Eth2 updates, 0x growth, DAO talk and much more - The Daily Gwei Refuel #47 - 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 first of february 2021 hey everyone welcome to a new month february i guess we're getting out of ethiori in january and now into february but i guess it still works right um a lot of one of the traders that i that i follow benjamin cohen on youtube uh he was calling it effuery and i always read that read that as february for some reason so i guess it works for for february as well so we have two equieries hopefully uh we see you know i guess eighth going up more in price this month like we did in in january so we can we can you know stick to that name it's looking good but we'll have to see

what happens there but yeah anyway let's get into what happened over the weekend and on friday so i think the biggest news maybe over the weekend was that elon musk edited his edited his twitter bio and basically added hashtag bitcoin to it there's nothing else in there right now just hashtag bitcoin uh which got a lot of people talking right people were kind of speculating you know does this mean elon has bought you know btc does this mean that tesla or spacex has put it on their balance sheet all this sort of stuff i mean it hasn't been announced that any of that happened and i mean he also had a tweet to go along with it uh where he said uh in retrospect it was inevitable and i think you know people were speculating on that saying oh is he talking about bitcoin

right because he put this in his bio and now he's tweeting this cryptic stuff and who knows right it's all speculation we don't know uh kind of for sure what's happening here um you know he actually jumped on clubhouse uh last night which was basically an app that allows you to do like voice calls with a bunch of different people and you have like people listening in and stuff and he briefly spoke about crypto i think for like a couple minutes and basically you know i think someone asked him what his views were and he basically said you know he thinks bitcoin is like gonna you know entering kind of the mainstream consciousness he thinks that it's entering traditional finance now um and you know he kind of thinks that he was he was late to the party on it and he kind of you know regrets that so i guess

very positive thoughts there from from elon and you know he is the richest man in the world right now too so it's not like he's uh he's a nobody um you know and he's obviously been around for a while he's a serial entrepreneur founded tesla spacex you guys know the drills so i think you know that's what gets people really excited is that like this person who's the richest person in the world like incredibly famous you know does all this really cool stuff he's talking about bitcoin and you know maybe even the wider crypto ecosystem in general now i think he has tweeted about bitcoin and ethereum in the past and obviously he's a big fan of dogecoin too so that's not new but yeah him putting in his bio and then speaking positively of it like in a non kind of jokey manner seems to have gotten people like really

riled up and you know if you go to other kind of high-profile celebrities some of them have just hashtag bitcoin in their bio as well you know jack dorsey twitter ceo has obviously been a big fan of bitcoin for quite a while now and he has it in his bio um he's had it there for a while and i think uh i saw another one called mr beast from youtube he's basically a philanthropy philanthropic youtuber who um makes these videos that go viral and then donates the money to people and gives it away and stuff like that he has it in there i think there's a few other kind of celebrities that have it in there so you know there seems to be this kind of movement i guess right now which is cool to see you know obviously it's just bitcoin doesn't say ethereum

or anything like that but you know a lot of people's first kind of foray into the crypto ecosystem is through bitcoin so i don't think it really matters if it was you know bitcoin or ethereum in there they're going to find ethereum anyway and i actually wrote about this in the delegate newsletter today i believe that even though you know they have bitcoin in their buyer or hashtag bitcoin ethereum is still going to be the biggest beneficiary from any new users coming into the ecosystem and basically i summarize that by i can summarize what i wrote by saying that the reason it's gonna be the biggest beneficiary is because bitcoin is a one-trick pony you buy btc right you discover why people believe it has value why it's considered a story of value and you know why it has a potential to go up in price but

then after that there's there's not much left to do right you you go and then you discover ethereum and there's like a million different things to do i mean i don't have to explain it to you guys because i'm sure you're all aware uh but you know d5 and dows and nfts and and all this kind of stuff happening right it's just very very hard to not come into ethereum and not get sucked into all these rabbit holes so i definitely think ethereum is going to be a big beneficiary of this even though you know people are putting hashtag bitcoin in their buyers instead i don't think that really matters at the end of the day following on from that point santiago from parify capital i've spoken about him before he put out a tweet today which i thought was really brave of him because it's a bit

