Ethereum client funding, NFT mania continues & more - The Daily Gwei Refuel #193 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the daily gray refuel where we cap the latest news in the ethereum ecosystem i'm your host anthony sosano and today's the 24th of august 2021 all right everyone let's get into it so really a bunch of really exciting news from the ethereum foundation today so they announced today that uh seven or six different projects here have donated 250 000 each to support uh various ethereum client teams so these projects or i guess like entities include compound through the compound grants program uh kraken the obviously the exchange lido the staking provider or liquid staking provider synthetics the you know everyone knows synthetics one of the top d5 protocols uh the graph uh middleware protocol and uniswap are um

obviously another d5 protocol there now this money is on top of the money that the ethereum foundation already kind of uses to fund these clients and the clients that it's going towards uh eth1 clients or as the ethereum foundation says here in their tweet execution layer clients which i'll get back to in a sec these clients include our aragon nimbus go go ethereum uh geth um and nevermind and hyperledger basu so a bunch of different clients here really really cool to see but i did want to kind of just point out kind of what they mean by execution lay here so some of you i may have seen this kind of terminology being used before uh but like just if you haven't i i want to break it down so essentially in i guess like today with the fact that we have

two kind of like uh blockchains running that are called ethereum right we have eth1 and eth2 eth1 being the chain we all know and love and use today eth2 being the beacon chain the one that we stake on the one that doesn't really do anything except uh have staked ether on it just yet now uh once the merge happens we're going to obviously merge these two networks together and then they're going to be operating um basically in harmony but still they're going to be split off into what's called the execution layer and the consensus layer now the execution layer is essentially i mean as the name implies the layer that handles all the execution of the smart contracts processing transactions all the stuff we already do on eth1 today and that was that will be run by the existing eth1 clients that we all use like geth or aragon or whatever else

you use there then there's the consensus layer which is basically the layer that runs the beacon chain so you know prism lighthouse tekku all those clients and stuff like that they're on the consensus layer so whenever you see this terminology used this is basically a replacement for the eth1 eth2 terminology execution layer being eth1 consensus layer being e2 and then once they're merged together that's that's kind of like how we're looking at it and it's it's it's the reason it's been done this way is to i guess like simplify a lot of these stuff for the researchers and developers and for the ecosystem to kind of know what uh you know the separation of concerns between the two so you have like the consensus layer obviously um kind of comes to consensus on the stuff that's being executed on the execution layer but they're they're

distinctly separate so that there's less complexity within the clients as well and they're you know you don't have to rebuild all the clients to handle both things and you know introduce security bugs and all that sort and all those sorts of things there so that's kind of like what that means and i just think you know on that note i just think it's really really cool to see that we have ecosystem projects donating what is a total of i think one point uh what is it one point seven five million dollars if i'm doing my math correctly here uh probably uh yeah i think it's about that or maybe 1.5 million or something like that my math's off there um but essentially uh you know this is on top of what the ethereum foundation already kind of like gives to these teams in funding um and

you know there's other kind of like i guess funding uh uh things out there like um like a git coin grants right the matching round some of these clients are in there and they get they get kind of like money for that and there's i think there's a various other ways these teams kind of like get funding as well so yeah just really really cool to see this and cool to see these teams come together especially someone like kraken right i mean kraken is a centralized exchange but they've been supporting ethereum for a very long time like you may not know this but they were the first exchange to list eighth uh back in the day in 2015 when the ethereum network went live coinbase didn't list that i think until a year after or something like that um they are one of the top holders of

either one of the top stakers as well um and you know they've just been very supportive of the ethereum ecosystem over the years so great to see that and of course all the other ones i mean pretty much all these projects are built on ethereum or using ethereum uh lido's is a relatively new entrant entrant here over the last few months but has quickly become one of the top stakers and a lot of people seem to love using lido as well so yeah great to see all of this from uh the kind of like these these teams here and on that note as well uh geth has a new version out so if you run the geth client this one fixes a security vulnerability in all live versions of geth so all geth users will need to update so if you're running the client definitely go

