ETH's big weekend, Element Finance testnet live - The Daily Gwei Refuel #117​ - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the daily gray refuel where recap the latest news in the ethereum ecosystem i'm your host anthony sosano and today is the 10th of may 2021 all right everyone let's get into it so it was a very big weekend right very big friday saturday and sunday eighth is over four thousand dollars and as you can see here i tweeted out simply today forty percent because eighth is forty percent of the way to ten thousand dollars which is you know has been my price target for quite a while now you all know that haven't been shy about that but it's very very exciting almost halfway there but not only is the usd price exciting but the uh ratio is very exciting right now right the btc or the 8th btc ratio which is over 0.07 at time of

recording so if it goes another i think 2x and a bit from here it flips btc now i don't know if that's going to happen on this current like eth run i don't know if it's going to flip back and bitcoin is going to go on a run for a bit i certainly feels like eth wants to go for the flipping right the strength in eighth has been amazing honestly uh you know and bitcoin's just sat there doing nothing for for a while now and you know even d5 it feels like the only thing's going up is like eighth and a bunch of scams really or like dinosaur projects as i wrote about on on friday in the newsletter dinosaur season d5 is sitting really flat um i think that because ether is going up uh d5 doesn't want to move btc is just ranging between you know 55

60k or thereabouts and yeah eth just keeps going up over 4 000 over 0.07 on the ratio i'm not surprised obviously you know i've i'm a hyper 8th ball right none of this surprises me but i am kind of like surprised about is how fast it's happened because it just shows me that so many people were underexposed to eth right because everyone just piled into bitcoin for the institutional trade um and everyone was playing into bitcoin because a lot of people didn't understand eath didn't understand you know why ether is going to accrue value in it and a lot of people still don't and it's funny because it's like the last two years we all knew about one one five five nine and the merge uh the um d one to e2 merge and then suddenly the

price seems to be reacting to that just now like just over the last i guess you could say two months um because i believe that you know unless ether is gaining on btc in the ratio it a lot of its price action is definitely just following btc up which i you know it's fine like obviously it's good because the usd price is going up but obviously i think it's much better if eth is gaining on bitcoin and being independent of bitcoin and rising on its own merits i i really like that aspect but you know i think you a lot of you would have seen this on twitter i think this current run is very institutional driven i think institutions are finally buying eth a lot of them aren't going to announce it until they're done buying because they don't want to push the price up further you know while

they're still buying but if you kind of look at the action on exchanges on centralized exchanges because that's where the new fiat comes in from especially something like coinbase the spot volume our spot buying volume is insane it is like i don't think it's ever been like this uh we're consistently doing more volume than bitcoin um you know and even things like ethereum classic are going up because people want to buy the cheap eath let's just like a massive mania around eth right now and the funny thing is it's not just based on kind of like belief or like pure speculation um it's based on actual fundamental value drivers coming like one five five nine and the merger you know the fees on on the ethereum network for layer one haven't gone down at all really they've

actually started going back up you know they were they were cheaper for a while there was like it got down to like 30 gray and now it's consistently over 100 again now obviously that's not good for for end users and obviously um you know uh those fees are quite high and we're still waiting for like more more kind of like generalized layer twos to go live which they will soon but it's just that that eighth right like in two months or just over two months on july 14th most of that is getting burned right this isn't some speculative stuff this is actual fundamental we know what's going to happen and then a few months after that whether that's the end of this show early next year we have the eighth one to eth2 merger which is reducing issuance by like 90 or something like that and like reducing

massive amounts of cell pressure as well so from you know because obviously our stakers don't have to sell um to cover you know the high cost like miners do so from my point of view not to say that we can't have a dump or we can't have a prolonged down market we certainly can and there's certainly a lot of speculation but if this really is institutional driven institutions have have stronger hands not to say that they won't ever sell but they have stronger hands than than retail investors do and you know the funding rates or the or the leverage in the system for each has been quite low for quite a while i think it started ticking up recently but it was quite low um and then yeah just a lot of people trading their bitcoin for eth because they were underexposed so i think all of that has culminated in

the over 4k eth really really quickly it was 2k like six weeks ago or something you know i think probably even less than that like last time i think like um and the ratio was like you know much less i mean it's just crazy how fast the ratio has moved up um but yeah we are definitely i think getting into uh very i mean i wouldn't say mania territory just yet but you know it's feeling like you're in like this belief stage where you're like holy crap like this is going up really quickly um you know i still think uh obviously it's going to 10k and all that good stuff and and short-term movements always very very hard to pick but still just some some kind of like warning there and i mean it's not really a warning it's more like keep your head on right if you do have

