Fighting Ethereum FUD, ETH at $3k and more - The Daily Gwei Refuel #112​​​​​​​ - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the daily gray refuel where i recap the latest news in the ethereum ecosystem i'm your host anthony sosano and today is the third of may 2021 all right let's get into everything that happened over the weekend now the first thing i wanted to start with today was this absolutely silly thread i saw i think it was on friday or saturday here uh that was basically a uh fud thread on ethereum where this guy named nick started this thread off by saying here are seven reasons i am not optimistic about ethereum's long-term future now i felt like i had gone back in time and read a thread that was put out in maybe 2010 or 2019 because the the kind of like points that nick brings up here are absolutely horrible it is the weakest kind of fight

that i've ever seen and because of that i wanted to address this for maybe uh newcomers into the space that might look at this and might think okay you know what's going on here like you know am i crazy for liking ethereum is this nick guy right and i mean i can say for sure that he's not right here and i'm gonna explain to you why uh but i will be going uh basically back and forth between nick's tweet thread here and and figo's tweet thread here where he actually uh kind of went through and debunked each of these points which i thought was really good here but yeah so let me let me kind of go through these points so the first point nick makes here is that ethereum is not immutable and can be censored the developers can roll back transactions and change the rules

whenever they want they can also be pressured by others such as governments now this statement is i mean just on the surface here i'm just reading this it's just like i don't understand where he got this from i really don't i can kind of like draw a conclusion that he probably looked at the dao what happened in 2016 and probably thinks okay well you know in 2016 when the dow happened the chain was um you know it was altered i guess you could say um and you know the uh the dow hackers kind of eat was was taken away now there's a lot of context that needs uh needs to be given um especially with uh kind of like you know when he says the developers can roll back transactions because what actually happened with the dow hack was that it was uh what happened was

it's called an irregular state change so essentially what happened was the uh the attackers uh so the dow hackers was actually taken from them and basically pulled back into the the dow contract that people could essentially uh you know uh withdraw right after that happened now there was no rollback the chain wasn't rolled back uh or anything like that there were no transactions reversed um the dao hakka i mean you could say was censored here or whatever but it wasn't done by a central party the the the community at the time and the ecosystem came together and basically said okay well we're gonna run the node software that has the kind of a regular state change to take back this kind of eth from from the dow hacker here so yeah i mean even if you look at the dow hack as that kind of like one time

that um you know this kind of thing was done it wasn't a rollback of transactions and it was what's called an irregular state change now if we look into the future and why this hasn't happened before figo has a great uh kind of point here and says if client teams don't integrate eips no change is applied and then miners have to run the clients and users have to run the clients as well and run the full nodes and have to use the network and then he says you clearly don't understand how decentralized networks operate now this is this is true this is very true the only things that go into the ethereum network and the only changes that happen is through the eip process the ethereum ethereum improvement proposal process which goes through uh you know a rigorous kind of review on a lot of

these eips and a lot of them um you know don't make it in a lot of them kind of like uh you know some of them are contentious you know remember uh prog power was very contentious there was no central party that was saying you know prog power was going to go in and that would actually favor the miners as well so anyone who tells you that miners are in control of things doesn't really know what they're talking about either so from that perspective you know there is no central party that can just control ethereum or can just basically say okay well i'm going to do this to ethereum and this is what's going to happen it needs community buy-in and if you look and even look at like the most popular um eip ever eip1559 it took two years to get integrated into the

network from the eip first being specified because it needed community buying it needed audits it needed review it needed economic analysis because it was such a big change on the network and even though it had that community buying for such a long time there was no central party that could just say okay well one five five ninety's in and that's it right there was a consensus eventually among the core devs uh after the core devs had had absorbed all of the the kind of like feedback and knowledge from i guess the ecosystem about one five five nine and it was very clear that you know everyone wanted it so even a very popular eip like that took forever to kind of get into the network and there was no one that said you know it should go in now or we need to do it

