ETH price action, Haiku Book live, Illuvium and more - The Daily Gwei Refuel #28 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the daily gray refuel where i recap the latest news in the ethereum ecosystem i'm your host anthony sosano and today is the 4th of january 2021 and what a day and weekend it has been everyone so i'm sure you're all very aware of the price action over the last i guess 24 maybe 48 hours in ethereum it's basically the last 24 hours really where it's just gone absolutely insane uh you can see here on my screen i've got a chart up here we basically you know hung around the 700s for for a little while here for a few days this is the one hour chart and then you know on the seconds for some reason we just decided to kind of explode up here so we

went up we know up up and then bam we just went through 800 900 and the 1000s within uh 24 hours uh so we ended up going all the way up to 1168. uh kind of did a blow off top up there and then we've come down now and at time of recording uh we're at about the 960 level here so this has been a crazy 24 hours i think for ethereums um you know obviously we all felt uh a bit crappy over the last few weeks as btc continued to run up and the eighth btc ratio kind of fell and eth wasn't really doing anything against us dollar it was just kind of following bitcoin and then we just had this explosive reversal here which you know even caught

me off guard i i kind of expected this reversal uh considering kind of past uh you know precedent that we've seen within the market but i was just so blindsided i i looked at it and i'm like this is insane and you know i looked away from the charts at one point uh if we broke through 800 i was like okay cool finally we got through 800. and then i looked away for a few minutes and i came back and we're almost at 900 and i was like what what was that basically like that was just insane um and then the market just seemed to explode up more and we went up to you know over 1100 and and everyone was kind of like i was talking to was like you know we got an all-time high now like all-time high tonight sort of thing

um you know it was looking like that at that point you can see in the chart here just how parabolic this kind of thing was even on the hour chart um but you know all these things kind of have to come to an end to kind of wipe out a lot of the greed that was happening uh it was kind of an extreme greed uh kind of area up here um so i think that's what ended up happening we've come down we may come down even further from here i don't know i think it's quite bullish that you know we're just basically back at the price we were 12 hours ago so you know people like oh it dumped and it's like well i mean it's just 12 hours ago so i guess if you bought in this kind of area up here you're not feeling too

great right now um but yeah i mean it depends kind of like what your investment horizon is long term short term whatever um yeah so that's been that's been quite explosive and of course uh due to the price action um gas prices have spiked a lot on chain which i'm going to talk about a bit later so definitely feeling the pain there myself trying to do a few transactions uh being extremely expensive so i think at this point i'm just gonna wait a little bit and hope it calms down uh but yeah i definitely know the pain there uh also i've put out my 2020 recap of ethereum on the weekend so it's two and a half hour video for you to watch if you haven't checked it out yet it's on the youtube channel of course

um i had to condense this you know way it was it was it was longer than two and a half hours i had to kind of cut condense a bunch of things you know close out a bunch of updates not to go over because so many things ended up happening in 2020 was just insane and i could have talked for like probably more than five hours about it but i figured two and a half hours was already a kind of ridiculously long video um but at the same time i mean i wasn't gonna gloss over things i really wanted to get everything that happened out there and wanted to kind of like make sure that you know everyone knew just how big of a year ethereum had so yeah if you've got two and a half hours to spare you can go check that out

uh i guess like the tldr i put in the kind of like description here or the tweet here basically d5 summer was obviously a defining part of the year eth outperforming btc towards the end of the year uh and eth2 phase zero going live those are like the three key highlights i think in terms of high level of what happened but so many different things happened in you know inside of that so definitely go check out that video if you haven't yet i also put out my 2021 predictions for ethereum over the weekend so i'm very confident in a bunch of these predictions so i'll go through them line by line um i'm very confident eth is going to outperform btc this year uh given that eth tends to perform better in a bull market than btc does

uh i am confident in and i hope that non-usd stable coins will gain traction this year obviously we've seen that the explosion in stable coins over the last few months but it's been usd dominated um and for me as someone who lives in australia i you know all my expenses are in aud right and i hold fear in aud being in usd exposes me one to tax obligations when i go back to aud which is really annoying and volatility as well uh the volatility is insane so i really hope to see aud stable coins and other fiat kind of non-usd stable coins take get traction here so that i can actually earn a yield on that without having to worry about the volatility and the taxes associated with