give yourself an update here so there's been a bit of drama and i haven't spoken about this on the review yet i did kind of touch on it on the uh ama over the weekend but i did want to talk about it on the on the refuel so there's drama about around this project called um the kind of like eagle token or kind of like egl as you may have seen it so what this project kind of like aims to do is essentially attach a token or monetary incentive to or like a signaling mechanism to the gas limit system so for those of you who don't know the gas limit is essentially what we refer to um in ethereum as the block size so the gas limit right now is uh i guess it's a it's a 15 million

kind of limit but 30 million i mean technically 30 million because of five nine um uh but like 15 million is kind of like the target uh i won't kind of explain that so it's a little bit kind of like complex to explain if you want to read about that you can you can go back to my newsletter on erp-1559 the daily guy there and check that out um just have to google for it um but yeah essentially what this what this kind of like token was uh was created to do was uh allow for you know people to kind of like signal to miners hey you know we want the gas limit to be voted up up or down or like to increase or decrease and that's because the miners have the ability to increase or decrease the gas limit aka ethereum's block size now

they've exercised this ability multiple times in the past and normally it's a it's a function of you know do the community does the community want it is there rough consensus on it and do the core devs sign off on it because the gas limit or block size i guess i guess i should say is not something that should be increased um lightly it's not something that you can just increase willy-nilly and it's for the same reasons that you know some of you may may know about uh with bitcoin and their block size war you know the the kind of like um the more you increase the block size or the gas limit in ethereum the i guess more uh you increase the hardware requirements to run a full node and then you i guess like lower decentralization so for example if you were to increase

the gas limit from 15 million uh sorry the target limit from 15 million today to 100 million essentially what you're doing is you're you're basically making it much harder to one uh run full nodes and you need more kind of like beefy hardware to run that you're also making it harder for blocks to propagate around the network so essentially obviously these full nodes are set up all around the world uh and you know miners are set up all around the world so they have to propagate blocks to each other and talk to each other and communicate and the higher the gas limit the harder that is to do because the longer it takes for blocks to travel and propagate through the network right um and on top of that you know depending on the client they they probably aren't optimized to handle the load of

that increased gas limit so the clients may fall out of sync and the uncle rewards may go up which is basically uncle uncle rewards are given to uh uh p to minors who minor block that isn't included in the canonical chain because it came in slightly slower than other than another chain then another block uh sorry um and they're kind of rewarded for that work but they're not kind of part of the the main chain the canonical chain as we call it um and you know those increase and when you have too many uncle blocks it means that the chain stability uh uh incre chain instability i should say increases and you may have a network split at some point so there's a lot of good reasons why you don't want to tinker with the gas limit are too much here um but you know the reason why there's drama around

egl is because it seems like the creators of this blocks route the company is called believe that they can put this decision into the hands of i guess like the community and essentially uh i hope that they come together on kind of consensus with this uh and you know it's a way it's also a way to kind of like bribe the miners so tim biker had a few good threads about this breaking it down better than i can but essentially i mean he says here that uh it's not a serious threat to ethereum it's not going to kill or seriously damage ethereum and i don't think so either uh you know really at the end of the day it's just like an attempt that kind of pseudo on chain governance on ethereum which isn't gonna be still stood for like no you know most people i've spoken

to say that this is just a really bad idea uh for the for the same reasons i kind of like outlined but on top of that um you know ethereum doesn't have on-chain governance right there are other other kind of chains that do i think polka dot is like the prime example here of a chain that has like binding on chain governance where everything's handled through votes and stuff like that and i mean we've seen this play out with a lot of the d5 apps on ethereum the governance systems aren't very good right so that's fine for like these apps and kind of like the app layer and everything like that but ideally you don't want the base layer that's supporting all of this sort of stuff running on on an on-chain governance system and i've always been against it for the base layer i don't think it's

the right path forward and the way ethereum governance works is much more complex than that it's basically based on a rough consensus which i won't go into now but it's like a whole process that the um kind of like each upgrade has to go through i mean it you know just as an example it took over two years for eip159 to get in because you had to go through that whole process and get buy-in from different kind of like ecosystem participants not literal kind of like buying with money but like you know social buying and stuff like that um and yeah i just think like introducing a token to vote on a specific parameter of ethereum is just like a really kind of like bad idea and i think trent put it really well in his tweet here where he said where he basically was mocking this egl token