now and there was no central party kind of dictating that so yeah but i think just on the surface what nick has said here is just like there is zero evidence he's given no points of evidence here he's just basically made a statement and then for some reason you know 2 500 people have liked it 676 people have retweeted it absolutely you know insane okay so that's the first point the second point he says is that its scarcity is artificial the developers who prefer inflation control its monetary policy which is arbitrary uncapped and challenging to audit what will the eighth supply be in five years it could be 120 million 500 million 200 billion two trillion nobody knows again statements with zero evidence to back them up right each scarcity is artificial what

like i don't understand what his point is here is he saying that it's artificial because the monetary policy has been changed i mean that is the whole point we we changed it and we altered it to be able to come up with a monetary policy that makes sense to secure the network whereas you know i actually think that ethereum's monetary policy is more um uh egalitarian and kind of like more decentralized than bitcoins because it was formed by the community there was no central party saying what its monetary policy can be whereas with bitcoin there was right if you think about it satoshi basically set the monetary policy um and then he goes on to say the developers who prefer inflation what like where is this coming from i i don't understand where this is coming from like it's just a statement that he's made and

then he says that it controls uh they control the monetary policy they do not control the monetary policy all changes in the past to the monetary policy were done uh on uh based on community consensus it's when the community came together and said okay we're overpaying for for security here because the price of eight went up so much and the miners are making so much money let's kind of uh lower it and and there was kind of like a cadence to that and it was the community you can go back i mean uh eric connor was was a champion for one of these kind of um issuance reductions and he gave like a really sound reasoning behind it and there was discussion behind it i mean i have a thread somewhere that discusses this um so yeah and then basically uh nick goes on to say if the monetary policy is

arbitrary which is insane because uh it's not arbitrary there has been lots of analysis done on each monetary policy being you know proof of stake issuance to secure the network perpetual issuance and then eip1559 to burn eth and then potentially making eath uh you know deflationary where more um evie's burned than he's issued each day then he says uncapped i mean yes it is uncapped but it's uncapped because its monetary policy is set like that we are fine with an uncapped supply because we are confident that the um that more supply is going to be burned each year then he's going to be uh kind of like uh issued by proof of stake and then he says and it's challenging to order and he's referring to being able to kind of

audit the full supply of of eight the current supply of eighth which again has been debunked many times in the past there's i think there's like four or five scoops you can run um using an ethereum full node to calculate the current um circulating supply of eth and the result across all kind of full node clients should be the same um you know from the scripts that i've seen then he's you know you ask the question what will the supply be in five years and it could be all these numbers no it can't be we have certainty or relative certainty about what the eighth supply will be in five years we don't know for sure because it's monetary policy works off uh variable issuance in proof-of-stake and also variable fee burning with erp-1559 and figo's reply here was uh to link to justin drake's kind of um monetary

policy thing here called ultrasound money right um and i'm sure you've all seen ultrasound money before it's basically this concept that sound money is a cup supply ultrasound money is decreasing supply and we can do that with the fee burning so that point again just really dumb uh third point here ethereum's large pre-mine created ownership centralization and legal risk at the u.s government may consider it as the sale of an unregistered security with so much dependent on battalion building and others there is also significant leadership risk again i just i don't know where this is coming from it's like he literally came from the past into the future it's like he came from 2017 18 19 to put this thread together for just like i just don't understand like it it boggles my mind that he put this

together but anyway i'm gonna address it so he says ethereum's large premier pre-mine created ownership centralization it didn't if you go and look at the top holders of eve besides exchanges it's not the ethereum foundation it's not vitalik uh joe lubin is definitely a top uh one of the top holders but a lot of the eighth that joe lubin has actually been distributed through his work at consensus consensus was funded by selling ethan to the open market right ethereum has had a long proof of work issuance schedule where a lot of coins were distributed uh the price has gone absolutely nuts since the ico of 30 cents so a lot has been sold over time and the ico was also open to anyone um and the pre-mine that he's quoting here was most of it was sold off i think from memory 12

