Ethereum staking on fire, Zapper mobile app and more - The Daily Gwei Refuel #347 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the delegate refuel where you cap the latest news in the ethereum ecosystem i'm your host anthony desano and today's the fourth of april 2022 all right everyone let's get into it so a couple of things just before we get into the news from the weekend i will be on a twitter spaces with dao under on wednesday april 6th at 6 pm australian eastern standard time uh i think that is quite late uh us time and early morning uh european time there uh i think it will be recorded so if you do end up missing out on it you'll be able to kind of like um uh re-watch it or listen to what i should say we're just talking about all things ethereum something you know pretty laid back nothing uh nothing probably too spectacular out of the

ordinary for people who watch the refill every day i feel like if you watch these other interviews i do with other people you probably probably hear the same things that i talk about on the refuel but i guess like the the point is always to reach a new audience and to guide them towards the daily way to guide them towards learning more about ethereum and things like that so if you're keen on listening to that anyway it will be happening here i'll link in the youtube description and i recorded two videos today with the popular youtube channel altcoin daily now we talked about the merge in the first video and then layer twos in the second video i thought it was a really great conversation and i think that i'm going to be able to reach a much broader audience by talking to the altcoin daily

audience because they probably typically aren't daily gray listeners or viewers which is really awesome like i always want to reach newer people because of the fact that uh we need to kind of like educate the broader crypto space about ethereum especially around kind of like bad narratives around the merge and how ethereum's scaling and stuff like that so i was i was really honored to be invited on to do those videos with altcoin daily which should be out sometime this week or next week i believe uh but keep an eye out for that i'll share them in the discord channel once once they've come out uh but it was very very fun to do that there all right so something that i guess is not directly crypto related but just kind of like got announced was that elon musk has taken a nine point two percent

stake in twitter so he's bought nine point two percent uh of uh twitter uh sorry our passive twitter shares here which makes him i think the largest twitter shareholder now twitter stock price is up 25 in pre-market trading and uh doge is also up because people are speculating that you know little illamasqua is going to integrate derozan to twitter in some way which isn't a bad thing to speculate on he's been pretty consistent with his doge kind of like outlook but at the same time who knows right so what what does this mean what has it got to do with crypto besides the doge thing i think that you know since jack dorsey left crypto twitter has done a bunch of things that they probably wouldn't have done without jack dorsey there such as the nft integration right the um the ethereum integrations in general uh and

just going more towards the web 3 stuff because jack dorsey has not been i guess quiet about how much he thinks web 3 is just you know pointless and the same as the existing um infrastructure and and not like a step above what we what we currently have and you know i've said before that i think jack dorsey is basically a bitcoin maximalist that's that's probably why he thinks like that but i don't think elon musk is i think elon is still very open to learning more about crypto in general he said some uninformed things in the past around particularly scaling and how dogecoin could scale and things like that but you know he's withdr i mean but you know he's kind of like spending a lot of time with dogecoin vitalik is uh is an advisor i think to the dose queen foundation or something like that so if

vitalik and elon you know having conversations and things like that then what could end up happening is that elon could kind of like use his newfound influence in twitter to kind of push more ethereum related integrations here uh you know that's kind of like my my dream kind of like list or at least kind of like features that i would like to see uh but other than that yeah i think you know elon's been active on twitter recently saying kind of like how he believes that the algorithm is you know the algorithms kind of like um not great the way twitter kind of like handles news and fake news and propaganda and all that sort of stuff is really really bad and he's been quite vocal about that now he took this stake in twitter on march 14th and he was posting about these things i think two

weeks after that so he's obviously got some sort of plan here but it remains to be seen exactly what it is so as i said not like totally crypto related but elon has been very active within you know the crypto space just because he's promoting doge talking about those doesn't mean he's not active within it that's just by like what he's interested in he you know tesla obviously kind of like had their bitcoin buy last year know i think it was last year the year before it might have been the year before god time flies uh but yeah there's there's kind of like movements here so there is relations here to talk about i'm curious to see if elon musk does anything with his newfound staking in twitter here and seeing kind of like what influence he has on on a broader spectrum here but i just wanted to kind