kind of like the the currency pairs there and i know that i'm not alone there there are a lot of people in europe as well that i sure would that i'm sure would love to use the euro and the pound and things like that i guess i guess britain's not near you anymore but anyway i you know uh non-usd still there um and especially in like asian countries as well like singapore dollar and things like that you know the whole industry is denominated in usd but as soon as you exit the industry and you go back to your own home country where you have tax obligations it becomes really really annoying uh and it's it's been super annoying for me trying to earn a yield on my usd uh in within dfi um and then having to go back to aud and having to calculate the tax that i owe

there so a lot of the times i don't even actually do it uh what i'll do is i'll just borrow against my uh if uh some usd uh yield farm with that basically and and then i won't have those kind of obligations there uh because i'm not going back to aud right but it's just yeah it's super annoying so i really hope to see that take off and i really i do think it will they will gain traction because the the the space is bigger than usd it's bigger than the us um and we definitely need adoption there i believe layer 2 adoption will skyrocket this year i've discussed this you know many times already on the refuel but basically the tldr is that 2020 had layer 2 going live on main net we had the solutions come to fruition

optimistic roll-ups ck roll-ups those are the two things that we're going to be using uh mainly and i think that in 2021 we're going to have a bunch of apps like synthetics and uni swap go on to layer two which will cause you know i guess a standard to be set of which layer twos we're gonna use and that's gonna and then we're also gonna have um technology like vector from connext uh connecting these layer twos together and that's how we're gonna get adoption here especially since the gas prices are so high as well it's going to push people to these layer 2s whether they like it or not i think we're going to see like liquidity mining programs to get people on layer 2 you know reward users and basically make layer 2 a first-class citizen on ethereum so that people don't feel like they've

gone to like a you know a dead chain or a zombie chain or whatever within the layer 2 ecosystem they feel like they're getting the same experience as layer 1 but just much better right you know way cheaper to transact way faster transact way more liquidity because of those two things and and things like that so i think in 2021 is going to be the year that layer 2 really really takes off finally on ethereum and it couldn't come at a better time right considering that the gas prices are so high right now i mean as i'm recording i can see on gas now here it's at 500 way uh i think that's a standard transaction and 600 for rapid that is insane to put that into context even a simple eath scent at these gas prices is about ten dollars which is

one of the cheapest things you can do on ethereum whereas complex smart contract interactions are probably going to be costing you a few hundred dollars that's obviously unsustainable it is not something that most people can afford to do um so yeah layer two adoption can't come at a better time speaking of gas on ethereum i believe eip1559 will go live this year for those who aren't aware this is the ethereum improvement proposal to basically introduce fee burning to eth so that a little bit of if is burned every time that you know a fee is paid and it also is going to improve the fee mechanism so that we can have better fee estimations on ethereum so there's not just wild volatility there so i believe that's going live this year it's already been

implemented in the clients it just hasn't been uh put onto mainnet which is obviously a longer process but i think we'll see that later in the year this this actual prediction uh this one here where i said eth2 phase one will go live that's the one that's the most optimistic i think that we can get phase one live this year if we really really try but i think what at the moment in the east 2 space the research and development is split between phase one and the eighth one to eth2 merger because those two things are pretty you know equally important uh and need to have both need to happen so i guess can you know depending on what resources are spent to kind of like research and develop these things i think we can see eth2

phase one go live this year but uh that's the optimistic case right i i think you know this one this prediction might be one that i end up getting wrong and we might just see it in 2022 but i wanted to put it out there just in case uh you know i think that we can i mean i haven't seen anything that would be major blockers to this uh except resourcing you know having people as resources and making sure that we have the right people working on the right things you know if the eighth one to e3 merger needs more love then i'd rather we focus on that than try and rush phase one out the out the door because i think the merger is more important but i don't even expect to see the merger until 2022 either so yeah we'll see how that goes uh and this

last prediction as well where i said defy tokens will replace most of the dead coins in the top 30 cryptos i mean this is a no-brainer to me if you go through the top 30 on like coin gecko there are so many dead coins in there things that are just completely dead projects they don't do anything they don't have any transactions they don't have any economic activity it's just insane that they're still in the top 30. i don't get it i mean i think i've mentioned on the the refuel before that it's just a function of basically the market kind of like being you know still very immature and putting value on things that don't deserve to have value on them or premiums on them essentially one of those things is different layer ones i think you know bitcoin and