million was kept for the ethereum foundation um and and most of it was 12 million sorry and most of uh that was kind of um and then the rest of it which i think was 60 million pre-mine was uh was given in an open sale that anyone could participate in and it was not even any kyc there was no from memory there was no countries barred from doing it either so anyone could participate in this and then he goes on to say it's a legal risk and the us government may consider it a sale of riches security the sec has actually already come out or at least um someone who's working at the sec high up i can't remember exactly but they've actually come out and said that they don't consider ether security so it's pretty safe that to say that ether is not a security at this

point and the sale they did say the sale at the time i think was a sales of an unregistered security but they weren't going to pursue it because it had been so long um so yeah no legal risk there and then he's saying there's leadership risk here because of uh it's dependent on vitalik ubud and others i mean i'm meeting more and more people these days who have no idea who vitalik is because he's in the background just doing really good really solid research and development but he is not um basically controlling the network in any way he is a very big contributor but he's not critical and then he and then nick says and others well yes there's a bunch of core devs a lot of them actually like um you know across ether underneath two there's plenty of core devs now um and then he goes significant leadership

risk i mean uh i mean ethereum evolves over time so obviously there are people in positions of leadership or at least in coordination like tim biker and danny ryan are pretty important to both the ethos and eq efforts but that doesn't mean that if they were to go and kind of get hit by a bus right that bus factor that ethereum development would stop right there's a bunch of decentralized teams and decentralized people working globally on this sort of stuff so again statements without any evidence to back it up which i just i just think is really dumb and i'm curious to see what figa said here i said nope ethan's considered a commodity by the cftc okay well that's pretty cool there that he addressed this uh okay so the fourth point here ethereum's network infrastructure is not decentralized infuria which relies on amazon could be a single point of

failure if ethereum ultimately depends on amazon why not just use a faster more efficient centralized database system like aws so let's address his first point here which again is you know the favorite fudd from 17 18 19 he says that ethereum's network infrastructure is not decentralized because infuria can be a single point of failure we've already seen that this is false because a few months ago you'll remember in november of 2020 infuria actually went down because uh there was a bug in the gold ethereum client and the geth client now uh what ended up happening is that the ethereum network kept running just fine and you know why because infuriate is not most of the network inferior is a big part of the network that a lot of people use and metamask defaults to it but infuriate can't do anything on its

own it is just a node that relays transactions um yes if everything was running on infuria like absolutely everything then yes it would be a single point of failure but that's not the truth and it's never been the truth there are uh there are lots of people running their own full nodes there's thousands of them there's multiple um infrastructure providers uh infuria there's alchemy there's the graph there's lots of these kind of things that are offering infrastructure here and then he goes on to say if ethereum ultimately depends on amazon why not just use a faster and more efficient centralized database system like aws well i mean ethereum is not depending on amazon here i mean a lot of the full nodes are not on amazon like yes probably a fair chunk of them are um but like a lot of them are run by

kind of like people on their home node software or software on their home pc sorry and then you have eth2 as well where people will run their their stuff on their own uh home network too but yeah of course like if it was all running on aws then that would be a concern but the same could be said for bitcoin like this isn't unique to ethereum this is this is like any network right any decentralized network if all of the nodes were running on um you know aws like literally 100 of them then sure jeff bezos could be like okay let's shut all this down and just shut off all those instances and then the entire network of nodes would go offline um but that as i said like that's not the reality today that's not a reality for either bitcoin or ethereum and again you're not unique to ethereum

so the fifth one here there is an unclear use case what real world problems does ethereum solve to provide economic value instead each tends to latch on to ever-changing use cases mostly centered around hype cycles buzzwords and narratives that come and go uh i mean it actually pains me to have to address this stuff but i think it's important but for someone to say this there is an unclear use case when ethereum is processing more trends more fear revenue than than bitcoin is by a large margin and has been for quite a while it is settling more value than bitcoin is right but then more than any other network is d5 is a are real use cases nfts are real use cases that have been around since 2017 or even before that the ethereum white paper mentioned defy

