EVM dominance, OP airdrop drama and more - The Daily Gwei Refuel #377 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the delegate refuel where he kept the latest news in the ethereum ecosystem i'm your host anthony cesano and today's the 2nd of june 2022 all right everyone let's get into it so there's been a bit of drama around the op airdrop uh i mean so there's two parts to it i think i think one of the bits of drama is just the general vibe towards airdrops these days there's a lot of entitlement around that there's a lot of people thinking that they should have gotten more than what they got there's a lot of people kind of angry that they basically tried to farm the airdrop and it didn't succeed because their address gets filtered out and all that sort of stuff there but something unique to optimism and the op airdrop was a forum post that was kind of like

uh posted by not by someone from the team i think people got the wrong idea no one from the optimism team posted this but someone posted um something on the forum on the governance farm basically saying hey we shouldn't give any future air drops to people who have sold uh uni sorry unisop optimism's first airdrop and this obviously ignited a lot of discussion within the community uh and one person uh in particular kobe uh decided to kind of like weigh in with you know all the reasons why this is a bad idea now the actual post itself you can go give a read but what i want to focus on is kind of like his reasons for why he thinks it's a bad idea to basically i guess um buy users or future like buy users from getting future airdrops just because

they sold the first one and and i resonate a lot with with his reasoning here so let's just go through it one by one so that his first reason is that they you know people sell because they think the valuation of op is currently too high and they can wait until it becomes aligned with their expectations in order to participate in governance and thus have a larger governance share so i think this is true for a lot of uh a lot of kind of like tokens in general i mean as i said i don't particularly want to spend too much time talking about the price or valuations of these things but you know if you look and look at past tokens and how they've been distributed and if they have like a low circulating supply and a high fully diluted value more often than not they

trend down right so that might be something something people are kind of like playing defensively against they don't want to be stuck kind of like uh you know holding the bag if it was kind of like overvalued to them and maybe later on they'll buy back in when they think it's a fair value and i've seen a few people in the discord channel say that and that's a totally kind of like um valid thing to do right and then uh kobe's second point here is you know people think that the valuation is okay but they expect a post air dropped up they want to buy lower and they think they can sell quickly before this air drop dump happens and re-buy more op again this goes to the trend of like most of the air drops that we see especially in bear markets where you

know they have like a lot of hype behind them i mean op was one of the most hyped kind of like tokens and air drops and they start off at a really high valuation and then trend down over time you can go look at so many different tokens um even if they're part of you know really really amazing projects ens for example tokens been down only because it launched uh pretty much like i mean it launched it got a lot of hype and then it was a highly fully diluted coin not as bad as others you know they did a healthy air drop for people but still right generally it was um it was definitely uh kind of like fits in that dydx things like that right so so yeah i mean the valuation maybe is you know can be okay as well on some of

these things but there's might i mean more likely than not there's usually like an airdrop dump right because people obviously people want to sell like the free money that they got so some people will kind of like wait for that to happen and be like okay well i'll sell now and then i'll wait and buy back in sort of thing uh kobe's third point here is you know the airdrop is meaningfully large for a person's net worth so selling some tokens makes a big difference to them but they still believe in the future of optimism again totally resonate with this look guys like depending on how many tokens you got this could be a thousand dollar airdrop or it could be 10 10 000 airdrop right so even a thousand dollars is a lot of money to to a lot of people like imagine uh you know you said

to someone kind of like that's not even in crypto hey you know he's this kind of like three one thousand dollars um from this airdrop that you got from basically just being active within kind of like the cooper community uh but you know don't sell it because you might not get tokens in the future i mean it's just kind of silly right so of course they're gonna sell it and and why shouldn't they like i i very much encourage people to to sell it if it's if it's kind of like money that could really improve their lives you know that thousand dollars can go a lot a long way for a lot of people um and and a lot of times it's more than that so yeah again totally don't blame people for wanting to sell if it's kind of like meaningful for their net worth

as well right uh next point you know they saw people sold on airdrop addresses and re-bought another addresses to anonymize their on-chain activity again a legitimate thing to do might be a bit kind of tricky with taxes and things like that i'm not sure how many people do this but there is definitely a class of people that do uh and then obviously he mentions the tax obligations and i talked about this yesterday that is probably one of the main reasons people would sell i would say because as soon as you claim it in a lot of jurisdictions uh it's basically taxed as normal income and you have to basically cash out some to pay the tax or if you've got the money already you don't have to kind of like pay it but you still have to record it and sorry you don't have to cash out the tokens to