ethereum are the only layer ones right now that have any kind of meaningful adoption uh whereas a lot of the other ones still don't and people are pricing them as if they do uh which is quite insane to me i remember at one point like there was some ethereum killers priced at like five percent of each market cap this was a few months ago not not now and at the at the time i thought that was insane because these things don't have five percent of ethereum's use uh so why is their market cap so high and i think it was a function of the market being immature and a bunch of other things and it's not just the other layer ones as well there's a bunch of things in there that just like completely just dead i just i looked at it and i think the

only project when i looked in it that was in there was synthetics the rest of them weren't in there so i expect a lot of uh re-raiding and repricing of coins to happen um the top 10 is even worse but i don't even know what's happening there i mean i figured something like litecoin wouldn't be in the top 10 anymore but it's it's literally number four behind you know it's btc xrp ltc and i think with ltc it's a function of the fact that it has regulatory pass because it's literally just a fork of bitcoin so it always gets added to these platforms like when paypal announces they're doing crypto they said oh we're doing btc eth ltc and bch right so i think it's just going to stay around it's like a cockroach basically uh but other than that there's a bunch

in there that i just i mean i i just i was thinking about it the other day you know could you imagine if the stock market top 10 was like kodak blockbuster right all these kind of things that that were like zombies essentially didn't have any economic value left in them imagine if they were still in the top 10 of of the stocks in the world right it's just a function of immaturity in the crypto markets as time goes on as more mature players come in we're going to see that drastically change and i think that's going to begin this year with d5 tokens replacing most of the dead coins in the top 30. another tweet i put out today was this indicator that i've been watching for a few months now and i decided to kind of finally put it out there because i mean i was watching it with interest

thinking you know this could actually be an indicator that is going to play out and sh and kind of predict when there's going to be a a market top or a cycle top and i i didn't have confirmation until recently and for those of you can see my screen you can actually see the chart here so what this indicator is it's basically a chart that follows the monthly gained followers for the uh for twitter accounts so i i normally look at the big crypto twitter accounts here so you can see on the chart vitalik gained a lot of followers during 2017 but not until mid to late 2017 and then by the end and early 2018 it went parabolic and that's obviously when all the prices went parabolic of crypto and everything like that

which signaled the market top now you can see during 2018 and 2019 it was basically flat right nothing was really happening and even january 2020 until about mid to late 2020 it was still relatively flat and and then it started picking up and this is what i was waiting for it started picking up and it really started picking up recently which makes a lot of sense as bitcoin crossed all-time highs right uh december january even november to an extent it it started picking up and i figured okay this indicator is actually going to be reliable this time um so you know if you see in terms of absolute numbers i expect the this to go higher than what we saw in 2017 you know early late 2017 early 2018 but

i think once you see this chart go parabolic it's probably signaling that the cycle top is now and what i mean by that you know there's the bull and bear cycles and i believe that it's probably signaling that a bull cycle top is near and you basically you know obviously want to get out at that point now you know this indicator isn't perfect it there's only one precedent for this you can see in the chart here um and i think that uh the the wider kind of like i guess um i guess like people in general know more about crypto now than they did and they've heard of it before right i mean most people have heard of bitcoin at least once at this stage so the market is different now and we have institutional players coming in the asset class is maturing

but at the same time things are still going to get crazy i mean we just saw eighth jump from you know 700 to over a thousand in 24 hours it doesn't matter if there's big money coming in it doesn't dampen the volatility to an extent uh you know until the market caps are really high so in saying that i'm still going to be monitoring this uh this metric here if it goes parabolic i will you know i mean there's there's i'm not just going to use this as the only metric i monitor right i'm going to be using this i'm going to be using the price of course and like how how quickly it's moved basically um in a short period of time i'm also going to be using just general sentiment general kind of like noise in the markets if these other random coins are just pumping like crazy

there's a bunch of indicators you can use and you have to take them as a collective you can't just look at one and think oh okay that one's like really high i'm going to sell based on that you know it doesn't work like that and you won't catch the tops right and you won't catch the bottoms you'll never catch it unless you're really lucky you might get lucky but there's no way to time it you know even if you started selling eighth at the end of 2017 here right you would have sold eighth before its top it basically doubled from january 3rd to january 13th which was uh in 2018 which was its all-time high of 1400 so you would have sold you know at like 700 based on this indicator and then you would have missed that whole move right so you didn't pick the top you