nft has been a concept for ages um but just in general the reason why ethereum has so many use cases is because it is a network that you can build anything you want on right and because of that some things will fail some things will succeed some things will change the world that doesn't mean that ethereum's use case is ever changing the use case is that you can build anything you want that's the whole point right and on top of that bitcoin's use case also changed over time it went from a peer-to-peer electronic um cash system or p to p to b money to digital gold right and people would say i was always meant to be digital gold not to the community at the time there's a lot of people that were around back in the early days who didn't view it as digital gold did not view it as a store

of value they viewed it as cash as a new currency as something that you could use as peer-to-peer money so to say that you know ethereum's use case is unclear when bitcoin's use case has changed as well uh because i'm assuming this guy is a bitcoiner just from the way he talks about ethereum uh is just really bizarre to me and again ethereum's use case is the fact that you can build anything you want on it and just because it's use cases quote unquote come and go which really i mean they don't they evolve so ico has evolved into yield farming and ios to distribute tokens you know tokens never went anywhere just the distribution mechanism did and now we have like balancer liquidity pools as well for sales so sales of tokens are still a thing it just evolved into a better thing like icos were obviously terrible

but um you know we evolved and we got better at that defy is going to take over the world there's no doubt about that nfts is going to reinvent culture and is already um doing that um he's got another one here atheist oil on the picture i mean eat is oil and gas for the network it always has been and always will be and we've even improved that with eip1559 so again just silly kind of statement to make and just utterly bizarre um i'm curious to see what figure said here as a fifth one um are you linked to crypto fees yeah exactly between processing more fees but anyway the sixth point here the economics of the token model are not appealing many people who buy crypto tokens are confused they think they own some sort of

uh scarce acid or ownership steak that would be similar to mistaking chuck e cheese ik tokens for shares in chucky the cheese company what to be honest i'm not even going to spend much time on this point because just what i just don't even understand what he's saying here it's utterly bizarre i'm skipping that i can't even with that the seventh point ethereum is an early stage experiment and has enormous implementation risk the ethereum ecosystem was not built upon a workable finished product but rather the ever-changing theories and promises of an alpha stage experiment i don't believe this is a stable foundation again what i mean just ethereum is working fine it's it's doing fine its future is brighter than ever we have major upgrades with eth2 coming that have been planned since ethereum

was you know invented right proof of stake has been coming it took a long time but it has been planned for a very long time uh sharding has been planned for a very long time a lot of the stuff that we want to do has been planned for it for at least a few years at this point so i just what just like seriously i get that you can call it an and maybe an experiment maybe it's not early stage anymore um and bitcoin i would consider still an experiment here um an implementation risk i mean okay i guess but like we've already got eth2 up and running and it went very smoothly and there's only been one uh kind of like uh edge case bug with with mainnet so far um you know and and you know bitcoin isn't immune to this either bitcoin has

had plenty of bugs in the past uh and then his final two tweets here where he says describing ethereum as decentralized is misleading because every aspect of it is centralized when it comes to decentralization it's black and white there are no shades of grey that becomes crystal clear when something goes wrong again i don't know what he's saying here it's just a statement with no evidence and then by contrast he ends with by contrast bitcoin has a crystal clear use case it's a hard monetary system that is accessible to anybody and controlled by no bottle body it works in the real world and it solves probably mankind's biggest problem which is throwing in exchanging value reliably what did i say this guy's a bitcoiner i actually forgot the last tweet here was him just shilling bitcoin this whole thread feels like he came

from 2018 or 2019 put this together and it also feels like it's written by a bot that just kind of learned all the bitcoin of fud talking points about ethereum like a markov bot and put together this thread i think it is one of the stupidest and most embarrassing things i've ever read i really i just realized i spent 19 minutes on this but i think it's critically important and i think that a lot of newcomers are coming into the ecosystem now so i really wanted to educate you all on why this is just like complete and has no basis in reality and just in general when you're looking at things like this where there's literally statements and no evidence to back it up you can pretty much write it off straight away because you can't just make a statement and then and then it just be true right you can't

