Fighting Ethereum FUD, Uniswap on Polygon and more - The Daily Gwei Refuel #257 - 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 22nd of november 2021 right everyone let's get into it so a very interesting last 48-ish hours in i guess the ethereum ecosystem the wider crypto ecosystem and i'm sure most of you know what i'm talking about right now but for those who don't i will give a rundown now i think i'm going to spend quite a little bit of today's episode on this probably at least half of it so if you're not interested in hearing me talk about all the drama from the weekend you can just skip ahead uh there's timestamps below but essentially it all started i mean so it all it actually all started back i think it was like

friday no it wasn't friday i think it was saturday where um kane warwick put out a tweet and i can't remember exactly what the tweet said but tweeted about kind of like some vcs or funds like pumping their bags and dumping or something like that right um and so people showing their true colors uh and then uh suzu who is the ceo of three hours capital one of the big funds in the space he responded to cain's tweet and basically called him out and said hey you know you sold uh uh tokens as well and you bought all these fancy houses blah blah blah blah right and then the next day or i think it was the next day it was the next day it was on uh i think this was on sunday at 11 28 a.m um suzu put out a little kind of

like tweet thread here three tweets and he starts by saying yes i have abandoned ethereum despite supporting it in the past yes ethereum has abandoned its users despite supporting them in the past the idea of sitting around jerking off watching the burn and concocting purity tests while zero newcomers can afford the chain is gross then he goes on to say uh ethereum culture also suffers massively from the founders dilemma everyone is already far too rich to remember that they uh what they originally set out to do perhaps a bear market is needed to remind them or perhaps we must build elsewhere but this is what it is nothing new under the sun and then the final tweet the reason why previous tweet has 4k likes in one hours because users delivered that they're promised a vision of the future then told they have to pay a hundred dollars

to 1 000 per transaction to enjoy it and then get told some tales about how they should have been smart enough to buy ether 10 so there is so much wrong with these three tweets i don't even really know where to begin this has been obviously talked about to death on twitter there's been a lot of people talking uh doing twitter threads on this kind of like fighting back against this but i want to break it down in my own kind of way here i think i don't know i mean like you've got to look at the incentives here su he has different incentives to someone like me right he runs a fund he's a billionaire he loves money right like he's a he's i mean i don't know i i don't know if i'd call him a profit maximalist but it seems like he is right

he's all about the money and you pretty much have to be a profit maximalist if you're a fund i mean your fund's performance is is pertinent to how much profit you make so it's always dependent on how much profit you make so kind of comes with the territory right but uh you know he's obviously very big on the avalanche ecosystem lately because he has a lot of avalanche tokens that he bought early on i think the price that he got in at was like 14 or whatever so he has different incentives to someone like me who obviously um is very you know involved with the ethereum ecosystem uh uh do you know doing delight and stuff like that and hold each and i don't hold any avax or anything like that so different incentives here but that doesn't mean that he has to spread kind

of like outright misinformation and outright lies if i'm being honest because let's let's break down these tweets so he says i mean he says he's abandoned in fear and despite putting in the past i mean and he later sent they put out a tweet throw where he retracted what he said or kind of went back on what he said and said he was too harsh he hasn't really abandoned ethereum i don't know like i just kind of thought that was a little bit of a little bit silly there but but basically in his second party says yes ethereum has abandoned its users despite supporting them in the past i don't understand where this kind of like line of thinking has come from because where has ethereum abandoned its users if if the ethereum ecosystem didn't care about its users didn't care about onboarding new people

we wouldn't be working on layer 2 scaling solutions at all we wouldn't be working on layer 1 scaling solutions which obviously are further out but they're still coming right the stuff that we all know about like sharding and statelessness and obviously the merge is required for those things to go ahead so i don't really get where he's getting this has abandoned its users from and then the last part of the tweet is what really gets people going and he knows what he's doing susan's not a not a dumb guy he knows exactly what he's doing with these tweets um but essentially in the last part he says the idea of sitting around jerking off watching the burn and concocting purity test while zero newcomers can afford the chain is gross now what's hilarious about this and i'm going to go over this in a sec but