pay it you can probably pay from from other money that you've got but you still have to record it right so but a lot of times people just kind of cash out what they need for for taxes there uh and there's last two points here you know people are selling 90 of their crypto portfolio because they are scared of the bear market but they will rebuy in a couple of years uh of of course you know that makes total sense as well um and they are [ __ ] wrecked and they still and this income helps them a lot maybe one day if they're no longer wrecked they can afford to participate in governance of the projects they believe in again again this goes back to his other point about people saying because it's a material part of their net worth and yeah if you're wrecked if

your portfolio has been down only because you bought at the top in november of 2021 and you're still around uh definitely you want to be taking all the money you can get and i don't blame people for that again now definitely go read kind of like kobe's post here it's it's quite lengthy and drives dives deep into this stuff but yeah i just want to kind of like highlight the reasons why people would kind of like sell even if they're bullish on optimism and op even if they want to participate in governance you know there are always reasons why people kind of like want to sell these things and look i thought it was just the original proposal was interesting um but interesting doesn't mean that i think it's good or bad it just means that like it caught my attention it was like okay

you know i've thought of this before in the past like i mean i've thought about how to do drops like differently a lot of times and i've spoken about it on the refill because i think air drops at this point in time are mostly broken and mostly don't lead to the outcomes that people want them to lead to uh it's all well and good for people to get free money like i'm i'm happy for people who get this money and it's actually making a material difference to their lives but in saying that i think at the end of the day there's a lot of entitlement as i said with these airdrops and a lot of people just think they deserve more than what they've got and the funny thing is a lot of these people will literally just sell it as soon as they get it they may not

even kind of like need the money for any of the reasons that uh that kobe is outlined here they may just be signing it because they want to go buy some more stuff for themselves right maybe some more luxuries or maybe they want to want to kind of like increase their net worth or maybe they want to stack more eighth instead of having op and it's kind of like okay well should the airdrop have gone to those people to begin with and who knows right like i'm not saying it should or shouldn't but and it's very very hard to filter for that um but yeah i i think that just airdrops in general there's a lot more kind of stuff that needs to go into it i did praise optimism's airdrop originally um and i still think it's it's better than than prior ones because of the

criteria criteria that they use and i'm not just saying that because i got a big airdrop from it i think in general you know widening the criteria set and still instead of just using hey you know you used optimism a couple times here's some tokens right or you used our app a couple times here some tokens i think widening this set is really good but you know there has to be much more thought put into airdrops rather than just like the criteria that that's required um and there needs to be kind of like much more thought put into tokens in general like you know if people want or if teams want if projects one of communities want the tokens that they love to stop going down only they have to improve the tokenomics like i've talked about uni a bunch on on the refill before i get that you know

potentially sometime in the future uni swap can turn on the fee take and that fitter can go to uni holders and all always kind of like well and good but you know the longer that takes the less faith people have and you know that they just sell right or they just don't buy uni and it's taken a while at this point and and the thing is is that uni still unisop's still young i'm not saying whether they should or shouldn't but and i spoke about i think i spoke about this yesterday unisop's governance is quite quite quite kind of like bad right now as well um i don't know if i talked about yesterday i was talking to someone about this where i basically said that yeah i was talking to someone on a call i actually didn't say it on the refuel but basically what i was saying was that

i think a lot of people in this industry get the wrong idea about uh kind of like leadership and coordination roles it doesn't mean that a project is centralized just because it has some sort of leadership or someone coordinating things it's actually a really kind of like needed thing because you've seen what happens to projects that don't have these roles in place they kind of say hey we've got a token now we're decentralizing to the community and they kind of like put their dao out there and then they just kind of fail because no one's coordinating no one's leading um and anyone who steps up to lead is usually not the right person for the job like the funny thing about leadership voids is they they most of the time get filled by the wrong people and you you've seen this play out like plenty of times in