and and basically in this tweet he says introducing pr like peer token a token to govern the networking settings between ethereum nodes introducing sync a token to govern the parameters for seeking ethereum nodes introducing queue a token to govern the exit queue for validators does everyone see how dumb this is now essentially what he's saying here is that that's you know the egl the agl token is introdu it has been introduced to govern one part of i guess like the ethereum network so why not just introduce a token for each other part right like for each part of like the the protocol itself and it just doesn't make any sense it really um you know it skews incentives it is it is very uh toxic to the ethereum ecosystem it can lead to bribing because what can end up happening is that people can bribe the i guess like miners to um

with kind of like these egl tokens or whatever to raise the gas limit and then maybe the egl tokens kind of increase in value and stuff like that there's there's all kind of like weird stuff that goes on and that's another reason why i'm against on-chain governance uh but yeah that's that's kind of like the drama that's been there it's been a little bit hard to follow because there's a lot of different threads and kind of like um you know intertwining through all of this and you know there's there's a split and opinion between you know the geth team and the aragon team and stuff like that so it's just a little bit ugly on on twitter but i do hopefully i summarize that okay for all of you but in general i i really wouldn't worry at all about this agl token and any kind of like

security uh kind of like issues or like it's not gonna kill ethereum nothing like that right it's just it's definitely something that needs to be called out and the core devs have come out against it and at least most of them and said you know this is a really bad idea we don't support this and that's all well and good and you know if you take the super cynical approach here blocks route the the company's main product is actually something called a blockchain delivery network or a bdn um which it which um is meant to help miners kind of propagate blocks faster through the network right so you see how going back to what i was saying before so if you can raise the gas limit higher and higher and then miners need these technology to keep up with the chain well then you kind of like uh get them

coming to blocks around and purchasing block route blocks routes technology or using their technology um for for this kind of like bdn stuff that they do so you can see how this is just like a whole mess of incentives here where blox rat has an incentive for the gas limit to be increased they issue introduce this egl token so that they can kind of somehow get the community to buy into this and kind of like get that gas limit increase and then they can on sale their technology later uh you know that's just like taking the super cynical approach but i don't think it's too far-fetched i don't think it's a conspiracy theory um and you know i guess props to uri from from blocks right he's been in and out of all these threads like i'm discussing it quite nicely hasn't been toxic or

anything like that but i think there's just like a massive fundamental disagreement between what he wants and what the ethereum community at large wants so yeah i mean it goes without saying i do not support egl at all i think it's a silly idea uh but you know in saying that i do think that the gas limit in general is maybe not something the miners should have control over and there's a separate discussions about happening within the community right now but i also think that the you know the gas limit at least the the um the kind of like decision on what you do with it or kind of like to increase or decrease that i don't know if that's something you leave up to the kind of like wider community because as i mentioned before there's so many different moving parts to it that really

at the end of the day i only trust the core devs to know what's best in that on that specific parameter um and some you know key community members i really don't trust just like the general kind of like ethereum community member to know you know the the intricate details of this sort of stuff i wouldn't even trust myself to be honest to know what this would affect because it's definitely got to do with like core protocol um stuff that's built directly into clients and at the end of the day the client teams know their tech they know what they've built they know what it can handle whereas community members like like me and you we just don't know have that level of detail or access to that level of detail we can learn if we want but still like we haven't coded it we haven't been around we haven't built

the clients haven't been around for years so i'd much rather kind of trust them and their opinions on this sort of stuff than trust uh you know just like especially a group of uh of token holders like i just think that's the that's probably the worst way to go about it but yeah hopefully that gives you a nice little overview of everything happening there i'll of course link these tweet threads in the description and you can go check it out for yourself all right so antonio the founder of dydx put out this thread today highlighting all the different kind of metrics since dydx launched their token i guess the token's not technically launched yet because it's not trading but you can earn rewards on the dydx layer 2 exchange and you've also got an airdrop waiting for you if you completed the criteria to get that airdrop but i