what's hilarious about this is that sue in this tweet on march 6 was pumping eip1559 this is not the only tweet that he's pumped to 1559 in but he did it right remember back in uh kind of like he went on the bankless podcast he was saying ethan was going to 25k and then in may we crashed and it felt like he kind of like used us all as exit liquidity for his eighth long which he seems to have changed his opinion on on these days but anyway that's just a little funny thing there but i think that he knows this and and this is what annoys me is that sue knows this he's not dumb so the fact that he said something like this really annoyed me because these are not scaling ethereum and the burn are not kind of like mutually exclusive things right the burn at layer

one is i mean layer one is a settlement layer right like you guys know this i don't have to explain this again to you layer one ethereum is the settlement layout burning fees at layer one burning like is amazing for ethereum for a number of different reasons right um and it's amazing for ether as an asset and that all has kind of on-flow effects from there but the thing is is that like just because we like five erp-1559 we like the burn we like the high fees because it leads to more heat being burned doesn't mean that we like the high fees for end users and this is exactly why we have the layer two uh sorry for regular users and that's exactly what we have the layer two ecosystem playing out so we you know him saying this i i think he just did

this to bait people really honestly the whole the whole thing seems like bait to me but i think this part of the tweet was really to get people going this is classic kind of like populist tactics right appeal to kind of like the everyday man um make it out as if there's some grand enemy that they have to be angry at and then get all this attention because look at the exact engagement this tweet got like i mean i'm sorry but like i'm not dumb i know exactly what he's doing here and there's a lot of ethereums that aren't dumb either we've seen this before i mean i felt like over the weekend i was transported back to 2019 because this is the stuff that we dealt with all the time in 2019 and even 2018 just like pure like unfiltered about ethereum and to for it to come from

someone like sue who you know is considered by many people a respected voice in the ecosystem has like has a massive following you know i think he's got 300 something thousand followers almost 350 000 followers right for him to say this is is kind of gross because it just it really doesn't make any sense to me it's kind of it literally is a straight out lie because there is there's no truth in what he said in his first tweet then the next tweet i think is even even more a lie where he says ethereum culture suffers massively from the founders dilemma everyone is already far too rich to remember what they originally set out to do are you serious sue like are you serious um most of the ethereum core devs are not far too rich most of them didn't buy eighth early on most of them weren't

even around in the early days of ethereum most of them don't even give a about money they're building stuff they're building uh you know the core protocol work they're building the layer 2 stuff because they really really want to change the world they really want to build something they want to be able to scale ethereum while we're all kind of like retaining that decentralization and security that we all know and love and the thing is all the most major innovations that have happened within the crypto ecosystem have happened within ethereum regarding despite the fees there's another tweet that um i think like uh uh antonio talked antonio from dydx put out which i'm going to talk about soon about how like ethereum hasn't innovated in four years at kind of and which is just insane to me like i'll go over that but essentially i i

don't think that there's anyone in the in ethereum culture that suffers from this founder's dilemma maybe there are some kind of like uh pro project founders here and there that got really rich and just kind of like abandoned their project but for the most part i mean think about all the people that have been in this ecosystem for a long time and how many how many people are still working on the same kind of stuff like perfect example is vitalik he's i mean i don't know if he's a billionaire right now with his ethics i think he is a billionaire with his eighth holdings right now he's doing exactly the same thing that he's been doing since ethereum kind of was invented since since he kind of published the first white paper he's still i mean he's not obviously as public anymore because he took a step back but he's doing a lot of

research he's still involved obviously with the the um kind of like quote unquote eth2 effect all that sort of stuff there and obviously it's not just tim there's so many people like this that are still doing these sorts of things there's so many people out there that have more than enough money to just go away and never never pay attention to ethereum again but they're still here they're still building they're still doing things so i don't understand where sue is getting this idea that ethereum culture is suffering from founders dilemma um where everyone got too rich and now we're just kind of stagnating ethereum is innovating faster than it ever has before right now like ever and this is coming from someone who's been around since 2017 um and obviously earlier than that there was less innovation because 2016 and 2015 for ethereum i mean it really

wasn't that like active back then there was hardly anyone but now ethereum is innovating more than it ever has before so i really don't understand um uh this kind of thing and then he says perhaps we need a bear market to remind them are you serious like we already went through a bear market um where uh you know a lot of the inferior culture was built you know what we need a bear market for is to flush out all the crap that's just going up on these baseless narratives and this absolute that's going on right now that's what we need a bear market for but i'll digress on that point and then the last tweets just kind of like a throwaway thing reason why this tweet has 4k likes in one hour i mean i'm sorry sue but the reason your tweet has 4k likes in one hour is