targets of take profits and things like that stick to them don't change them right uh because if you start changing them you start moving them up and then maybe eventually it kind of gets to a point where it you know it doesn't reach your target and the eighth price goes down you fomo and then you you know you kind of like panic sell or whatever um this is i mean again this is an investment advice but this is just some kind of i mean you know i i don't want to encourage people to never sell just because i'm never selling like every individual's uh situation is different i have the privilege of not you know not having to sell my eighth that's just you know just the position that i'm in but you know if if you're sitting on life-changing money right now from from

eath um you know and and you're all in on eat and and you know you you need that money for something maybe you want to buy a house or pay off your house or maybe you want to buy a car or maybe you know you want to buy something whatever it is right i mean i wouldn't just i wouldn't discourage you and no one's going to blame you for taking profits like i know plenty of people that are taking profits so at the end of the day it's all on your individual situation even if you believe eath is going much higher de-risking taking some profits is never a bad thing and it's definitely healthy for your mental state too because if you're all in you're probably thinking oh wow is this going to go how long is this going to go is it going to crash oh my god i have

this much money but then it crashes she's like i should have sold blah blah stick to any plans that you have stick to sell targets don't move them around don't play with fire just keep your head on and you'll be okay but anyway as i said not investment advice but just some little advice there because i get this question a lot from people and i just wanted to clear it up that my position is not your position and your position is just literally just you you have to do what's best for you at the end of the day um but keeping on i guess like the theme of institutions coming into eth van eck which is a company in the us a financial company in the us has filed for an ethereum etf in the u.s now van eck has obviously filed for their btc etf previously

um but you know as i've said before the leap from non-crypto to btc is much larger than the elite for btc to eat and as i said i i thought an eighth etf would follow shortly after a btc one this is just an application this has not been approved it's not live or anything like that but in saying that this is really bullish right and you know i was actually joking to some friends before i'm like hey what if an etf was approved before a btc etf i don't think that's gonna happen but it'd be hilarious if it did like the amount of like ah god they call it cope on twitter right the amount of cope that that we would be seeing from people would be you know i mean pretty pretty funny i guess like to watch play out but i don't think that's going to

happen i do think an 8th etf is going to come like shortly after btc one though um and the fact that there's already applications being done means that these companies want to obviously be first in line to have these um these etfs managed by them to obviously make money off of them but yeah that's really bullish and then frank chaparra from the block here put out a a great tweet basically showing you know what what the uh the flows from institutional investments kind of have been or what the flows into like different ethereum funds have been like for it for eth since the start of this year and what it's been like for btc look at that right doesn't it look much healthier on eth right from january this year to sorry january 2020 to may 2021 whereas btc it's like it was flat for a

while and then spiked really high and now it's just like cratered right um so yeah i don't know it looks really healthy there there with ether but yeah i guess enough on on the price talk here just really really great to see over 4k over 0.07 on the ratio let's continue right i'm not going to start being euphoric and call for the flipping or whatever i mean i think the flipping is going gonna happen but i'm not gonna say it's happening gonna happen next week or anything like that it certainly looks like it wants to happen next week but i i promise not to tweet anything about it and you know if it does happen i'll put a tweet out but until then i'm not gonna start tweeting because i don't wanna be like the reverse oody and be like the guy who caused the ratio

to go back down like and basically drop 50 or something you know i'm sick of being a top signal but yeah anyway moving on from that um so i was looking over my old content actually over the weekend and i found this piece that i had uh forgotten about that i wrote in january of 2019 so jan 8 2019 the priest was called why ether is valuable now at the time that i wrote this piece the eighth price was 150 and sentiment for ethereum and eighth was the absolute worst it had ever been now some people replied and said it was worse during the dow maybe among the people at the time it was worse but in terms of like the sheer number of people in the ecosystem at the time in january of 2019 there were much more people than there were

around the dow hack so i think it was it was worse there but that's just an aside here on top of this ether dropped 94 percent from 14 20 to not to 80 in december uh and then 150 150 was still like a 90 drop or something like that so that you know for for me to write this piece i guess back then basically saying you know why 8th is valuable a lot of people thought i was just stupid and and you know the people who really cared about this was like ethereum like hardcore ethereum people whatever um but i'm and as i said in my tweet i'm most proud of this piece because it was so uh forward-looking like i'm not gonna tune my own horn here but i was reading through it and i was like holy crap holy crap i actually picked a lot of what happened

