Eth2 eating ETH, Gitcoin DAO, FOAM updates and more - The Daily Gwei Refuel #11 - 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 9th of december 2020. let's get right into it for today everyone so i spoke a lot yesterday about a lot of these kind of regulatory rumors that are going on uh with regards to uh you know centralized crypto exchanges people are kind of thinking they're going to put in some new rules that basically you know ban you from withdrawing to your own wallet and things like that from these exchanges um you know i mentioned yesterday how i didn't think they're going to go that far at least in the u.s but then this kind of news came out uh yesterday um around france and apparently france is as you can see on

the on the headline here they're on the verge of imposing mandatory kyc rules for all crypto transactions uh which which is pretty bad right that's that's taking it to like the extremes here so basically what it would mean and if we go through the article here uh well let's let's start with the reason they're doing this so they cite that uh the main reason for these you know stricter measures are the recent terrorist attacks in france and i'm like okay you know this is always the case when they're introducing some unpopular regulations right they'll they'll slap a label on it they'll be like okay it's you know terrorists it's to prevent terrorism it's like to prevent money laundering it's to save the children right you know you put some of that stuff on it and people are just like oh you know

this this must be a good regulations because it's trying to protect you know the children or it's trying to stop terrorism and it's always the same thing where these kind of excuses i guess or reasoning is given that doesn't really make much sense um to just put these really stringent regulations in uh and usually it's because of another reason that they don't want to tell you uh usually it's just because governments love to control things right um or maybe there's a there's a player that's bigger that wants this in place to kind of like stifle the growth of a certain industry you know i wouldn't put it past banks wanting to stifle the growth of ethereum and d5 uh if if they're at that point i don't think they're at that point yet i don't think they really care about what we're doing yet because it's so early

but this is just yeah this is not great what this would do is it basically would uh let's let's read through here uh so um yeah it would basically require uh crypto firms uh to tighten their kyc uh on their web on the exchange which you already see right you already do have to do kyc on pretty much every centralized exchange um you know i think binance still lets you kind of do two btc a day withdrawal without kyc but they're not based in the us or anything like that they're not based i guess they're not even based in in europe right they're based like and no one really knows where they're based it's speculated during the cayman islands and things like that but you know the exchanges that are fully

regulated in like the us in europe in i mean in australia where i am and things like that they already all do kyc you can't even buy any crypto or do anything without kyc but you know this this kind of new new new regulations or i guess like new new rules would make it it would harden this this kyc stuff but it would also regulate crypto to crypto transactions now i don't know i mean there's not that many details here but i don't know like how they would police this like which crypto crypto transactions is that if you're trading eth to bitcoin or bitcoin to to eth or whatever on a centralized exchange they're going to basically require you to i don't know you know do kyc again or give your reasoning for making that

trade or whatever or are they going to try and regulate say you withdraw ethereum to your own address are they going to monitor you and see what you're doing and see how you're trading that on a decentralized exchange obviously that's like very hard to police if not impossible and it also doesn't make much sense because why is the centralized exchange now you know just because i bought ethon there why are they now liable to track me when i've taken it off their exchange right i'm kind of out of their world so i don't know what kind of this is about um if i had to guess i had to assume it would be about just crypto crypto within a centralized exchange but again that's already tracked by a lot of exchanges right that's already all the records are there so i don't

know what more the exchanges can do here but yeah a bit of ominous news out of france here um yeah i i mean there's there's the full article here you can go read there's probably some more details in here i won't read through the whole thing on the on the video but uh i mean they mentioned here the full kyc of all cryptos transactions means that all crypto exchanges and other firms will have to verify their customers irrespective of transaction size i mean that's already done in a lot of places maybe in france that's not the case uh i don't know um and apparently mandatory registration will be put in place for crypto crypto exchanges uh yeah i mean i don't know maybe they just don't have these regulations in place they definitely doing in australia

already so we'll we'll keep an eye on that we'll keep tabs on that uh and there's still those rumors about the us introducing these new regulations as well i was talking to a bunch of people about that today and you know people on the fence i i was basically of the opinion that just like we're just speculating we don't actually know and you know if you make trading decisions based on on this stuff then that's that's your choice but i personally am not uh you know i'm not selling crypto in anticipation of some unfavorable regulations being put in place right it's just it's a huge risk you know i'd incur tax events right you have to think about all these things and is the risk kind of worth it uh based on just some rumors and for me it's not but maybe for you it is you

