I die basically. I have no reason to change it change that there. Uh and there's a few other things going on as well, but I won't read through this all. I'll just link it in the YouTube description below. But yeah, things are happening guys. Things are moving. You know, it's not just the ETH price that is moving. It's also a all of the development that's happening and there

is a lot happening. So yeah, you can go check that out. I'll link it in the YouTube description below for you to do. So another thing that's happening on the core dev side is an EIP was proposed uh which it's not EIP quadruple zero. I think it's EIP799 uh sorry 739's uh which was proposed here by Anders and Vitalik. So this EIP is all about bringing a unified multi-dimensional fee market to Ethereum. Now this has been a long time coming guys and you can go uh kind of um give the uh I guess like EIP a read for yourself a link in the YouTube description uh below. And there was also a thread that I retweeted that I haven't got uh uh that I haven't got um uh uh up here that basically goes through this.

So essentially what this is is is basically what's been talked about for a while and what actually Salana has with the SVM is essentially separate fee markets for different things that happen on the EVM here. So essentially um at least from my understanding what could happen is that like stable coin transfers or I guess like token transfers would have their own fee market or at least have their own kind of like state contention as opposed to something like an AMM trade. So it wouldn't just be all one gas market. It would be different gas markets. So it's it's the easiest way to explain this actually is like what we have today with blobs where blobs have their own fee market. Right? We already have multi-dimensional fee markets within Ethereum. It's blobs have their own fee market and the rest of the normal kind

of L1 transactions uh on the EVM have their own fee market. The idea is to extend this out to all of the kind of major primitives and have it so that each thing has its own fee market here so that it doesn't kind of I guess like affect other things. So if there's one part of like uh I guess like hot state over here, it doesn't affect the other part that's that's not as hot. And this as I said is already something that Salana has with the SVM. It's something that I've actually wanted in Ethereum for a long time now and I've I've given kudos to Salana for having this for a while. I think it's really good. There are some I guess like weird negative externalities to worry about. You could say that um uh if if for example uh the I guess like fee market for uh token

transfers or stable coin transfers for for example uh or some other part of state is basically free and then the fee market for this other part of the state is really expensive. You could say that that fee market is subsidizing the the uh the other one and that use case is subsidizing the other one. We already have this today where you could argue that the Ethereum network um as a whole is subsidizing blobs because blobs are free. So essentially Eve stakers are subsidizing it. And I've said that this is because blobs are a loss leader. I wouldn't use that argument for the other, you know, multi-dimensional fee markets would say that the reason why you would want it is because you're able to separate things out so it doesn't degrade the user experience when one part of the state uh uh kind of spikes and the other doesn't. So I think the

trade-off is actually worth it. But there are some kind of like weird esoteric trade-offs here that need to be probably discussed uh which I'm sure the discussions are going to be had uh as time goes on there. All right. So I wanted to highlight this tweet from Benji here uh which is all about I guess kind of like enterprise Ethereum. So for those of you who don't know there is an internal team within the EF that's actually focused on the enterprise side of Ethereum now. And the AF didn't have this like what 5 6 months ago but now they do. And uh Benji was asking one of the people that works within this um within this uh team uh David here uh uh basically saying you know who did you talk to last month and David said some of the biggest banks,

tech firms and governments in the world uh and then he asked you know Benji asked what uh did they actually want to listen uh to us talk about Ethereum and then David replied saying they're not just asking us what Ethereum is anymore they're asking how to integrate it, how to ship and how not to get left behind and we're here to help every step of the way. That's pretty cool. Uh and and there was actually a um I think there's going to be a uh Twitter space done or there was a Twitter space done about this that you can probably find on Bing's profile here. But the reason I wanted to highlight it was just to let you guys know that there actually is a team inside the EF uh talking to these uh people now. Uh David is part of it.

Ash here is part of it as well. I don't know all of the team members. Uh but this is this is bullish guys. This is really bullish because we didn't have this before and now we do and we also have Etherealize and we also have these other uh uh I guess like entities that have the um treasury companies like Sharp Link for example and and consensus obviously being closely tied with Sharink you have Bit mine so on and so forth there. It's all a very big deal for Ethereum that's for sure uh on the enterprise side of things. So keep an eye out for that. That's more of a longerterm thing as well. Not not going to happen overnight but definitely uh keep an eye out for that uh there.

