Euro Coin announced, CeFi is not DeFi and more - The Daily Gwei Refuel #388 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the daily gray refuel where you cap the latest news in the theorem ecosystem i'm your host anthony sunner and today the 17th of june 2022 all right everyone let's get into it so just wanted to give a shout out here to a new account on twitter that's been spun up by a daily great community member uh you may have seen them around the discord channel before their name is zkbend.eth now they've set this uh kind of like a twitter account daily gray underscore tv up basically to share uh i guess like segments from the daily way refuel so you if you go to the page you can obviously follow it i'll link it in youtube description below um but basically you can see little clips yeah like a 30 second clip from uh kind of like yesterday's refuel and what i was

talking about with regards to the bear markets uh kind of like a few different different summaries of what was spoken about on kind of like the refuel in terms of other topics and things like that and then just more clips here so this is really cool to see i love that this was organic uh i didn't approach uh zk ben about this here he kind of like came to me with it and it's like hey this is an idea i've had i'm like yeah sure go for it this is awesome like i think it's great that we can kind of condense down some of the things i say into more bite-sized things especially and document them on twitter because often i'll have people asking if i've spoken about a topic before and usually i have uh and but it's just very hard for me to go back through the refills

and search for that so being able to search through it on twitter would would be really really good there so thank you again to to kind of like zk ben for doing this uh you know if you want to give your kudos to him in the discord channel feel free to do so as well there uh but this is cool i think this is going to be great i'm really looking forward to just having these clips out there having more people find the channel because of those clips as well i think it acts as a nice little marketing and kind of like um uh marketing and kind of like funnel into the daily grey refuel so yeah go give this account a follow i'll link it in the youtube description below all right so i think the biggest news of the last 24 hours was that circle is

launching a euro a stable coin that they're calling a naturally eurocoin right they have usd coin which is usdc and now they're going to have euro coin which is euro c which i guess looks weird when i look at it usdc kind of like i don't know it just looks natural to me but euro c looks a little bit weird but i guess like the ticker doesn't matter at the end of the day uh but this coin will be going live on ethereum main net and available to mint and redeem on june 30th now this isn't the first time a um uh that there's been a kind of like a euro stable coin attempted there's a few out there they have very low liquidity in market caps i believe tethers one is the largest and it's quite low in terms of market cap and liquidity it's just

not very popular obviously the entire ecosystem pretty much denominates in usd and so does most of the world right like usd is the world reserve currency and also you know there are some questions about eurocoin uh kind of people kind of questioning it saying you know the euro right now isn't in a great spot the eu isn't in a great spot like are they just launching this at a time when uh kind of like the euro seems like it's falling apart i mean maybe maybe not who knows right that's kind of something i guess more complicated to consider but what i wanted to talk about was the chances of success within crypto of something like this the hardest thing i think for stable coins or for just maybe kind of like most anything that you can consider a payment token is network effect and integrations

uh and liquidity and the quality falls until network effect but integrations and liquidity and network network effect right if anyone's going to make a euro stablecoin be successful it's going to be circle because usd coin and usdc is obviously ultra successful it is really the only contender to tether there is busd but i guess like binance was able to spin up their own stablecoin because they own an entire exchange right so they have like the liquidity there already and the integrations they can do there already and binance is the world's biggest exchange so uh yeah i think circles has a pretty good shot of um of kind of like doing this because they have the connections they have the integration partners they have the market makers that can provide liquidity they have the know-how of how to do this right they've already been

doing that with uh with usdc for a while now and they've proved they can grow something and they have a lot of trust that's a good brand they have a lot of um a lot of trust a lot of uh i guess like uh they've already done a lot of the regulatory work so i would i would say that this probably has a higher chance of success than than than um kind of like the other ones out there but it also depends on like what the appetite is for something like this uh honestly i've never personally felt the need to ever interact with the the euro right like unless i'm actually in europe and traveling i just have no use for it uh but i mean i'm in a unique position because i'm in australia i don't really use the usd stable coins that much

