ETH's fundamentals, CowSwap launched & more - The Daily Gwei Refuel #110​​​​​ - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the daily gray refuel where i recap the latest news in the ethereum ecosystem i'm your host anthony sosano and today's the 29th of april 2021 all right everyone another great 24 hours to be in the ethereum ecosystem all-time high on etheusd at 2800 i think at time of recording and the 8th btc ratio is back above 0.05 for the first time in a very long time the last time it was there was august of 2018 but that was when the price was actually dumping against bitcoin obviously because it was the bear market um but during like an uptrend the last time it was um kind of at that level i think was was early 2018 and then before that obviously mid-2017 and you know people

talking about the flipping and things like that again and i'm abstaining from talking about the flipping at all on twitter because then i reckon the second i tweet about the flipping the ratio is just gonna dump and i'm not gonna do that i'm not gonna curse us with that but you know i put out this tweet today because i was thinking about it i'm like this just feels so inevitable to me it has always felt inevitable to me that that eth would gain you know much more on on bitcoin eventually and i think the only reason why i didn't do it sooner was because of all the kind of news that came out for bitcoin like i remember when the ratio went back up by 0.04 uh the last time the news came out that that tesla had bought btc so obviously like all you know everyone just plowed into btc

and the ratio kind of went down from there and had to have like a reset in the markets but you know as we approach things like erp one five five nine in july and the the merger the the the eighth one to e2 merger it just becomes too hard for people to ignore it anymore and i put out this tweet where i said the fundamental value drivers for ethereum and eighth were set in motion a long time ago only now is the world finally waking up to them and accepting the inevitability of ethereum uh cheers to those who had the foresight and conviction from early on you now get to reap their spoils here and you do i mean what i mean by this is eip1559 was set in motion uh in 2019 right april of 2019 when the erp was first published and since then if you had been in the

know yes it took longer to kind of come out than we thought it would but if you'd been following along you had conviction because of that that was just one reason right proof of stake you knew proof of stake if you were in ethereum you knew that it was it was making progress and it was going to launch you know sooner rather than later but if you were outside the ecosystem or if you were not paying close attention you believed the fud right you believed the the the misinformation or the disinformation that it was not um coming out ever and that ethereum would never launch proof of stake now with the merge coming up i mean we've known about the merge for a long time in the ethereum ecosystem because that was the next logical step once we had launched the beacon chain and people will tell you right like some

people will tell you it was never going to happen and then people didn't understand that the issuance would drop by like 90 which was also known for a long time i mean eric and i made the ether page with the eth2 economics a long long time ago like the eighth price was under 200 and we made that page and it has not changed since then and it was just very easy to kind of look at that and be like okay well once this happens e you know the ethernet is dropping 90 so those two major factors now that the market is now seemingly beginning to price in have been known for so long which is always hilarious to me and this is why i don't believe in the efficient market hypothesis it is total because the efficient market hypothesis assumes that every market participant has the same amount of knowledge right

has and that the market pretty much knows you know the kind of like i guess the markets run by people and it assumes that the people are kind of like on the same page about everything which i always thought was stupid because they're not you know not just within the crypto ecosystem itself but think about all the new people coming in now and a lot of you might be new to the ecosystem you didn't know about one five five nine until you came into where you didn't know about proof of stake you know even if you knew about it maybe you didn't even understand it until recently right it takes some time to to digest this stuff but this is the reason why if you're early right and you can see this and you have conviction you have the foresight you're greatly rewarded for it and all

of my friends like that that sat through the bear market and kept buying eighth and like held onto the eighth because they they knew what was coming uh you know they're all they're all pretty much like financially independent now so like if you have the foresight and conviction to do this you do very well in investing in general and all that isn't to say this is investment advice or anything like that but i've always taken the long-term outlook on on everything personally and i've always um you know suggested that people to do that if they want to kind of play in these markets because this is what this is the reward you get for having long-term conviction and now don't get me wrong this wasn't a sure thing right there was no certainty here it was a calculated bet that you made and you had faith

and you had conviction that all of this stuff was going to get delivered i i never once kind of like um i guess uh faulted in in thinking that i guess proof of stake was going to be delivered with one five five nine it was a little bit touch and go there for a while where it was like you know this isn't making as much progress as we would want but then you know tim biker came on board as the champion and he really pushed it along and that happened a while ago now and he really really pushed it along and he kind of like made it into reality so if you kind of like we're following that and the core developments and stuff and listening to you know even before i started this uh youtube show listening to eric and i on um the ether