All right. Uh just a quick highlight here. So there is a new website called ethereum uptime.org which is just a funny website because if you look at it I mean it just tells you one thing that Ethereum has 100% uptime for every year since Genesis. Like that's it. Like there's nothing else to it. It's just like 100% uptime and then there's a link to like why it matters which I think is is pretty cool. Uh and it's just a very short kind of page on why it matters but that's that's the entire website. And then they're poking a little bit of fun at Bitcoin because you can see here they made a website uh uh no there was another website made by someone else called bitcoin uptime.org that has Bitcoin uptime at not 100% because Bitcoin did not have 100% uptime in 2010 or 2013. Since then it has to to

its credit but it can't create it can't claim to have 100% uptime since Genesis like Ethereum can. So really there is no second best when it comes to 100% uptime. there is just Ethereum, right? Uh which is proven uh by objective facts. There's no subjectivity here. This is objective uh and this is objectively measurable. So, just thought it was worth highlighting that for you guys there. All right. So, you guys have probably seen over the past few days that there's been a lot of talk around these new stable coin chains that are being spun up. So, there is a rumor, it's not confirmed yet, but there is a rumor that Stripe is doing their own stable coin chain, and it's going to be an L1, not an L2. And then, uh, I think this was announced today. Circle announced that

they're doing their own stable coin, uh, L1 chain. Now, I was asked by a lot of people to give my take on this, and there's actually a lot of takes to give here, and I I think that people spinning this as bearish for Ethereum are just not seeing the I guess like forest for the trees here. I think that they're trying to spin it as bearish for Ethereum because they're sidelined to be honest. Uh the everyone's favorite Concerner was very quiet over the last few weeks uh because he is obviously very sidelined on ETH. But as soon as this news dropped, he was straight back to oh this is really bearish for Ethereum. It's like okay bro like stay sidelined. Um but anyway, enough enough dunking on on on those people there.

Giving my thoughts here. So first thought is around okay, why are they making an L1? Cuz that was the first question that everyone asked me. It's like, why are they making an L1 instead of an L2? It makes no sense. And I agree with that. And it does make no sense. But if you actually look at what these things are, they're actually not really going to be blockchains at all. Like, if you're creating a stable coin chain for a centralized stable coin, and I mean, it stands to reason that the the reason you're creating this is because you want to capture all the value for yourself, but also you it's going to be completely centralized. So, if it's completely centralized and you want to capture all the value for yourself and you're doing it because you want it to be really performant, then why is it even a

blockchain to begin with? Why not just create a completely centralized database? Why even worry about the blockchainy stuff? Why even worry about coming to consensus on anything? Why even worry about having validators or full nodes or anything like that? If and and these things are EVM chains, by the way, guys. So, okay, just fork the EVM, rip the consensus engine out of it and make it into a a single centralized database where you can have all the performance that you want. It's to totally centralized, which is which is what you're going for anyway. Why bother with the L1? Well, I'll tell you why. Is because most likely they're going to try and issue a token tied to this L1 and they're banking on that token being worth a lot because there's this belief

that there's a quote unquote L1 premium. And that to me is the only reason why they are doing this. This these things aren't even blockchains to me. They're just databases. So why not create an L2 is another question. Um well because honestly like as I said they think there's a premium on L1 tokens because you can create an L2 token of course but they think there's a premium on L1 tokens. Um but also going back to what I was just saying like L1 L2 doesn't matter. These things to me aren't even changed to begin with. They're just like centralized databases. They're essentially equivalent to people sending each other uh stable coins on uh on Coinbase. Like I I think I mean not not just Coinbase, but like on a centralized

exchange that has that feature, all they're doing is updating internal balances on a centralized database. So if you can do I if that's like the fastest and most efficient way to do that, why would you have a chain to begin with? Because you can have an EVM compatible database like with the EVM sorry EVM database that's compatible with other EVM chains. like there's of course you can. So I just don't understand why they're doing this to begin with besides the I guess like money aspect of it of issuing a new token but then you kind of go beyond this and you think to yourself why are people assuming that these things are going to be successful to begin with because there was an interesting tweet here from Vance that wasn't wasn't about this stuff but actually got my brain spinning here. He said that I I see that

um you know Sharp Link and Bitmine combined buying 20 to40 billion of ETH in 2025 most of which will be placed into onchain borrower markets drawing stables to loop or farm. This will be the most meaningful active capital injection in DeFi ever. So this this this kind of got me thinking. It's like okay well why do people actually use stable coins? What are they using it for? What drives demand for for new stable coins to come on chain for for for more kind of like stable coins to come on chain? Is it its useless payments? Well, I would argue outside of like USDT or Tether on Tron, not many people are using stable coins as a direct payments vehicle. Okay. What's the other thing? Well, the other thing