controversial so i'll just i'll just read out the tweet for you guys so open quote i'm increasingly of the mind that ethereum and d5 will be larger dash much larger dash than bitcoin bitcoin is a story value substitute like gold ethereum is also a story value substitute and d5 unlocks entirely new economies and use cases case in point bitcoin on ethereum d5 end quote now this is following on to what i was saying before about how i think ethereum's going to be the biggest beneficiary of um you know this coming wave of people coming into the ecosystem even though they're coming in through bitcoin first right so i mean you consider bitcoin just another door into ethereum really because i mean as santiago says here bitcoin within ethereum and d5 uh the btc the asset is being used a lot

there's billions of btc now on ethereum and that's only happened over the last few months right and it's not even like it's it's super trustless either it's like the centralized wrapped bitcoin is like the leader and then we have these other kind of um decentralized uh attempts at it right these kind of fully trustless like tbtc and red btc but they're not ready yet they're not ready to scale they're not something that's kind of like got a lot of volume or got a lot of kind of liquidity around them so there's that and then you know he also says that ethereum is a story value substitute like bitcoins or ethy asset and then e and then you know d5 unlocks entirely new economies and use cases because of this and eth the asset is typically referred to as a programmable asset right so

or a program programmable store of value whereas bitcoin on on the bitcoin network can't really do much or you can't program it to do like all the fancy stuff you do on ethereum within d5 you have to bring it over to ethereum to do that whereas if eth because e isn't the you know the native asset of ethereum you can do whatever you want with eth right you can program it to do you know any number of things and be used within the ethereum economy to do any number of things and people are obviously doing that a lot so i think that you know santiago's tweet here is definitely brave because a lot a lot of bitcoiners aren't going to like this but i do think that this is kind of like what's going to happen where bitcoin and btc i mean btc the asset

will will exist for a long time it'll attain value i have no doubt about that um i don't even own any btc and i know it'll still keep going up in value like it just it just will uh you know it has a lot of uh attention for different reasons but that's its only use case really i mean people i wouldn't say number gap is this only use case but you know that's the reason people most people buy the asset right or interact with bitcoin is to buy btc for number go up you know some people buy it as a hedge against fiat right some people buy it as a store of value or like a basically a way to flee capital controls and stuff like that and that's all well and good but the predominant use case is definitely its use for speculation right

so you know ether is the same i'm not going to try and sugarcoat it and say eth is being used in any different way but eth gets extended by the ethereum blockchain whereas btc is stuck on this bitcoin blockchain which really is extremely limited i would consider it like a dying kind of blockchain as well considering the long-term security issues with the bitcoin blockchain but then you bring it over to ethereum and then you just supercharge bitcoin right you basically supercharge this pet rock asset that does nothing on the bitcoin blockchain but on the ethereum blockchain it can do the same things as if except that it is not a fully trustless asset as i just explained before a lot of the tokenized bitcoins like bitcoin are fully centralized so they're not the same as eth on

ethereum in any capacity and i was listening to justin drake on um on the bankless podcast the other day and he said that he doesn't think that we'd be able to get a fully trustless bitcoin onto ethereum for the next 20 30 years um and that's because of unsolved problems with um with cryptography or at least i think the the the he at least i think he said that the theory for the cryptography to make this happen is sound and it's been worked out but the computational uh kind of effort that you need or the computation that you need to kind of make this work is too much for today's technology so we have to actually wait for it to evolve and to get faster and to get better and more efficient so you know then we have uh tbtc which