know maybe you want to take some risk off the table as well regardless of what tax you would owe if you did so so yeah something to keep in mind uh as i said yesterday as well i'll be keeping an eye on this and keeping you guys updated with it all all right so for those of you uh that haven't staked your ether yet and that don't want to kind of do it on your own you want to use a third-party staking provider there's a new website called stakingether.com that basically has a list of all the i guess staking providers or at least known staking providers um and we'll give you a quick rundown of like how much you'll earn kind of like i think neta fees um so basically you have like you know bitcoin swiss here which is a

big player coinbase finance staking you know there's a bunch here right bison trails uh and you can click through and then it'll give you uh i think it'll either take you to the website or maybe nothing happens when i click oh there we go it loaded um yeah so it'll it'll basically let you stake directly through here um on this site so if you put in a thousand usd um okay i won't let you stake on the side it's got a calculator sorry so if you put in like uh you know you want to stake ten thousand usd uh it'll tell you what your daily earning will be what your monthly earning and yearly earning will be based on the current rate and if you want a stake you click stake now it'll take you to the website so it's just a good little website to

compare the different solutions out there you know see what fees you'd be paying all this sort of stuff and you know i know these services are going to be very popular with people that don't have the minimum 32 eighth because if you don't have the minimum you can't stake on your own yet like rocket pools listed here but rockapool as far as i know isn't isn't live just yet uh and it's probably not going to be live for a little while still so yeah if you're itching to stake and you don't have 32 eth and you you like you want to do it right now it's perfect to go on this website and choose which provider you want to go with i'm not going to recommend any myself because i haven't done due diligence on all of them i'm familiar with some of them but i'm

not going to give you my own you know personal recommendation here but i will tell you that make sure that you realize that if you do this you uh you know there's a higher risk of you losing your eath either due to an exit scam or the staking provider messing up and getting you slashed or things like that that's happened in the past so be very careful make sure you you kind of select the trusted brand and do your do your research before going into it don't just like fomo in so to speak all right ben edgington put out an update about his what's new in eth2 newsletter today so for those who don't know this is the best newsletter single best newsletter in the entire ethereum space for keeping up

with eth2 and it's available at eth2.news ben does uh the best job out of anyone that i've seen of summarizing everything that's happening within the ethereum two space and making sure that you're on top of it on top of it basically he posted a short update today saying that uh he had people come up to him and want to sponsor the newsletter you know um and this is how you can do so like if you want to advertise in the newsletter you make a payment to him uh of 1.258 for a max of 80 characters or 2.58 for 180 characters um and then you can basically advertise on there uh now this isn't an endorsement or anything and i'm not trying to like advertise his advertising for example but i just wanted to give a shout out

here because uh ben's i mean he says yeah his newsletters are viewed by between three and thousand and ten thousand uh people gets that many impressions uh per issue which is usually every one to two weeks um it's just an amazing museum he's done it for free for so long now um so i i do hope that he gets uh you know paid for his ongoing work yet it's extremely valuable work he's also got a bitcoin grant so definitely go check that out as well to support him um yeah so i think that uh yeah i mean if you are interested in advertising in a very ethereum or ethereum 2.0 kind of uh you know world or readership uh i think this is the best best place to do it so just wanted to give a quick

shout out to ben there all right olaki from uh git coin so get coins our founder posted a little i guess picture today basically discussing that bitcoin grants is going kind of non-custodial uh going towards this kind of progressive decentralization route so at the moment bitcoin grants is is quite centralized in in a lot of different aspects but they want to move towards this kind of uh you know progressive decentralization over time so they started with like a multi-sig for the funds for like the matching funds for the grant so that it's not just geek coin that controls all the matching funds uh i'm on the multisig along uh along with a bunch of other people in

the community like david hoffman and eric conan hudson jameson uh so you know we're on that with the af and and some d5 protocol kind of owners as well um so that was like the first step and i want to move on to like kind of the next steps now where the you know you can see on the on i guess the chart here that uh you know we we have like during the round like before the round with with multisig sorry during the round and after round and distributing the kind of the money out to the to the grant owners and and stuff like that um but uh what is kind of non-custodial right now it is like the direct donation so when someone makes a donation to you it goes directly to your ethereum ethereum account sorry

