Fast Polygon withdraws, Arbitrum x Etherscan & more - The Daily Gwei Refuel #131 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the daily gray refuel where recap the latest news in the ethereum ecosystem i'm your host anthony sosano and today's the 28th of may 2021 all right everyone uh before we get into it today i wanted to quickly uh kind of uh make an announcement here that i'll be doing another ama in the daily grade discord channel tomorrow so saturday the 29th of may here uh the times are listed here so it'll be 11 p.m australian eastern standard time for me uh 3 p.m uh central eastern standard time uh i think that's what cest stands for i think that's that's uh that's european time central european standard time probably um 9 a.m eastern time in the us and 6 a.m pacific time in the us here now um it will be recorded so if you can't

make those times don't worry um you know and if you want to ask your questions for them to be answered on the ama you can do so in the ama series channel on the discord uh so yeah definitely go there and ask your question if you won't be able to make it and i'll make sure to answer and then you can just go find the answer in in the recap video so uh yeah definitely if you uh have the time and you're free uh you know feel free to join it was really fun doing the last one um and i think this one's gonna be even better there seems to be a like a lot of questions already in the ama series channel that i'm looking forward to answering so uh yeah be sure to join the discord and get involved with that so just a quick shout out here for those

who don't know i also do a podcast with eric connor as part of ether so we co-founded ether back in in 2019 uh and we've been doing a podcast ever since i think late 2018 where we do like weekly recaps of the ethereum ecosystem um and then you know eric's really knowledgeable of the whole ecosystem and you know he's pretty much just as knowledgeable as i am and you know we have a lot of fun doing it and you know over the last i guess three months as eric notes here the listeners of our podcast have actually tripled so if you're not a listener yet i highly recommend giving it a listen um you know there's actually a lot of older podcasts on there with guests uh that that you should go back and listen to as well uh that were really fun to do

but um essentially yeah as i said we do like a weekly recap every week and there's also an ether newsletter that i do as well on top of the daily grain newsletter each week to keep up with everything happening in ethereum too but yeah it's been cool to see the growth here obviously i think that's because there's just more more and more people are coming into the ecosystem more and more new people um and they're hungry for ethereum knowledge at the end of the day like i've seen that that happened with the daily gray kind of um subscribers on both my newsletter and youtube so really awesome to see that but yeah definitely go check this out it will be linked in the youtube description below so another company has filed for an eth etf in the us uh the company called wisdomtree so this

comes after vanek filed uh uh uh filed one just about a month ago here um and this you know obviously isn't unexpected i would expect all the companies that have put forward uh applications for and bitcoin etf to do the same for eth now you know i i've said before on the refill that i was expecting a bitcoin etf maybe towards the end of this year but i don't know if that's going to happen now because of what we just just saw play out in the markets over the last couple weeks because one of the things that the sec the securities exchange commission in the u.s looks at when they're approving these etfs is what what's the market structure like is it manipulated right is it extremely volatile how you know how reliant is the market on leverage and all that sort of stuff now when you think about what happened

in crypto over the last two weeks and how a lot of it was driven by leverage you can see why the sec is probably like well you know this etf is not actually good for investors and and you know we want to protect investors because of the fact that there's so much volatility here due to unregulated offshore leverage based exchanges and you know i don't blame them for that but i think they're they would be a little bit hypocritical to be doing that because they allow other inferior products to exist and i've spoken about this before the products from grayscale gbtc and ethi are actually inferior to an etf for a number of reasons but the biggest reason is that it can trade at a premium or a discount to its uh nav or net asset value and you've seen that lately with the gbtc premium going negative i think

it went to like negative 15 or 20 at one point um to the current spot price of bitcoin so if bitcoin was trading at like 40k it would be like 10 under that um which obviously is not good for any investors i mean if you buy that dip there then it goes back up to to nav i mean that's good but the fact that the reason why it can't track the net asset value is because of the fact that there's no redeem function so there's no way to arbor that spread so it's literally a separate market on its own it relies on supply and demand demand dynamics there and and you know we saw during the bull market or at least during the more bullish times um that uh it was trading at a large premium too which was even worse because it would get sold down um and then

people you know buying higher would have would have just lost money on that so and you know people might ask you know why why are these products important like etfs and these other kind of like structured products and the reason why people love them and they're really important is because they can trade them using their retirement accounts where they where they basically pay zero percent tax right so in the in the us that's that's a 401k and i'm not an expert on 401k so i won't try and kind of go into it here but that's why atf's are so popular is that these structured products you can get access to and get it and you can basically get exposure to an asset with you know in your retirement account or in an account that's like a tax tax offset account as well so uh but