is basically called trustless btc but it doesn't use cryptography to make it fully trustless it attempts to use cryptoeconomics to do so and there's problems with this because with tbtc it's inherently unscalable because you have to post collateral on the ethereum side so to mint tbc at the moment i think you have to post 150 of each collateral so it's very it's kind of like what maker suffered from by having just ethos collateral it's it's it there's a kind of a ceiling that you hit and it's very hard to scale and it's extremely capital intensive so from that point of view you know tbtc hasn't really taken off i think because of that whereas wrath bitcoin has but again it's centralized so yeah i think in general i mean if people want to use their btc on ethereum most

of them are just going to do it in a centralized way but that's definitely going to lock out a bunch of people who think that they don't want to do this right they just want to kind of play with a fully trustless asset which is fine i mean i totally get that's why i play with eath a lot of the time so you know that's that's kind of a hindrance there but i think in general that hasn't stopped people from bringing their btc over to ethereum and we're going to keep seeing that but that just reinforces ethereum's network effect right the ethereum network and then the ethi asset is the heart of that network which just reinforces eth as a as an economic and story value asset so i guess santiago's overall point here you know bitcoin is is basically a subset of of ethereum now right and if your

ethereum sits at the top and then within ethereum you have defined within d5 you have like btc it's just one of the assets right where an ether is another one but it is a better asset than a lot of the tokenized btcs that we have so i mean yeah when you really really do think about it and think about the implications of this and kind of like i guess the mainstream implications of this you you come to realize that eth as an asset and ethereum as a network is just so much more composable so much more kind of like extensible and programmable than bitcoin and the network and bjc the asset and you know that because the network and b2c the asset will never be able to compete in that arena they're not trying to compete because they don't want to right for one reason

or another and that's ethereum's opportunity to take so yeah i really like this tweet from san jose i had my brain spinning today if you if you haven't noticed so but yeah i'll digress for now on that uh we'll move on to the next kind of things that happened over the weekend so xerox is a uh i guess one of the original decentralized exchange platforms uh i'm sure many of you are aware of it but they actually did their ico in 2017 i think they launched in 2018 but they had some mvps in 2017 where they basically had an uh a kind of like this trustless otc model which i thought was pretty cool at the time and for those who weren't around 2017 decentralized exchanges really there was there wasn't much options there was etherdelta which was a fully unchained

decentralized exchange which was extremely inefficient because every single action was an on-chain transaction and even though the fees were cheap back then it was still cumbersome and it wasn't an amm model so the liquidity was was crappy uh and had all these issues right so xerox is one of the kind of projects that was birthed to to i guess like rectify this and they've had a slow start over the last few years but lately their volumes just been exploding you can see from this chart here that their volume is just the highest it's ever been basically you know you can't see all the way back to 2017 here but i'm pretty sure this is the highest the 0x protocols volume has ever been and this growth i think can be attributed to a few different things um matcha so

matcha is their dex aggregator which is uh really beautiful i really like the side it kind of reminds me of like robin hood but like for crypto and that's driving a lot of volume which has 0x protocol uh the the the code underneath it kind of powering matcha and then there's a popular uh wallet in in asia in particular china called tokenlon which is also dr using 0x for a lot of volume and driving a lot of volume through uh through xerox and on top of this xerox has a proprietary market maker model from what i know which they uh it's basically permissioned market maker it's basically permission and market makers can sign up and and add liquidity and provide liquidity on the xerox network

for tokenlon and matt charn anyone else to kind of tap into so these are the three i guess main growth vectors for xerox and why they've grown so much over the last few months so it's really awesome to see and you know i mean the growth has really been like it just i mean it took me from by surprise as well when i was looking at the dune analytics dashboard for the dex decentralized exchange metrics you know i saw xerox it was like third or fourth i'm like what what that's insane it was only behind like uni swap and sushi swap and curve right but curve is just a pure stable coin i get a while mostly stable coin amm so you know you can say it was third behind sushi swap and uni swap and as i said zero x is not an amm model uh