like and you know it wasn't just me as you can see down the bottom here i actually um had i had a people reviewing it you know all our favorites dc investor eric connor chad schmidt ryan sean adams and cyrus unissi they all helped me with this piece at the time i remember like we were going over it and everything um but essentially like we were we were right i mean what gives ether value here is the uh i guess like um breakdown it's used to pay fees right and actually i should not note here the 1559 didn't actually come out until april the eip in april of 2019 um didn't get published until then so i wrote this people even before one five five nine so uh yeah but still there was still demand for eth to use to pay transaction fees right

it was used as collateral indeed fire in maker and compound the d5 was in jam let me tell you this much in january of 2019 d5 was a joke to everyone except the hardcore believers it was a niche within a niche within a niche it was so small there was like so little value locked in these things and maker was like 95 percent of d5 at that point but anyway it was used as collateral then um and it was used and it's continued to be used as collateral and only grown since then and i said it can be lent or borrowed right which it can still be lentil borrowed in a much bigger way now it's it's accepted as payment at certain retailers and service providers yes it is and it's still accepted as payment um and it's used as money so i've said here uses a medium of

exchange or money to purchase ethereum based tokens via icos or exchanges right dexes things like that crypto collectibles right which is basically nfts uh which sorry which includes in-game items and other kind of nfts here and uh you know it's funny i put this year as earned as a reward for completing bounties on git coin and bounties network um but like git coin didn't have grants back then um the git coin grants i'm pretty sure launched a bit later than than uh january 2019 here but it's still being used there a lot of people donate eth and then i went on to say that obviously is going to be staked in eth2 which is obviously a huge driver driver for ethiopia um and then uh yeah i mean i was talking about can tokens on ethereum be

used instead of ether um to kind of like pay for gas fees and things like that i mean post one five five nine they won't be able to at all they can now through flash spots and things like that but still i mean most people pay their fees in eighth right and then i went on to explain like how does a valuable ether help to secure the network um and then what the network secures uh describe what money was and all this stuff sort of stuff what i did want to go over is like the supporting data at the time so uh the average exchange volume this is centralized exchange volume at the time was 2 billion usd for eth today it's like 60 billion so 30 x more right over 1.18 million eth was in make a dao which was essentially

as i said 95 of d fight at the time and now it's like 10 point something million and 1.8 million each at the time in dollar value was like 40 x it's 40 x more now in dollar value and we have like you know 10 times as much eath or not not 10 times sorry but like what is it five six times more eth in there so not only do we have more eat we have more dollar value eat as well and then i said you know another forty thousand each is locked in other d5 so obviously as i said maker accounted for most of it here the ethereum network is processing 600 000 transactions per day uh it's it's processing like 1.5 right now but there's a cap on how many transactions it can process because 1.5 million sorry because of the block size or the gas

limit as we know it in ethereum so you know the gas limit has gone up since then so we can process more transactions but as i mentioned here gas usage was at capacity even when the gas limit was like at 10 million i think back then or maybe even less than that there's 250 000 active addresses per day i think it's like 800 000 today um and then i went on about icos as well here but then this which hasn't changed this is another very key bull case for ethereum the expected issuance rate of eth in an eth2 world look at this chart this chart was made by ethub it was made by eric and we posted it to ethub and it basically listed the phases of ethq which aren't really known as phases now but phase two was like no i guess like at the time

was referring to the merger so the eighth one to eth2 merger which i said here in phase two the eth1 chain will be deprecated and the network issuance rate will dramatically fall to the plan target of less than one percent this is what people are talking about today from 4.5 to less than one percent to which is current you know a lot of people are saying around 0.5 today this was known two and a half years ago and now the market is pricing it in see what i mean markets are not efficient i've gone over this so many times you had so much alpha all through 2019 8 ended the year at like 1 30. you had all of 2019 to buy eighth except the mid mid 2019 it went to like 300 and something dollars but most of 2019 you had ample opportunity to buy eight

between one and three hundred dollars um and these things were known right the and you know if you had the conviction you had the faith you did very well but anyway i'm gonna leave it at that because i'm tuning my own a little bit here but i just i'm very very proud and i'm very proud that i was able to call so much of this and to kind of like see it all play out for me it's just seeing ethereum win and wins by so much and seeing kind of like the vision that myself and a lot of others had in the early days is playing out in such a big way and the rest of the world is waking up to it that is what i'm most proud of and that is what i consider the bulk of my kind of like you know