either uh but i think that just generally the space is just going to continue to be denominated in usd so from that perspective the usd stable coins will reign supreme for a very long time they'll have the most liquidity the most market cap but it doesn't mean there can't be i guess like another stable coin or another another popular fiat currency and i think this would obviously be very popular with people that are in europe so it's just easier for kind of like tax purposes for example in australia i don't know if this were if this is kind of like true for every country in europe or any other countries in europe but in australia like it's a capital event every time i go between usd and aud so for example if i buy usd with uh with aud and i hold it for like a week and

then i make some money on it because the the because i kind of like aud went up against usd well any of the money i made on it is subject to capital gains tax so just it's just annoying taxable events on every single transaction doesn't matter the size of it so i just avoid usd stable coins most of the time like if i ever go into them it's basically within the same day like i'll buy it and then i'll dispose of it in some way maybe i'll buy it because i want to go buy something on chain that's not available on a centralized exchange or i'm doing kind of like one of my angel investments which is usually done in stable coins uh but i think that's true for for parts of of europe as well where going to usd from from euro would incur

these taxable events that are just super annoying so being able to go to kind of like a euro stable coin and denominating that and trading in and out of that is just much easier from a tax perspective as well so i think it's going to be popular with people in europe for sure and it's and it hopefully brings more liquidity into the space as well from i guess like the from europe i mean the us is still the biggest market in crypto but the european market isn't small definitely not and the asian market's quite big as well but uh i'm not sure uh if anyone is there's attempt doing a yen stable coin uh sorry not against tablecom yuan stablecoin uh just because china will probably crack down pretty hard on that so i think that's why we haven't seen that yet uh and um you know

there's not really that many other popular current fiat currencies that people are kind of like i guess banging on the door to have a stable coin within crypto for like i don't know anyone who wants an aud stablecoin except people in australia that are into crypto and at this point in time there's not that many people who would actually actively use an aud stable coin within australia so it doesn't really make much sense there same for you know even some of the most popular kind of like stable coins out there and then regulations is obviously something to consider as well so i'm going to keep an eye on this see how the euro stable coin goes i think as i said circle has a good shot here they already have all the existing infrastructure integrations partnerships connections liquidity connections all that sort of stuff they already have all of it in

place they know how to play the game when it comes to stable coins so we're going to see how this goes and it goes without saying that this is 100 centralized this is not an attempt at a decentralized euro stable coin it is uh exact it's going to be exactly the same as as usdc in terms of its centralization it may or may not be more centralized uh just from the fact that it's it's kind of like the different currency depends on the regulations but i mean i would consider usdc to be 100 centralized right now anyway so it can't be more than 100 centralized so but i don't think anyone kind of like uh is under the impression that this is something that he's decentralized so yeah cool to see this i'm going to keep an eye on it that's for sure all right so i mentioned yesterday the

great glacier hard fork was announced to basically that's basically going to be happening on june 29th to delay the difficulty bomb by about two to three months now this is the official announcement that has come off the ethereum blog here shared by tim baiko uh and you can see the block number that this is going to be triggered at 15 million and 50 000 is the block number all of the links to the relevant client downloads are in this blog post here with a few a bit more information there and now speaking of tim biker as well i just wanted to quickly remind you guys that i am doing a uh twitter spaces today uh by the time you watch this i i may have already done it but i'm doing a twitter spaces today on the ssv network twitter account so if you kind

of like search that you'll be able to find it i'm doing it with tim bico this is part of an eight-week educational series that i'm doing with ssv.network on the merch and we're basically going to be interviewing well i'm basically going to be interviewing different people starting with tim and there's going to be a new guest each week for eight weeks here so looking forward to the conversation with tim a lot of it is going to be uh noob friendly it is not going to be diving too deep into what's got to do with the merge it's going to be very high level uh because the whole point of it is to basically educate newer people or educate people who may not know anything about the merge about the merge and i can't wait to talk to tim i mean he's obviously one of the