just say something and then it's and then everyone's supposed to believe you but anyway i'm gonna leave it at that because i spent a long time on this i want to move on to some more positive stuff uh i will of course think this in the youtube description you go read it yourself and go read all the replies i mean you can see in the replies like a ton of people are kind of like you know saying the same thing as me it's the most idiotic and outdated thread i've ever read it's embarrassing it's you know thanks for this 2017 flashback sir those really were the days it was just all crap and you know what the funny thing is it didn't even make sense in 2017 or 18 or 19 either recycled fud i expect this when it's moving up in price especially against

bitcoin because you know bitcoin is start to get scared they're like oh my god is eth actually gonna flip btc um you know they won't they won't ever admit that they think that but they do they do um but yeah i'm gonna leave it at that move on to more positive news and i think the most positive news was that over the weekend there was a super experimental eighth one to e3 post merge test network launched this was basically a very early stage of i guess like the rainism project that proto-lambda is kind of heading up here as part of the scanning ethereum hackathon and they had four consensus clients and three execution clients working so teku lighthouse prism and nimbus which are the eth2 clients or the consensus clients as they're known as and three execution clients or the eth1

clients baisu geth and nev nevermind here are open ethereum and missing unfortunately but they were all running just fine uh i don't i think the um the uh the network eventually forked but this was just like a radical test network it wasn't meant to be anything long-standing but still it worked so major progress being made on the merge yacht and you may be wondering you know what's this terminology a consensus and execution clients well essentially what the consensus clients refers to is the client that you run to perform consensus on the network in this case eth2 is performing the proof-of-stake consensus right whereas the eighth one clients once the merge happens they're going to be referenced as the execution client the things actually processing transactions on the eighth

one network so when the merge happens there's going to be that's how it's going to be split out there so yeah this was i guess like the biggest and most exciting news from over the weekend i think the merge is uh the gonna be the most historic thing that's ever happened to ethereum it's gonna be you know bigger than one five five nine bigger than anything else we've ever done in the past finally gonna get a bit of proof of work and get on to proof of stake here so really excited to see that play out i'll link this in the youtube description there's a few resources you can go check out especially on github and things like that so trent from the ethereum foundation has announced a new project called the ecosystem readiness project so he's working with tim biker and he all called debs with a goal in mind to get

ethereum dev tooling ready for the london network upgrade um which is obviously due for july 14th with eip1559 included in it here so this is a thread about like i guess like who's helping and what's happening what they're trying to do so if you're interested in helping with with this and kind of um being part of i guess like the effort uh to to kind of get this done and get the uh the ecosystem ready for for london uh be sure to kind of i guess go read this thread it'll be linked in the youtube description and i'm pretty sure that you can uh reach out to trent as well here so speaking of london uh there's another eip that's going to be included into uh in into london with eip1559 and that's the one that makes gas tokens no longer viable so

if you remember i've spoken about gas tokens before but essentially what these allowed people to do was to stockpile gas when it was cheaper and then use it uh when it was more expensive and some people kind of speculated on this and you could trade these tokens on the open market but a lot of people would use them as basically a futures bet on the on the gas token market here so come london this will no longer be possible which i think there's a reason i don't think they're removing it um you know the ability to do this but they're basically changing the uh the feature that allows you to do this called the refund feature um to make it like un uh untenable to basically make it unprofitable i think so yeah really cool to see another eip included in london here so aztec protocol aztec network

announced on twitter that they have launched their private die which is now live on the aztec private roll up so you can get your zero knowledge die or zk zkdie with free transactions for the next seven days i think this goes to may 8th uh and you can enter a draw to win 1000 zkd here so this will be linked in the youtube description of course there is more uh there is more information in this blog post here um basically you know explaining why they picked die and all that sort of stuff and yeah what you can look forward to in the future so if you're interested in getting involved and going in for a chance to win the 1000 zk die here definitely go check this one out so bellagi put out a really great tweet today where he said ether 3k learn solidity