crypto and outside of crypto uh so those are all things to consider there but i encourage you to read kobe's kind of like foreign post here and all the replies as well uh you know i mean some other reply well probably most of the replies aren't really great but there are some gems in there some back and forth and things like that as well so yeah i think it's a it's an interesting proposal overall again it didn't come from the core team even if the core team thinks it's good or bad it didn't come from them it came from some random account on on the forum now whether the random account belongs to the core team i don't know but you know that random account did what definitely wasn't the the core team on on the face there so and not nor do i think they really would

be caring too much about this sort of stuff like i feel like future airdrops the way they're gonna do it is probably gonna be like very different to the way they did the first airdrop they're gonna learn from it they're going to be iterative with it just like they're going to be iterative with their governance process i i kind of covered that last week i believe or the week before or something like that but but yeah anyway go check this out i'll link it in the youtube description all right so something that i kind of like want to talk about uh when it comes to i guess like ethereum's dominance within the ecosystem now this is a screenshot taken from crypto fees.info which is one of my favorite websites uh for tracking various things within tracking sorry the fear revenue of different crypto networks now this is so on there

they've got like apps and layer ones and layer twos and everything so i've just filtered it to show uh layer ones and layer twos uh kind of like here so basically what you can see from this is that the top six of uh the networks that are generating the most fear revenue are all evm based so ethereum layer one obviously the evm binance smart chain is literally a fork of ethereum it's just a centralized fork optimism is evm equivalent uh layer two arbitrarum is evm compatible uh they use their own thing called the avm but it's basically functions the same way as the evm um avalanche the c chain is obviously like a straight fork of geth and polygon the pls chain is also kind of like um evm equivalent there is fork but like

modified with their own consensus engine and things like that same with kind of like avalanche right and then if you kind of like made your way down the list like if i bring up crypto fees on on kind of like here um there are a few others underneath but i didn't feel like it was relevant um but there's cardeno uh nia and then phantom another evm chain and then just like a bunch of inconsequential change but cardano has what seventeen thousand dollars of 20 of 24 hour fees uh nia is at 13 000 and phantom is at 12 000. so again inconsequential um just generally there uh but uh yeah you may be wondering why i look at fairvenue as something to be proud of or something that that is kind of like important it's because i think it's one of the hardest metrics to game

you can easily kind of like game or manipulate things like total value locked uh active addresses um and other kind of metrics like that but with fear revenue it's extremely hard because of the fact that i mean at least on ethereum layer 1 you know 80 ish of those fees are burned so like if you're trying to and and the rest of that go to miners so even if kind of like miners wanted to i don't know for some reason make the fear of a new look larger than what it is uh they could do that prior to one five five nine and it might have kind of worked if they worked together it's some kind of like weird thing but post one five five nine it's kind of like irrational because they'll be burning 80 of the money anyway right um and and the

thing is the reason why i look at kind of like fear revenue as well is is it just represents block space demand like how in demand is block space well ethereum's block space is in extreme demand that's why people have gone to other networks either layer ones layer two side chains whatever you wanna go to that's the excess demand that's kind of like falling off that's the people who can't afford ethereum layer one and again that's that's kind of like a result of um the in-demand block space here and you can see obviously uh binance smart chain uh sorry obviously sorry i should say optimism had a spike here because of the op token launch uh they're typically at around 50 to 100 000 one day fees uh same with arbitrary avalanche fees actually uh the funny thing about avalanche is i think i mentioned this but they basically their

fees and activity on the sea chain collapsed because the thing that was driving most of the activity some crab game moved to its own subnet so it kind of cannibalized itself there and on polygon the fees are so cheap uh even though they have lots of transactions more than ethereum uh it doesn't really add up to that much fear revenue so and and finance smart chain here is kind of a um a unique thing because you know you never hear anyone on crypto twitter or anyone in the kind of like west really talking about it or using it but it's very popular in asia from what i've heard and from my own investigations so it is essentially like a [ __ ] coin casino taken to the extreme uh most of the things on there are rugs it's most of the things are just kind of

like [ __ ] coins that you gamble on on on kind of like um all these kind of like dexes and things like that and most of the people on there are literally just in it for the casino uh it's basically the casino wing of binance right and i don't think that's uh a good or bad thing like obviously these protocols are going to be used for whatever they're going to be used for because they're they're they're kind of like neutral um and finance smart chain actually kind of like surprised me with with the staying power that it's had uh i thought it would have kind of like gone to the wayside but yeah it's it's had it's had a lot of staying power here uh but as i said like in particularly in asia not really that much in the west all right so what's my kind of like