uh whereas on layer one or layer two whereas the as i mentioned like the matching funds are still kind of like behind you know these mountain these kind of um multi-sig things like that and there's still kyc as well for a lot of these things i don't know if they're going to be able to get around kyc for a while you like if you have a grant and you i do you know owed some money from the matching matching you need to do kyc and that's just like because they're based in the us and there's all regulations and laws around that so yeah this is really interesting i'm looking forward to uh seeing this this go forward get going to decentralize more uh obviously i think that uh you know git coin being as important as it is

needs to you know embrace i guess embody the the ideals of decentralization within our ecosystem i think they're perfectly positioned to do so they're going to get so much support from so many different people no matter what they do you know maybe i don't know i'm just speculating here maybe one day they launch a governance token right it could could that could happen and i think that they would have the best distribution ever because you just distribute that governance token you kind of airdrop it to frequent users of git coin right and and people that have donated during all the rounds and you know you kind of have like i guess like you know you're not just air dropping it to random people you're air dropping it to people who have actually used your your kind of uh use the platform and also you can kind of airdrop more

to people that have used it more frequently to people that have donated more so i actually think that a token for get coin makes a lot of sense as a governance token um and i really uh you know maybe they'll do it maybe they won't i don't know if they will or not but it makes the most sense out of like probably any project that i know of um because you know you have a passionate set of holders immediately which would be really cool uh but yeah go check this out i'll link it in the show notes of course um and go go give it a look and definitely get give feedback to awoki if you have some uh because he's always looking for for feedback here he's he's great he always takes any feedback i send him on board uh he never tries to you know never

dismisses it never gets upset right um you know even when i'm bugging him about like ui glitches and things like that on the on the website so he's he's great so definitely go you know message him um or just tweet at him if you have any ideas around this all right an update out of the phone project today so this project's been around for quite a while uh if i had to kind of think back i think it was around in 2017 um but they've been quietly building for quite a while so for those who don't know foam i guess they're trying to do a bunch of different things uh if i had to simplify it i mean their original goal was like decentralized kind of positioning systems aka decentralized decentralized gps

but i think they've moved even beyond that and they're basically trying to decentralize like the hardware layer of these networks so as you can see in their blog post or their update today they've kind of made this thing called a ethereum transaction relay network where you could basically have this little device called the foam light which is a general purpose ethereum radio relay node that anyone can build today to accelerate the use cases in internet of things so basically having like i guess your own node that doesn't rely on i guess maybe the internet or like you know centralized kind of networking and hardware to to coordinate with the ethereum network um it's funny because i'm thinking of like

right now i'm thinking of bitcoin and uh you know the company block stream likes to talk about the satellite that they launched into space where you can actually relay your bitcoin transactions off the satellite now i actually think that's quite cool right um and i would like like to see more uh research done into this area and developments done into this area because you know if we make these networks right um and you make them super decentralized but then we have all these endpoints like you know the isps and and the data centers and all these if they're all like centralized still then there's bottlenecks there right and then if an a kind of motivated nation state can possibly take down a network or parts of a network or parts of of how it's working

uh you know very easily so yeah cool to see foam still building out things here as i said an old project but still building there's a lot of these out there um that you see updates from uh time to from time to time um and yeah i i mean as i said i followed this for quite a while now and i think what they're building is is gonna be useful it's just it's one of those things where it's like super early right this is stuff that's like bleeding edge stuff that you know and hardware is much much harder to adopt than than software because it's physical and software just you know can disseminate a lot easier right you can just download an app on your phone as soon as someone releases it but with hardware it's a lot harder to to scale it up as

opposed to software unless you're already a hardware manufacturer like apple for example that already has that that supply chain in place and that demand in place it's a lot harder for new entrants to do this so yeah keen to see what else foam bring out in the future interesting tweet from eric connor today about the eth2 deposit contract so at the moment it's adding 40 000 each per day so basically you could say it's eating 40 000 eats per day and i wrote more about this in the daily grade newsletter so if you want to go get more context around it definitely go read that one from today but basically what i wanted to focus on here is that you know i think at this point we're at 1.2 million or or over 1.2 million eighth staked and