yeah it's going to be cool to see i mean not cool maybe interesting to see how the etf process goes now that i just don't think that we're going to get a bitcoin atf at the end of this year and i don't even think the the bitcoiners who are most bullish on this happening think that it's going to happen anymore you know it's maybe next year or something like that and i still hold i still hold that um and then etf won't get approved until a bitcoin atf does but it would get approved shortly after so from that kind of perspective i mean i guess it's okay i don't think the crypto market needs to rely on an etf to go up i think you know obviously it doesn't it's been going up you know its whole life without etfs in the u.s but there's also other countries and

other jurisdictions that are embracing these kind of products i mean you've seen in canada there's like four or five if etfs there uh there's atps exchange traded products in europe especially in i think germany from memory so these products do exist in other in other kind of places but obviously the us is a huge market uh and one of the biggest markets if not the biggest uh outside of asia for crypto um i think it's actually bigger than asia in terms of like raw trading volumes so when you kind of like look at that and kind of put that into context you can see why an etf would be really bullish but again i don't think an etf is required but still cool to see more and more companies submitting applications for an eth etf because it just kind of puts that on the scc's radar and then once the btc etf

gets approved the eighth one will follow shortly after so mariano conti put out this really great great tweet today that i actually wrote a newsletter about so if you want to read that you can but essentially what his tweet says is he's quoting someone saying is it too late for me to learn solidity and then he goes on to say i was 35 encoding php when i picked up solidity 0.3 for the first time so no it's not too late now what i read about the newsletter is a bit different to this where i kind of like focused on the is it too late question because i get this question a lot from people you know is it too late to learn about crypto is it too late to invest in crypto have i missed the boat you know i'm sure we've all gotten these

questions before so what i guess like what i wanted to talk about was the fact that i truly and like uh strongly believe that we are still very very early and you know this is for a number of reasons if you look at just where the crypto kind of like ecosystem is today i think there's two things you can look at you can look at the crypto markets which obviously are very frothy and there's a lot of people playing in those and then you can look at the actual adoption of the applications so if we look at the crypto markets there's what 1.5 trillion 1.6 trillion dollar total market crypto market cap right now most of that being bitcoin and eth right so when you kind of like look at that and and see and and compare it to other asset classes and other assets you might

think okay well you know it's become kind of like a uh like a uh not it's not like a small asset class anymore it's quite large and you'll be right to say that but at the same time and i spoke about how like market caps of things can be very easily inflated and it's more about liquidity and things like that but let's just take the market cap on its face value and like the exchange volumes and things like that they're all really large right and and and that's all well and good and i think most people that are in crypto are just trading cryptos on centralized exchanges they're not actually using the apps which takes me to my second point where if you actually look at something like d5 on ethereum and who's actually used d5 there's 2.5 million addresses that have interacted with the dfi app

now addresses don't equal people because many people have different addresses i mean i personally have like 15 different addresses that i use that i've used to interact with d5 apps now i don't use those regularly of course like it's only a handful that i use regularly but off the top of my head it's at least 15 it's probably probably much more than that i'm probably not counting all the multi sigs that i'm on you know all the um all the kind of like one-offs that i did to preserve privacy and all this sort of stuff so if you kind of like think about that and apply you know you could even just apply and say that people have like two addresses so if you do that you immediately halve that 2.5 million down to 1.25 million and let's just round that off at a million because there's many people like

me who have way more than two addresses so you could say that at best i mean at absolute best there's a million unique people that have interacted with ethereum d5 i think it's less than that but let's just say it's that for now zero one million people out of the entire world's population is 0.013 of the total world's population uh now this is obviously includes you know kids and stuff like that it's not just the adult population which is you know who's going to be using d5 the majority of the time but even if we just like have that it's still like a very small kind of portion of the population uh and this is what kind of i mean when i say we're still very very early in this ecosystem because it doesn't matter what the markets are doing the markets are always going to get ahead of things

it matters about the adoption and the adoption of these different apps are these apps actually integrated with the wider kind of like a uh wider world right in the in the wider kind of like systems like you we have like a pretty circular kind of crypto and d5 economy but is it actually helping people is it actually you know touching people outside of that ecosystem and i don't think it is right now you know you could you can kind of like i guess the clearest example would be to look at uh is the payments infrastructure of the world running on ethereum no it's not right the only payment infrastructure that's running on ethereum really is just stable coins uh doing their thing whatever that may be but like if we're talking about e-commerce and replacing things like visa and paypal ethereum is nowhere near that and