didn't even pick anywhere close to the top so i mean obviously you probably still felt good about your sale but at the end of the day picking tops and bottoms is impossible i mean i think i've told the story before how i tried to pick the bottom in 2018 for eth i bought at 220 and i bought a large sum at 220 thinking okay this is the bottom for eth i'm gonna load up here and we're gonna be good right i underestimated that uh how long the bear market would go for you know eighth obviously ended up dropping to 80 after that and also uh it's 2019 was a very bad year for eth in terms of performance so i you know didn't succeed in timing the bottom but obviously in hindsight 220 was an amazing buy at this point right

just two two years later or two and a half years later or something like that so yeah that's the kind of stuff that you have to come to terms with you know if you have some sell targets that you want to sell at stick to them right don't try and change things you know maybe you change things based on where you think the market's going but if you've had long kind of last like long time sell targets moving them up and up and up is how you not how you don't get them reached right um and then you end up not selling you feel even worse um you know selling early can suck but i think at a point not selling and then watching it just dump and and hoping for it to go back up and then you know basically missing the fact that

we've started another bear market hurts even more so you know i tend to not look at prices of crypto when i sell i look at kind of like how much money i kind of would like to make uh in the optimistic case and then in like the in like the real real case right and in reality um you know that's not investment advice everyone's situation is different but trying to top bottoms uh sorry sorry trying to time tops and bottoms is near impossible if you're in you know strategy investment strategy or sales strategy is based on that uh it is a risky game to play but you know you do you at the end of the day but yeah so i'll be sharing more of this indicator as time goes on but it's just one that i'll be looking

at uh you know as we progress through this bull market speaking of the price action camila russo put out this really great tweet um yeah yesterday a few hours ago i think uh so basically she said that the last time eth crossed a thousand dollars there was no compound rv uni swap synthetics curve yearn balancer there was no d5 basically uh and then she says it's amazing how far this army of hackers has come and this is like so totally true there was literally no defy when eth crossed 1k in january of 28 2018 the only defy i mean it wasn't even known as d5 but the only thing that was on main net in kind of like any workable fashion was make a dao i think xerox had some

demos going there was etherdelta which was the original decentralized exchange but none of that stuff was known as d5 etherdelta was very primitive it was basically an order book exchange on ethereum's main net where each kind of trade was a transaction so you can imagine that was clunky and expensive expensive all the time nowhere near as expensive as what it is today but you know just in i guess like the last three years uh 2018 19 and 20 particularly 2019 and 20 we've built out this amazing incredible d5 ecosystem on ethereum that has catapulted ethereum to basically being the most used blockchain it's used more than bitcoin in terms of fees paid and kind of transactions and

things like that so i mean yeah as someone who lived through the ball and bear cycle it's very different today um you know you'll see people often say that we didn't deserve kind of ether 1k plus the first time and i totally agree with that we didn't that was all fueled by i mean majority of it was filled by ico speculation which hilariously enough it's like basically non-existent today right people aren't even using ether as a medium of exchange for any token sales really uh sometimes they do but it's a lot of stable coins now that's another thing we didn't even have in 2017 we had tether that wasn't on ethereum and that was very small compared to today

and now we have a kind of ecosystem of stable coins so looking back and just like you know sitting sitting back looking back uh is is just it's it's amazing to see how far we've come and that's why i always kind of play the long games here i try to zoom out and make sure that i'm not losing focus of where we were how far we've come and where we have to go and i think that ethereum has the brightest future out of anything right now eth is going to come along for the ride of course um and i just i've never been more bullish on on ethereum going forward it's just i mean i i mean i do like what i do because i'm so like excited about it um but i hope that you all are too because we're just we're just getting started really and i think

this tweet kind of encapsulates that all right so i spoke about this haiku book last week on the last daily grey refuel for those who didn't catch that episode this is a book of haikus that were posted to the eath finance and ethtrader daily threads every day for i think over 200 days so in this book you can basically i mean you can see the book here uh it's it's a real it's really nicely designed it's got like a theorem theme around it and in there you'll see a bunch of haikus that you can read it's like something that you put on your coffee table basically um so this was put together by ethereum community member crocodile man chen with uh collaboration from kite and also the haikus from single state serenity

um so yeah the first haiku was posted on january 1st 2019 uh and then yeah they continued for a while from there so you can buy this on amazon uh i'll link this in the youtube description the website but now for those of you listening it's thehaikubook.org so you can buy it on amazon at a bunch of different places i've already ordered my copy of course and you can also buy some nfts on wearable if you want to check that out see the links here as well um they're pretty cool nfts so i suggest going to check those out but yeah i just wanted to give a shout out that you can go now buy that book oh let's load this up here so yeah uh eluvium a new crypto or ethereum based game was announced over the weekend it's actually being made by kane warwick of synthetics's