point here well my point here is that the evm the ethereum kind of like i guess architecture is just so stupidly popular and so widely used that even though it is strictly quote-unquote worst technology semi-solidity and you know kind of like annoys a lot of developers it's going to be used indefinitely it's going to be like javascript it's going to be ubiquitous everyone's going to know it like if you're in smart contracts you have to learn solidity even if you're not uh kind of like going to be programming in or going to be working on evm or anything like that because we've seen how hard it is to boost your other ecosystems i mean solana is the biggest ecosystem outside of sorry the b secret system that uses something that is not an evm that is not

solidity and they've struggled to gain adoption that's one reason why they've struggled to gain adoption uh you know i think the other things are like their network going offline as well i mean that happens way too frequently i mean it used to be a joke but now it's happening every other day it's kind of scary uh i i wouldn't trust any of my funds on that network but that's i guess like that's an aside to what i'm saying here basically my point is the evm being such a moat is actually crazy good for ethereum even if it's not directly driving value to eth as an asset because obviously any of the activity on binance smart chain is settled in bnb uh because you have to use bnb to pay the fees um it is not you know settled in each right there's no aids being paid for fees same with

something like avalanche same with polygon even because they use matic right but i think at least the pos chain for polygon um but i think you know obviously with the layer twos they use ether's the gas token they settle back to eth for their security path bernie all that good stuff and obviously all of the value on layer one theorem flows to eighth but i think there's also a bunch of secondary value that flows from these kind of other chains as well because think about it people bridge in and out of binance smart chain from ethereum they bridge it in and out of you know for avalanche and polygon as well and that bridging includes a fee on ethereum layer one and there's also a lot of there's probably a lot of arbitrage that goes on between them and maybe even multi-chain mav maybe it's

happening in a limited way right now but i think that it might happen in a bigger way down the line so there's always first and second order fix effects of this sort of stuff but it just further reinforces and cements ethereum's moat because the evm is just so i guess like prevalent within the ecosystem and the last two things before i move on the thing is is that it's very easy for developers to redeploy their code to evm networks because of the fact that they don't necessarily have to get new audits they don't really have to change anything the tooling remains the same and the same is true for users like to use any of these networks all you have to do is change your rpc and meta mask and it's pretty much the exact same experience as layer 1 ethereum just with different fees essentially right so from

that point of view uh that's why kind of like these things are so dominant and that just kind of like keeps building the network effect keeps reinforcing it i think it's pretty interesting so so yeah just wanted to kind of like say some things about that but moving on so uh the former employee of nft marketplace open c uh nate uh he's being charged in the first ever digital asset insider trading scheme for those of you who don't know the backstory here nate was the head of product i believe at openc got caught trade air doing insider trading by buying some nfts before they were available to the public i believe or sorry he was buying nfts that he knew was going to be on the that were going to be on the front page of open c um and i don't think he made much money from

and i think it was like a few tens of thousands of dollars it wasn't really that much uh but essentially he's been charged here for insider trading which is from the department of justice justice in the us which is i guess interesting and scary right i don't have a legal opinion on this obviously i'm not a lawyer but what my opinion on this basically falls down to i'm gonna be watching this closely because nfts aren't securities right at least they aren't being the saca isn't classifying them as securities they haven't brought any kind of like i guess as far as i know um cases against nft issuers to kind of like register as a security and if nfts are securities does that make every

collectible security does that make my pokemon card a security do i have insider information when i trade my pokemon cards or buy things because of you know sorry am i inside of trading if i have some kind of information that someone else doesn't have access to due to these things like you know what i mean like it's kind of weird when you think about it because at the end of the day like nfts yes they're financialized products yes they're on chain but i think they're distinctly different from something like a normal erc20 token so i'm going to be watching this case close closely i i don't know like i mean i think obviously um this is weird as well for the fact that like nate did some insight like some i mean he did insider training but it was like such a small kind of like uh a