foremost experts on everything got to do with the merge and the conversation will go for about an hour so hopefully we'll be able to cover a lot of the meaty stuff there but you can go to ssv.network on twitter and set a reminder for the spaces it is for reference happening at 10 a.m my time so 10 a.m australian eastern standard time whatever that is for you i'm not sure but i'm pretty sure it's evening in the u.s uh and very late european time but it is going to be recorded so don't stress if you can't make it to the live session there all right so uh there was this tweet today from the bank of international settlements talking about mev and they basically said uh minor extractable value in crypto and d5 is so pervasive that at times it accounts for one out of

every 30 ethereum transactions this market manipulation also crimps the capacity of the ether of the entire ethereum blockchain and have a little chart here of um mev transactions uh versus kind of like normal ones or kind of like gas used there oh sorry percentage of gas used there what i find funny about like this tweet is that there is so much wrong with it that i can't help but laugh what they get wrong is that they're implying that mav or mav is pervasive is toxic when in reality as i've explained before on the refuel there's only i mean not only but like there's there's specific things that are toxic right sandwich attacks uh front running back running time-banded attacks like those things are kind of the toxic

mav right but then there is normal mev that happens in in kind of like every market and and the the most obvious of that is in arbitrage right arbitraging the price between two different liquidity pools or two different exchanges and that doesn't just happen within ethereum or within blockchains that happens on uh i guess like the traditional finance system as well and there's actually something in the traditional finance system called payment for order flow which is basically mav and you know high frequency traders even go to the point of kind of like moving their operations as close as possible to the clearinghouse of the exchange in order to get the lowest latency possible to where it's kind of like cleared there so the mev has existed within the traditional finance system since

basically day one and i think if you really take mev to its logical conclusion in in terms of like a concept and don't focus on the m of mev focus on the eevee extractable value if you take that to its logical conclusion then basically what you're looking at is people will do whatever it takes to get the maximum value out of whatever financial transaction that they're trying to do right and it becomes a game of what gamers call min maxing which is basically eking out every little bit of efficiency that you can from the the tools that you basically have available to you so in video games it's getting the best gear you know maybe you're enchanting it with sp specific enchantments maybe you're kind of like um uh depending on what the game is putting like gems in it to give it but i'm making wow references now world of

warcraft references now but basically you want to get to a point where you you get as close as possible to 100 efficiency for your character the same is true for mev and for just extractable value in general when you're doing mav on chain what you're what you're trying to do is maximize the amount of value that you can extract from whatever type of mmv that you're doing with uh with kind of like the tools that you have available to you and a lot and take that to its logical conclusion mav can end up actually very very bad for a crypto network but there's tools being worked on obviously to mitigate a lot of the toxic mev to make it fairer more democratized to make sure that we don't get to that point where it starts to stabilizing the chain because

it could one day lead to that like it just depends right there there's no point saying it can't lead to that because it certainly can uh but you know within the traditional finance system i mean they there's there's mev but the thing is it's it's closed off it's opaque it's it's kind of like permissioned it's not democratized and it's kind of like trying i mean they attempt to regulate it away but they can't really write i mean insider uh kind of i guess like information is a is a is a type of like ev not i guess like not minor extractable value but it's a time of type of ev because you're using that insider information to extract value from the market and you're using information that the market does not have access to so obviously that's illegal in securities but it's so hard to enforce i mean

like look at how blatantly a lot of the politicians in the u.s do insider trading and and there's just no enforcement at all there and then look at just wall street in general and how blatantly they do it there so insider trading is extremely hard to enforce and i would say that there's probably a very small percentage that actually gets caught and gets enforced on and the same is true for for kind of like um things like extracting value out of uh out of the traditional markets and out of crypto i mean there's no enforcement in crypto like anyone can do mev on on kind of like the chain and the way that we are trying to solve mev is via uh these kind of like tools such as flash bots and and and kind of like doing upgrades on the base layer to make

it so that it's more democratized fairer and we kind of get rid of as much toxic mev as possible so when the content of mav comes up it's a lot more nuanced than what the bank of international sentiment says here but i mean i don't really expect them to have the nuanced views um and they're kind of like flooding i guess crypto here but it was still wild to see them tweeting about this uh i guess because the bis is obviously a huge organization in the traditional finance world and for them to be tweeting about uh mev here is is pretty funny to me at least all right so the latest in the three arrows capital drama here is a tweet from db which is refer referring to uh the block article where they said ftx derebit and bitmex have liquidated three arrows capitals positions sources tell