it is it at the moment it's a permission liquidity kind of model where they've got market makers providing liquidity and um you know they're originally doing kind of order book models as well i'm not sure on the status of that but yeah in general this is this is really really cool and you know i think they they kind of you know built through the bear trying to find like some product market fit you know while amm started taking off they were trying to differentiate themselves and i think they really have you know i think matcha their dex aggregator is gonna be very uh usable by noobs because they're gonna it's gonna be a familiar intercept face for them they're gonna have to deal with most of the jargon i think matcha for some pairs is covering gas costs as well so that's another big kind of plus there

but yeah really really great to see 0x continuing to improve and grow here so kudos to the team for for doing this over the last few months so another protocol that has had amazing growth throughout 2020 is dydx which i spoke about but in 2021 they're having even more growth here so they started off 2021 strong with 1.5 billion in dollars of volume in just january alone and this is for their perpetual kind of um protocol and they're not on layer two or anything just yet i know there's perpetual protocol the literal other project that has been doing a lot of volume as well but they're on layer two or i think they're on x die they're using some scalability solution but basically um dydx isn't so they're

all on layer one ethereum but they're still doing 1.5 billion dollars in volume um on their per product which i thought for that for the month of january which is which is massive growth you can see here the cumulative volume over i guess the last year and the last six months and last 46 days and 20 days it's just been growing really really quickly and also on top of that they've been teasing their layer two implementation coming soon and they're working with starkwear on this so i've spoken about starkware before how they're using zk roll ups to scale similar to what loop ring is using so i think this is going to be really big because as you can see from other projects like perpetual protocol who are using scalability technology once that is kind of enabled the volumes just explode

um and and get much better and the user experience obviously gets better and the fees come down and all that good stuff so i actually think the wii dx is going to have a massive 2021 i spoke about last friday how they raised 10 million in a new round i spoke about how i think their tokens coming soon so i think yeah they're going to have like a huge 2021 especially you know with a token launch which i'm sure they'll do a retroactive airdrop uh with layer two coming with the continued growth on layer one so they've even got more of a network effect there uh yeah this is just going to be really really great um and you know it's funny uh i i i have traded on dydex a few times and i think what definitely what's holding back the kind of um

perpetual product within ethereum is the scalability thing and i think they saw perpetual protocol growing on layer two and they probably sped up their layer two plans um whereas i'm sure they've been working on it for quite a while already but they just sped up their plans because you know competition requires that you don't want to lose out on volume and trading fees and growth to uh your competitors essentially as essentially so yeah really really crazy to see this diy dx growth and and hope it continues so i put out this tweet last week that basically uh well 7.2 million eighth is now locked in d5 2.8 million eight is locked in eth2 which gives us a total of 10 million eighth which is 8.8 percent of the

current supply that is being put to work to power the ethereum ecosystem last week that was 13.4 billion dollars i think it's around the same as when i put this tweet out i think i only put this tweet out like on saturday or something uh so not exactly last week but over the weekend but anyway my main point here is that this is a massive amount of the supply being put to work right 8.8 percent um of of the current supply and i think that's actually going to go up to 10 rather quickly um but yeah i mean 7.2 million eighth in d5 most of it in maker and uni swap and sushi swap and ava and compound and stuff like that so really being used as kind of collateral or a base quote quote asset for

for trading pairs uh and then obviously 2.8 million eighth in in in eth2 which which is obviously staking in east too which is actually locked i know when we say locked in d5 the most of the time the collateral i mean the ether isn't actually locked they can be withdrawn at any time whereas with eth2 most of that 2.8 million eighth is locked it's not done through a um a custodian which can which can kind of like tokenize the deposit so you've got free liquidity there or a service like lido that does this as well most of it is you know people just putting their ether in and staking on their own or kind of exchanges doing and some exchanges not even offering that kind of uh i guess like i guess you could call it like

