ETH's first deflationary day, L2 hits $1bil TVL - The Daily Gwei Refuel #202 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the daily great refuel where recap the latest news in the ethereum ecosystem i'm your host anthony sosano and today's the 6th of september 2021 all right everyone let's get into it so a big weekend of news to get through uh so basically i think it was on maybe friday or saturday ethereum had its first ever deflationary day now what this means is that more fees were burned um or guess i guess sorry i should say more east was burned on the chain that was issued for uh one of the days i think it was the third or fourth of september here and you can see it in the chart uh just kind of like um the red is the amount of eighth burned from fees and the blue is the daily block reward which is more or less

constant here now i do want to caveat this by saying that technically uh it wasn't a deflationary day because we still have the proof of stake issuance so this um block reward that you see here is only taking into account the proof of work issuance which is around 4.2 or 4.3 um a year or as you can see here about 13 600 each per day and we burned more than that but we didn't burn more than what the proof-of-stake issuance is which is about 0.6 i think a year right now but still that issuance isn't um isn't available isn't on the market because it's locked in eth2 until the you know after the merge actually until withdrawals are enabled so probably it doesn't make too much sense to count that but technically i mean it wasn't we

weren't deflationary because of that but if we just take the proof of work kind of issuance then yes we were we were deflationary on that day thanks to a few nft drops i mean nft's has just been absolutely insane on the network the drops just burned so much eighth i mean i think we burnt like over a thousand eight in one hour the other day or something like that it was just crazy so and you can see here kind of like the rise over time since one five five nine went live it really um it hasn't really slowed down at all i mean it kind of like spiked up and then uh you know obviously once one five five nine went live or kind of like leveled out a bit went down a little bit but then it's just gone absolutely crazy back up there and i

think you know obviously it's come down since uh from there over the weekend gas is actually being between 50 and 100 gray which is a little which is which is less than it was during the week but who knows you know this week eth could go to all-time high i mean it is knocking on fort on four thousand dollars door went to it briefly over the weekend and uh as you all know as the market activity heats up as the market gets hotter and as more money floods into this ecosystem just more activity happens on the ethereum chain more speculation which means the fees go up and especially if this kind of like nft bull market continues then yeah definitely that's gonna it's going to keep happening there but still cool to see that atheist you know was able to become deflationary over a whole you know 24-hour period

without the merge i mean i've talked about this like plenty of times before about how in under proof of work eth needs to be kind of like 120 i think way right now uh for for the amount of um kind of like fees that need to be burned to make up for the block reward to make a net deflationary uh whereas in proof of stake it's much less it would be about 11 or 12 way uh average kind of base fee uh kind of gas price there so i just i mean it's just amazing how much we're burning really i mean we're at over two hundred thousand now i think it's 215 000 ethboring and it just seems like we're gonna get to a million within the first six months which is just insane i mean i think a lot of people obviously underestimated how much fees we we would be burning and

i think the funny thing is is that nft mania really kind of started taking off the same time one five five nine went live which is just like i mean i remember mentioning this on the reefer i said one five five nine was launching into kind of like perfect conditions for what it wanted to do right you wanted to burn the most eighth well the perfect conditions are the fees being high now that's not me saying that i like the fact that the fees are really high and all that sort of stuff but at the end of the day it doesn't matter what i like or or don't like it it just matters what people are using the chain form what they're willing to pay for and we have an extremely vibrant layer two ecosystem that just continues to get better and better so from that perspective um you

know i'm gonna talk about layer two in a bit but from that perspective i think that uh people kind of look at this and go you know ethereums are celebrating that the fees are high i'm like yes okay i'm celebrating that eighth is being burned for sure but i'm not celebrating the fact that the fees are high for end users and you know users are having a crappy experience and all that sort of stuff but layer one i mean the fees on layer one as i've said plenty of times are not going to get much cheaper i mean i i actually can't believe that they were like five to ten way in june and considering that only a couple months later we're at like a hundred plus away again it's i mean i remember and i remember saying back then on the refuel back in june that that wouldn't last