the block three arrows owes a bit max around six million dollars i said one of the sources now from everything that i've seen su zu and kyle davies the two co-founders of 3rs capital have been uncontactable no one can get in contact with them they've seriously just ghosted everyone that's so so bad like i can't even begin to describe how bad that is not only are they not paying their debts they're not even talking to people about it so i can't see a i i really can't see a world in which they don't end up in jail as well like i know i've said this about um uh what's his name dokwan before and with terror and that you know i'm still kind of pretty confident that he's eventually going to end up with either paying out massive fines in in lawsuits

or serving some sort of jail time but i mean at least it was there at least he was able to be contacted three hours have taken this to the next level and like not being able to be contacted not even being able to contact any kind of like lawyers from what i know that's that's like next level this is like i mean this is in that you can prove intent here like when it comes to criminal cases it's all about intent right so if you can prove intent to defraud if you can improve intent to intend to kind of like i guess not pay their debts back which it's pretty easy to prove if they're not even uh being being able to be contacted if they're just kind of like on the run so to speak well then it's much easier to prove this case now whether that results in jail

time or not is a whole another ball game or it could result in a massive fine a settlement any and then it usually does with financial cases so um but still guys like the point of bringing this up again is that like i know i go on about leverage all the time uh but the thing is is that what i think the the main lesson you should take away from this is that like it doesn't matter how much money you have leverage kills anyone and everyone to kind of like depending how degenerate you want to get with it because the market can move so quickly against you and i know i've spoken about this a lot but i i really do get scared sometimes that that like a lot of people they'll see the kind of like i guess quote unquote bottom that they think we're in right now uh and be

like oh wow the price is so cheap eight is so cheap i don't have enough money to buy as much as i want so i'll just do a little bit of leverage right leverage can be addicting so let's do a little bit here and then the price moves up again right so like let me give you kind of like an example here of how you can get quickly wrecked very quickly wrecked say you buy in it's the eighth is that a thousand bucks you take on some leverage you have a liquidation price of i don't know 700 or something like that right to start with you think you're relatively safe you're like 700 it can't possibly go to that or maybe your declaration price is 500 maybe i'll do it at 500 just to illustrate a point because that right now would seem safe to a lot of

people then the price starts going up so you go to the 1200 1300 you start getting fomo you're like oh crap i didn't buy enough i need to buy more so you take out more from your i guess make a vault for an example you take out more dye you buy more eat your liquidation price creeped up again it goes up to what six 700 or something like that you're like oh it's fine the price is at thirteen hundred dollars now and it kind of like the math works right like it was a five hundred when eighth was a thousand now it's at seven hundred we need eighty three thirteen hundred it's the same thing right okay okay let's keep going price skyrockets seventeen eighteen hundred bucks you're like oh my god the bull market's back i'm gonna buy more and then your liquidation price ends up at a thousand

dollars and then you're like no but it's safe it's safe it's basically the same as what it was when i first entered okay okay okay and then the market dumps and then it goes down you're like oh no this is just a correction it's fine it's fine it's a correction we're gonna go back up uh you know the bull market's back it's fine and then it keeps going down it keeps going down you start panicking like oh i need to sell some things to pay back my debt you start selling things you start paying down the debt but you can't pay it all down because you bought at a higher price so your liquidation price doesn't get back to that original 500 that you had it at it maybe you can get it down to 900 maybe you can get it down to 850.