the immediate liquidity so uh yeah this is this is quite amazing but what i really besides the eth2 thing what i really wanted to focus on was the the eighth locked in in d5 and how it's powering that kind of d5 economy because eighth so eighth has three core value accrual pillars right and we have two of those today we have each user's trustless collateral within d5 which is where this 7.2 million eighth comes in we have uh staking with uh with eth2 which is another core value accrual and then the third one which we kind of half have today is its use as as gas fees or as kind of like fuel for the ethereum network but the other half of that is eip1559 so when that goes in that third uh val

that third kind of thing becomes a value accrual pillar because at the moment it's not at the moment it's actually detrimental to its value i think because that eth is going to minus and miners just dump that eighth you know for profits right or at least most of it whereas with erp-1559 we'll be burning it and giving the value back to each and east and eighth holders and stuff like that so those are the three core value accrual pillars and um you know the fact that eth is is being used as at 7.2 million eighth is most of it is being used as trustless collateral within d5 is quite insane like i think most of that eighth is in the lending markets like maker um uh compound and and rve and and and some of the other ones uh but i think you know it's used within

maker is is probably the one that we should focus on the most because when it's used in maker it can't actually be borrowed by anyone whereas the eth on on these money markets can be borrowed the eth within maker is literally just sitting there backing up the die it can't be you know borrowed by anyone it can obviously be withdrawn and the debt can be paid down and can we try your wreath and all that sort of stuff but it is actually just sitting there powering this kind of massive maker economy all this die economy um which you know die is being used across the entire ecosystem so yeah i mean and maybe i guess those three valuable crew pillars you could say that uh there's maybe their fourth one if each uses a store of value but i think each uses a store of value

can kind of meld into points one and two where you know people are using ether's trust as collateral because they want to hold on to it right they want price exposure to their eat so they're basically using it as a store of value and same with staking they don't want to give up their eighth they want to stake it they want to be exposed to its price and get some yield on their eighth essentially so i mean yeah that kind of covers both of those things there as well so yeah i i thought that was that was really cool i'm curious to see what we get to but end of vr here um maybe we get to like 5 million ethernet two and then ten million ethan d5 which brings us to 50 million total maybe i'm being conservative maybe it'll be more but you gotta think as well that uh if

you expect its price to go up right uh you know the maybe maybe you know there's less heat that needs to be locked for for the us to achieve kind of like 100 billion dollars worth of eighth locked in in kind of d5 for example um so yeah we'll see how it plays out i honestly didn't know how it was going to play out in 2020 i think at the start of the year there was i can't remember how much eighth was in at the start of the year but it wasn't very much and i think it blew uh i blew away a lot of people's expectations and eth2 did as well right no one expected this much eighth to go into eth2 i didn't expect this i expected at most 2 million um for a while but yeah 2.8 million already and growing every day

and you know a lot of centralized exchange because you know kind of staking services haven't come online yet i think coinbase is coming online soon they did say q1 so they've got another two months but um that's probably going to add another you know a few hundred thousand maybe a million eighth to this pile so it's going to be quite crazy to see to see this kind of um east 2 lockup continue to to grow so peter pan put out this really interesting image here uh and that he basically has this image of how communities and dao's develop operational autonomy so for those aren't listening in you won't be able to see the image but basically it paints a journey of how you know you start with the initial core team and i think my camera is blocking it here but you can see it in the small

image then on the left side here it starts with the initial core team and then it goes on to your first 10 to 20 group of casual contributors your first community driven working group and then some more casual contributors and then towards the end of it you have like multiple working groups and this kind of gets you to autonomy now what he's trying to paint here or at least the picture he's trying to paint here is that to become an actual dow you can't just have like a central team that's kind of controlling everything you need to decentralize it out by recruiting new casual contributors or for or you know at the start but then you need to start filming working groups and what these working groups are and we do this at the index co-op is that they focus on specific things