of like mention that because i did think it was uh you know not totally crypto related but something relevant to to all of us in in crypto all right so something that terence uh from prylabs tweeted out the other day that i actually didn't know about so he tweeted this out saying fun beacon chain fact once 327 680 active validators are reached activation exit queues rate limit increases from four to five every epic five instead of uh five instead of four validators can now be initiated activation that happened today okay what does this mean in playing english well uh i i'll back up for a second actually i didn't know this right i you guys know i pay a lot of attention to the ethereum protocol layer a lot of attention to the beacon chain

things like that but i didn't actually know this was a thing and this was in the code like you could actually go read the code or read an annotated version of the spec and you could see that this this existed there but it obviously wasn't something that was talked about much because of the fact that we needed to reach a very high active you know validate account um to kind of like get here and it's not exactly something that is i guess like bullish for the price or anything like that for example right so it tends to get less coverage but in saying that what is really cool about this is that i've talked about this kind of like entry exit cue before with the beacon chain well and you know the deposit queue essentially or the validator entry queue now right now that is quite high

because there's a lot of eth coming in there's a lot of validators need to be activated each day and i think before it changed from four to five per epic it was about 900 validators that could be activated per day now it's 1200. so we've obviously sped they sped this up so the queue will actually clear faster than it would have before uh and and that's because we've reached a certain amount of active validators uh as as coded into into kind of like the beacon chain so i mean what i find really cool about this is two things one the fact that i'm still learning stuff about being chained about ethereum core development uh even though i've kind of like engrossed myself in all of it i'm still learning stuff like this which is just amazing to me you know what else don't i know like

i'm gonna have to go back and and read through it and see what else i don't know i'm sure there's other things i don't know here um and and two i like the fact that we that this is actually a thing right this is actually a feature where we can actually speed up the amount of validators that can come in once we reach a certain number of active validators and i mean guys lately you know staking has been blowing up on ethereum like i don't know if it's the i mean i i suspect it's the fomo of the merge is coming people are like oh what's the merge oh wow you know it's going to be when ethereum actually goes with proof of stake it's going to be really bullish for the price and you know i can stack my eighth and get a four or five percent kind of yield right

now uh as kind of like a risk-free rate and then post-merge with the unburnt fear of when you're going two stakes instead of miners those yields could jump up to eight to ten percent now to us crypto djinns eight to ten percent yield may not sound like a lot right but let me let me put this in context for you so this is eight to ten percent on your eighth this isn't on stable coins or anything like that this is on eighth when eighth is obviously uh an asset that we'll appreciate over the long time long term well maybe not obviously to some but to me it is right so not only are you getting eight to ten percent yield you're getting it on eighth and if eighth goes up you know say two x from there it's a lot more than eight to ten

percent effective yield secondly it's a risk-free right or near risk-free where the protocol is actually paying you this eighth right this is not coming from people taking out leverage isn't this is not coming from you know speculative uh kind of activities this is coming directly from the protocol uh and you know it's it's constant it's uh it's kind of like known uh it's easy to reason about and as i said it's very low risk especially if you're staking on your own um because the biggest risks are slashing so you actually have to be you know actively attacking the network or you maybe you've had a redundant setup that you that you set up and it's actually signed uh kind of like two things at once um or you know if you go offline for too long but as i mentioned before going offline isn't actually that big of a deal uh

and yeah even sticking with kind of like i mean there are the centralization risks as well if you stick with the centralized exchange but still like it's a very very low risk yield compared to other yields in in crypto especially within d5 and it's a yield that isn't reliant on leverage or anything like that like for like what i mean by this is that leverage based yields fluctuate greatly depending on what the market's doing right but whereas with a with the um each staking yield it's going to pay four or five percent i mean depending on how much eighty stake is is the yield so let's say it's just paying four percent right it's going to pay that four percent if if the amount of stake stays the same it's gonna pay that four percent no matter if eith is five thousand dollars or two thousand dollars