because it was just it was it was just amazing to me how much it had fallen that was simply because of the market um you know when the market goes very very quiet when people kind of like i guess enjoy their summer because it was june and all that then of course network activity is going to go down and we saw exactly that happen but now that the bull market seems to be you know well and truly back i mean as soon as we cross all-time highs again it's going to get crazier i do think that network activity is going to persist like this for a while and we're just going to keep burning eighth but if you are sick of the fees then there are plenty of l2s that you can use right now um you know obviously arbitram went live last week they're

kind of building out their ecosystem but that's not just them optimism dydx loop ring diversify there's plenty out there as well and you can use polygon as well i mean you know it's a side chain to ethereum but you can still use it they have a very vibrant d5 ecosystem over there so yeah i mean when people kind of like say the high fees are shitty i agree but there are alternatives and solutions for you to use because ethereum layer 1 is not designed to be a layout that end users will sit on long term it is designed to be a security layer for layer 2 and i mean if you don't like that design then that's fine but that's kind of like the design that ethereum's going for at the end of the day all right so on to l2 so there is now

one billion dollars locked in ethereum l2s which is a pretty cool thing to see i mean i got this chart from this website here called l2beat.com which is my favorite website for tracking l2 metrics right now coupled with doing analytics of course which is a great eye tracking site there but you can see on the 20th of july it was kind of like the low point where there was about 400 000 usd locked in uh in l2s and now it's up to a billion now of course this is going to be influenced by price movements because it's been measured in usd obviously as the eighth price has gone up this has increased as well but the tvl across a lot of these solutions has increased too just generally um not just because of the eighth price but you know you can see here on the table that

arbitrary has increased 8 800 percent in the last seven days up to 66 million dollars in there you know the leader dydx has 285 million dollars and then you go down the list here and you can see all the ones that have um have a lot of kind of like value locked in them uh and you know speaking of the l2b website i really love this website because it has this risks kind of table here now this basically shows you kind of like what what uh what hl2 like i guess like what trade-offs hl2 is taking right now what can be done you know are your funds at risk uh uh can you be censored is it secure or not you know all those kind of things there you can see here what's the state validation like are they using z care proofs are they using uh fraud

proofs which is kind of like part of the uh kind of like optimistic scenario are they disabled like optimism has proofs disabled right now uh what's the data availability like is it on chain or is it external i think i've spoken about this on the refill before how you can have external data availability which brings with it some extra trust assumptions or you can have on-chain data availability the reason why you would have external or off-chain um data availability would be for kind of extra extra scale because you don't you obviously don't have to put the data on change you get more extra scale out of that and you can see here that there are a few kind of like external um external ones here but a lot of them are on chain as well are the contracts upgradeable uh so can the code that i guess like secures the

system be upgraded to do anything essentially and upgradeable means that anything can be changed in those contracts and you can see that pretty much all of them are yes there are some notable ones that are know like nami layer 2.finance and fuel labs here and there's delays on some of them as well so you know is there a time lock on kind of like the upgrade ability so if there is kind of a malicious upgrade put in place well then you have uh you know in this case of zk sync you have two weeks to react to that to get your funds out and you can see what happens you know if the operator is censoring you on l2 what's your kind of like exit plan here well you can force exit to l1 through uh through some of them or you can um transact using l1 or exit to l1 and but

this is really the kind of like uh and the same kind of thing for like the operator being down like is there an escape patch can you basically exit uh with your funds out of the bridge trustlessly uh and you can't with a lot of these and this is exactly why l2s are secured by ethereum but or why kind of people are really bullish on l2s is guys they give you this option so even if the l2 goes offline senses you does something weird gets attacked whatever it is you still have the ultimate option of withdrawing your funds from the bridge the bridge contract that i explained on i think one of last week's refuels that you know essentially by kind of like force exiting out yes it may take seven days in the in the optimist optimistic roll-up case to get your funds out but