most impactful work i guess like for me the early days you know they're never going to be repeated i don't think you know the genie is ever going to be put back in the bottle i think ethereum and d5 are going to take over the entire world right um but yeah i think just like you know outside of the monetary value the the kind of like i guess social value for myself of kind of like seeing this and being right just means a lot to me and it means a lot to the other early aetherians too if you speak to any of them they all feel the same way as i do and i'm sure a lot of you feel the same way if you believed and followed on with the journey i'm sure a lot of you listened to the ether podcast which was going on

at this time as well we started that late 20 2018 um so yeah i'm sure a lot of you are listening to that through the bear market and uh you know i'm sure a lot of you were reading the ether newsletter and things like that as well so yeah i'll leave it at that for now we'll move on um so i tweeted out this picture today and i've written my newsletter today about this but essentially i tweeted out and said this is still my favorite chart in crypto this chart basically shows the the percentage of eighth in centralized exchanges versus the percentage of each in smart contracts aka d5 right so you can see here that the percentage of of the east supply in smart contracts is currently 23 on centralized exchanges it is like 11.7 percent if i'm eyeing the chart right

here and you can see how much it's fallen since the deep five summer started in like you know i guess really kicked off in maybe like august of 2020 it went from 16 or 17 percent to 11.5 so a lot of it has flowed out and a lot of it has flowed into smart contracts now i explained this in my newsletter today but i'll give a tldr here this means that eth is going into a variety of things it's going into d5 a lot of it's going into make a down compound rv and liquidy to be used as collateral to do all manner of things a lot of it's going into amms like uni swap sushi swap all that good stuff a lot of it's going into uh staking right because the e2 deposit contract is a smart contract right you have to send

your eighth there to get it into eth2 to stake a lot of it is being sent into cold storage as well um you know because uh there's the no safe smart contract wallet which holds about 1.8 million eighth right now um which is a lot of ether um and i think it's about four billion dollars worth of probably more than that if i'm doing my math correct i think it's way more than that i think it might be like seven or eight billion dollars so that's a lot of of eighth on in that smart contract wallet um but i the reason why i kind of like wrote the newsletters because to answer the question is like is this bullish or bearish for eth and i think that's the wrong question i think the right questions to ask is like what is this eth being used for when

it's taken off exchanges not whether it's bullish or bearish because you can't know that just by looking at this stat you have to look at what it's being used for because if it's just put it being put into um you know amms or something like that then it's still kind of part of like the active trading supply a lot of it isn't a lot of it sits dormant but um still like it is part of the active kind of like trading supply at least some of it and then in the uni sub v3 world depending on what the lps are doing a lot of it could be part of the active trading supply but anyway that's one aspect to it but a lot of it in d5 is actually going into money markets are being used as collateral there's 3.1 million in maker there's 1 million in rv and 1 million in

compound 1.1 in liquidity so when you look at it like that there's like a healthy chunk i think 6.8 million if i'm doing my math right in um just being used as collateral to back these things and that eighth doesn't get moved until someone closes their position right or unless someone borrows eith from these money markets which rarely happens so there's there's that aspect to it then there's also the the smart contract um storage which is usually cold storage so you know it's not locked or frozen but it just sits there right and you can see it coming in and out and all that all that sort of stuff then the biggest thing i think is the ether moving into staking because that is locked right that is locked in eth2 in the beacon chain until the merger happens you and yes you can get derivatives but

derivatives aren't actually there's a derivative right it's just it has its value tied to each but it is not actual eth now i think that a lot we've seen an uptick in staking right i think i put a tweet out here actually yeah we've seen an uptick in eath going into eth2 to steak uh since coinbase announced that their staking has been rolling out so there is actually new eid being purchased to steak this isn't just um eat that already existed and people had in cold storage going into staking or being taken out of d fighter going to staking this is eth that's actually being purchased new from you know on the market on the free-floating market by new investors and possibly institutions that want to stake because the staking apy api is still around seven percent

on on a rapidly appreciating asset and then post merge it's going to probably spike to 20 25 percent at current e-state rates so we're going to see a very healthy chunk i think 20 million plus eve staked what when you know once the merger happens and you know sometime next year i reckon we're going to see that so that is where the bullishness comes from not from the question of is this bullish or bearish just looking at that raw number you need to add nuance to it just like everything right but yeah i'll leave it at that i think uh obviously it's been bullish because it is over 4k i also think the narratives are very powerful too right because you have the narrative of hey eth is being locked up right ether is being used in d5 he is a productive asset ether's utility