right it doesn't matter like the yield does not change based on that the yield changes based on how much ethics staked so from that perspective people absolutely love this right this is like an internet bond essentially as bankless has been calling it for quite a while and a bunch of other people have talked about this as well and then throwing everything else kind of like the merge coming and all the other upgrades coming and and just like the issue introduction with the merge like i i feel like there's just like a very very big fomo to get into staking right now and that's why we have this this kind of like validated queue that's i mean the amount of uh i think the validated queue is almost 14 000 validators right now which is crazy right that's 14 000 times 32 eth which is a crazy amount of kind of like

eight that's come in and it seems to have stuck around there like we're clearing out validators each day but there's just more and more people staking and we're at uh i think once once the validator sorry once the um the queue is cleared and once those validators get activated we'd be at near 11 million each staked guys that's absolutely crazy like i mean that's a lot of eif right i mean each market cap is really large so even just like you know eight or nine percent of the the kind of like uh supply there is a huge amount tens of billions of dollars so very very cool to see to see all that playing out but yeah cool of terrance to bring up this um this kind of like fun fact here i didn't know about this at all i'm glad that i do now know about this and i wonder if

it jumps up from like to six from five if we reach a certain number of active validators uh uh from there so we'll have to see uh uh oh it does happen there's a comment here when update to six at 380 000 validators that's not too far away right guys like this is cool i don't know i'm gushing over this because i just think this is a really cool thing that i didn't know about uh now that i do know about it i i'm just running through the implications in my head there but yeah i mean there's a couple other things around staking that i wanted to talk about a a massive milestone really reached by rocketpool over the weekend they onboarded their 1000th node uh and you know you can see super fears here talking about this i'm sure there are over a thousand nodes now

i haven't checked but this this happened uh two days ago so this is really cool you know that's uh that's over a thousand nodes worth of eighth kind of um staking with rocker pool and uh you know the funny thing is like rocker pool is doing really well i think uh compared to where they are in their life cycle they they're limited in what they can do compared to something like like a lido because of the fact that they need to spin up like these new nodes they're limited by the if they can be minted and things like that uh especially with the the validated queue being the way it is but their growth has been really really nice to see i would i would have liked you know them to have like grown more uh than what they are now but i mean look i don't think it's a big deal i

think rocker pool i think rocker pools is easy to stake like i'm just trying to run this through in my head so i say this right and i get this i think rocketpool is as easy to stake it as it is with with kind of like lido in that you can buy kind of like re just like you can buy st but when you want to actually put your ether in or deposit your ether into it it becomes harder like change your ether into r8 through the protocol itself it becomes more difficult because there's kind of like more stuff that needs to happen in the background for more rs to be minted and can run out very quickly compared to something like st and you can see here spencer noon put out a kind of like tweet thread looking at some data of like where's most of these kind of like

coming from into into the beacon chain and most of it is coming from from lido you can see here in the orange is lighter on this chart which i think is like uh 70 of the of the eighth that staked came in march and you can see you know in other months they've been quite big but in march has been really really big so 70 of the steak that went into the beacon chain was from from lido which look it's not the end of the world at least lido distributes the steak amongst the centralized taking providers and doesn't just concentrate it in one uh but it is not exactly ideal we would like we would love to see a more kind of like even distribution of steak but this is kind of like the reality of what it is today but in spencer's tweet thread here what he basically says

is that he thinks this is new money coming in this isn't existing this isn't people with you know ether they've already got staking uh he thinks this is new money especially maybe institutional big money coming in and staking their eighth and it makes a lot of sense because if you i mean it's been what 15 months since the beginning chain went live if you already had eighth and you haven't staked it by now and uh and you know mistake that when the yields were actually higher because there was less e-staked then if you're staking now you're a low percent of the people that would be the the eighth that was that would be going into the beacon chain i believe so if it is which the evidence points to new eath being staked new eat that's being purchased off the active ma of the public markets and