weekly podcast uh weekly recap podcast we we spoke about all this on there as well so as long as you had been paying attention you knew you know what was coming what was changing and then kind of like i think it's so powerful and i think that the the early believers really do deserve it at the end of the day for for having that conviction so yeah and i hope i hope some of you listening to this or most of you listening and watching this um a part of that cohort right um and that's not to say that like you know i believe like buying now is buying too late or whatever like obviously i gave kind of my prediction the other day that i think ethel would go to a hundred thousand dollars sooner rather than later based on a bunch of fundamental drivers

i still think that i still haven't sold in the eighth and i'm still not planning to sell any eighth um i just i i can't bring myself to do it like it's just it's insane like eight should be worth the trillion dollars already it's it's worth what 320 billion today it should already be worth a trillion in my mind given how much value there is being kind of like generated and and the potential for growth and you know i won't go through the bookcase again but i think always just looking back and you know in hindsight it might be obvious to say oh well you know looking back now you know all those things were obvious price drivers it's like well you know at the time they weren't at the time it required faith and conviction uh and and if you were kind of like uh

you know clued in enough and plugged in enough to the ecosystem you got to kind of reap the rewards here so yeah anyway i'll leave it at that um there's another tweet i wanted to go over got to do i guess with price was uh well i mean santiago as i said i talk about him every day at this point but he put out this tweet that's a screenshot of jpmorgan report it was the same one i spoke about yesterday but i didn't read out this quote and the quote from jp morgan basically states btc is more of a crypto commodity than currency and competes with gold as a story of value whereas eth is the backbone of the crypto native economy to the extent owning a share of the potential activity is more valuable it should outperform btsc over the long run it's wild to see jp morgan say this

because this is like the bull case for ethereum is that it not only you know is a superset of btc where it actually does what btc does but better but it also uh has the utility to back it up which is like a massive price driver or a value driver besides just being gold and storage value i actually think bitcoin has made the critical mistake of painting themselves into a corner by limiting btc just to digital gold that has a ceiling on it in my mind that is always going to get compared to two other stores of value like gold or kind of like um things like that i don't think they dreamt big enough at all i think they put a cap on it and they'll say you know oh well you know bitcoin is like a hundred a thousand times better than gold so it's

going to be worth a hundred and thousand times but more and then to that i say well eth is a hundred times at least better than btc in my mind it has a better monetary policy it has better value accrual drivers from utility and it just it it's a it's an all-round better asset and ecosystem and ethereum social lay isn't broken i believe bitcoin social lay is broken um beyond repair to be honest uh whereas ethereum's isn't at this stage maybe it does in the future but i don't see it at this stage so from that point of view i believe and have always believed in the flipping and i'm not gonna you know i'm not gonna talk about it it may not even happen on this run for eth right but i believe that it would inevitably happen because of the fact that eth as jp morgan puts it here is the

backbone of the crypto native economy and on top of that is going to be the backbone of the entire economy one day i truly truly believe that that's where my conviction comes from so that's why i keep stacking right even at these prices who cares like this is this is still cheap to me um keep stacking keep holding you know um if you need to take profits it's fine like everyone should be taking profits if they have their own personal sell goals and you shouldn't be moving your targets too much uh at the end of the day everyone's in their own individual position right uh and you know uh if you if you kind of like want to buy something nice for yourself or or but you know depending on how much money you made buy a car buy a house whatever no one's going to blame you for that i'm

not going to blame you for that i think there was a thing in the in the bitcoin community where they actually shame people for selling btc which i always thought was was beyond stupid i'm not going to shame anyone for selling eighth that's just dumb but if you do sell and you sell to cash and you just want to sit on cash well you have the opportunity to yield farming in d5 right you don't have to go to fiat just put it in the yield farm like as long as you're comfortable with the risks of course but you know and start earning an outsized yield on your usd which is which is also awesome because maybe you just want to de-risk right maybe you just want to take some profits take profits to stable coins yield farming eth right you don't have to leave ethereum anymore

which is awesome and which is my my main driving thesis behind why i think we're not going to get another two-year bear market is because the utility is too great the utility is greater than the i guess you know downward pressure and forces that will be placed on the crypto markets eventually and that that means we'll in my mind get a faster recovery in a downtrend rather than two-year bear market i just i can't see that happen but anyway leaving it at that with the price talk for today uh i do want to mention that i mean i guess lasting on the price because the price has gone up so much uh the ethereum foundation now has 1.2 billion dollars worth of a war chest here this is insane and they only have 430 000 eth which is a tiny