the more productive the ethereum network is the more fees are being burned in one five five nine right all that good stuff so yeah everything's obviously being extremely bullish so you can see here uri from uh starkville put out a great tweet where he said one there's been one billion dollars of cumulative trading volume across their different mainnet employment on different decentralized exchanges so 75 percent are is is due to starkx's uh roll-up of dydx obviously the i8x has been growing really quickly and i've been covering them lately and 25 is part of starkx's valydium solution which is mostly diversified and also immutable x here so that one billion dollars came really quickly diversify has been live for quite a while but immutable x and dydx are relatively new

and immutable x services is a different market because it's an nft marketplace dydx is perps and diversify is um a lot of it's like just a normal decentralized exchange uh an order book exchange and things like that and amm and swap exchange too they're doing a bunch of other stuff as well which is cool but yeah as yuri says here next stop 10 billion of course right then 100 billion then a trillion we're gonna scale l2 just like we uh scale up l2 volumes just like we scaled l1 volumes which is really cool to see so ben edgington put out his what's new in eth2 update over for the last two weeks this is a nice and healthy update covering the beacon chain staking rayonism which is the eth1 to e2 test net

that's been going on over the last month or so altair which is the first um eth2 hard fork the spec freeze is due around the 21st of may which is coming up soon which means that the client devs will be working to implement all of that stuff without with the target of a late july early august for deployment to the beacon chain some updates on the merge here and some links here and of course all the general media stuff and and other stuff going on here which is really really cool so again this is the best newsletter to subscribe to if you want to keep up to date with what's happening in eth2 definitely go check it out it'll be linked in the youtube description below so there was another d5 exploit over the weekend unfortunately this time happened it happened to arari capital there was i think over 10 million

dollars stolen in this exploit uh and it was the first cross-chain exploit now eagle from the block put together a really great thread explaining what this is here i highly recommend going and checking out the the thread but essentially i think the way uh this exploit worked and as ego describes here uh they used a a way to create a fake token and pull on pancake swap on bsc um so that alpaca finance could be used uh to tap into this and they did a bunch of fancy stuff here with different kind of like trades and things like that with the fake token and in the end they were able to profit uh i guess with with two different attacks um with 11 million dollars was stolen in the first attack and another i think uh sorry 11 million dollars uh was stolen another 1.7 k was at risk

before the actions taken by the rari team and the total profit for the attacker was 15 million dollars in eth so unfortunate right but we're used to this in d5 at this point i i'm confident that rari's capital is going to find a way to make people whole uh whether that's socializing the losses somehow or you know creating a new token to to kind of feed i guess like system revenue in to make up for this sort of stuff it sucks but this is defy you know this is what happens in in a lot of d5 you know one kind of like bug in your code and you can lose lots of lots of money for people but this is how we learn it gets better over time used to be a lot worse i think it's getting much better over time here but yeah i think rari

will come out on top here so superfiz put out a tweet the other day talking about eth2 staking he basically said let's stop assuming that beacon chain validators want to run linux if i'm a linux maxi but i know windows users are waiting for us to stop being elitist and offer tools to make staking on windows accessible a good gui or graphical user interface never killed anyone the centralized staking is multi-platform i can't agree with this more i know that people are like oh linux is better for staking just learn how to use linux we shouldn't expect people to do that that is not fair for people there's a lot of people who just want to stake on their own right and do it in the simplest way possible and a lot of people run windows it's just a matter of fact like just because

linux may be quote-unquote better doesn't mean that people should be forced to run it especially if they're doing it from their main pc and also if we want people to do um to stake on their own we need to make it as easy as possible for them you know stop being elitist about it we we need to make client diversity as easy as possible as i've spoken about in the past and as superfiz notes kind of here with um you know making it easy for people to stake and and he says decentralized staking is multi-platform you know it's it's not just windows it's mac os as well and it's it's linux and um i think servicing all those three is critically important there's a lot of mac users who would love to stake on their own but um you know definitely uh need need more