you can still always get your funds out and that applies to pretty much every l2 if constructed correctly but you can see here layer 2. finance doesn't currently have any mechanism to kind of like avoid censorship or avoid the operator being down but pretty much all the other ones do so yeah this is kind of like uh the most bullish part of layer two why people get really excited about it but yeah i just wanted to kind of describe that table to you guys you can go check this i mean l2b doesn't just have tables and like fancy kind of charts with dollar values you can click into it and they'll explain in detail which what each of these things are like this is i mean this is all the information you're pretty much gonna need about l2s how they work links to their bridge

contracts links to diff to more information all that sort of stuff it's amazing how much information is on here and i'm really really loving this website so definitely go check this out but still cool to see you know this growth up to a billion tvl this is going to get much much kind of larger uh i guess like the the more the ecosystem goes on ethereum layer one's tvl is 100 billion right now um i think there's a few other chains that have between five and 10 billion i know polygons pos chain is 5.5 billion and i you know this the reason why it's going to keep growing is because we're going to have incentives as well there's going to be liquidity mining and all that sort of stuff but also just generally people uh there's going to be exchanges that support bridging in like

coinbase adding support and things like that so yeah i mean obviously this is going to be up only for a while i believe there's no reason why why it shouldn't be especially if the fees remain high which i believe they will if the market kind of uh you know it keeps being hot as i expect it will going forward so yeah get on an l2 if you haven't yet try one of them out i think you know people often ask me what they think is my best l2 experience so far if i had to pick something that was kind of like a fully fledged kind of um insulated experience where it's just doing one thing and doing one thing really well i would say that dydx has been my favorite experience so far uh it's a perpetual exchange you can go leverage along with leverage short on

there and you can do that with pretty much any asset that they've supported and it's all kind of like synthetic so you just deposit usdc in and withdraw ustc out but while you're in the roll up you can go kind of do whatever you want on on dydx uh and it's just super smooth i mean i haven't had any issues with it uh signing in is really smooth being able to kind of like do everything on there with you know super cheap kind of like fees and everything like that instant transactions stuff like that i mean technically not instant uh i i kind of sometimes see people kind of um getting tripped up about this i do want to explain that you know how when you do a transaction on these l2s it feels instant well it's instant in the sense that uh the sequencer has processed the

or the block producer whatever you want to call it has processed it for you instantly but until it's actually settled on layer 1 it is not considered uh you know finalized or settled right as as it would be if you were doing a transaction on layer one and then 15 seconds so it gets included in a block on layer one then technically it's been settled on layer two you have to wait until kind of like your transactions are batched and put on to l1 for it to be considered settled so yes the user experience is great that we can kind of say hey your transaction confirmed instantly but it's not actually settled on chain until the batch is is kind of put on there and that means that if there's like an hour between batches and something goes wrong or you want to force exit your funds out

well then uh uh what ends up happening from my understanding is that that hour of activity that happened would be kind of like a raised if you if you exited before the batch was posted there but i'm not totally sure on that i have to check up on that but that's from my understanding but yeah essentially that's kind of like the the trade-off you have there but anyway i'm gonna move on from this i've got a lot more to kind of cover today uh so joseph here from the ethereum foundation announced that there is another core dev apprenticeship program happening so the second cohort uh you can apply today uh and i'll link this in the youtube description for those who want to apply here the deadline to apply is september 13th and the program will run from september 21st to feb uh september uh 21 to february

22. so as in uh yeah yeah yeah 2021 to february 2022 and you can see uh this post here for more detail and apply i went over the first co i mean i went over this kind of like apprenticeship program a few weeks ago or maybe a couple months ago when the first cohort was kind of i guess getting on boarded from everything that i've heard it's been great like i've been speaking to some other people at the hearing foundation and kind of like following along loosely here and apparently it's been really good people have been energized and i've really kind of like been passionate about this so definitely if you are interested in ethereum core development this is pretty much the path to be on this is how you get involved this is how you basically become an ethereum core developer but i would say that unless you