so we have working groups for like the investment committee we have working groups for like the design of the website and developing kind of stuff there we have working groups for handling you know maybe recruiting new people into the ecosystem media and marketing and all this sort of stuff it's basically like the working groups are essentially teams you would have in a centralized organization except they're this they're decentralized they're part of contributors that are basically not you know kind of working for any one company but contributing to the protocol because they want to uh and because they you know maybe want to get rewarded with with tokens and stuff like that and then you know you get to the end when you have and if you want full autonomy the initial core team the kind of bootstrap this thing just becomes one

one of these working groups right you can you can have the core team working group then you have like maybe five or ten other working groups with with all the community members in them to to kind of uh automate this this kind of decentralization you're trying to do with with your dow so i mean peter's really great with this community stuff he's got a bunch of great um blog posts uh i'm sure you can find them if you if you go to his twitter yeah i'll link it in the youtube description and you'll be able to find it there but he's thought a lot about this and thought a lot about growing communities and he was actually the inspiration for uh the index co-op and how we've how we've managed the community there he's been valuable and in kind of steering us and guiding us and

giving feedback on things because he really really does understand how to get to this kind of path of autonomy and decentralization which i thought was it's really cool i mean for those who don't know peter pan currently works at a fund called ykx but he's also responsible for meta cartel and venture dow which are some kind of i guess medic cartel is like a venture dow uh i mean he's always part of venture down as well but like a venture capital kind of like dow that you know would invest in companies or give them their first checks uh and then kind of like help them grow and help them kind of become decentralized and dourified and all this sort of stuff so yeah he knows what he's talking about which you know i've read a lot of his work and it's it's really great he knows

exactly what what people need to do to decentralize over time and to get to that point where you're an actual dow and this image is just one example of that so yeah i'll link it in the youtube description you can go check it out for yourself so by economy uh introduced this over the weekend uh it's a new product for developers called bikonomy ford what this does is it allows developers to integrate this into their apps and and what it does is it allows end users to pay gas fees in any erc 20 token or and stable coins as well so obviously everyone knows that we currently pay gas in each right you need to have ether in your wallet to pay gas fees to do anything on the ethereum network now what viconomy forward is it it's

this thing called uh meta transactions which have been around for a while but basically what it does is it takes your erc20 tokens or stable coins it runs it through a relay network it does do the conversion to to eth and then it pays the transaction fee using eth but on the front end and what you pay as a user is that you pay in like an erc20 token or a stablecoin rather than paying an eth now the reason why you would do this is obviously better user experience but also there's another hidden reason in that you can save money um by not using your eth you know uh you know straight up right because for those who have visited the fees.wtf website you'll be able to see that you know you the address that you've got you'll be

able to see how much you've spent on fees in terms of eighth and in terms of dollars because let's say you did a lot of transactions a year ago when eighth was a hundred and something dollars right it's gone ten times since then so the fees technically cost you ten times as much uh so whatever you were doing back then better be have been worth the the opportunity cost of 10 times the value of that eighth but it probably isn't for most people it definitely wasn't for me so what this aims to do as well is to make it so that you don't have to give up your eath uh you know you can just pay in the in the token so that's what i thought was really cool as well and i i don't think this would this would kind of trigger a taxable event

either because it's literally the fee being paid and you don't get any benefit from this but that's not tax advice i mean that's probably a very gray area i'm not sure how the tax officers would treat that but yeah anyway i thought this was cool if you're a developer go check it out it'll be in the youtube description so hop protocol came out of stealth this week and now basically what hop protocol is it's kind of similar to what i've spoken about in the past where uh there's another project called connex vector which is trying to kind of connect all the layer two and side chains together on ethereum and this is what hot protocol is trying to do as well so it wants to be that kind of bridge from roll up to roll up to side chain to side chain all this sort of

stuff and they've got a white paper here i mean it really is just the white paper right now i don't think there's any workable kind of thing it's being made uh by uh i mean the only person's name on here is chris winfrey who is the founder of authorium which is a ethereum wallet uh but basically it's a short white paper you can go check it sorry go read it to see what it's all about but the reason why i'm interested in this sort of stuff is because as i've explained before on on previous refuel refuels we need to bridge the layer twos we cannot uh leave them all isolated they need to be bridges liquidity need to be liquidity needs to be bridged and we need neutral infrastructure that does this and that is kind of decentralized and trustless so i'm glad that we have k'nex vector i'm glad that