ethereum itself will not do this there'll be products built on top of it especially on layer twos and things like that that will kind of scale to to replace these sorts of things or paypal and visa might might make their own and run them on the ethereum rails but right now the majority of the payments ecosystem is running on uh legacy systems and traditional finance banking is all running there it's not running on ethereum right now what ethereum and d5 are like parallel systems but these parallel systems while the volumes may seem large they're not touching many people as i just as i just explained so there's that aspect to it and then there's many other aspects i know that we saw explosion in the nft space recently but that's still very very small like think about how many major you know games are actually nfts or or major kind

of like music albums or nfts or or anything like anything that people are creating or making into nfts it's still very very small so when i when i kind of get this question i basically say to people that you know you're still very early not just from i guess an adoption perspective but also from an investment perspective i truly believe that people really underestimate how exponential these things can get and i often get pushback when when i say to people that i believe eth can go to 100k you know in in less than 10 years and they said you know you're crazy it's only two and a half k right now like how's it gonna get to 100k in such a short amount of time uh and you know maybe maybe even less than five years i don't know like i'm not making any promises yeah i don't

like to put timelines on things but but generally it's because exponential growth is just not something humans are very good at at measuring because when you think about it when we when we think about growth we think you know one person after the other we don't think that you know one person can actually uh talk to you know a group of people and then then that group of people can go talk to more groups of people and that's how the exponential growth works because you can imagine me telling people about ethereum say i tell five people about ethereum and i kind of like ethel them on it i get them really bullish on it and they're really excited to get involved well those five people are going to go tell all their other friends about and all the other groups about it and then those all those people are

going to tell everyone else and then you can see how this works and to use maybe a really easy to relate to example it's exactly how like something like a virus spreads right to choose an example that everyone's familiar with like look at how far something like covert spread it's the same thing with information it's it just it can spread so so quickly and so exponentially because one it's it's one to many instead of one to one so i think that's just a tangible example to use here and that's exactly why i think that you know when we have true exponential growth it'll be hard to ignore and there's a saying that signs of you know froth are indistinguishable from signs of adoption and i truly believe that i think we're still in the mass adoption phase we're still in the early stages of it but it's going to

happen and it's going to happen faster than people think and even then i think we're still early because if you look at even like other tech revolutions like the internet most of the i mean maybe not most but a lot of the top companies today internet-based companies today were came much later i mean look at look at one of the most popular apps in the world or the most popular app in the world tick tock that was founded in 2016. snapchat another very popular app founded in the 2010s i believe instagram same thing facebook and twitter 2004 2006 uh and there's i mean there's so many examples here of these sorts of things yes there are uh companies like amazon and microsoft and google that were around the early 2000s but how i view them is how i view like the may cars and the rv and the

compounds of the world and the unisops i guess as well that there were these just breakout apps that that came along really early and survived but most of the uh the kind of like big uh apps and big kind of like services came later uh for various reasons but i guess like i'll leave it at that for now uh i think when just generally whenever someone asks you are they too late to things just say to them this is like a multi-decade revolution this is going to change absolutely everything i'm sure that from all the refuels you've watched at this point you'll definitely you know eat peeled on d5 and dows and nfts and all that sort of stuff uh and i think uh you know as time goes on we're gonna see more and more people kind of come into that and embrace that so quinta announced on

twitter today their l2 launch plan so quenta for those who don't know is a interface for interacting with synthetics uh to basically trade derivatives so they announced the three phases of their l2 launch plan and for those who aren't aware they are launching on optimism so they're going to be doing this very soon i think that they're going to do this within the next few weeks i don't know if there's any dates said here i had i i just saw this before so i haven't actually read it yet uh but they they're saying here that at launch users will be able to trade uh synthetic synthetic btc and synthetic link uh and then uh that's in phase one of uh of the l2 beta here which i don't think there's a date here maybe i'm missing it i'm just trying to read through it quickly here

uh phase two will be trading incentives so as i mentioned they are going to have their own token but they're also part of the synthetic ecosystem so they're going to have snx rewards as well uh and phase three there's going to be uh futures in l2 trading competition here so i think this is coming really soon i think in response to arbitram coming i think optimism is speeding up and and kind of like got a little bit of a fire under there and under their ass because of the fact that i wouldn't call arbitrary optimism necessarily competitors but they are kind of feeling the same nichia generalized evm uh optimistic roll-up technology they're definitely kind of cut from the same cloth so i think that i mean arbitrary's tomorrow now i think i've been speaking about arbitrary all this week and i'm actually going to talk about them again