brother which was quite funny and i think a lot of people got hyped about that they're like the warwick you know the warwick brothers are coming to dominate ethereum basically uh but there's not too much information about this uh crypto game or ethereum game yet they're saying they're going to go live in q2 of this year and they're going to be using uh immutable's layer 2 uh solution called immutable x which is uh you know a very easy way to trade um you know in-game items uh for zero gas fees and and incredibly efficiently and quickly so i think the game is basically uh uh what is it like i read through it but as i said there's not much information yet but then i think they put out a recent update

actually i'll bring that up here i remember seeing this uh yeah so they put an update here about their gameplay so basically the the player is a survival of a vessel that crashes on a broken alien world rich with varied climates and a vast shattered ocean engulfing most of the land powerful beasts roam the world could this be elluvium the mythical cradle of civilization so they're going for kind of like a high fantasy thing here and the gameplay you know they have different classes that you can play with the fighter guardian rogue scion and empath empath or empath um which is basically like they match up to traditional rpg classes so it seems like this is going to be an rpg there's combat there's capture you can you can kind of capture

um i think different beasts and things like that and evolve them um and stuff like that and then experience and leveling of course so basically like a high fantasy rpg on ethereum i'm sure there's going to be a lot of things to collect right there's going to be a lot of people trading these things it's going to be quite cool to see i'm very hyped about ethereum based gaming or crypto gaming in general going forward and like nfts and things like that so definitely going to be keeping an eye on this but if you haven't checked it out yet the link in the link is in the youtube description for you to go have a look so the parity wallet hacker began moving their eth this week so for those who don't know the parody multisig is famous uh for all the wrong reasons

so it's a smart contract that lives or lived on ethereum it still lives there but for a different reason i'll get into that but basically what ended up happening in 2017 was that a hacker was able to drain a bunch of each out of this wallet uh and they were stopped from draining all the eath uh due to um a white hack white hat hacker coming in and taking out the rest of it but they managed to get away with 150 000 eth which is roughly 30 million dollars at the time of the hack uh to this vulnerability uh so they began moving their eighth and what they've done with that they've basically gone to rend btc and it has taken that ram btc to the bitcoin network which i assume to cash out right to try and do so anonymously um and for those who who aren't aware

this multisig is actually the same one or that the smart contract is the same one that ended up being frozen on the ethereum network so in 2017 same year at the end of 2017 i think what ended up happening was that someone deleted a smart contract library on ethereum which bricked this contract which means that no one could interact with it and all the eth in it was frozen so everyone who had e from the parity multisig had their eighth frozen uh this was huge news at the time especially because it was the second hack of this same multisig and then after this of course parity um retired this multi-sig and those funds have been stuck ever since some people have tried to revive them there is uh the famous eip eip19999 you can go google that that is basically

the eip that says we should unstuck these funds on ethereum uh and that what that would require is basically altering the ethereum state and people said no we're not doing this we already did this for the dow we're not doing it again um so yeah those i think it's a a ton of ethereum that's stuck in there right now i think 500 000 or something eth that's stuck in there and that's probably going to be forever stuck in there at this point so unfortunately for the people who had their ethernet and the multisig but at the same time you know the argument at the time and over the years was that we're not going to save you know the parity uh funds because then it opens the floodgates to basically saving everyone else's frozen funds right uh and then you know all manner of things it basically opens pandora's box

and it cannot be shut again so it's something that the community the community decided on not pursuing so i was speaking out late uh speaking about layer two before i know how i thought 2021 is going to be the year of adoption uh and i've spoken about the team optimism before and how they're working on their optimistic roll-up technology so they are going to be releasing their first kind of soft main net on january 15th that is only 11 days away so we're very very close here so what they're doing is a trial run it's going to be on main net uh they're going to be doing this with synthetics so synthetics has actually been using uh optimistic roll-ups and optimisms technology on a kind of test net with snx staking and before that they did a trading