have experience already with protocol stuff or at least have some kind of knowledge here you probably won't get accepted if you apply because there's only limited spots of course and they're going to probably take the most experience because they are the ones that are going to probably have the most chance of success here so obviously there's not many people that can do this but if you're one of them definitely go kind of apply here um and make yourself known so that you can possibly be part of this second cohort all right so there was this kind of news article that the block put out yesterday where a senator in the u.s called whose name is elizabeth warren she's pretty popular she's a democrat i've heard of her a lot of times i've seen her pop up a lot um but she basically said crypto is the new shadow bank now

the hilarious thing about elizabeth warren is that she ran i i think in 2008 she ran her campaign on being like anti-financial corruption going against the banks wanting to fight and wanting to fix everything wanted to clean over everything and now she's attacking the very thing that is doing that because i you know as i put in my tweet here i said the tradify system is the actual shadow bank right the traditional system the banking system that everything is kind of like opaque you don't actually know what's going on i know you know tracking the money is very very hard regular citizens have no idea what's going on the only people who do are the government regulatory bodies and they probably don't have any idea what's going on either or at least have a limited view of things and that's how we get things like the 2008 financial crisis and other

stuff like that but then i went on to say you know the reason it's the very reason we're building d5 this new decentralized censorship resistant transparent permissionless and global financial system is the reason that is the very reason because the tradify system has failed us it is just not transparent at all it's not obviously not decentralized it has failed us many times in the past over the over the decades it's unfair it's it's not permissionless it kind of like favors the incumbents and does not let people kind of i guess get themselves uh uh kind of like in a better standing in kind of life and stuff like that and i mean i don't have to explain the the kind of crap that that has happened in the traditional finance system and then i kind of ended my tweet saying elizabeth warren either needs to get

educated or get out of the way i don't think that she's going to get educated she's had ample opportunity at this point to get educated she's had this explained to her many many times in the past i just think that either she's been captured by the banking lobby which would be ironic um but i don't know that for sure i haven't really looked into it but that would be like my first kind of thought or she just doesn't care to kind of learn and she's kind of just seeing the surface level stuff because as i've mentioned on the refill before if you just look at crypto at the surface level all you see is like scams and rug pools because that's what the media loves to and lots of speculation because that's what the media loves to hop on about but if you actually dig beneath the surface

and actually see what's going on here what we're actually building it'd be very hard to come away from that with the with with you thinking that we should you know you should increase regulations on this industry or that it's like a shadow banking system like i don't understand how you can say it's a shadow banking system when everything is transparent on on the blockchain like you can see everything i mean everyone can see what everyone else is doing and you can not only that you can audit the funds on on the different kind of contracts like right now i could go to make a dow smart contracts and see exactly how much ethic is backing up die i don't have to trust uh you know their website to tell me the truth i don't have to trust other websites to tell me the truth uh i can go to eat the scan or

all kind of a number of other websites but obviously i'm trusting either skin to tell me the truth but if i really want to i can run the full nerd myself and query it and check the balance myself and verify it so i can't do that with a traditional system at all i can't download a node that gives me a full global view of the entire financial system that's what you can do with ethereum this is and this is the most amazing thing those people i don't think people realize is that if ethereum does become the decent at the backbone of the new decentralized financial system for the entire world well then anyone in the world with consumer hardware can just download a copy of the blockchain verify everything for themselves without the need so verify everything for themselves for everyone like for the entire system

like could you imagine trying to do that for the traditional finance system today it's impossible because you would have to get the data from very very um different so various different countries and in very different forms like not like there's a lot of countries that probably still run on uh most of it on paper at the end of the day so and i mean it'd just be insane to try and get that i mean it'd probably be a fun exercise to do to try and try and get that information but not only can't you get that information you're not allowed to they're not going to give it to you the bank's not going to give you their their internal it's not going to give you everything that's going on there um even if you're a regulatory body they're still only going to give you what

they're legally required to give you whereas with ethereum you can get everything and obviously there's privacy concerns there but even if we have these transactions being private they still follow the rules of the network and they can still you can still verify them to make sure that it's all playing nicely with the network so yeah i don't know i i feel like these politicians are just so out of touch when it comes to crypto and it's dangerous because they are the ones legislating these things they are the ones um with the power of the kind of like centralized system obviously they can't stop truly decentralized systems on ethereum but they can stifle it i saw some comments from from maybe elizabeth warren and jay powell powell who who basically said uh we can basically kill stable coins by making it illegal for them to be backed by dollars