is DeFi. People are using stable coins within DeFi. people are minting new stable coins uh uh you know u uh using Ether as collateral using uh I guess like wrapped BTC as collateral using other assets as collateral. They want to use those stable coins to do things. Maybe they want to go buy assets. They want to take on leverage and they want to go buy ETH. They want to do looping to to um farm yield. They want to put these stable coins into AMM pools and and and kind of generate revenue from that and generate fees from from that there. So really, I would argue that the most meaningful driver of stable coin adoption on any chain and and and the most meaningful driver of new stable coins being issued on any chain is the DeFi ecosystem. Okay. So if we take that

as as truth, if we assume that is true, which I think it is true, but we can just make the assumption. I'm not going to say it's objectively true. If we assume that's true, is Circle and all these other kind of like stable coin chains, are they going to make their own DeFi ecosystems or are they just going to be completely focused on payments only? because I really don't think that the TAM for payments is is is uh is big enough to for to justify its own chain. I really do think that payments are one part of the of the economy. It's a huge part of the economy, but they need to be able to interoperate with the rest of the economy. They need to be able to interoperate with the rest of the um I guess like in in this case, it's the onchain system, but like in traditional

finance, it's the banking system, right? So when you look at it from that perspective, then I just don't see the point of a chain that's to totally dedicated to stable coins. I I think stable coins um should exist on the chains where the DeFi activity is. And you already see this actually if you go to USDC.cool which tracks USDC issuance here. You can actually see where most of the USDC lives. Most of it's on Ethereum L1. There's $43 billion worth of it on Ethereum L1. I guarantee you that is not being used for payments cuz it's too expensive, right? Most of it is not being used for payments. Most of it is on there for DeFi stuff. Okay, Salana's got $8.3 billion of USDC coming in at at second here. Again, I think most of that is being used for its DeFi ecosystem. I

believe most of it's being used to trade in and out of different tokens and stuff like that, right? Arbitum 7.1 billion uh USDC here. Again, I don't think most of that is being used for payments. I think it's being used within DeFi. Arbitum has a really big DeFi ecosystem. And then we come to Bass which is an interesting case here. Bass has 3.8 million USDC on it. Sorry, 3.8 billion dollars of USDC on it. Bass actually gives you free USDC transfers if you're signed up to Coinbase 1. And Bass is actually trying to position position itself to do payments. But I would still argue that Bass is not really uh does the USDC supply on base is not really there because of the payments. And if it is,

if you say that, okay, well, most of it's there because people are doing payments, then you can see just how small payments alone is compared to everything else. So, my main argument here is that I think that these stable coin chains like have a higher chance of failure than not. I'm not going to say they're going to completely fail. I just don't think they're going to be as su as successful as people think they are. I do think people are getting confused about things as well because tether uh is not rel it does not have a direct relationship with the two tether chains that have um basic recently raised money. Uh I don't think there's any direct relationship there at all from what I know. Um I think that this new circle chain is really being done as just like a money thing. I think that

because Circle is public now, they need to show investors that they're kind of capturing value in other ways, not just capturing value from the USDC uh yield that they get from having uh USD in a bank account and or in treasuries. I think they need to show other kind of business arms and other kind of revenue generating opportunities uh for the shareholders. Uh and I think that they they may believe that the fastest way to do that or the easiest way to do that is to create an L1 and maybe issue a token for that L1 as well. and then uh drive value to that in some different ways. I don't think that they've thought through this. I would love to have their kind of like take on why they chose to be an L1 instead of an L2, but at the same time,