being staked that's even more bullish because it means that we're removing supply from the active market of eth putting it into staking and and people kind of like and we're getting more validators spun up which is obviously good for network security and good for for sharding when it's implemented and things like that that to me is the most bullish thing like it's all well and good for people who already have eight to stake it and that's fine but if we have net new buyers coming in buying eight and they're not only holding their eighth deciding to stake their wreath that's amazing i really really like that even if it's through you know one uh the majority is through one provider i don't think that's actually a a huge deal as i say because that's lido if 70 was going to coinbase then i'd be a little bit

more concerned uh but because it's lighter i'm not as concerned but obviously you know we'd prefer a more equal distribution maybe we had like 20 going to lido 20 going to rocket pool you know 60 going to the other providers sort of thing uh you know equally match between them ideally you know you have some percentage being self stakers and stuff like that but i do get these days if you're a new money buyer there's not that many new money buyers that are going to be able to purchase the 32 ether stake on their own uh that's it's a lot of money guys like i mean it just keeps going up to as the 8th price goes up so i think the only people are going to be doing that are like big funds and institutions but even then i don't think they're going to

stake on their own they're going to go through some sort of provider if not setting up their own infrastructure but i feel like most of the time they're going to go through one of the existing providers just because it's already there for them to use they'll pay a small fee on it and maybe they repackage those products for their own customers if they're an institution as i described last week where these traditional finance institutions can repackage those kind of like yields and sell to their customers and all that sort of stuff there so i imagine there's a bunch of that stuff going on but very cool to see that this is most likely new money coming into the eve staking ecosystem uh and yeah i mentioned you know almost fourteen thousand pending validators on twitter the other day the four motor stake is real it is i mean

it's just amazing to me how like in a few months the narrative around each staking the merge the eastern introduction triple hardening has totally come into like the limelight and we now have mainstream media coverage of this stuff on things like cnbc and stuff like that so it's just i mean if you've been watching the refuel since pretty much day one i'm pretty sure within the first kind of like a few episodes i would have mentioned this sort of stuff and day one of the refuel was i think late 2020 i believe it was um so if you've been watching since then you knew about that since then if you've been following me before that you've known about it and the fact that it took this long for people to clue into it is just hilarious to me and i think a lot of people even 8th balls underestimated

just how uninformed most of the people were even within crypto around this and now everyone's suddenly kind of like clueing into it everyone's like ah you know holding eighth into the merge and you know after the merge is like the most kind of like the best thing you can do the safest way to kind of like earn money whatever like i don't i'm not gonna make any comments on what's safe and what's not safe but look guys if you've been around for a while you're ahead of the curve that's for sure uh which is which is which is obviously really cool it's as i said one of my highlights of doing the refuel was going back and looking at how early i called stuff and how early i kind of i told you guys about stuff before it becomes kind of like you know mainstream

knowledge uh and i always love i always kind of like love doing that so so yeah there's that there and finally uh on the staking front uh summer esat has updated his ethereum staking guide so he's added info for fallback to 81 nodes for prism take away nimbus added steps for pruning geth and added steps to clean up system uh systemd logs here so i've highlighted these um guides before on the refuel they're some of the best guides out there for setting up staking you know solo staking on your own so definitely check out these from summer esat here i'll link it in the usual description for you all right so the ultrasound money website has a new dashboard live where they're showing the total of value secured by the ethereum network so if you scroll down here to the bottom i believe you can see total value secured

uh on ethereum now this is counting kind of like the erc20s on ethereum uh this is counting uh the eighth on ethereum obviously as well uh and nfts and stuff like that so you can see here that obviously the ethereum network is securing securing 416 billion dollars worth of eth 320 billion dollars worth of erc20s and 20 billion dollars worth of nfts now the nfts are a bit harder to kind of like measure i think it just depends you have to kind of like measure the most active ones and then it becomes a bit difficult because there's no active market for them it's more of kind of like going off to maybe the floor prices and stuff like that but still it's you know it's 20 billion here out of the 760 billion uh which is i mean it's not nothing but like obviously rc20s are a