because you have almost 250 000 followers like don't give me that that everyone's like kind of like angry at ethereum um obviously people are angry at ethereum for the high fees but uh you know the thing is we live in this unfortunately we live in this kind of like quote-unquote post-truth world where no one gives a about the facts anymore they just believe whatever's kind of put on the internet which is really sad but it is what it is anyway that's sue's tweet that's kind of like the background of how all this stuff started and how all the kind of like um uh stuff you've seen over the weekend started uh tim baiko uh is the first reply i wanted first thing i wanted to kind of like highlight he did a thread uh about you know giving his thought i mean for those who don't know

tim bicker is um part of the all-call devs but he gave his thoughts on all the stuff that happened over the weekend this is a really great thread you should go read it but essentially what he broke down here is why um you know ethereum has taken so long to get to this point in terms of uh kind of like lowering gas phase or scaling at layer one in terms of kind of like taking their time to make sure everything's done securely why the 1.81.x roadmap for those who remember that was was kind of like abandoned and for a better kind of roadmap why things changed as time went on why things have to be taken slowly because the theory is a 500 billion dollar network you know and there's more tweets in here that you should read so definitely go give that thread a read um

and then byron from loop ring had just a great one tweet reminder here where he said ethereum's roadmap is to scale through layer 2. ethereum l1 equals max decentralization settlement layer l2 equals the transaction application layer execution layer comparing other quote-unquote ethereum killer l1 to ethereum l1 is useless they're competing with l2 and critics conveniently ignore this they do conveniently ignore this all the time because it doesn't fit their narrative it doesn't fit what they're trying to sell to you and the hilarious thing is about a lot of these l1 is they're literally ethereum they're forks of geeth agaith the forks of geth modified geth the most popular one right now that everyone's talking about like there's a new one every week but right now is the avalanche sea chain you know what that is it's a modified version of geth with

a two times the block gas limit that ethereum has right now uh and their own consensus mechanism that's it that's all there is to it their fees are already creeping up because their network utilization is going up they already they have mav now you know what the reason why the fees on ethereum are so high a large part is due to mav and mev is is obviously minor extractable value that i've discussed before and i've told you guys before the reason why people are willing to pay these high fees is because they're extracting some sort of value in some way so any kind of like um later on that's not actually innovating is just like copying death and like raising the gas limit that's just uh you know that's just like not a long-term sustainable thing not a long-term healthy thing so great tweet from

from byron here uh and then scott lewis uh actually this is related to antonio so i'm going to put this here um and then and then eric connor had a great tip where he said imagine thinking the ethereum community isn't working on scaling and he shows l2b.com with all the kind of like ethereum projects that are kind of scaling right now i mean look at bobber network 559 percent increase in tvl i think that's like the last 24 hours or something like that because they have their token incentives going and that's another thing which i'm going to talk about in a sec just wait until these l2s have tokens you're going to see the narrative completely change but anyway i like that eric is highlighting the this again for people people love to ignore this the tv on l2s is at six billion dollars right

now guys like and it's just up it's been up only for a while now and it's gonna keep being up only we don't even have native tokens for these things yet and some of them do but most of them don't right the generalized ones don't at least and then chainly god has a great thread i wanted to highlight about blockchain scalability decentralization throughput gas and modular blockchains definitely give this a read it's a full breakdown i mean this is an amazing thread it covers everything so definitely give it a read of course it'll be a link to the youtube description chris dixon has a great thread on the myth of eath killers and wide demand for blockchains will always outpace supply give that a read but but kind of my my note on this is basically i've said it before demand for block space is

literally infinite infinite it is never going to be there is never going to be enough block space to fill the demand so scaling is not a thing that happens like right now scaling is a multi-decade thing it's going to keep having it's going to keep being improvements made over time and they have to be made in a sustainable and healthy way they can't just be made in a way that kind of like gives you short-term scalability at the expense of long-term health that's not the ethereum roadmap and yes i know people are frustrated with ethereum for its high gas fees but there are other options now for you to use no one has ever shamed people at least no one that i've seen or there's none of the ethereum kind of like core community members has ever shamed anyone for using another chain we're not like bitcoin maximus we don't