thing for him to do you know when he was at open sea uh and he's being charged for it but there's scams ponzis griffs all these sorts of stuff happening all the time there are centralized exchanges in doing insider trading trading against their customers all the time and nothing happens to them so basically what this shows to me is the department of justice is going after the easy targets the ones who probably don't have the money to defend themselves so they can set precedent right and as i said i'm not a lawyer i don't have legal experience but this is just my read on it because if they were to go after one of the i don't know centralized exchanges for insider trading they have to have a pretty ironclad case against them and they know that if they go after them they're going to

be in court for a long time because they can the the um defendant will be able to afford you know an all-star kind of like kick-ass uh a legal team that will drag it out for years to come whereas with nate here you know open c is not putting up any legal defense for him he's not even at openc anymore he's gonna have to fork out for it on his own and he's probably not gonna be able to do that he's probably just gonna uh say to them okay well you know what's the deal here like what deal can i take and there's probably gonna be a deal of whatever like maybe there's a fine maybe there's some i don't know if he'd get prism time over this it kind of seems extreme there but maybe there's kind of like a fine maybe he gets banned

from trading did you know any kind of assets for a while whatever right so i think it's all about precedent it's all about kind of um fear-mongering as well and kind of like scaring other people but at the end of the day i feel like you know i mean look at darquan like he's still out there he's still doing things like what the [ __ ] like you know what i mean like i'm just kind of i'm running it through my head right now and i can't really describe how how like just frustrating this is um to me personally after being in this ecosystem for so long seeing so many scammers and grifters and insider traders get away with things and then the department of justice in the u.s goes after this person who yes okay he did some insider trading but the value of what he did was

so low um and this is just like kind of like one guy so like he had an a whole operation of insider trading and he was already fired i yeah i don't know i just i feel sorry for nate and that's a funny thing to say i i can't remember if i i don't think i went harder than when it for this first half and i'm pretty sure i'll talk about it on the refuel obviously insider trading is um you know he's wrong obviously what he did was wrong but i really feel sorry for him because now he's going to be made an example of he's not going to be able to afford a kick-ass legal team he's not going to be able to defend himself against this he's going to probably have some public servant who basically says kid like take the [ __ ]

deal because you're going to go to jail if you don't or you're going to go bankrupt or you're going to go broke right so i think he's gonna end up taking a deal or something um and as i said i don't know i mean i i don't think he's gonna get prison time for this that would be really extreme uh and in that case i would kind of like be like yeah this is just ridiculous like i'm pretty sure people would probably rally around raising money for him to get a better lawyer at that point because if the if the doj could kind of like get him put in prison for this like they're gonna they'll go after a lot of other people with precedent as well so it's kind of scary there but again not a lawyer if you think i'm completely off base and

completely wrong let me know if you have legal experience but that's kind of like my view on things all right peter from the guest team put out an interesting tweet today where he said hey world it feels odd that i have to tell you this but blockchains aren't here to take your lunch we don't want to replace the way you do you we want to extend what's possible uh and create new ways to do new things we don't want to redo old stuff we want to explore so this is kind of like what i've been saying for a while as well like i don't believe what we're building in ethereum is meant to take down the evil banks and evil traditional finance system and evil institutions that exist today ethereum is just building better and or potentially better and kind of like newer and more efficient institutions

that people can opt into using instead of using the existing system so for example people can opt into using d5 instead of using trad fi right for for var variety of different things obviously you can't do everything in d5 that you can do in tradify right now obviously it's riskier but that's an option people can opt into using decentralized social media right something like lens protocol instead of using a web 2 platform obviously this stuff's still early but you kind of like get where i'm going with this it's not about taking down uh anything it's about kind of like developing new ways of doing things and new ecosystems uh as kind of like peter says here in order to give people a choice so i just kind of like wanted to highlight this because i think it's an extremely important point that a lot of people

kind of like don't get because i think what happens is especially people outside of crypto they see the bitcoin community which is very much about tearing down like the fed tearing down fear making sure all these institutions collapse you know tearing down the banks which is ironic because they always celebrate whenever the banks are adopting bitcoin but anyway um and i think people see that and they kind of like uh attribute that to the rest of the ecosystem which couldn't be further from the truth for the ethereum ecosystem i have not seen many people uh in the ethereum ecosystem kind of um uh uh champion kind of like tearing down things or or kind of like calling things evil or anything like that it's more about building new and better systems so just kind of like wanted to highlight that from from pd here all right so volts protocol is now live