lot bigger and you can see on the right in the rc20 leaderboard uh stable coins uh you know the first the top three usdc usdt and busd the top three there and then four is actually uh shiba inu which uh is is quite funny to see there one of the dog tokens and then you have wrapped bitcoin and a bunch of other tokens like crow matic st um which is like obviously lighter stake death and you can keep scrolling down the list here so very cool to see this new dashboard the ultrasound money website is one of my favorite websites i absolutely love all the information they have on here i mean they just started out with um with kind of like this burn tracker and you know you can simulate the merge and see kind of what the supply is going to be post merge now you've got the

total value secured uh thing here you've got the monetary premium so you've got kind of like uh eths kind of profits uh compared against other companies and stuff like that and apply you know implied eth price based on this and you can you got like sliders here that you can play around with um you know projecting the supply chart here based on a bunch of different factors and a list of everyone that has uh the bat signal which is the ultrasound money signal in their twitter uh uh kind of like a name here now one of my most proud achievements is that i'm number one on this list because it goes by uh follow account the the first bit and then um sorry it goes it goes it goes by the amount of people that are following you from the fam so i have you know pretty

much all of the ultrasound money people following me as well which is which is pretty cool here so i i really like that but yeah that's a little thing there there's a bit of a q a down the bottom as well so if you haven't checked out this website be sure to do so it's a it's a very good one all right so immutable has done something that i think more teams need to be doing and they've shared the kind of i guess i guess like they've shared something called an imx tokenomics portal which is they're calling a one-stop shop for the token vision and strategy of immutable x in scaling ethereum nfts on l2 now you can go to this link here which is basically a notion kind of document and you can see on here basically everything got to do with the imx token now you can go to like

protocol metrics grants dashboard supply schedule which is obviously something that a lot of people are kind of like curious about and as you guys know i'm an angel investor in immutablex here so this obviously kind of like affects me but you can see here you know who got in on sorry the private sale what their unlock cliff is which basically means like their tokens are locked for a year and then they unlock and then they unlock length of two and a half years and unlock frequency of 28 days you can see public sale public sale and project development and foundation reserve and the current unlock status the supply forecast this is really really cool i mean this is basically giving you all the information you need to know about the the imx token itself and then you've got like protocol metrics here a bunch of different ways to kind of

like uh uh look at protocol metrics such as transactions uh sales uh you know tweets and stuff like that uh uh and and team information and there's just like a bunch of stuff on here so you can go check this out for yourself there's the road map and stuff too uh and and and check it all out i really really like uh that that they've put this together they immediately put this together especially the the kind of like token um uh sorry where is it the supply schedule because i think a lot of people get scared sometimes where they see wow all these tokens aren't circulating yet where are they you know when are they coming to market and they want to make a more informed decision with them when they're buying tokens and i you know i totally get that i do that too

and it's not usually easy to figure out if this information it's usually buried in some documents if not and sometimes it's not even public at all so the fact that this is just front and center now with all the available information here is something that i really wanted to highlight and you can go check out i'll link it in the youtube description uh for you below all right so starkware has announced something called the star ga stark gates alpha which is a uh stark net bridge and now it is live on test net now this is not to be confused with that project star uh stargate or layer zero um that that's kind of like using that terminology this is actually stock net's bridge from ethereum uh kind of like layer one into stock net layer two and as i said this is live on on test net

now so uh this is as i say the gateway between ethereum and stock net and allows users to do everything they can expect uh from a bridge so if you want to see how it works you can visit the technical documentation you can read this blog post for a bit more information on it as well this is cool i mean the stacking ecosystem as i've said to you guys before is coming together really really nicely and the reason why i'm really excited about the stocknet ecosystem in particular is because it is not your traditional evm compatible network we've already got plenty of those and those are awesome and i love them but i as i've said before i do like to see more experimentation happening uh outside of the evm so very cool to see that this is entered kind of like alfron testnet and you can go you know check

out this blog post i'll link in youtube description for more information on that all right so david mihal has updated his l2 fees.info website to now show what percentage of ethereum l1 fees are paid by l2s so you can kind of like go into total l1 security costs here and kind of like see uh you know one day security because i've showed this before and then you can see percent of total so the current percent of total is actually quite small still 0.7 so out of all the l2s they're using 0.7 of ethereum's block space and i think they peaked at i would say one percent issue maybe just over one percent um uh and then you can kind of like see oh yeah here we go percent of l two phase so i think the peak the highest they've been is one