in a bank account or at least u.s base bank accounts i mean yes you could do that and yes you could choke the centralized exchange fiat you know on on ramps and all that sort of stuff but what ends up happening is that short term you may have like a little bit of a victory long term you absolutely destroy all the economic activity that could have happened in the u.s because what's going to happen is the people are just going to move their funds or at least the issuers of these stable coins are going to move their funds out of us-based banks and they're going to take them overseas and then you just lose all that because there are definitely going to be countries who want this economic activity for themselves so i feel like if the u.s goes down this path of heavily regulating crypto they're going to lose

and lose big like very very big i feel like i feel so so strongly that crypto is going to take over the world over the next kind of like 10 20 years that if the us does this they will lose their superpower status and i mean they're already losing it to an extent um to kind of like china and stuff like that due to various other reasons but if they miss crypto they stand to lose a lot and i really hope that we can have these politicians listen to us listen to our lobbying efforts all that sort of stuff um so that they don't kind of like put the us into this position but we'll have to wait and see it's not just the u.s right it's like a lot of other countries as well that have the same kind of politicians who don't just don't

understand this refuse to to get educated about it and regulate it before they even understand it and i you know australia is pretty similar to the us in that regard i think the uk would be too other parts of europe um asia is kind of a different depending where you go it seems singapore's taking a little bit of a harder stance and china is definitely taking a pretty hard stance as well so it's going to be interesting to see what the geopolitical sphere looks like over the coming years but the us has a unique opportunity to be kind of like the beacon of light for the rest of the western world and i hope they do that but i'm not holding my breath that's for sure so speaking of lobbying politicians there was this project that the universe.xyz project spun up called lobby lobsters which is basically an nft

profile picture project there's 10 000 of these little guys and you could mint them for 0.1 each each plus gas fees of course which were really really expensive i'm into 10 of these and it cost me 2 000 in gas fees so yeah a lot of gas fees but anyway um and obviously admitting 10 cost me one eighth as well which you're all up that's a lot of money six thousand dollars right there just the mint and gas fees but anyway that money is not going to uh the universe team or whatever or the dao that money is going to lobbying effort so you can see here 100 of the money will be donated to lobbying efforts and to kind of like get um in front of these politicians in in you know the us or elsewhere which is why i kind of did this like

i mean if i can maybe sell some of these and recoup my kind of gas fees yeah that'd be cool whatever but i'm not really looking to kind of like uh uh to kind of like make any kind of any money of this or whatever i just wanted to kind of donate to a good cause while also getting some i guess kind of like cool uh little nfts here i i like the look of these some people didn't like them but i like to look at some of these i don't think any of the ones i got are super rare either but anyway it doesn't really matter the point of what i why i'm bringing this up is not the nfts but more so the kind of stuff around public goods funding here i talk about this a lot on the review i talk about git coin a lot i talk about

other kind of like initiatives that people do to kind of give money to public goods like what optimism is doing with their centralized layer 2 sequencer how their all the prof uh all the profit that they get is going to be retroactively going towards um these public goods but i think we can take this like so much further than what we are i think every nft project should be doing this you know you don't have to you don't have to donate all the proceeds you can even just donate one percent of the proceeds or 10 or whatever and it's not even just like these profile picture projects but like any kind of nfts or any nft platforms and any d5 platforms i mean there's been instances of these platforms doing this stuff before if you remember back to the yam project from d5 summer they were

kind of like uh donating to get coin um uh but depending on the rebasing and stuff like that and there were other kind of treasuries out there that donate i mean i covered last week i think it was maybe the week before that uh six or seven projects within the ethereum ecosystem gave 250 000 each to ethereum core development so there's no reason we can't do this the money's there it's just we need to direct the money in such a way that it gets to where we want it to be which is public goods funding now obviously get coin is probably the leader here but i don't think bitcoin has to be that central point it has to be the only solution we can get solutions from everywhere we don't have to rely on on just get coins so i read a bit more about this in the delegate newsletter