think it's going live like sometime next month um but essentially he put out the highlights here and he said daily trading volume is over 400 million dollars for the first day and and growing uh 73 500 lifetime users 34 000 added since the launch of diy dx token 1.8 million dollars in revenue per week and 6. uh 5k weekly traders now the reason why i wanted to highlight this was because you may have remembered like a few months ago on the refuel uh when the diy dx launched la2 exchange i was going through their growth right and i was saying i expect this to really explode and i'm i'm pretty sure i mentioned back then that i expected it to explode especially when they launched their token because i mean as i said multiple times everyone's going to have a token um but what i really wanted to

show here is just like how powerful this token is right like daily trading volume over 400 million this was like i think 20 million or 30 million just like a couple of months ago pre-token and that was during like probably the hottest parts of the market when we were approaching all-time highs and stuff like that and now it's over 400 million because you have these token incentives in play where by trading on there you do uh get to earn tokens um and uh you know and obviously there's an airdrop waiting for people and to to uh claim that air drop you actually have to trade on there as well and do some kind of like a volume on it so there's a lot of incentives to to trade on there but i don't think this is necessarily a bad thing and this is this is just a way to

kind of like bootstrap growth of a new system especially something on layer 2 where most users will not be aware of and i think it's like a it's just you know like what we've seen with liquidity mining and stuff like that what i wanted to focus on is basically how sustainable this sort of stuff is because lately we've been seeing a ton of kind of like massive numbers being thrown around for these liquidity mining programs and it really feels like we're just repeating dfi summer 2.0 and especially with other chains so the other day i saw that avalanche was giving 180 million dollars worth of their token to rv and curve users um and i think maybe some other d5 apps that were kind of like using it on on avalanche now we've seen with defy summer in that you know people will come for the rewards right

and not just d5 somewhere on ethereum all the stuff that happened on bsc people will bridge over they'll take that money over they'll farm the rewards and they'll dump it and then they'll go back to where they came from it's not a sustainable uh kind of like uh way to grow an ecosystem especially when the number's that big because you can't pay that out forever and at the end of the day pretty much like everyone is just going to be dumping those rewards there's not many people who actually want to hold those those tokens and there's enough people now that have learned just how reflexive that is and just how quickly these tokens can dump from the first d5 summers that it just you know it's just bizarre to me that we're seeing these other chains do this and i get why they're doing it because

they want to bootstrap growth and everything like that but i look at this and i think to myself you know in a few months time uh this is just they're just going to be ghost chains again like people just literally just going for for the money i don't see how they're going to accrue like a lasting network effect by doing that but in saying that i think doa dx has a pretty good way of doing it with their token um they're doing kind of like this i guess i mean i guess you call it volume mining where you know you you trade on their their um their exchange here you earn some tokens as rewards um but like there's fees involved too so the more you trade the more fees you incur you know and you're hoping i guess like the tokens offset the fees but if

not you've kind of like lost out on money right it's not just like free money coming from the from the sky here where there's a lot of these other protocols that do give out at the free money so yeah i think just just kind of like these protocols and these projects are learning from those mistakes on ethereum but i'm seeing these same mistakes just kind of repeated on these other chains and i'm just hoping it doesn't happen with the layer 2 ecosystem because obviously when arbitrarily goes live as optimism keeps rolling out new projects as all these other layer twos go live they're gonna want to bootstrap growth and and the fastest way to boost trap growth is to just like add a token or add token incentives but as i said that's good for short-term kind of growth and short-term uh kind of like usage but long-term it's

not very sustainable and i've highlighted things like unincentivized tvl before that that the index car pioneered where essentially it's um measuring the amount of total value locked in in in the different products that is not there just to kind of like yield farm or to kind of like gain a token reward or whatever which i think is a better metric to measure but it's kind of hard to do i guess sometimes and you know these liquidity mining programs can definitely last for a while as well um they can last for years but it just depends how lucrative they are you know for them to last for years you would either have to have constant massive constant demand side or you would have to have kind of like a leveling out of of the rewards and i think that's what happened with curve curves had a long term uh kind of like