in a sec uh but you know that that is kind of pushing optimism to release what they have here with synthetics and and uni swap i mean i spoke about how unisop's actually going to arbitrary as well so that's going to be pushing the optimism team too here but at the same time you know these things are going to take time to roll out i you know i've said before that i i thought 2021 was gonna be the adoption kind of yeah for layer twos i still think it will be for like early adoption but scaling ethereum is like a multi-year thing it's not just gonna happen in in a few months like we'll have these solutions that go alive and people be able to experience these these really cool fast and cheap transactions but there's much more to scaling ethereum than just that and i do believe

that at some point there's going to just be so much demand that these l2s are even going to start having to kind of like scale out and scale uh you know in different ways and kind of improve their system which they definitely will do so you know now this is a silver bullet but it's really good to see that these early apps are going live on l2 here and speaking of arbitrary actually they announced that they're going to be integrating with ether scan so you know i was talking about the other day how optimism announced that i need to scan block explorer and it's live uh arba trim will be having um the same kind of deal here and i and i've talked about how i believe ether scan is kind of uh becoming a go-to block explorer now for not just layer ones but

different layer twos and kind of like other chains out there as well uh polygon as i said before has been teasing this and i i just believe that every l2 is going to have an etherscan implementation here and i think did they announce a date here of when this is to be expected i think it might uh yeah yeah they they expect it should be ready by the end of july so i i actually expect that arbitram will go live to end users in june sometime maybe they push it out to july and they have their own block explorer that they're trying to improve to make sure that it's good enough for for those kind of early users but nothing's going to be an ether scan block explorer for arbitrary so i'm really really cool to see that this was announced today i am so excited i mean tomorrow is the

devnet well today sorry tomorrow tomorrow today 28th of uh of may is is their devnet launch i'm not sure what time it's launching that's going to be really cool to see the launch and see how many projects are going to deploy there because there's a lot i think i think there's actually going to be much more than people think there are and we've seen how fast you can bootstrap an ecosystem in this in this kind of uh in in in this industry uh given the right incentives because liquidity moves really quickly if you put you know your app on arbitrary and then do some liquidity mining incentives you're going to have capital flowing over straight away so we could see arbitrary become a leading l2 a leading scalability solution very very quickly here which i'm very excited for of course uh but yeah so i'm going to keep an eye on

that hopefully abba trims kind of devnet launch on them on mainnet go smooth today and we can see all the apps that are finally coming to to upgram here so pete kim from coinbase is teasing something uh he's basically tweeted out a girly goalie goalie test net transaction here um it may look like nothing to you i mean there's no data here there's no ether being sent there's no tokens being sent but if you click here and say click to see more and then you view this input here as utf you can see a message embedded in this transaction saying bringing millions of new people to the wonderful world of d5 and web 3. now the uh kind of where the transaction went to in this wallet is basically gurley usdc here so uh he's basically i think what he's

teasing is that something got to do with usd usdc but he's been leaving breadcrumbs around uh kind of like arbitrary lately i remember i went over the other day how he talked about testing uh arbitram uh for for usdc i think this may mean that coinbase is going to have withdrawal deposit functionality for arbitram maybe i'm getting ahead of myself you know usdc being on arbitrary is all well and good but if you can deposit and withdraw from arbitrary using usdc as a start that's going to be absolutely massive for adoption because coinbase has uh as i've discussed before they have optimism support but that is only for their mobile wallet app so if they can have arbitrary support

for their mobile wallet app and their and the kind of like normal exchange app that would be really really big and that would on board you know as as he puts in the embedded embedded message here that would on board millions of new people to to d5 and web 3 yeah which i think it will because coinbase has millions of monthly active users that a lot of them wouldn't have ever touched ethereum or d5 before um and you know doing this and and kind of like promoting it to them and getting them on here would be really really cool so i am really looking forward to this it's going to be really awesome to see how this how this plays out so alex vanderson tweeted a really interesting picture today where he says this is what the first open source congress of get coin looks like and you