today you can go check that out but i did just want to kind of like give a shout out there to lobby lobsters for kind of like i guess leading the charge here i thought it was a really cool effort um and a really good initiative so i put this tweet out where i said uh the polygon ecosystem is pretty amazing now before i go into why i want to disclose that i'm an advisor to polygon for those of you who don't know most of you know that by now but i was kind of going through polygons website and kind of like looking at everything that had shipped or kind of like was in development i was like wow like everyone thinks that the polygon ecosystem is just the pos chain which is funny because the pos chain is not anything to scoff at there's five billion dollars

worth of tvl in there and it has like most of the popular default apps that you wanna would wanna use it has really um you know nice bridges going in and out coinbase is going to support the pos chain um before they support any of the ethereum l2s so i mean and this has been this has given uh kind of like people a cheaper default experience yes it's not as decentralized as ethereum or whatever but it's given people a nice um uh kind of like d5 experience block staying within the ethereum family but besides the pos train they have the polygon sdk which is basically sdk stands for software development kit especially basically a set of kind of like smart contracts and other sorts of tools for developers to use and that's live right now so devs can use this uh to kind of like improve their their

toolkit or improve their contracts and improve their product or whatever on polygon and um the pos chain and l2s and stuff like that and then obviously there was the merger between polygon and polygon hermes here uh where there's a hermes already has a live zk roll up on ethereum you can go use it now uh and there's and they're obviously going to be doing more kind of like zk or zero knowledge kind of roll up stuff as well polygonal veil which is a new data availability blockchain that's in devnet right now they announced this the other day and they also committed after the merger of of hermes and polygon they committed one billion dollars to zero knowledge research now for anyone who's been paying attention to zk roll up zero knowledge research you would know that the long term kind of

like uh i guess consensus among the smartest people i know at least is that zero knowledge tech and zero knowledge roll ups are going to eat everything when it comes to scaling privacy just in general kind of like crypto stuff uh it's zero knowledge uh proofs and zero knowledge kind of like roll ups are magic and and that's why polygon has kind of seen this and they've been like okay well let's we're gonna commit like a lot of money to this effort to research and development here which is incredibly bullish and i say at the bottom this is just the beginning for polygon because i truly believe it is they have so much in the pipeline they have so much coming they have some there's so much that they're doing they're on boarding so many people and i couldn't be prouder to be an advisor to

this project honestly like i it's it's exceeded my expectations as well of what they whether from where they came from i mean before they were polygon they were matic uh the matic network and how they anyone knew about them and how the anyone was using them then they rebranded the polygon uh kind of like uh they have had this pos chain uh they have the plus uh sorry the plasma chain as well but that's not really used too much because the pos chain is better and then they started releasing all these other things like the sdk they merge with hermes they've got this available thing that they're building um and they're committing like a billion dollars to to research here i just think that if you just focus on the pos chain you're really missing the forest for the trees when it comes to polygon their ecosystem

is awesome and i'm really really happy to be able to kind of like be on the journey with them um but so all of you i mean it's not just you know you don't have to be an advisor to be on the journey with them you can essentially do anything with uh you want yeah if you're a developer you can go check out the sdk if you want to check out hermaz's zk roll up you can go play with the pos chain go look at the polygonal veil see if you can add some value there or even kind of like uh get involved with their research efforts on zero knowledge stuff that the kind of like the world is your oyster when it comes to this sort of stuff but anyway just wanted to give a kind of like polygon shout out there and speaking of the polygon hermes merger uh

you can now swap your hez tokens for matic tokens if you hold has tokens you have you just go to this website has to matic dot hermes dot io i'll link this in the youtube description and you can just quickly swap your heads to matic tokens here so for every one has you get 3.5 magic tokens as per the snapshot that they took on august 4th so definitely go check this out so a 0x000f5 here put out a kind of like gift showing that they built a serverless discord bot to authenticate users with ethereum which is essentially signing with ethereum so you can basically uh kind of like click on this authorize it signed by a meta mask and then kind of like jump into discord and kind of like uh it'll recognize that you were uh by using this