on mainnet in an alpha launch state so the alpha launch means that the lp is capped at 1.5 million dollars per pool don't know if this is being kind of like reached already the cap here but uh but yeah so basically what you can do with volts is trade uh rates with leverage for the first time in d5 earn market neutral yield and uh build the future of finance so you can opt in change and change everything there's a little video here if you want to check that out and you can join their discord channel um so yeah this is pretty cool i mean disclosure here i'm an investor uh in vaults kind of like protocol here they've been heads down building for quite a while and now it's finally live on mainnet which is really really awesome so um basically what volts is in

a nutshell and they describe themselves as a non-custodial automated market maker for interest rate swaps now if you don't know i mean i think a lot of you know what an amm is like it's uni swap base i mean unit stops at amm right but if you don't know what interest rate swaps are you got to go learn it right like i mean this is something that normal regular people in the traditional finance system will pretty much never touch it's not something that you need to touch really it's something that a lot of um traditional finance people do something a lot of banks do it's very important to their day-to-day but it's it's definitely not something that you and i have to worry about but now with defy you get the opportunity to do these sorts of stuff if you want to so you can go check it out i'll link

this in the youtube description but yeah this is this is cool cool to see it on main net cool to see i guess like you'd be i mean you'd be able to trade these rates with leverage as well so if you're like dj and you can go leverage i know i tell you guys not to leverage all the time but i know some of you are just going to do it anyway so this gives you the ability to do it right i i'm of the opinion that like we should we shouldn't not build tools just because they're risky and dangerous we should build all the tools that we can and people can you know should be able to do whatever they want with them but we should still warn them of of the kind of like risks as well and i actually like how volts is launching

with a cap per pool they're not just going full djm where they're like you know hey everyone throw lots of money into this and it'll be good no i mean this is a new protocol on mainnet i'm going to obviously run it through it's kind of like paces here and make sure that that everything's running smoothly before putting more and more money in but also not just kind of like security wise but also the mechanism of how volts protocol works as well so you can go check that out if you haven't yet all right so the ef ecosystem support program has published their latest grantee roundup so basically for those of you who don't know the esp or ecosystem support program gives money to various teams within the ecosystem to build various things so this update highlights nimbus for their fluffy portal client and portal network

development which is basically working on light clients for ethereum uh and paul miller for ethereum cryptography improvements as well so you can read the blog post for a full breakdown here i just wanted to highlight that for you guys i'm coming up on time here so i'm going to try and get through the yesterday's updates um coinbase cloud today announced that they have donated uh or committed a million dollars for public goods funding through git bitcoin including 200 000 for the upcoming grants around 14. this is awesome i love this i mean the funny thing is coinbase cloud i mentioned them yesterday how they've done really well with client diversity on the beacon chain front they seem to really care about ethereum beyond just kind of like profiting from it as a kind of like uh exchange right i mean coinbase cloud is obviously part of

coinbase they profit off of ethereum uh by kind of like enabling trading of ether and the other ethereum based assets and stuff like that but they're also giving a lot back they're you know they're obviously a stake in service provider they care about client diversity they they kind of like listen to us and we said hey guys you know you need to get that prism usage down uh and now they're kind of like donating a million dollars to public goods funding which i mean you guys know are public goods maximalist i love seeing these sorts of stuff but i think it sends a strong signal when companies like uh coinbase do do these sorts of things because it basically says hey you know yes we're a centralized company yes we kind of like uh our for-profit company but we can still give to public goods we can still uh

kind of like give lots of money to public goods and you should as well so very very cool to see this uh and thank you to coinbase for putting to putting money towards public goods all right so may was another record month for ens so there was 365 000 new dot eighth registrations uh last month it was nine point six million dollars in protocol revenue thirty nine hundred eighth in fees uh fifty two seven thousand new ether accounts with at least one ans name and ten thousand five hundred eighth of open c volume and you can see the chart here comparing it to other months and s is on a tear that's pretty crazy right i mean you can see back in novemberish i guess when the token launched obviously have had a spike in activity and then there was uh you know kind of like a lull there but it still