i've mentioned how i expect that number to keep going up i don't know if it's going to keep going up by 40 000 a day right you don't you don't know like you you really don't but you know eric notes here that if this pace continues there will be 15 million eighth in the contract this time next year so in a year's time now i don't think this pace is going to continue i think we're going to slow down over time uh i think you know we might get to a few million faster than we think but 15 million each sir i'm it's it's a huge chunk of the active kind of supply or like general supply i guess it's if i had to do some napkin math in my head 12 or 13 of the supply or something if we got that that'd be amazing

but again that's a lot of the supply i don't know if that's going to be sent across especially in phase zero where it's basically locked uh but it remains to be seen how that plays out but still interesting start to to keep an eye on uh and see if this kind of falls over time as i said i fully expect it to fall i don't expect 40 000 earth per day to flow in but still good that's something something cool to keep an eye on all right an interesting tweet thread from ross middleton of diversify uh i think he put this out late last night after the other daily refuel so he gave a quick update summary of the top algorithmic stable coins elastic assets and rebase token projects so he lists six here

uh people will know about ample forth already yam based and there's a there's a few newer ones a basis cash empty set dollar and dynamic set uh that have come out and he basically gives a really nice breakdown here of each of them in the thread i won't read through the whole thing i think there's other ones as well this this person mentions dollar protocol uh this person mentions dig uh i mean there's so many of these experiments playing out and these rebase coins are quite funny i i actually refer to rebase tokens as bull market assets because they they're kind of ponzi-ish right they require fresh new people buying into it in order for the i guess the rebases to happen

like for example ample and yam need to be over a dollar for the rebase to happen for a positive rebate to happen um and you know that it's hard to do that when for those who aren't familiar with the rebasing mechanism basically you know it rebases tries to get back to a dollar and then people that see that right and that are holding it you know they might see that and be like oh you know i've lost value but what's really happened is that they're the tokens that they've holding have actually gone up um because of the rebasing mechanism now the reason i say they're bull market assets is because it's unless there's like fresh new buyers coming in these rebro rebases don't happen the whole mechanism doesn't work and you don't really get any gains from this

and it actually death spirals the other way where it goes into negative rebase territory and you're losing a lot of money uh so and i don't think like you know funds and stuff are buying up these these things right they're very dangerous i don't think that you know institutions are buying up these things uh i think it's normally retail investors that are doing this right just everyday investors trying to make a buck so that's why you know i think these things will be more popular in like a retail mania or like a little like what we saw in defy summer with like a little mini bull market within these things like ample fourth went crazy but now it's like you know it after it went up crazily it went down crazily as well so yeah good to keep an eye on these projects i think there's something here

i just think that we need to run all these experiments basically to get to that something right and it's going to take a while people are going to lose money people are going to make money it's the same with everything in d5 right now in terms of experimentation so pretty cool to see all these projects uh do note that if you decide to put your money into them it is very likely you will lose money because these things are extremely volatile more volatile than normal crypto assets so do your research before you know playing around with these things at all that's i mean i implore you to do that because i've seen a lot of people you know just go into it and they're like okay why do i have less tokens than what i had and that's because a negative rebase happened and they weren't aware of that

so it's quite scary when you see that right as a user you see your tokens have gone down which means you lost my you've lost money and you don't know why so definitely you know do your due diligence there all right last thing to talk about is this from dharma so dhamma has a uh an app called the i guess the dharma mobile app where they let you buy crypto directly from your bank account up to 25 000 per week this isn't available in many jurisdictions in the us uh they just added illinois today but it's only available in a few other jurisdictions but this is really cool because it basically allows people that are really new to crypto to buy assets off of uni swap on up to 25k per week which is a pretty

big limit um and it makes the buying process really easy for these people so just cool to see dharma like expanding this to other states i'm sure it's hard for them given the regulatory kind of landscape in the us right now so i'm sure they're going to keep working on it and keep getting more states added here but yeah cool to see that just more ways to access crypto right and and more ways to access it and bypass the centralized exchanges which are kind of gatekeepers in that they won't list a lot of these assets so dharma giving people a way to access it really easily is is really great so props to dharma for that all right everyone that's it for this uh today's daily grade refuel thank you again for watching or listening definitely subscribe to the youtube channel if you haven't already give the

video a thumbs up and i'll see you all tomorrow thanks everyone