bot it will recognize that you signed in with your ethereum address now there's not just this there's other ones as well there's collab land which a lot of discord communities use and i've used it in the past where you can essentially sign and by signing the transaction you prove that you have like an nft to enter the discord or you prove that you have some tokens um to enter that discord channels but still it's cool to see more kind of like stuff going on here and i mean this is on github as well if you want to go check it out it's all kind of open source so yeah really really cool to see alternatives happening here so crypto fees has added a layer two section to their website so if you go to crypto fees dot info um you can see a different layer twos now optimism is

already on there but they've got like arbitrary on here as well they've got uh different kind of like um of apps on these layer two so you can see up trim if i click here you see how much feeds it's generating go to more details you can kind of like see charts and stuff like that um and go back here if you want to sort just by layer twos you just go to filters layer two and then you can kind of see the the two layer twos here and then you can kind of sort by blockchain as well so aubergine one you can see you know what sushi pop is doing what unisop is doing and what balance is doing on arbitrary one here or you can just switch it through optimism and then you know optimism uh sorry polygon all that sort of stuff so

i think this is really cool this is a really useful website i use it all the time i love tracking all the fees i always love to see that optimism one layer two on ethereum is without incentives is already doing more daily fear revenue than pretty much all the other layer one blockchains i mean you can see here that it's doing more than avalanche um and even over the last the last seven day average fee as well uh seven days sorry it's doing more than avalanche she's doing more than cardinal i mean cardano can't really do much besides kind of staking um it's doing more than uh than tara phantom i mean dogecoin like is even more than some of the other ones so yeah it's great to see that um the layer twos are kind of making their mark here i think arbitrary's one data

may be kind of like lagged here or maybe not be tracking it correctly because it would definitely be higher than that uh but yeah i was gonna have to wait and see if that updates but yeah this is one of my favorite sites definitely check it out if you haven't already uh speaking of um i guess like metrics around layer twos do analytics now has an optimism dashboard so you can go here and look at all the stats for optimistic ethereum uh so once this loads you'll be able to see it's loading it up here uh yeah so basically there's a bunch of different metrics on here total transactions per day unique users over time um if it wants to load there we go unique users over time yeah total transactions per day cool to say that there's over 40 000 unique users now that have kind of like used um

optimism uh total transactions per day seems to have kind of like i guess like spiked a little bit during the heat of the market kind of come down a little bit and and kind of like uh uh kind of leveled out here uh then you can see average transaction cost in eth gas price per day all that sort of stuff and there's tons of kind of information here so if you want to check this out i'll link it in the description but good to see more metrics coming out around l2s i always love tracking the metrics for l2s so brantley uh kind of uh speaking of metrics brantley put out a tweet here saying that august was a monster month for ens stats most new dot eighth registrations ever 33.6 k so 33 a thousand all on ethel one and despite the high gas prices um most protocol

revenue by a long shot 2.6 million dollars of protocol revenue for for a s in kind of like august alone 527 8th worth of secondary sales on openc 6.2 times the volume in june and now 281 integrations he's got a bunch of little kind of like dashboards here from doing analytics that tracks all of this so if you want to check these out i'll link them in the youtube description as well and finally brantley also teased an early look at the redesign of the ens manager app now if you guys have been on the ens manager app you'll know that it's pretty outdated at this point uh it doesn't give you much information it doesn't really do much but you can see here in the earlier look is that you'll be able to edit a lot more about your kind of like ens and basically create an

entire profile out of it as you can see in the screenshot here you can put your crypto punk as your um as your kind of like profile picture you can have a bio you can have like your different accounts linked here your different addresses for different chains all that sort of stuff so this is just looking really really awesome um and i can't wait for this to kind of like be live i definitely want to use this to show off my on-chain profile that's for sure but anyway i think that is it for today 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