portion of the supply it's like 0.3 of the supply and obviously they had more more than that back in the day but since 2015 they've been spending this eighth for developments and obviously ethan was worth like between one and ten dollars for a long time as well there during the early days which required a lot of spending so the fact that they've still got 1.2 billion dollars is is quite cool but at the same time as uh as joseph delong and i kind of pointed out here in the comments he says if only they deploy it for core devs and then i followed up and said i do also wish they were much more aggressive with how they spend this money and yes the quartet should be getting a healthy chunk of it i mean yeah i feel like sitting on 1.2 billion dollars in and is you know i know you can't

throw money at a lot of these problems to speed up the development but i think that the ethereum foundation could be doing more with this money to um you know to be honest and you know i remember actually back in the bear market talking to people and they were and some of them were like you know why does ether need to go up in value who cares like it's fine we can keep building things and it's like okay well i mean this should be obvious but let me let me spell it out for you essentially um if the ethereum foundation has 430 000 eth right which they do currently every time the eth price goes up by just one dollar the ethereum foundation now has 430 000 more to spend right to allocate to keep in their war chest and and spend later so to speak so that when

i when i put it like that to these sorts of people it clicked for them they're like oh okay that really makes sense i'm like well yeah of course it makes sense like i don't i don't understand how it can't but anyway some people need that kind of analogy but you know and at this point in time i mean i'm glad that the ethereum foundation has this war chest but they need to be more aggressive with spending it i don't like seeing 1.2 billion dollars worth of kind of sitting here when it could be going towards like a bunch of other kind of things and don't get me wrong the ethiopian foundation already employs i mean they don't technically employ anyone it's all contractors i think but uh you know they are they basically already pay out a lot of money to to you know to have these people on

board obviously a lot of the core developments done through there and stuff like that they give out grants and they find a bunch of different things they've been funding bitcoin grants and stuff too so that's fine but from that from this from the perspective where i'm sitting right now it's like okay well you need to if just burn just burn through this money like just i mean don't throw it at the the wrong things but like spend more of it because the more you spend the more bank feel kind of like buck you get so to speak um but yeah still still cool to see that that this is like this because i mean if you think about it back in the day the theorem foundation when the like when they were first starting out um what ended up happening was the ethereum crowd sale was done in for btc so they

raised btc and then btc's price halved it halved and they didn't sell anything because eth wasn't live yet so essentially uh they had half of it and they almost went broke and then the you know the network went live and eth got a price and then the market recovered btsd started going up again eight started going up again but then vitalik had the foresight at the end of 2017 to de-risk here so he ended up selling a huge chunk of the ethereum foundation's eth for about 80 million dollars end of 2017 before the market turned down so i think he learned from the early days there which was cool so yeah they have fiat reserves they have obviously this massive eighth ward chest here um i just yeah i hope to see them kind of

like continue to spend this make sure you don't sit on it like a dragon hoarding it's gold so to speak but yeah i'll leave it at that for now so diversify i have launched a new feature today called d5 pooling you can basically lend into d5 protocols directly from within layer 2 instantly privately and with zero gas fees so compound cusd is first on the menu here uh so basically i guess how this works is that you'll be able to buy like c usd uh oh sorry you're able to supply um to to compound here and then diversify will kind of uh handle it all in the background for you and issue you that c usdc a usdt or you know uh other compound assets will be supported here

this is what we need going forward and this is why i think the people who said stuff like oh fragmented liquidity is gonna kill layer twos we're completely dead wrong because we're already mostly solving this fragmented liquidity problem through a number of different means i've spoken about how starkwear have their caspian amm going live where you can actually harness l1 liquidity at l2 diversify is built on starkware and they're doing and they're using this technology to power their layer 2 exchange here but they're not just an exchange anymore they're also letting you go into default protocols right i spoke about yesterday how we have batched onboarding and kind of like batched layer two stuff going on with with seller network and and stuff like that connects networks doing bridges between them um

i just i always thought the l2 fragmented liquidity argument was so was so dumb and then i always kind of saw people shilling some other chain and being like oh well this chain scales at layer one we'll just use this it's like well okay so instead of layer two fragmented liquidity we now have layer one fragmented liquidity okay you've solved the problem it's it's so stupid there was always gonna be bridges between every layer two every chain right every exchange all of these kind of things it's just gonna be bridges and i think the bridges are gonna accrue a lot of the value too because they're gonna be able to essentially capture the value transfer from i guess like a lot of these other chains and a lot of um exchanges and things like that so that's something that i've been bullish on for quite a while but