hot protocol is also announced now i'm pretty sure there's others being worked on we need this and i'm i'm very glad there's not just one or two solutions i'm glad that there's going to be multiple solutions looking at this because if we only have one or two solutions then it kind of like by virtue centralizes a bit and we're kind of not exploring the entire design space that we can be so yeah i'll link this in the description you can go read the white paper to get a better idea of what hop protocol is so your latest update from ben edgington on eth2 came out this week it's linked in the youtube description of course but basically for those who don't know this is the best newsletter to keep up with eth2 available it's available at eth2.news this is where

i get all my e2 information from without it i don't think i'd be able to keep up with eth2 uh so yeah definitely go check this out but basically this edition was interesting because he was taught he talked about the first uh hard fork that's going to be happening for the beacon chain i think it's trying it's going to be happening mid-year yeah mid-year he says here and you know there's a bunch of different things that are going into this i think they're going to fix a couple of uh things with the rewards uh they're going to add a few things to it on the technical side of stuff um so yeah that's going to be really cool to see there's a bunch of uh he includes in these updates like uh explainers so he calls them the great explainers which is a bunch of different resources

for you to look at with regards to eth2 how he's got media here he tracks the e2 devs dev calls and all the upcoming events and things like that so this is really the i guess the quintessential kind of eth2 resource if you are not reading this you do not have a view of eth2 basically so yeah definitely go check this out i i'll let you read this edition yourself i won't go through the whole thing because it's packed full of information and yeah i really enjoy this from ben so kudos to him for keeping this up so i mentioned last week that giorgio's from paradigm uh kind of published a blog post on kind of optimism's optimistic rollup and now he's published another piece that basically explains how optimistic roll-ups really work and

what i i guess oh sorry optimism's roll-up really works so so this is optimism focus not just general optimistic rollouts but optimisms uh implementation of it now this is very technical if you are not a technical person you probably won't get much out of this you can see on the screen as i'm scrolling if you have no idea what this means then you're probably not going to be able to follow along with this blog post too too much but in saying that i still suggest going over it skimming it seeing what parts you do and don't understand you might learn something right that's what i did because i definitely i mean i know what this stuff is on the screen but i i mean from a very very high level i don't i can't read it for example right i can kind of say what it is but

um basically i it really does uh explain like the i guess like on the technical side of things how how optimism's roll up works um and how you know we can enable these kind of trustless optimistic roll-ups that inherit ethereum security and scale ethereum so yeah definitely go read this if you're more the technical type but i would suggest reading his first blog post which is on the same website uh which is a higher level overview so you don't need to you know know much of the technical details to kind of get the gist of it so definitely highly recommend reading both of those blog posts all right finally here so vitalik's out here being the best guy he can be he donated uh i think 4.2 million dollars to charity today

so you can see it on ether scan here you know 4.2 million dollars worth of usdc he sent to what is this website here he sent to givedirectly.org which you can do as well and i suggest you go and you go and do that this if you can uh that i think they give to a bunch of different charities here uh he makes a joke here that they don't take doge which is funny even though he just gave them 4.2 million dollars um but basically yeah give directly is uh helps people in poverty um and they do they're doing a bunch of covert relief in third world countries as well so yeah if you're in the donating mood uh definitely you know go and donate vitalik sent 4.2 million i mean obviously we can't all afford to

do that but every little bit counts on these with these donations so definitely if you're in a position to i i suggest you go and do that all right that's it for today's refill everyone thank you again for listening and watching be sure to go and subscribe to the youtube channel if you haven't yet give the video a thumbs up join the discord channel subscribe to the daily grade newsletter and i will catch you all tomorrow thanks everyone