I would love to kind of get their take on how is this even an L1 chain and why are you even building a chain to begin with if the whole thing is just going to be centralized? Like then just make it a centralized database. But I think I know the reason. I I really do think it's because of the fact that they're going to try and do a token and then they're just going to drive value from that. So So yeah, that's that's my general take on all of this. There was a take that DC Investor gave that I thought was really good as well where he basically likened what's happening with these private chains and these centralized kind of L1 chains or whatever uh to what happened with the internet in the '90s where the there's companies and universities would do kind of private deployments of of

local networks using you know TCP IP uh aka internets as we know them um even after many transitioned from old protocols IPX and SPX these LANs or local area networks were often airgapped from the public internet for security and control reasons. But eventually almost all of these connected to the public internet and achieve instant interoperability due to the use of TCP IP. The default communication stack on the internet because the value of doing so became too great to ignore. And he argues that the same thing is going to happen with these EVM L1s because the EVM is an the Ethereum virtual machine which eventually connect to Ethereum via L2s and other mechanisms. So essentially you're going to see like bunch of internets connecting uh I guess you could call them EVM internets connecting

to the public Ethereum and the public Ethereum is like the public internet basically and I agree with this. I think this is what we're going to see. But at the end of the day as well, I think that like if these things remain private centralized, I guess I struggled to call them chains, you private centralized things, then yeah, to me they're not chains, they're databases that just connect to the chains and and it becomes basically like a centralized exchange. is the same thing where centralized exchanges have their own internal databases keeping track of everything and then they allow users to bridge assets out from their internal kind of coffers into their own wallets and into their own wallets on different networks and then that's kind of like the public

private I guess relationship there. So that's how I how I view all of that. But yeah, we'll see what happens. I'm not very bullish on the on this at all to be honest on these on these chains at all. And I honestly don't think it's bearish for Ethereum. That's actually the the the last thing I wanted to say about this is that people were saying that, oh, won't this kill the momentum of ETH because everyone's buying ETH right now because Ethereum is the stable coin chain. Guys, everyone's buying ETH right now because ETH is going up. It's not because it's the stable coin chain. Stop. Like, I don't understand why this is hard to understand. ETH is going up. People get FOMO. People uh want to buy something that's going up, so they are buying ETH. Like, that's that's it. Like I I really don't think that most people

are buying ETH because they're like, "Oh, well, Ethereum is the home of stable coins, so I'm going to buy ETH." Ethereum was the home of stable coins at $1,500 and no one was buying ETH back then. Like Ethereum was the home of stable coins the last three freaking years, more than that. No one and people were were bearish on ETH. Like I you you got to understand, guys, like ETH gets bought like any other asset because it's going up, right? But the thing is and and and the thing that that I've I I'm kind of rambling here, but like it's just so frustrating having to repeat this for the billionth time. ETH is a store of value. It is a store of value first. It is valued based on its store of value properties based on the fact that it is secured by Ethere the

Ethereum network. It is decentralized. It is censorship resistant. It is credibly neutral. It is programmable. It is an amazing asset. It's valued based on that. I buy ETH, not because Ethereum is the stable coin chain, not because E I think Ethereum is going to be the backbone of the of the financial ecosystem. I mean, those things kind of play into it in some kind of capacity. I definitely don't buy ETH because of the fear revenue. I buy ETH because I believe that ETH is the world's greatest asset. I truly believe that and I believe that that's going to translate into appreciation of my wealth over time. It's going to protect my wealth over time and that is I I think the reason why most people will buy it going forward. I don't think they're going to

buy it based on these other things that people think they're going to buy it on. Like fear of a news definitely not. Like it's fear of a new stuff just makes me laugh. Definitely not guys. So that's my my take on that there. We'll see how these things go. Anyone spinning this is bearish for Ethereum is Like honestly I think they are because I think they're just coping. I think they're just incredibly sidelined. So they're coping really hard. Um, and I I do think that stable coins on Ethereum are going to continue to thrive regardless of these other chains existing. I think stable coins are going to be everywhere. Um, and I I I think that uh the DeFi ecosystem is what actually drives the most amount of stable coins. And I do think that Ethereum's DeFi ecosystem is about to undergo in a massive explosion with all

these treasury companies bringing this ETH on chain and making it productive because then you're just going to see the D5 TVL explode up. Going to have more stable coins coming in because of that. It's just going to be great, guys. So yeah, not bearish ETH and Ethereum. Anyone who's telling you this is bearish is not really thinking beyond their own kind of bag bias and beyond being sidelined uh there. All right, so the grow the pie team has a new report out. So this is a 45page research report in collaboration with uh the onchain foundation which explores how Ethereum got here. So over the last 10 years, how it got to where it is and where we are headed. So, this report covers what shaped Ethereum, uh what makes Ethereum mainet special, the rise