and then it kind of like slices to a thousand and goes to that and you get liquidated right so you can see how easily it can happen like and how quickly it can happen without you even noticing because you basically think that you're playing it safe when in reality all you're doing is getting trapped and this is common terms in in kind of like trading of a bull and a bear trap and what that basically means is that the market at any given time can trap people in their positions where they're basically levered up at a higher price and the price goes down and they're trapped they're like i don't want to exit yet because if i exit now i'm taking a loss and you know i'll have to find money elsewhere to pay back my debt so they wait for the market to go back up but

the market doesn't go back up the market keeps going down and i think that's exactly what happened to three arrows here right they just caught in a got caught in a massive bull trap they live it up too much and they got liquidated and then they just didn't have the money to pay back their debts so that's just a i think a very clear way of illustrating how dangerous leverage can be especially when you think the market is going up especially if you're a newer person and you're not used to the extreme volatility of crypto that's where most people get wrecked i think even if you think you're playing it safe that's where most people end up getting wrecked uh and hopefully that that kind of illustrates what i'm talking about when i say that leverage is extremely dangerous it is not something that i

would ever recommend anyone to use and if you do use it you need to be extremely careful with how you use it and you need to keep your emotions in check i think the people who use leverage best are the ones that are able to keep their emotions in check because as you've seen with what happened with three arrows doesn't matter how much money you have doesn't matter how much experience you think you have doesn't matter how much uh like winning you've had in the past everyone can get caught off guard by the market and be blindsided by it and at the end of the day it's a it's a casino game and like eventually in a casino you have a you know maybe you have a win streak but eventually you lose and you could lose big you know depending on how much i mean it's the same concept right

like imagine if you're on a winning streak at a on a blackjack table and then you're like oh i can't lose right you're feeling on top of the world and you bet it all and then you lose it all right like i'm sure you you know you guys have seen stories of this and kind of like seen movies about this and heard plenty of stories about it it's the same concept really at the end of the day so just something to keep in mind when it comes to leverage i think something critically important to keep in mind and hopefully like if you are taking on leverage you understand what you're doing but all i can do is warn you guys like i can't force you guys not to take on leverage i can't force you guys to to to to kind of like um uh buy eight at a certain price

sell at a certain price like i'm never gonna do any i'm never gonna tell you what to do either i'm just gonna give you kind of like the advice that i can give you around what i've seen with leverage and kind of like impart some of my wisdom on you but i'm gonna leave it at that because i've spoken about leverage too much lately but i still think it's important so i'll kind of like leave it at that for now all right so robbie ferguson from immutable shared a pretty cool teaser video today which i'll link in the youtube description below for you to check out actually got me pretty hyped so he basically said stoke to launch immutable's next chapter powering the next generation of web3 games we're on a mission to transform digital property rights starting with gaming the next billion web 3 users will come from games

we're building so that they can do it securely with scale on layer 2. so disclaimer i'm an immutable investor here you guys know that but just want to get that out of the way but what i want to focus on here is not so much what immutable is doing but more so around kind of like where you know the belief that that we're gonna have a lot of adoption from crypto uh games or crypto gaming or i guess players things like that i do think that's true to an extent i do think that a lot of people see gaming and see how popular it is and i'm automatically assumed that okay all these people are going to come into crypto if we do crypto games we're going to onboard hundreds of millions of gamers it's going to be awesome it's not going to work like that

how it's going to work is that we need to basically create fun games and then enhance them with crypto primitives we can't create a crypto game like that's not fun and expect sustainability from that we have plenty of examples of this over the past and i've spoken about some of them before um because all that leads to is a pump and dump and then you know you get a pump and dump in both the price of the assets associated with the game and also the users for that game so i think immutable is doing it right they've been building like for a while now they've built god's unchained there's a bunch of uh there's a bunch of kind of like other um games being built on immutable guild of guardians alluvium a bunch of others out there um and i think that they're really focused on

partnerships and integrations with aaa studios and with indie studios to make sure that they make fun games and enjoyable games first and then enhance them with crypto primitives with nfts with kind of like blockchain kind of technology in general i think that's the right approach to take and that's why i'm so bullish on immutable and that's why um they're one of my only uh kind of like gaming related investments within the crypto space is because i think they're doing it right i think most are doing it wrong but i think when it comes to web3 gaming immutable is definitely doing it right there but that's not an endorsement of the imx token guys or anything like that as i said i'm a pr i'm a kind of like series a investor in them but i'm i back them because i truly believe in their vision and i want to i want to be part