point four percent and uh they're at zero point seven percent right now as i've said to you guys this is going to be a bit of a a bit of a long journey to get l2 fees uh sorry to get you know the amount of block space that l2's are using up to those kind of like higher marks like 10 20 30 percent i think it'll happen maybe quicker than we realize uh once it once it gets going but for now layer one ethereum fees are mostly high due to mev arbitrage transactions which is also mev uh a lot of people still live on layer one ethereum there's uh a lot of kind of like bot activity as well there's a lot of nft activity uh there's a lot of you know it drops trading minting all that sort of stuff so i think until that

activity moves off layer one or at least gets priced out because i do believe eventually layer twos will price out the mev activity and mav is really only profitable a lot of the time when there's kind of like liquidity there to mev and users and and trading going on but if all that moves to layer twos then it's going to become very hard for you know mbv to be extracted and then kind of like uh l2s will keep kind of like getting into that market share so right now you know on average i would say they're around kind of like one percent ish of of block space uh but they're going to go up over time i believe as kind of like we get more adoption of these l2s and as we as we kind of continue the journey there but cool to see this check out this website

i'll link it in the youtube description so zappa has announced that if you hold a zapper nft of any kind you can now participate in the beta test of their ios mobile app so you can basically join the discord verify nft ownership react with this certain emoji and download the app and feedback form in the ios app test the channel so obviously i'll link this in the youtube description for you to check out as well i got an invite to this a bit earlier i believe it was last week before they kind of like announced this uh and i played around with the app the app is very smooth i really like it i really love how it how it plays out and the reason i got the invite before is because you guys know i'm an investor in zappa so obviously they wanted to get

their um their investors kind of like testing it out and on board with it uh but now it's pretty much open to anyone that holds an nft zapper nft which is very very cool so this is this is cool because you guys know that i'm not really a big mobile wallet user i do pretty much all of my transactions on my desktop using my hardware wallets uh but in terms of what i use my mobile for i want to i'd love to be able to track my entire zapper on my on my mobile right because right now i do on my desktop but i don't really do it on my mobile yes you can do it if you go to the zappo website and import everything but i'd love like a native mobile kind of like a dashboard tracker there that just works nicely on

on ios because i i use an iphone uh and yeah i i really like that the fact that they're kind of like building this app and i think it's going to bring a lot of value to people and they're also building a wallet by the way this isn't just an app that's like zappo itself they're actually building a full-blown wallet which is which is definitely going to going to come in handy for a lot of people as well so definitely go check this out if even if you don't own one of the zap nfts they're pretty cheap to get ahead get your hand on one uh you know whether you buy it on secondary or otherwise so yeah if you want to check it out it's not it wouldn't be too expensive to pick up one of these nfts either here all right so we have a very interesting

exploit out of the inverness inverse finance ecosystem that happened over the weekend you can see here ego from the block broke it down so basically 15.6 million dollars was stolen which is very small compared to the ronin hack we saw but still that's 15.6 million dollars worth of user funds that has been stolen the most interesting thing about this kind of exploit is that the attacker actually put uh put up at risk 901 eighth so in order to do this export they had they had to risk 901 of their own eth to get to basically manipulate i believe it was an oracle manipulation that happened here in order to kind of like still steal these funds from the protocol you can read igor's full thread here to check it out but i mean i think that's pretty crazy right i mean 900 and one eighth that's uh well the head math

maybe three million dollars or something like that uh if i'm doing my head math correctly just still 15.6 million i mean obviously it was worth it but at the same time that's a big risk to take it's like you're risking three million dollars that could have gone against you if you didn't do the exploit right and it didn't work out uh to make another 15.6 which is which is fine i mean obviously the payout was that was a big deal but yeah i just thought it was like a big risk that the attacker kind of took here but i guess unfortunate for the inverse kind of like finance team and the invoice finance project that they were exploited you know at this point in time with all these export exploits going on and i've wondered about this before i feel like 99 of projects are eventually going to