today i mean i don't know if you meant for that to rhyme but this is so true if you're a developer if you're a builder if you're someone who wants to be a developer or builder and you haven't learned solidity yet i think it is the as as 1729 says yeah it is the single most valuable skill in the world today you can obtain it without years of thermal education and uh they'll and and and as i say here they'll even pay you to learn it but essentially there's so many resources now i'll link to a link link here you can go to the ethereum.org developer section and it'll have a bunch of resources for you but think about it by learning solidity you can launch and do whatever you want on the ethereum network you can create our bots you can create uh you know you can do mav

you can create new apps you can launch whatever smart contracts you want you can do anything you want and you know there's a lot of profitable opportunities for that because there's not many people in the world that know solidity and you can also uh join a bunch of teams like pretty much every team is looking for literally developers right now whether it doesn't even have to be d5 it can be like in the dow space or in the social token space or in the the layer 2 space pretty much like all these teams are looking for solidity developers so if you're if you're a developer or want to be one learning solidity is the highest kind of value thing you can do right now in the world and i don't think that's hyperbole to say that so yeah if you're interested in that you can go check out the ethereum.org

developer section here which is ethereum.org en slash developers if your preferred language is english but they have this available in multiple languages as well so yeah you don't have to basically read it in english either but yeah i guess kudos to belgium here he's got a massive twitter following of 362 000 followers here so it's great that he's getting the word out about eth and obviously the price movements but also about uh learning solidity and you know people probably went and googled what solidity was and hopefully have jumped down the rabbit hole there so a really interesting metric from glass node today as the eighth price obviously crossed three thousand dollars over the weekend and set a new all-time high so this uh this thing i should have covered in yesterday's data pump but i didn't

actually kind of know about this uh this metric or maybe i don't have access to it because there's higher tiers you can access on on glass note here but essentially what this metric is called is the network value to transactions ratio or the nvt ratio um and what ends up happening is that low nbt ratios indicate transaction volumes are high and growing faster than the network market cap uh we and the market strength over 3000 is supported by volume setup on change you can see on the picture here that essentially uh during the bear market and increasing nvt was was very bearish to the transaction volume growth was less than the market cap growth but during the entirety of pretty much 2020 or at least the second half and the

entirety of 2021 so far the nvt has been going down so transaction volumes on the network aka fundamental drivers have been much greater than the market cap and you can see the price overlaid on this as well and you know this is really really positive to see and not just these on-chain metrics and the ones i showed in the data pump video yesterday if you haven't checked that one out you can go check it out on the channel but what's really positive about this is that um this is the fundamental drivers is what makes it so that eth doesn't like have those massive kind of swings right where it goes up really fast and drops really fast because it's basically not um being driven by fundamentals and speaking of market structure lately you

may have been seeing some people talking about this on twitter where the leverage in the system for eth is actually really low compared to other rallies which means that a lot of this price movement is driven by a spot buying or just like you know pure market buying which could signal that a lot of new people are coming in and buying eth but it also could signal because the price is going up so far uh so um you know so much that institutions are actually buying ether as well which i think they are like i've been saying it for a few months now but i think they have been and they are ramping up they're buying here and it's accelerating because they're buying into and they're realizing the power of ethereum's monetary policy post 1559 and post merge so i think that's why um you know we

have this kind of like perfect storm of ethereum's um fundamentals being extremely strong and also there being this massive by demand from institutions that haven't typically been into eth before and all these other people that have kind of like tried to chase ethereum killers and all that coming back into it and bidding eth back over three thousand dollars here uh and i mean over 3000 for the first time and onwards to obviously like higher than here so yeah really positive news all around for eth right now not just on the speculative side but also on the fundamental side so jay uh from okx uh i guess he's the ceo of ok xcr announced today that they are leading the way in ethereum l2 adoption by being