of that journey as well so i think they're going to do very very well i think they're already doing quite well but as crypto gaming gets more popular immutable is definitely going to be a front runner here all right so i put out a quick tweet today where i said all right i'm going to clear this up for for all of you real quick blockfi celsius and other similar platforms are not decentralized finance they are centralized finance services that may utilize d5 protocols in order to generate yield for their customers stop calling them defy and i have a second tweet here which i'll get to in a sec guys the simplest way to think about this is to think of block flyer and celsius as a user of these d5 protocols so a user like yourself or a user like me if i send all of my funds to you right i'm

trusting that you're not going to take my funds i'm trusting that you're not going to uh basically throw my funds into something and lose them all i'm trusting that you're not going to over leverage my funds i'm trusting that you're going to adhere to what you said when i gave you my funds to generate me that yield and to do so in a safe manner it's the same thing that's not d5 yes you're using d5 protocols but you yourself are not a decentralized protocol you are not a defy tool you are a centralized tool at the end of the day the same is true for block fire celsius centralized exchanges every other platform that you can think of that basically uh you put money into and you no longer have a custody over it not your keys not your coins right so i'm sick of the media in particular it's

not so much people in crypto it's more so the mainstream media referring to blockfi and celsius and other platforms as defy and i know with celsius it's because the founder and celsius itself referred to them as defy which was so wrong like that was then and that was actually happening i think in 2019 or 2020 and that's where the first alarm bells went up for me about celsius and that's why i've been warning about them for a very long time but like don't call them defy and when you see those people calling them defy call it out like i i think it's very very important to do this and the reason why i think it's important to do this is because or at least one of the reasons why is because if we keep calling these things defy regulators aren't going to be able to delineate between a celsius

and a makeup protocol for example or a unisop protocol they're going to bucket it all into the same uh kind of like um a thing and they're going to apply regulations to them as if they're the same thing when they're vastly different completely different so i think it's extremely important to keep that in mind and then the second tweet that i put out i said seriously guys it's not even just about the mislabeling the d5 projects building for long-term sustainability are trying to do so in a transparent and safe manner these c5 ecosystems are opaque as and you have no idea what's happening behind the scenes and you truly don't you have absolutely no idea what they're doing with your money you could have uh breadcrumbs here and there like you can look on chain see you know what addresses belong to which kind of like protocol see where they are but

it becomes very very hard not protocol each kind of like centralized service it becomes very very hard to track everything that they're doing and anything that they're doing in the traditional system or in the c5 system you have absolutely no ibis oversight on whereas with d5 you can see everything on chain like it doesn't even matter if it's if it's centralized d5 which is a bit of a misnomer there but you get what i'm saying right it doesn't even matter if these d5 projects aren't really decentralized uh on chain they've got like admin caves or multisigs or anything like that you can still see and with everything happening on chain because the chain is transparent the chain is trustworthy you don't have to trust anyone there's a whole point of a blockchain for god's sake right so do not trust these c5 services don't even

trust the ones that you think are the most legit like uh like coinbase for example like i'm not saying that coinbase is bad but you should never trust them like we're in this space to build trustless systems we're not in this space to recreate the traditional finance system with uh with services like block fire and celsius guys like this is not the long-term vision the long-term vision is healthy sustainable safe transparent d5 protocols that we all get to tap into and we all get a choice we can either tap into them via centralized services or centralized front ends or we can use our own wallets to do so and i think that eventually we can get to a point where we build such amazing wallets and interfaces for these places that users do get that non-custodial uh kind of experience without

without the kind of complexities that come along with that i feel so strongly about this because this is at the very core of why i'm in this ecosystem is to build better not to build the same with a coat of crypto paint on it that's boring that's bad and that's going to bring bad regulations with it we need to build better tools and that's why i'm so bullish on actual defy and the boring d5 that people think about like make a uni-swap compound rv curve whatever the ones people think are boring they're the most interesting to me because they actually give a about building something sustainable and building something different they don't just care about juicing up the yields putting in ponzinomics and kind of like making a bunch of money no these people these teams they actually want to build decentralized finance and they're