be exploited in some way whether that's through a white hat where you know the bug is found then white hat is able to kind of like rescue the funds before a black hat does or is a critical bug that's been found it hasn't been exploited and it gets patched by the team you know i i feel like 99 if not 100 approaches are going to go through this in terms of what actually gets exploited and funds that get kind of like stolen and funds that get stolen and that aren't kind of like recovered or reimbursed by the protocol you know it's probably probably going to be a decent percentage as well so it's always good to think about these sorts of things and think about the risks as well and this is why i always bring up risk with you guys because no matter what protocol you're using even the ones

that are extremely battle tested and are like the golden childs of ethereum and of d5 such as uniswap and maker and are there and compound i mean all of these things can have bugs in them all of these things can be exploited in some way whether that's via direct exploit on the contracts or whether it's an oracle manipulation or some other kind of economic exploit these things can happen so it's always good to play it safe and that's why i was talking about before with the um the beacon chain yield for staking your eighth it's near risk-free because of the fact that yes there can be bugs in there but it's a the beacon chain is a lot easier to reason about because it's not doing any of the you know i mean it's doing a lot of really fancy uh stuff under the hood but it's not doing

a lot of the stuff that has a large attack surface like what um what d5 does because with defy you have the economic exploits which are quite quite intricate i mean you have the oracle exploits which which are which which are a big deal and then you have a bunch of other ones that can be done as well such as kind of like exploiting the uh the borrowing rate or the all the kind of like funding rates and kind of like uh uh uh kind of like flooding the market with with a certain asset and then drawing another one there's a bunch of fancy stuff you can do here and i'm sure we're gonna see more of them but uh but yeah anyway i just wanted to kind of like point that out it was an interesting kind of like um kind of attack here it goes thread for a full

breakdown on how that one worked all right so scooby triples has a really really good thread that i want you all to read on st8 and r8 volts on alchemics and basically all the ways that you'll be able to kind of like earn an even greater yield on your eth or on your staked derivative tokens such as reth and st eth now obviously there's additional risk here but i mean you can see all the use cases that scoopius has talked about so use case one turbo staking getting 11 to 13 on your eighth is good but what about 22 to 26 you can leverage your borrowing for two times leverage effectively doubling your apy you can self-liquidate your position to exit with your original deposit plus earned yield at any time obviously extra risk here guys but huge

i mean 22 to 26 percent yield on eighth like paid in eighth he's crazy like seriously crazy that's that's a that's a really cool use case there uh use case two spend and save you know love do you love your precious eat stack and can't bring yourself to sell it but also want to realize some of your newfound wealth where you can deposit into alchemics borrow al-eth and cash some out watch as your debt gradually melts away because it's a self-replaying loan it's going to pay that debt back with an eighth estate deal there cash out plan you know i think basically dca-ing out and in and stuff like that you know there's other i mean he's got like seven use cases here which i highly recommend giving a read but this is what's going to happen guys like we're going to have the vanilla 8

staking yield then we're going to have the derivative yield then we're going to have the turbocharged derivative yields and i wouldn't be surprised to see 50 plus percent d-gen yields on staked e probably even higher than that um depending on like ma the market action and some of these yields a lot of these these higher yields will actually depend on market action so if the market's hot the yields will be kind of like higher if the market's quiet the yields will be lower but you're still always going to get that vanilla yield from the protocol itself which isn't relied on market forces so that's really really cool and really bullish but give this thread a read obviously be in the youtube description below i'm running out of time i've gone over time i knew i was going to go over time this episode there was so much to talk about but there's

one last thing i wanted to talk about which is probably going to take me about five minutes so this episode's going to be a long one today but owaki shared a meme on twitter where he's got like a picture of i guess i think that's jesus i don't want to insult anyone by getting this wrong here i'm not a religious person but i'm going to assume that's jesus talking to a bunch of people and and they're saying you know i give you the tools to end climate change poverty and corruption and the people then ask when moon when token we all know this right guys like this happens so much in in the ecosystem when we have all these amazing tools we can do so much good with these tools but most of the time people only care about making money from them and i've talked