liquidity mining program where they're paying out a lot of tokens right but they also have like a pretty good token mechanism where they lock up a lot of these tokens for you know many years so people can earn more rewards and and and kind of like curve has had a lot of a lot of just natural usage because they're a stable coin swap protocol and that's obviously a very big deal and something that a lot of people use but generally yeah this is just something that i'm going to be keeping a close eye on because i really want to make sure uh that kind of like we don't repeat the same mistakes when we when we kind of try to go to layer two here um and at the same time i guess like the fact that it's just gonna be more scalable means that there's gonna be a

ton of new projects going kind of going there and launching with liquidity money programs anyway so maybe what i'm saying and what i'm trying to do is a fool's errand but at the end of the day it's still good to see that you know the token can be used for growth uh you know it still works but i just really hope that we can create more sustainable kind of liquidity mining programs going forward all right so just a quick kind of like update here on i guess like that infrastructure bill that went through with the crypto uh i guess like regulations that everyone kind of kicked up a fuss about so this came from like one of these i guess like financial news um twitter accounts that said uh the us house of representative soto i don't know what his full name is here um hey

darren sotto i think that's how you say his name um uh he's seeking to offer a crypto amendment to the budget measure so remember how i said that yes the infrastructure bill passed for the senate but now it has to go through the house and then if it passes through the house it goes to the courts and kind of like you battle it out and then it goes into law in 2023 um so we can still have i mean we still have kind of people in our si on our side in the house here saying they want to offer a crypto amendment to the budget measure to make sure that we can kind of like make those i guess like regulations that were put in uh more palatable and make more sense so yeah i'm just monitoring that i mean i kind of like quote tweeted it within

this meme of some green candles coming out of roofs here just because i thought it was a little bit bullish but uh yeah i just thought they'd just give a quick update on that one for you guys so i put out this tweet today uh where i said the amount of opportunities to make money in ethereum and be part of a community is mind-boggling one thing that i need to come to terms with is that i won't be able to feel fully exposed to the ethereum ecosystem anymore my and my plan is to just keep buying eth and dope nfts this is i guess today this is something that i was really thinking about because i was kind of like i mean a lot of stuff happening in the nft ecosystem today it was pretty crazy like there was a bunch of different kind of like drops and um

you know a lot of people were kind of like going crazy still over the punk stuff from from yesterday with visa buying a punk and just i mean there was so much going on i'm not going to go through it all but you know from all the chats that i read people were just like chasing all these nfts it was just absolutely crazy and i started thinking i'm like okay how do i get exposure to the nft ecosystem without buying the individual nfts obviously i ca i thought to myself well eth because ether kind of like um you know a cruise value from all the activity on the network due to the fee burn but like outside of that what else is there i mean there's project tokens like rare and rari from from wearable um and there's probably going to be other ones like that as well

out there uh there's the nfts themselves of course but that's much harder to speculate on there's some infrastructure platforms you know immutablex is gonna do their token and stuff like that and maybe some of the layer twos if they do a token uh i guess like matic is probably another exposure point there as well just the disclosure i'm advised up to to polygon i'm not trying to shield matic i'm just kind of like going through my thought process here and i was just kind of thinking you know that's that's kind of like the ways to get exposure but at the same time i'm never going to be like fully exposed because if something with something like the nft ecosystem i feel like i mean i'm always going to miss something right like and not just me like everyone everyone's always going to miss a drop

here or a drop there especially for us in australia we're usually sleeping for these drops and you know you may not come across something until it the price of it just skyrocketed and you're kind of priced out event and stuff like that because at the end of the day these nfts i mean yes you can fractionalize them but if you want to own a whole nft it's like super hard to do and it's different to kind of like owning a token or part of a token you know because a token is just like a fungible thing and it doesn't really matter if you own kind of like this token or that token they're all kind of the same thing there but with an nft if you kind of like you know for example if you want to punk right now i mean you to buy a whole punk