working very hard towards that goal and they're working on the very kind of like shitty conditions towards that goal as well so anyway i'm going to leave it there because i'm going to go over time on today's episode but guys like at the very very heart of everything that we're building is the transparency aspect and with c5 you get none of that you don't get any transparency you throw your money it may as well be going into a black box maybe you'll get it back eventually but you know a lot of people don't uh especially on platforms like celsius especially with kind of like terra which was fake defy like so centralized that it just collapsed obviously there was other things that played into it but you get what i'm saying here anyway leaving it at that moving on quickly to the rest of the

stuff i wanted to get through uh so our eighth actually ended up getting on board to make it as collateral so the uh kind of vote went ahead as i said that the no vote was ahead but yes ended up winning here really really cool to see this so there was 65 percent ish in favor of on boarding it as collateral with 35 against which means it will be integrated as a collateral option within make a dell so you can put up your r8 as collateral to borrow die against it obviously this is leverage right i just gave you a rant about leverage but i mean if you're gonna leverage you you're gonna do it don't don't mind me ranting about it um but you know you don't necessarily have to uh draw die and buy eth with it or buy more raf with it and do leverage staking

you can basically take diet as essentially alone or maybe you want to spend it on something maybe you have a lot of um our reef and you want to buy a new car you can go do that right and maybe you're like very confident you can pay it back because you plan to pay that debt back with your income that's not leverage trading that's literally just taking a loan or using your existing assets as collateral which is quite normal to do so there's a key difference there as well but i've already spoken enough about leverage so i won't talk about that but yeah i'm glad to see this pass like it's really awesome that we both we have both kind of like things there now like st and reth on make a dao if you are an r8 holder well now you can put it to work

if you'd like to uh so another short thread here from pseudo theos today just wanted to highlight it's about application specific roll-ups that will be built on l3 and not l2 this is what pseudotheos believes so there's only a kind of like a few tweets here that you can kind of read to get the gist of this i just wanted to hide this way i'm not going to read it now definitely go check it out i'll link it in youtube description uh interesting project i came across today called stark sheet and their landing page is now live so basically uh you can go to stocksheet.xyz uh what this is is a spreadsheet built on stock net each cell is a dynamic nft and each sheet is a collection cell as an nft brings granular cell ownership and unlimited data this is actually pretty cool i like stuff like this

because it's different and because it's uniquely enabled by layer twos on ethereum you can't do this on layer one it would just be too gas cost intensive it'll be too slow it wouldn't really make sense but essentially you know this is their landing page right now i think you can click a few things maybe or no i don't think you can click anything yet uh maybe the twitter yeah you can click like twitter links down here and everything but i'm curious to see how this evolves i followed their account today on twitter because i want to see how this project evolves but cool to see this i'll link it in the subscription for you to check out and finally here just a quick shout out to something i forgot to mention uh yesterday david hoffman put together a really great piece for bankless around projects that he's bullish on in the

bear market now got a little bit of for this because people like oh you're just chilling your bags i mean guys like at the end of the day if someone's bullish on a project they're going to invest in it like you don't show things that like you're bullish on and don't have an ownership stake in like you know what you don't you know what i'm talking about so i think that was a bit weird that people were commenting on that but anyway you should read his blog post uh and it's pretty detailed and actually gives like legit reasons why you should be bullish on these things and a full disclaimer here i'm um pretty much like an investor in most of the protocols he's listed here uh as well so i mean i'm not i mean i think uh there's only two on this list out of the eight that

he has here that i'm not not an angel investor in which is quite funny but anyway um me and david are usually part of the same kind of like cap tables but essentially uh the reason we invested in these things is because we're bullish on them we think they're interesting projects and i actually think you did a really good job of highlighting projects that you may not have heard of before maybe refuel watchers and listeners will have heard of it before because i've talked about these projects before such as obel and lefi and volts and tracer block native oiler aztec and disco i don't know if i've mentioned disco before but um they're all there you can read this blog post i'll link it in youtube description but i'm gonna end it there for today i've ranted enough 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 next week thanks everyone