can see here this is basically a pie chart breakdown of uh kind of like uh the stewards in get coin and get coins governance process here and i've spoken about this before but there's a bunch of really well-known and long-term community members that have uh basically majority of the voting power here you can see trent van epps who i've spoken about before that's who i've delegated my git coin tokens to austin gr uh who he works at the ethereum foundation uh austin griffith who also worked at the ethereum foundation um and has been basically building uh developer tools and helping onboard people to be a developer for a very long time in the ethereum ecosystem linda from a scalar capital here uh long-time investor uh has been doing a bunch of good educational materials around ethereum for a long time

uh left terrace here obviously also been in the ethereum ecosystem for a long time builds a accounting tool where you can basically called rotkey that you can download and track all of your different accounting things uh jordan lyall from the uh don't buy meme project or the meme project nft project you might have seen peter pan from metacartel long-time ethereum community member is really good at building communities simona pop here i think she's started out at status or no i think she started a bounties network which uh basically got absorbed into get coin i believe um i'm not sure what she's up to these days but yeah she's been around for a while as well andre kronjay here i mean i don't think he needs any introduction right founder of yearn and many other things uh and then uh three more people here

crypto wanderer i'm not sure uh who he is uh so sorry about that uh kenneth ng uh kenneth is i'm pretty sure at the ethereum foundation i'm doing a bunch of stuff there and yaylor uh works at uh with git coin i believe as well here so yeah i mean there's a bunch of other delegates but they're not named on this chart here i think there was missing oh yeah the grift uh so griff green has been a long time ethereum community member as well here who basically works on a bunch of different things as you can see from his profile but yeah this is what the future of governance of these platforms is going to look like i believe these well-known long-term long-time and long-term ethereum community members who get tokens delegated to them from uh the the kind of community because they

understand and they realize that these people are the best people to kind of like do these sorts of things and i've spoken about what git coin governance is gonna kind of consist of in the stewardship with the stewards they're going to be out they're going to be managing the whole platform whether that's from you know disputes during econ grants around or paying out for different grants or doing civil resistant things or just managing the bitcoin platform generally so really cool to see all these uh long long-term members kind of stepping up to the plate here as i said before i'm trying to find some time to become a steward myself because this is definitely something that i'm really interested in and obviously i have been very uh like very involved with git coin through the delegate and ethub so i'm looking forward to trying that

you're finding some time to get involved there so hop protocol teased something really really cool on twitter today so for those of you who don't know hop protocol is basically a multi-chain multi l2 swap protocol so you can i guess like transport protocol so you can go from essentially like one layer two to the other using hot protocol instead of having to go to layer one and what they teased today was a polygon to ethereum withdrawal in one minute and 30 seconds instead of three hours which is huge a huge improvement like uh for any for any of you have you who have used polygon and want to withdraw to ethereum you would know the pain of having to wait three hours or more to get your tokens back now using hot protocol you can do this in 90 seconds which is obviously an

absolutely massive improvement and i don't think anyone minds waiting 90 seconds to move some funds from one channel to the other that's much much faster than even going through an exchange for example i mean i don't you can't go from polygon to any exchanges right now but if you were to do that you would have to actually go to the exchange you would have to wait for the deposits to clear through you would put leave a paper trail there too to this exchange and then depending on the size you wouldn't even be able to withdraw it back um if you know if you haven't kyc or anything like that so when you kind of look at that sort of stuff uh this is just like much better than that so i think waiting 90 seconds is fine uh but there's no information of how this kind of works under the hood here

maybe they have something on their github but i'm assuming there's some kind of like trade-offs here whether that be custodial um or you know some some kind of trust assumptions here i'd have to dig into it deeper but really cool to see this cross-chain cross l2 stuff going on because this is exactly what we need this is what i've been talking about where i said that people keep kind of coming up and saying you know oh layer two's fragment liquidity it's like well i mean yes but we're gonna solve that we're gonna actually do more to kind of like build more tools around this to make it better for the end user so yeah i'll leave it at that but that i thought that was really cool to see a hot protocol teasing this today so for those of you who are holding dpi or the default pulse index you can now

use this as a kind of collateral on uh kashi from sushi swap here so you can uh lend your dpi and then uh kind of borrow eth btc usdc die and usdt here which i think is really cool because i think dpi is one of the best collateral assets that that you can have because of the fact that it's an index but it's not on a lot of these other platforms like rv and compound and things like that because of the fact that e and make up because i think it's just riskier because the underlying assets can change in it but all in all i'm uh you know i'm great i'm very grateful that that kashi has this on board here because i think for your assets to be successful they need to be productive you know everyone wants to hold productive assets at the end of the day