ended up kind of like higher than it was before the token but now i just had two straight months of like really really awesome growth so amazing to see this i mentioned yesterday how i thought ens was one of the only sustainable applications in in kind of like ethereum right now um and you know this is proof of that i think so yeah congrats to the ens on on this growth yeah i'd love to see it continue all right so another project that caught my eye today is one that i haven't talked about before it's coming from uh kind of like gfx labs and today they basically said in a tweet here today gfx labs is proud to introduce the world to interest protocol uh or interest defy or or ip uh it's the next step in the evolution of d5 and here it's m it

inherits most of the strengths of maker arva and compound while removing our weaknesses here so how does it work basically ip or kind of like interest protocol provides over-claralized loans to borrowers these loans are nominated in usdi which is ip's new stablecoin and usdi can also be minted by depositing usdc usdi rebases to reflect accrued interest all usdi earns interest and all usdi can be redeemed for usdc now rebases doesn't mean this is an algorithmic stablecoin it is tied to uh kind of like usdc here and rebases based on kind of the interest of crew it doesn't rebase based on some arbitrary rule set that will lead to a death spiral so just want to kind of get that out there um and you know it's got like kind of like a normal money market rates

for developpositors and borrowers are determined by ip's interest rate curve high utilization means high interest rates to attract deposits while low utilization encourages borrowing at every utilization rate ip bests are there and a compound a borrowing rate so basically a competitor to the existing money markets out there um it's cool to see that they accepting three collateral right now uh from from launch eighth or wrapped eight throughout bitcoin and uni uni's interesting choice there i think maybe it's liquidity profile is is good enough to have them kind of like on board here but i'm sure they're going to onboard um other assets as time goes on so if you're looking for a new kind of like money market protocol to uh kind of like look into and one that does things a little bit differently with that kind of like uh

rebasing for reflecting the interest here definitely go give interest protocol a a look you can go check out this i'll link it in your description below all right so immutable announced today they're launching the first prototype of their end user reward system so for a limited period of time trades on any supported marketplace on immutable can be eligible to get part of a two million dollar reward pool which is donated in imx tokens so if you're an immutable user definitely keep this in mind that you may be eligible for some of these rewards if you are on there kind of like trading nfts or kind of like interacting with marketplace with the various marketplaces on there there's a few on there now i think you know you've got the gods unchained uh you've got eluvian there's a few other guild of guardians and some other kind of like games on

there and they're on boarding more all the time so definitely a lot to do on immutable these days so you know and you're going to get rewarded for it uh it potentially rewarded for in imx tokens uh starting june 2nd so starting today so definitely check this out for more details i'll link it in the youtube description all right finally here i just wanted to give a kind of like quick shout out to michael sproul here for kind of putting together he's put together a new staking machine in preparation for the merge you can see the specs there but i just love what i love about kind of like when people share this is everyone's got their own kind of like unique setup like you can see here he's got like this pink silver stone case which is just really cool really eye-catching could you

imagine someone coming over to his house and being and kind of looking at that i mean like hey man like what's that like that that that's cool and he'd be like oh it's my staking box and you could probably get into a conversation with someone and explain what staking is what a theorem is and it's kind of like a conversation starter and i've said this before about my own box which used to be behind me but now it's like over there i'm in the old videos you can see it my staking box but it definitely is a conversation starter with people when i get to kind of like eat pill them to some extent so and what i love about kind of like at home staking like this is that you can do anything you want you can have any case you want you can put

it in a desk like there's there's pcs that people put into desks you can mount it on a wall you can have like a really fancy case and kind of like get creative with it right get credit with the specs kind of like get creative with everything and i think it's just really cool and i just wanted to kind of like uh highlight that because if you are someone who solo stakes make it interesting right like if you if you actually i mean if you're into it like maybe you're not into that sort of stuff but i mean me personally i love building computers i've built computers since i was like 13 years old i love everything to do with technology i mean like i built this bad boy behind me this is my main computer it's huge it's it's the corsair 1000d case it's

like a meter high um but like i built all that and i'm adding stuff to it all the time and kind of tinkering with stuff and i have other computers that i've built to around me obviously my staking box and a bunch of other things i just love it and i what i love about my staking box is that i built it put it there it's been humming along you know i sometimes kind of like upgrade it had more storage space from time to time as well uh but yeah i just love kind of like all that sort of stuff but anyway i think on that note i'm gonna end it there so thank 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