help doing that maybe but i think windows is obviously maybe a little bit of an outlier here because a mac os you know you have a terminal and things like that so it's a bit easier but with windows uh and as as super fuse notes here you need a you probably need a gui right because the i mean there's power shell on windows but it's not like as good as as um as a terminal but also we shouldn't be expecting everyone to be able to use these command lines and powershells and terminals get just getting a simple gui a simple user interface that can be opened in a web browser where people can monitor their staking and control their staking from windows is what you need to do is very very healthy so i think um you know once that comes out we may see a lot of more solo stakers i

hope to see that but just like a psa i guess to to the community around you know e2 but specifically the wider ethereum community as a whole so yeah i guess like thanks to superfiz for kind of highlighting this here so the element finance test net is now live and you can basically test everything on their test net which is really cool uh it's like i think every feature that they're going to have for their mainnet is essentially ready to be tested and i think they detail it here uh basically the uh as they say the test that's live it allows anyone to test their platform all of it uh you can find bugs in their ui or smart contracts and then the aim is also to get feedback from the community here so you can start earning uh a fixed yield on your assets uh through here

i mean the interface looks looks pretty cool here i'm not gonna connect my wallet or anything like that i mean you know it's it's a pretty good interface for a i guess like a beta or a test net version uh or anything like that i'm sure it's going to be cleaned up over time and made it easier to use but essentially you know and it's on testnet so it doesn't really matter you can just basically get some test net tokens deposit things you know deposit ether and stuff like that into here i'm not sure if this other okay i was gonna say i'm not sure if this is gonna load if my wallet's not connected but essentially yeah you can basically pull into here um you know you click click through click deposit maybe yeah there we go and then it expands and you can

kind of deposit things into here and all that stuff but a quick recap for people who don't know what element finance is it's basically a protocol that splits the principle from the yield so let's say you put eth into uh yearn vault and you get like the y eth token that represents your your position so what element finance allows you to do is split that up into two tokens one being the principal which is the original eth you put in and one being a token that represents the yield so say you're getting ten percent on your eighth that's going to be uh representing that ten percent yield and you can essentially sell that that token into the market if you want to for a fixed yield or you can sell the principal and just keep the yield token i mean i'm really bullish on this

project i really love it it came out of nowhere and i'm just really bullish on it um because it's what i like to refer to as magic finance i've i've kind of talked about that before but yeah if you want to go play around with this definitely do so as i said it's only on test net you're not using any real money which is really good because you can just append away right test anything you want try to break it try to hack it try to do anything as the test net this is the whole point of a test net um but there are giga brains working at element finance so if you find a bug or or a kind of exploit where you can drain all the funds uh i'm sure you know you'll be getting some for some props for that so definitely

go check the element finance test net out here so there was another exploit actually over the weekend it got to do with me bits but this wasn't something that was stolen it was basically someone coming up with a way to uh mint i think the rarest me bit or one of the rarest me bits by uh basically taking advantage of a bug in the minting contract here so they basically uh uh minted it um and basically just you need to use gas fees to mint it uh then they offered it for sale for three hundred eat on openc uh and then dropped it to 2008 a few minutes later and then um yeah prank cnft uh poor pranksy here a very uh popular nft collector buy buy it immediately and didn't you know without similarly knowing it was

from an exploit i don't think he would have known it was from an exploit but yeah 2008 right from this guy who basically just found a bug in the contract exploited it and got this rare me bit and now there's a story attached to it i think that's what gives nfts a lot of their value right stories being attached to things crypto punks have a great story that's why they're still very valuable me bits don't have a story yet they're new maybe this is the start of a really great story and i'm sure maybe it's going to be used in different places but um yeah really kind of interesting kind of bug here i think xerox niche here he was actually tweeting out before he ran the exploit maybe it's in his recent tweets where he said um uh maybe it's not here he said

something about like i'm about to earn x and x money xx money um uh yeah i don't think he i think he maybe deleted it that's weird he basically had a tweet where he said i'm about to earn like 300 and something thousand dollars an hour um and he was referring to the to the exploit that he was about to run um and then you know you go back and see that it was it was funny but he seems to have deleted it here anyway he was the one who kind of exploited it and made like a lot of money like a million i think a million dollars or something like that um you know front from this sort of thing here so yeah congrats to to him on these two for for exploiting this he can he's obviously uh someone who can read the

code yeah i could never do this but it is what it is so uh yeah but i think that is it for today's episode so thank you everyone for listening and watching be sure to subscribe to the channel if you haven't yet give the video a thumbs up subscribe to the newsletter join the discord channel and i'll catch you all tomorrow thanks everyone