yeah great to see more innovation coming out of diversify here one of my favorite apps on ethereum just been quietly building for a while and you know building on layer 2 layer 2 exchange kind of like what loop ring has been doing uh on and but diversify is building on star ware whereas loopering is using its own technology so yeah good to see the differentiators there but really cool release from diversified today so coindesk put out an article where they announced that the asset manager wisdom tree which i think is a pretty big asset manager has listed its ethereum exchange traded product on the deutsche boises voices of boise's extra market in frankfurt and the swiss stock exchange in zurich so an exchange traded product is essentially i think the eu version of or i guess like maybe not the eu

version but like the the um the swiss version of uh of an etf i believe or the german or swiss version of etfs i believe i may be wrong and someone correct me in the comments if i am here um uh but essentially uh okay and they've also got like an application to list a bitcoin etf in the us that's that's that's good to know too but yeah i mean this is just more institutional eat products going live and you know i've been thinking about it lately and i've spoken to a few people about this i think this current 8th rally and the 8th rally over maybe the least the last few weeks is more and more institutional driven now because institutions um they have been underweight i think on eth because they i think for a time they were just like

allocating to btc and being like okay well you know let's see if eath proves itself let's see if ethe outperforms bitcoin but also regulatory stuff as well they had to get the sign off there and the products probably weren't there for them to so i think from that perspective a lot of people have been underexposed to ethan that's why we're seeing the eighth price kind of like i guess go up like it is right now and you know i saw a tweet before that was saying that the price is rising um slowly right now but that's because the buyers don't want to you know people want to buy but they're trying to buy at the cheapest price they can like no one wants to kind of like buy and kind of like pump the the eighth price up too much because then they miss out on cheaper

eath um so yeah i kind of believe that institutions are a party that will that will kind of do that as well and institutions will also only trade during business hours uh they're not going to trade on weekends or anything like that because they can't and because they can't accept how they can't access these products and things like that i have to go through regulated trading venues so from that perspective you kind of like i guess look at that and you're like okay well i'm looking forward to seeing q2 earnings reports for public companies because maybe one or two of them have bought eighth we'll have to see but yeah great to see more i guess institutional support coming for ether and great to see uh i i guess like this um this ethereum exchange trader product going live on uh traditional finance exchange here

so tom schmidt has been monitoring metamasks swap daily active users and volumes so he put out this first tweet on february 10th where he said metamask was printing 170 000 a day in fees uh now he put out an update here saying that their daily active users are up three times and volumes and revenues are up two times so they're making four hundred thousand dollars a day in fees which is absolutely incredible right that is what i mean if you if you annualize that out at 365 days and 400k um you know i'm gonna do head math right now forgive me for getting this wrong but like 180 million dollars or probably less than that a year for for swap fees and that's pure profit

right because what metamask swap does is it's it's basically a button in minimizer you click and it aggregates a bunch of other kind of decentralized exchanges and other aggregators and it also um lays on a point eight percent fee on top of that so you know and and people are saying oh you know no one's gonna use this because the fees are too high it's like well that's not the product for you this product is for uh newer people really for people who just want the the convenience that they don't know how to use dexes and stuff like that yet so they just use this swap feature so that's why metamask is absolutely printing money right now for the team and they're profitable like extremely profitable now do i think this is going to lead to them issuing a token maybe they don't need to though i i remember i i said

like a few months ago that i i gave out like an almost hundred percent certainty that they would issue a token but i underestimated how much money they would be printing from fees here so i think that maybe that's they might still issue a token but i don't think it's necessary like why would they issue a token it's like a liability they're making a ton of money anyway um maybe they want to decentralize metamask out but i don't know i mean we'll see i don't know they're just they're printing cash i don't see a reason for them to do it but they may just do it because that's what you do in crypto we'll have to keep an eye on that um but yeah i wouldn't say it's 100 certainty anymore it's probably like a coin toss at this stage whether they do it or not