the cheapest one is 250 000 like that is out of reach for the majority of people there's only a very few people can kind of like can kind of own something like that unless you bought it early on and you held till now but if you wanted to buy one as a fresh punk owner then yeah and this is why we've seen like a lot of these other profile picture kind of i guess like nft projects spin up like board eight yacht club pudgy penguins there's so many of them it's simply because i mean one the the people a lot of people couldn't afford punks and they wanted to be part of a community um and and two i think that uh you know punks aren't going to appeal to everyone too right like just one kind of um thing there but outside of that there's also like a bunch of uh

you know art pieces and one-of-ones of artists and stuff you want to buy it's just it's going to be impossible to kind of like have exposure to all of that it's the same with like d5 i mean you can buy the d5 pulse index but that doesn't include every defy token um and at the end of the day like i just was thinking like how do i get the maximum exposure here and i really just settled on eight at the end of the day like yes i'm gonna probably buy other things and try to get involved and stuff like that but just buying ethan stacking eath over the long term which i already do anyway um and just buying nfts that i like i think i'll be content with that because buying nfts that i like uh will just kind of like make me happy i'll be

able to support the artist i'll get like some really dope art that i can display on my mural behind me and stuff like that right um you know and kind of like displays part of my digital collection maybe in the metaverse one day and then with eth kind of like i get broad exposure to it because i mean i put out my tweet here today that all of this nft activity is actually still burning eighth right like people people have forgotten this already and i kind of said that you know we're now at eighty two thousand five hundred eighth or 275 million dollars burned and one five five nine has only been live for 18 days at a time of recording here and then i went on to say eth is so incredibly undervalued because i believe it is and you know i've said before that i think

that 1559's impact in the short term is is not going to be as as great as its long-term impact because you know as we keep getting this eighth kind of i guess burned and as a lot of it comes from from the market directly because there's a lot of new purchases of eth you know whether they're purchasing it purchasing it to buy nfts or participate in d5 they have to have it because of gas fees and all that sort of stuff um you know over the long term this is going to cause like a supply shock on eighth and then i i do i do think he's going to appreciate a lot from here but at the end of the day because all this activity from nfts is being fed back into eth it is the perfect thing to get exposure to the whole nft ecosystem but it's you know it

it it obviously isn't going to give you like uh you know some of the crazy enormous gains you can get from nfts if you pick the right nfts but picking the right end of t is hard because just say you wanted to pick i guess like you know the fidenza nft like that's been or the auto glyphs or whatever else those ones that like are going for millions of dollars now but just a few months ago we're going for like only maybe tens of thousands something like that even less than that to pick that and to hold it until now and to not sell too early i mean it's just really really hard like most of the people speculating in these nfts uh right now are not going to get those insane returns um and stuff like that you may be able to get better returns on

on buying you know i guess like any nft during a mania phase but i'm talking about like the long term kind of arc here and kind of like the simple the kind of like simplistic i guess investment view is basically for me is that buying eight makes me feel like i have exposure and then just buying nfts that i like makes me feel good because i'm still involved in the nft ecosystem but i'm also i kind of getting exposure via ethan and those other nfts that i like maybe they appreciate one day too i don't know but it's kind of like how i play it with my my figurines that i buy i don't buy them for investment purposes i buy them because i like them that's just simple as that and that's how i'm playing the nft game right now but that's not to say that you can't kind of

invest and flip nfts it's very profitable right now but it's just like keeping up with that and and kind of like keeping on top of it is pretty much impossible even for people who have like a team of people doing it for them it's it's impossible because there's just too much going on it's like trying to keep up with the internet right it's just it's just crazy and that just it's not just for nft it's like for ethereum in general like keeping up with all the new d5 projects all the new dowels and social tokens and you know all that sort of stuff it's just you know it's really really hard to keep keep up with all of it so if you want a dead simple thing then you know i think it's eth not not investment advice but obviously i think it's eighth because of the fact that all that value