competition as well but this one on january 15th will be a soft launch of the oovm main net and then they uh expect to release their public or community version of this main net on march 15th so in another two and a bit months here uh this i think there's going to be two winners two major winners in the layer two scaling uh space it's going to be optimism with the optimistic roll-up technology and a few other teams like fuel as well uh and the other technology that's gonna win is going to be zk roll ups or zero knowledge roll-ups which is the sa like the same roll up technology but using a different implementation of it um and the front runner there uh starkware and the mata labs and there's a bunch of other teams i'm not going to

name all of them but those are i think the solutions that we're going to be seeing a lot more of so this is big news and i think optimism going live with a huge protocol like synthetics is going to be great for adoption there's rumors that uni swap is also going to go live with a layer 2 implementation which i think is going to change the game because you know most people that i guess are newer to this ecosystem will use uni swap as one of their first d5 apps so those are the people we need to be targeting with this sort of stuff especially if they don't have you know too much money they want to play with you don't want to eat into that money on uh with uh kind of i guess all these fees right so i'm actually curious to see if uni

swap incentivizes liquidity to move with more uni farming right that's in governance's hands they can't do it themselves but you know they hold a lot of uni in the team tokens and stuff so maybe they can do it themselves and can vote for it but yeah i i think that basically um we're gonna see a lot of uh craziness over the next couple couple months q1 q2 in terms of getting things to main net and then q3 q4 of this year we might see adoption well i believe we'll see adoption pretty much skyrocket here so exciting things coming for coming for ethereum's layer 2 ecosystem so i have gas now.org up here which is a gas monitoring website uh for a reason so i was talking about before how the gas prices are

ridiculous i mean i think i've spoken about it uh many times on on the refuel but basically right now at time of recording you can see that the gas prices are incredibly high right 500 for a rapid transaction which means getting it into one ethereum block 201 for a fast transaction which is you know average of a minute and you can see it fluctuating right as i was talking it went from 500 to 284 to 311 on rapid and these fluctuations fluctuations are due to the inefficient kind of um gas price model that ethereum currently uses and erp 1559 is actually aiming to address this so right now it's like an auction model where everyone tries to outbid each

other to get their transactions in whereas with eip1559 at least until it reaches capacity and it flows over to the auction model the um the transaction pricing is is basically you know static and set in in kind of like stone here um and it's not like based on this this kind of auction model so it actually smoothens things out but yeah you can you can see as you're watching the video and as i'm talking it just changes so much and it's very hard to estimate how much gas you have to pay in one block you can end up paying 500 for rapid transactions the next block it can be 200 right and that's like half the price of a of a transaction and also what happens is that estimating it is very hard so what gas now does is it actually

looks forward so during the 15 seconds between blocks what ends up happening is that they fill up with transactions right the mempool so before so before transactions go into an ethereum block they go into what's called a mempool and during the time in the mempool you can have transactions you know all trying to outbid each other so this is what gas now tries to do is tries to monitor the mempool instead of like historical transaction fees and that's why it's updating so rapidly so you know and it's very hard to estimate because of that because you can have at the start of the block people putting in you know rapid transactions down at like 300 or something like that and then as we get later in the block in those 15 seconds people like i want my

transaction in now i need it in right now and they put like a 600 rapid price in right which pushes out uh some of the the the cheaper ones right the cheaper uh gray that people have paid and this happens all the time so it's incredibly hard to estimate with erp 1559 it won't happen during i guess the base fee but but when it gets to like the tip which is like surge pricing then we revert back to this model so it's not a panacea it's not going to cure all our ills but at least eighth will be being burned as well right so i can't wait for that to go live this year that's going to be huge but in general just know that i think everyone feels the pain of gas prices i've written in the daily way before why i think high gas prices

are actually bullish for ethereum um and i actually think they're incredibly healthy uh i guess to summarize my post i think it's incredibly healthy because it encourages people to adopt layer 2 if and which it was an inevitability anyway so if gas prices were like still at 10 way like no one was looking at layer 2. they were like oh it's a cool little research thing maybe i'll look at it later now everyone's like okay my app is getting hammered use cases are getting priced out i need to move to layer two basically and that's what we're seeing so that's kind of like the trdr there and i think as i've said we're gonna see 2021 be a big year for ethereum layer 2.

but yeah that's what all i've got for you guys today uh you know we'll see what each prize does all the time i record another daily great refill tomorrow maybe it'll be up over a thousand again i guess we'll see but yeah thank you everyone for watching and listening give the video a thumbs up if you haven't yet subscribe to the youtube channel join the discord and subscribe to the daily gray newsletter and i'll catch you all tomorrow thanks everyone