so no cis announced yesterday that they've launched gnosis protocol v2 and they've launched something called cow swap in partnership with a balancer so what cow swap does is it essentially allows you to protect your trades from mav and save up to 90 of the gas costs on your trades now the reason why it's called cow swap is because it's uh the cow stands for coincidence of wants which is the concept of uh essentially explained it here it's an economic phenomenon where two parties each hold an item the other once so they exchange these items directly so this is what cow swap does it essentially leverages batch auctions and then trades can be matched against each other by doing this which means there's zero exposure to mav and and

fees right the fees that fees are quite quite a bit lower as well because users submit their orders off chain uh no more gas costs or any failed transactions here uh now this is really cool i mean mev has been the hottest topic over the last i guess like a couple of months in in the ethereum ecosystem and a lot of people have been talking about okay well how do we kind of like make it make the mev um you know flow back to to eat holders and that we do that through one five five nine but mev we wanna solve right we wanna make sure that we can uh you know remove a lot of the negative externalities of this and protect users from mev there's multiple ways we do this justin drake speaks about speaks a lot about this on his podcast with bankless which i highly recommend

going and listening to i think he's done three now yeah the other one came out yesterday sorry a new one came out yesterday um but you know we need to kind of like make sure that mev as a as a concept is is is kind of mitigated or maybe it's like in practice as well he's mitigated because it's it's really just taking value away from users at the end of the day and users are the ones losing here and it's very toxic so how we do that is things like cow swap right eip1559 mitigate some mev i believe last time i checked uh and and also there's a bunch of crypto economic things you can do um you know random transaction ordering stuff like that but that's going to take more time to get there so i'm just really excited to see more

mev minimization techniques go live i think there was another exchange recently um i keep it that's right keep it down keep it down um there's archer protocol there's a bunch of them right now they just need adoption at the end of the day because pretty much like a lot of the mev happens most of the mvp happens between decentralized exchange trading and when you look at the the dominance of decentralized exchanges right now it's mostly uniswap so these things will only i get adoption i think maybe once uni swap kind of joins the fray here and maybe routes users to it um or it just like takes a while to get there because most people aren't going to be using kind of cow swap right they're going to be using unispot because unisop has the brand and everything like that uh but still good to see this and i guess congrats to

gnosis on releasing v2 of their protocol uh nurses have been around for a very long time very ethereum aligned team love what they're building here uh and keep and i hope they keep up the good work with with all these innovative products so ali uh put out this a really great tweet today that i wrote about in my newsletter but basically the tweet says ethereum is winning because it's been focusing on the right things bls aggregation data availability proof of stake zero knowledge or zk sharding out layer two minimum viable issuance imperative programming model and then he goes on to say uh he or she i don't actually know um stop whining about maximalism and do useful work for a change you low-flow marketing adult piece of number go up junk i thought that was quite funny because

um low-flow marketing adult piece of number go up junk was referring to a lot of these other kind of chains that are launching with very low circulating supplies because they're full of vcs um and oh my god this the first tweet here bnb will flip your eth it's so so dumb anyway i want to focus on the tweet now this is so true ethereum has chosen the right things to focus on for years now it has not taken shortcuts to get there proof of stake took so long to get to ship because we didn't take shortcuts we wanted to do it right we wanted to deliver something that has lasting value that will last for centuries that will not be you know that will not be taken down by nation states sharding we want to get right and we want to do it we want to do it in

a safe way layer 2 we want to get right because we want to be able to scale ethereum while inheriting its security properties essentially layer two at its very core should just do one thing very well and that's increase the available block space on ethereum right increase the available kind of throughput because that's what users care about data availability is also a big issue i read about this in the in the delegate newsletter the other day um it's an open research topic and bls aggregation is actually one of the key technical breakthroughs that proof of stake uses in ethereum and that's what allows us to get to hundreds of thousands of validators and bls aggregation was actually one of the things that took the longest i believe to get right and that's why it took you know a considerable amount of time one of the reasons why i took a considerable

amount of time to get proof of stake and then he says here he or she sorry says minimum viable issuance which is ethereum's monetary policy so erp and perpetual issuance um that took a while to to kind of i guess no one kind of centrally planned it the community planned it the community came together and kind of like came up with that so that took a while to get there and on that note as well i i've had this prevailing kind of like thought fro for a while now and it's it's been like i guess a couple of years where i think that ethereum's monetary policy is actually more fair than bitcoins because we think about it bitcoin's monetary policy was set by one person or group satoshi they said it from the beginning they said 21 million cap four every four years it halves and