the first major cryptocurrency exchange to enable direct deposits and withdrawals to arbitram which is an ethereum a layer to optimistic uh roll-up protocol this is awesome this is what i've been saying we need these centralized exchanges especially the larger ones to enable deposits and withdrawals for ethereum layer twos i'm really glad that okay x has done this they're not going to be the last one to do this there's going to be other ones that that do it as well but this is what we need this is like when i saw this i was like holy this is awesome this is super exciting the ball is finally moving here we can start kind of onboarding newer users to uh i guess like um these solutions rather than going to something like bsc and i want newer users to go to ethereum layer twos because they get the security

they get the decentralization of ethereum they get to enjoy ethereum without the higher gas costs um and on that note arbitram isn't on mainnet just yet they're going to be on mainnet very very soon but they're basically main implementation is on testnet and it's working fine they've got a bunch of apps on there and they've got more in the pipeline as well i'm sure so from that point of view having like day one deposits in withdrawals to arbitrary once they launch uh through ok x is going to be huge and i'm sure ok x is going to advertise this to their users and things like that and do some marketing around it that's going to be absolutely huge and i'm really really excited for that so thank you to ok xcr4 being the first major uh major centralized exchange to support an ethereum layer 2.

so mariano had a really great tweet today where he said even with ether 3k gas prices remain low d5 l2s 1559 3074 which is the um the the eip 3074 is the eip to basically make it so that you only have to do one transaction to approve a token and and do like a unit top trade for example uh and then he says the merge as well everything we've been working for over the years is converging and creating a truly unstoppable platform it is right it is creating this platform that um you know we knew about all these things were coming but it's finally being kind of priced in a bit here and i don't think it's being priced in a big way it's just finally the markets waking up to it we knew about one five five nine for

you know at least two years we knew about the the merge for for a while right we knew that the plan was to launch this proof of stake network and then merge it uh with with eth1 and then drop the issuance considerably and the eq monetary policy has been our public for a while i mean eric and i wrote the page on ether for it we we know how long it's been around and we're telling people all throughout the bear market we're like this is gonna happen guys um you know this is not a pipe dream this is exactly what's going to happen but now the market's caught up right they're pricing it in uh people are finally fumbling into eighth could have bought a lot lower but you know fomo is what it is um so yeah really exciting to to see all these

stuffs finally converging here and basically making it so that ethereum kind of like i guess you know making it so people have more confidence in ethereum's ability to basically take the long term path build out things deliver them properly and not take shortcuts and still be able to drive value to both ether as a token and ethereum as a network through the fundamental drivers as well so very very positive uh i guess developments here as i said uh when i just as before when i was talking about the glass node metric um all positive fundamentals and and kind of like the speculative market structure side uh it's just a perfect storm happening for eth right now so last up here 0xm from i guess xerox monsters here have launched a new decentralized

exchange or a p2p asset swapping platform are powered by xerox that they're calling sudo swap so what pseudosoft allows you to do is swap any asset to any asset that means you can trade any erc 20 721 or 115 aka nfts for any other erc20 72115 here peer-to-peer an instant just send the link to your trading partner uh it's gas optimized you only pay for the approve in this swap and assets never leave your asset until swapping so this is essentially i think like uh xerox's early request for quote product or or kind of like um uh basically peer-to-peer order product where you could send basically your uh your your um your kind of order uh through a link to your trading partner

and they could fulfill it and it could be done in a decentralized way across ethereum uh but this basically extends on what xerox did and basically allows you to do uh this this is built on 0x but like i'm talking about 0x back in 2017 but this extends on that and allows you to use 0x to basically trade any asset for any asset through this pseudostop interface so really cool to see here check it out if you're into nfts and stuff like that and if you want to basically see what you can swap and and how it all works under the hood i think it's really really cool there but that is it for today's episode everyone thank you again for listening and watching be sure to subscribe to the channel if you haven't yet give that video a thumbs up subscribe to the newsletter join the

discord channel actually join the discord channel because it's popping lately it's very active lots of cool stuff going on there so definitely check it out if you haven't already but on that note i'll catch you all tomorrow thanks everyone