of the L2s on Ethereum, the benefits of blockchain, uh and what's ahead. So, you can go give this a read. I'll link in the YouTube description below. But just that absolutely huge kudos to Grow the Pie for putting this together. I really liked this report. I got an early preview of this report. I think uh it was a few days ago or something like that. Uh I read through it myself. It is awesome, guys. Like, honestly, give it a read for yourself. Uh and and and just get bullish. Like, that's that's all I'm doing. I'm just getting bullish here. And what I like about this is that it's provided me lots of content cuz now I can just take screenshots of this report and tweet it out and and and get people to read this stuff because most people don't like reading a 45page report. But

if I start tweeting out screenshots in bite-sized pieces, I can get them to read a 45page report over time. And also, if you're lazy and don't want to read the whole report, you can plug this into chat GPT or any AI that you like and it will summarize it for you. And honestly, like I I I I wouldn't do that. I would just read the report because you're going to miss a lot of context here. Um, but yeah, anyway, just a huge kudos to Grow the Pie for putting this together. I'll link the report in the YouTube description below for you to check out. All right, last couple of things here. So, Tao has uh got pre-MPS on mainet here. So they say here that Tao mainet started pre-confirming blocks about an hour ago and this was yesterday after fixing some minor uh minor issues on uh

and now their base rollups seems fully functional with two to 3 second block times uh with more to come in the next 6 months. I believe this is one of if not the first mainet uh uh pre-confirmations uh of blocks happening on an L2 here which is really great to see. I mean this has been Tao's whole thing for a little while now. This is what they've been working towards for a little while now. And I should disclose I'm an investor in Tao here. And this is what I invested in them for to be honest is because they're one of the only L2s that were actually working on this because this is going to be really important going forward for uh user experience which is obviously one of the core pillars of Ethereum when it comes to I guess like improving the Ethereum ecosystem overall here. So huge kudos to

the Tao team for getting this on mainet. You can go check this out for yourself. I'll link it in the YouTube description below for you to do so. All right. Last up here, we have an announcement out of Spire, which again is another company that I invested in just to disclose there. They've announced um uh their DA builder, which is their blog blob aggregation protocol. It's now live on mainet. So, this gives significant cost savings for roll-ups and users. So essentially what this does is it aggregates blob submissions from multiple L2s into a single transaction on Ethereum reducing data availability costs significantly without compromising trust assumptions. So you can see here the different rollups such as OP mainet arbitum one and tao all talk to the DA builder which then basically bundles

these the the blobs together and puts them into blob space on Ethereum. It also enables protection against gas price spikes for L2s and faster finality for these L2s as well. So if you're interested in this, if you work on an L2 and you want to get involved, you can contact Spire about this. But I remember I talked about this I guess blob aggregation stuff before blobs went live. So it was quite a while ago now. It's probably at least 2 years ago now or something like that. Um, and it also the reason why it it brings cost savings is because of the fact that not every blob like there's kind of like wasted efficiency when it comes to blobs because when you're posting a blob, you have to buy the whole blob, right? But if you're not wanting to buy the whole blob because maybe you're a smaller

rollup or maybe you don't want to uh you don't have the transactions to fill that blob. Instead of wasting that blob, you can fill the whole thing by aggregating the blobs together. Uh, sorry, aggregating the um the data together from the different rollups and just put it all in the same blob by uh and then you're not wasting the blob. You have like 100% efficiency of each blob. So, which is really cool like that this is this is essentially making it as spy says here more efficient and cost effective for rollups out there. So, you can go give that a read and check it out. I'll link it in YouTube description below for you to do so there. But I think that's going to be it for today. I will say that I it shouldn't be another two weeks before my next refuel. I'm actually going to try and do refuels

more frequently because it it is really hard for me to do an hourong episode. I mean, this is yeah, this is an hourong episode and I did it without taking any breaks. It's difficult because it's tiring. It's really hard to do. Uh and also I prefer like the bite-sized half an hour refills than the hourong ones. And I think the I think you guys maybe prefer that too. Uh but there's just too much stuff happening now. like I want to be able to cover as much as possible and obviously doing more uh more episodes more frequently will allow me to do that. So, no promises, but I will try to do another episode within the next few days. I'm not going to go 2 weeks without doing episodes again. Maybe I'll do one on let's say maybe maybe Friday or Saturday. We'll see. I'm not going to

make promises. I'm not going to make promises. But yeah, let I'm going to do one sooner rather than later. But anyway, thank you everyone for listening and watching. Be sure to subscribe to the channel if you haven't yet. Give a thumbs up newsletter. Join the Discord channel and I'll catch you next time. Thanks everyone.