that's it whereas ethereum's emerged organically the monetary policy for ethereum when it first was created was essentially non-existent it was just like okay we're just going to issue this eth it's going to be used as gas to power the network there we go all cool then over time people were like well okay let's let's define this let's come up with a with a model that the community actually has a say in and you know eric and i published a page on ether that a lot of the community had a big say in which was minimum viable or minimum necessary issuance which basically means issuing the minimum amount of eth required to secure the chain and this is why we have uh perpetual issuance with proof of stake and then we have uh erp-1559 fee burning to basically make each deflationary

while still keeping it secure so from that point of view i think ethereum's monetary policy is better and fairer and more democratic and and more neutral and decentralized than bitcoins ever has ever been and i know bitcoiners will often argue well the the um the value prop is that the monetary policy doesn't change right it's set in stone i think that's crap like why would you why would you keep something set in stone if you know that it's not the best that it can be that's ethereum's motto it's like we know that we can do better so we do better um and you know i i'm fine with like bitcoin is believing whatever they want to believe and and lots of people believe that but i just don't think it makes for a for for us for a great asset i think ether is a better asset than btc

because it's designed to be a better asset based on new knowledge right and and kind of like uh iteration and and all that sort of stuff and justin drake talks about this a lot on the bankless podcast again recommend listening to those um but yeah just a really great tweet here i mean as i said wrote about more of it in the delegate newsletter you can go read uh read some more there but i essentially gave the tl dr yeah tldr on on the refuel here so i'll leave that one at that for now so raul from uh the pride labs team posted a thread today which uh basically went through a main net incident retrospective for the bug that happened the other day uh with the prism client now this is a long and technical read 30 minute read here

i highly suggest going giving it a read if you want to know exactly what happened in the timeline of events and everything um but there's also a tldr thread as well that i'll link in the youtube description too um what i did want to comment on about this because i've already obviously spoken about what happened but what i did want to comment on was the fact that the prylabs team is world class they are just i mean from the very beginning since i've been following them in my mind in my eyes they've done everything right they give a very detailed uh reports like they have here right of incident reports very detailed overviews of everything they've been doing bi-weekly reports for for ages for their for their for their um uh for for the progress that they're making on their client and

things like that or have made um they've been extremely professional and very committed and super aligned with ethereum obviously uh one of my favorite teams in the space hands down and just they just keep blowing me away with what what what they're doing what they're building and that's what to say that the other teams aren't doing the same thing but prior labs have been very vocal uh you know and and and i think they're the most well-known eth2 client team but sigma prime and with lighthouse is doing an amazing job too uh status with nimbus as well and um teku is doing a great job as well there um so yeah i just but i have like deep respect for any team in in kind of like this ecosystem that takes their work extremely

seriously and doesn't just spend all day kind of like yelling at people on twitter or meaning about things all the time like there's a time and place for that but when it comes to the real work and work that actually impacts people's money you need to take it very seriously so i'm glad to see that from the from the prylabs team here but i'll stop gushing over them last thing to talk about is a polygon release today a d5 for all fund which is a 150 million dollar d5 fund which basically aims to make d5 more accessible and cost effective and bring the next million users into d5 now they've launched this uh with uh i i guess um with the support of a bunch of different kind of like d5 protocols here uh they've basically committed up to two percent of the matic supply which is 150 million dollars at

the time of uh writing for this long firm term fund to continually and uh grow and support d5 over the next two to three years this is just amazing i mean i was talking about funding before with uh the um ethereum foundation right having that massive war chest but you know all of these teams now have massive war chests like the polygon team because the medic price has gone up uh unisop obviously has a massive war chest a lot of the other d5 apps do as well because they have these tokens and putting that to work is imperative sitting on it is not the way forward sitting on it is actually bearish because it means that you have all this capital that you could be you know making the most of right now to to basically increase the value of the entire ecosystem by spending it

um you know you spend money to make money so to speak so i'm really glad to see this from polygon i'm really happy that it's coming out of i guess like um you know the totalmatic supply here because that makes sense right the more value that polygon adds uh you know the the the higher theoretically the magic token price goes and everything like that which is which is really cool um so yeah i mean disclosure i'm an advisor to polygon as most of you know but i think you know this is one of the reasons i am because they're just so aligned with the ecosystem you know and they're just like they're so um hard at work getting um d5 like with this d5 for all thing where they want everyone to be able to use d5 with kind of lower fees here and things

like that so uh yeah i i just really awesome to see this um but i'll leave it at that for now that is it for today thank you everyone for listening and watching be sure to subscribe to the youtube 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