about this before in at length where i've said that making money is fine especially people who are new to the ecosystem and their only goal is to make money because maybe they don't have much and they really want to create a lot of wealth that's totally fine but i think there is a kind of like a fine line to tread here and i think that when you think about the greater good of society as a whole making money is a lot of the time very good for the individual because obviously the money's going to help you in your own life and it's going to help you do things to improve your own life but as a collective it can be very poisonous like for example if you make a lot of money and then you give none of it none of it back it kind of like

results in what we've been seeing with like the eighth core developers saying you know not being paid enough right public goods not being fundamental enough leading to tragedy of the commons and stuff like that uh and then people not embracing the tools to kind of like you know fight these existential issues such as climate change poverty and corruption and i think we can do better we can do a lot better and i think it's going to take a a a while for us to get to the point where we do better yeah because this stuff is definitely secondary to the money-making aspect of crypto but as i've discussed with you guys before when i talk to people outside of crypto about what i do like people ask you know what do i do for a living in real life whether it's family members or extended

family members or other people's family members i describe it to them i first start off by saying i'm in the cryptocurrency industry because i know everyone knows about cryptocurrency i'm not going to mention ethereum because there's a lot of people surprisingly that have never heard of ethereum so i just mentioned cryptocurrency and then i'm like oh yeah you've probably heard of bitcoin as blah blah blah and then they're like oh yeah isn't that all a scam or you know isn't that all kind of like just uh a kind of like a pump and dump like i see all these stuff that people losing money and then they've heard of nfts and stuff like that and i and then i spend the next like 10 15 minutes explaining what i do and explaining how there's this whole other side to crypto the tech side that you

don't hear about in the mainstream media and they get really interested at that point a lot of them do end up getting very interested they're like holy like i had no idea that this side of kind of like cryptocurrency existed because they still think cryptocurrency is all currency they something it's just money and they're like oh the government's going to ban it or it's not going to work because how can you have a money that goes up and down in value and then on that note when they say that i explained to them just like well your dollars go up and down in value too you're just comparing dollar to itself if you compare the dollar to uh what things you can purchase with that whether it be or just fiat currencies in general if you compare it to things you can purchase with it

your purchasing power goes down over time and i use the classic example right now of people's utility bills especially in australia they're actually going up quite a bit i say to them how much of your bills gone up recently and they're like this this uh such and such i'm like okay well then your dollars haven't been stable against your bills have they and it starts ticking it starts ticking in there but that's kind of like um you know a side note there and that's more on the kind of like money front of things but then i explained to them you know how these tools can actually be used to uh do better coordination or have better common coordination with humanity i tend to lose some people when i when i talk about this because this is like deep crypto stuff um but some of them are interested in it they're like

okay well you know i can see how this could work you know a lot of them say oh yeah there's a lot of corruption in the government we need there should be a better way to kind of like organize it should be a better way to do this such that blah blah and when i start talking about social media as well and i say to them social media has like you know kind of like not destroyed society but like i think on net maybe made society worse off at least kind of like democracies because of the fact that there's so much bad information out there now and it just kind of like hits people and if they find they find it very hard to kind of like go through the noise to find that signal but i truly do believe crypto plays a part in all of this and that's what i

explained to them and and they do they do get it and some of them aren't really interested in it but you know a lot of them a lot of them do get it so yeah i mean i just thought this was a great great kind of like meme from a walkie here that kind of like really explained exactly what's what's going on like everyone just cares about money a lot of the time in the crypto ecosystem which i as i've said is totally fine guys it is not something that's bad necessarily but i think that what you know you're gonna need a lot of people should look beyond money you can make money but then think about how you can give back on obviously bitcoin grants other public goods funding like the protocol guild and stuff like that i think that's always a worthwhile cause

to think about there but anyway on that note after this very long episode today i'm going to end it there so thank everyone for listening and watching be sure to subscribe to the channel if you haven't yet give it a thumbs up subscribe to the newsletter join the discord channel and i'll catch you all tomorrow thanks everyone