is flowing back to eat through the feed burn especially but also because eth is being used as money within the ecosystem too right so you have all of that going on as well so a ribbon finance announced that ribbon v2 uh it will be going live soon so they're basically detailed uh you know what ribbon v2 is how it's a huge improvement um to the current volts and what exciting new features it it introduces here so the upgrades to the volts are they're going to be able to decentralize the volts so ribbon v2 as they say here has moved away from managed vaults altogether and is now fully autonomous code that does not need human input which is really cool and this is achieved through two new features algorithmic strike selection and open auctions here they're rebuilding their volt accounting system

they're going to have governable vault parameters here and they'll be officially launching v2 uh the first v2 volt in the next few weeks and we'll be doing a gradual migration from v1 to v2 so if you've been a ribbon finance user in in the past or you're just interested in seeing what they're all about i definitely recommend going and checking this out um and just like i guess i could tear down what they are they're a protocol that offers structured products um for crypto so you know things like options and and stuff like that they've been pretty popular with but um definitely go check them out if you're interested in that sort of stuff and you can get more details about v2 in this blog post so aukey from git coin uh basically announced this new project that they did today called moonshot bots and it's

basically a profile picture project with a 303 supply so not the usual 10 000 supply here um but essentially all the proceeds from this is going towards supporting public goods and the last i checked it was seven or 800 thousand dollars had been kind of put towards this so this is essentially harnessing i guess like the nft degen for good because this is going towards supporting public goods on the bitcoin platform all the ones that we've seen whenever we donate on bitcoin and stuff like that um which i think is really really cool and you know i think wiki's been a really big fan of doing this for quite a while he he basically calls it regen finance so regenerative finance where you harness like the dj and energy all this money flowing around and you basically use it for public goods funding instead of kind of like

using it for just like the super speculative stuff the greed and all that sort of stuff which i think is really cool so yeah unfortunately you know um i woke up to to this being as usual like i woke up and this is already kind of launched and now i think it's like 10 8 or something to buy one of these things um you know i'm definitely kind of like priced out of that there um but yeah congrats to anyone who got one at a kind of cheaper price here but yeah i mean just generally i think this is really cool because you'll be able to kind of obviously put this as your profile picture if you want signal that you you're supporting public goods um and you know the next bitcoin grant round is going to be i think huge because of this they're going to have

more money to flow around uh here so i think that was really cool so last thing about nft is our nifty island has introduced their uh kind of like nifty blade here so this is essentially a digital and physical blade that people can kind of like bid on as part of an auction here um just full disclosure i got one of these blades for free because i'm i'm a neon palm holder um but like i'm not shilling it because of that i just wanted to kind of highlight it because um you know the reason i got this was because i basically was was one of the early kind of like um people who participated in this project found that you know early on kind of like i guess on the refuel kind of highlighted it for you guys as well and had a couple people messaging

me saying thanks because i got one of these palms which are worth a lot of money now so you know i'm pretty happy that i was able to kind of like help people there but essentially this auction's already over but from now on they're going to be auctioning more of these blades at specific times you know this one was at 4 p.m central time in the us so i'm assuming it's going to be on the same times um but yeah it basically gives you an opportunity to purchase one of these um these are kind of blades that you see here and as i said there's a physical blade so you basically get this nft ticket that you can redeem for a physical blade at a later date i'm definitely going to be regaining redeeming mine and i i'm putting it like in the background so you

guys will be able to see it when i get that i think this is really cool because i mean this is following along with the theme of i guess like the um the hacky sack that git coin did the uni socks right there there's like d5 socks like this basically this kind of nft that you can bid on and get within um you know on chain and then uh burn it or kind of like redeem it for a physical item that's sent to you and you know unisox is worth 150 000 right now which is kind of crazy um and and i think the hacky sacks are worth about maybe 30 or 40 000 or something like that um and yeah there's been a bunch of these i kind of like uh things being done but it's cool to see i guess like a katana basically a

blade here um uh kind of been done because i hadn't seen that before i'm hoping i can actually import this into into australia once i get it uh they have pretty strict rules and laws around that but we'll see how that goes um but on that note i think that's it for today everyone so thank you again for listening and watching be sure to subscribe to the channel if you haven't yet give that video a thumbs up subscribe to the newsletter join the discord channel and i'll catch you all tomorrow thanks everyone