that's a major reason why i hold the assets that i do pretty much all of them are productive assets and if they're not i just i don't really feel too comfortable holding them so yeah just really cool to see dpi on on kashi here so seb from zappify uh has uh or zappa sorry has tweeted out a teaser picture today which could mean a number of things but i i think i know what he's teasing but anyway he said just took a random screenshot from a random interface and it's basically a picture of uh he you know defy snap dot ethereum address having a level attached to her uh with underneath quests and rewards so people might think that you know the first thing you might think of is okay is this a token right is zappify doing a token and then you can kind of like

level up and maybe earn rewards in tokens for doing so and you can go on quests and do all these sorts of things i don't know for sure and i should kind of like maybe get disclaimer here that i'm a seed investor in zappa here but i don't know what's going on here i wasn't kind of told any information about this uh i was just sent a tweet from one of the the people who work at zappo and be like hey look at this and they didn't give me any context they just said you know this might be something you're interested in so i'm like yeah this looks fun and i didn't ask for a context or anything but if i had to guess uh you know this definitely has something to do with with with a token i mean it i don't i can't really think of

anything else because rewards to me i mean i mean you could get rewards in other tokens of course but if you want to do it in a really big way rewarding the community with your own kind of like token makes a lot of sense to me so we'll have to see how this pans out here um you know obviously as i said i'm a seed investor in zappa so um you know i i kind of like have a bit of a bias here but generally i just think it's uh it's cool when teams do these sorts of teasers because it gets your brain going gets people talking about it pretty good marketing i think but we'll have to see how this shakes out here i think it's token season right air drop season we had a few of those over the last few days um but we'll see how you know how it

goes from here all right last up here we have balancer labs announcing another strategic round from a bunch of key investors including blockchain capital uh kane from synthetics uh at continue fund and oh sorry continue capital here and a bunch of other investors so balancer raised 24.25 million dollars by selling bail out of their treasury which i think is well you know i think it's actually becoming like a theme now where a lot of these teams will have a token already but they'll have them in the treasury and they'll just sell it to existing investors by doing this now you know some people will kind of like hit back on this and say that this is you know this is just giving insiders uh you know access to tokens that are kind of discounted pricier

and i get that but i think at the same time the way you kind of align people in this ecosystem is by giving them a vested interest in your protocol so when you think about it a strategic investor this you know the term strategic investor or key investor may mean nothing to you and maybe i'll explain what this is because i've become on board with a lot of teams as a strategic angel investor now what this means is that i can add something valuable to the kind of like i guess project that a lot of people can't and for me it's my reach right it's my it's marketing it's community management it's giving feedback on marketing and advising on different things on how to do how to do things am i am i network within this ecosystem that's kind of what i bring to the table

whereas there's kind of like funds and and things like that have deep connections inside and outside of crypto for you know for a variety of things but they can also provide support across a number of different areas like hiring uh you know development support uh marketing support like community all this sort of stuff so that's what a kind of like strategic investor or key investor means here and as i said the best way to get them on board and align with your project is to get them directly invested in it right there's a no-brainer there so that's kind of like what i would i guess like hit back on when people kind of say well this is just selling tokens to insiders but i kind of get it at the same time because sometimes people might feel like oh well i should have got you know

i should be able to be given this opportunity and i believe you should but not everyone should be given it i believe that if you're a contributor of a protocol and you're actually helping with the governance and everything like that you one should be paid in the native token and two you should be given up the option to buy discounted tokens that have vested over time to get even more kind of exposure to the project that you're helping out here uh so i i i think i saw the index co-op that they wanted to do this um i don't know what the status of it right now but it was on the forum where they wanted to do this and kind of give long-term community members access to the treasury as well i think that's just the best way to go about it because i i don't believe in

just selling tokens to anyone because there's a speculators too who will just like buy the token and then just dump it and then they just provide no value to the project so what's the point of that to raise some money well i mean you right money is very easy to come across these days so why not raise money from your community that actually cares about the project is invested in it both with um their time and their social capital but also their money here so yeah yeah any great congrats to balance for raising this is a nice summer money yeah this is going to give them runway for quite a while and i'm sure they've been scaling up their operations for for quite a while now they just released v2 with a new interface and things like that which is really exciting for balancer as well but that is it for today so

thank you everyone for listening and watching be sure to subscribe to the newsletter if you haven't yet join the discord channel subscribe to the youtube channel give the video a thumbs up and i'll catch you all next week thanks everyone