do purity tests i i don't know where these people are coming from that saying we're doing purity tests and all that sort of stuff we don't do that and i haven't seen anyone do that in kind of like any big way and i have absolutely zero problem with people using these other things what i have a problem with is the misinformation the lies the misleading marketing the selling something is innovation when in reality you're literally just a centralized ethereum that's what i've always had an issue with a really really big issue so uh from that perspective uh i guess like use these things but just know that they're not long-term sustainable most of them they're very kind of like short short-sighted they're not being built the same way ethereum is being built that's exactly why i'm not a fan of them by the way not because i'm a

quote-unquote ethnoxy because they are not doing what ethereum is doing which is what i want to see uh kind of like be built as the backbone of this system of the new financial system and kind of like new internet but also increased to chris dixon's thread here another thing is that there's this myth uh out there and there's a blog post called the myth of the infrastructure phase which basically posits that you need to build infrastructure first and then the users will come this is the biggest load of that i've ever kind of like heard in this industry because it doesn't map with any reality at all no matter what reality you look at doesn't map to it and here's a perfect analogy for you when a new town is being built do they build the houses first or do they build the shops first they build the bloody

houses first because if you don't build the houses there's no one to go to the shops there's no one there in the town so why the hell would you build the shops first and not just the shops all the supporting infrastructure the railways right the roads all that sort of stuff um just everything around there the the shop obviously the shopping centers the um the medical facilities everything like that that doesn't get built right before the houses are there or without the houses if sometimes they'll get built together right a lot of the time state government sorry local councils are really like kind of like blase about that and the developers of properties have a bigger incentive to build their houses first but essentially there's no point building uh kind of like a shopping center when there's no one around there to go to it this doesn't

make any sense right um the same is true for for anything really but but the same is true in the crypto space let's take solana as an example they currently offer quote-unquote 50 000 transactions per second do they have the demand for that no not at all not even close to that if you go to solana beach which is the one of the block explorers you'll see that i think that they quote the tps is like 2 000 or something most of that tps is actually validator votes which no other blockchain counts as part of their tps by the way if the ethereum beacon chain was count was counting its votes as tps it would be something like 700 tps um so that's not even counted so the real tps of solana is much much less than that probably in the low hundreds not even i

wouldn't even say it's in the low hundreds um and if you kind of like can take that in consideration what they're doing right now is that they've got scale for 50 000 tps but there's no demand to meet it so they're essentially wasting all this money by requiring all these beefy hardware require paying out all these soul tokens to subsidize these people for running this beefy hardware um for no demand or little to no demand right compared to something like ethereum which has incredible amounts of demand and you know what if ethereum doubled its block size tomorrow within a couple of weeks that block size will be filled up again we'll be back to where we were because there's just too much demand like way too much demand here so the infrastructure does not come first the users come first then you build infrastructure that's why over the last

18 months more progress has been made on layer to scaling than ever before because there is now an incentive for everyone to work on it there is a financial incentive to work on it there is a technological incentive to do it more so than there was previously because of the fact that it is needed solely right now and and you know that the pain is being felt by end users and we have the demand to meet the supply and even saying that right even these layer twos i mean arbitrary and optimism aren't even anywhere near their max capacity like they're probably like less than one percent of what their max capacity can be and they're not full yet when they introduce a token that may change pretty quickly but right now there's just not enough demand for any of this sort of stuff uh so yeah on that note as

well um well i'm already at 18 minutes yes i've gone on a little bit of a rant but anyway a little bit of an alpha leak from from angelfish here who who works at zk sync uh where she said in the next three months we're going to get zika sync the first community owned evm compatible zk roll up on main net so next three months zk is going to be on mainnet that's pretty cool and like uh evm compatible zk roll up on mainnet gonna see how that goes but yeah i'm obviously super bullish for zk sync there but a little alpha leak um and then the other tweet that i wanted to talk about was this one from from antonio from dydx who i have kind of lost a lot of respect for because he should know way better than what he does but he's a bit of a sweet

thread here but the one thing that i wanted to focus on is this comment where he says i can't think of a single 10 times 10x useful improvement ethereum has made in the past four years are you freaking kidding me right now like are you kidding me like it's like he hasn't paid any attention to ethereum core development even though he built dydx on an ethereum layer 2 he's been in the ethereum ecosystem for quite a while now it's just really bad that he put this tweet out and it just kind of it's just full of full of crap anyway i think hazu had the best reply to this tweet where he said truth be told other than choosing different points on the decentralization cost spectrum what 10 times useful improvements have other l1's made in the last four years the answer is nothing guys nothing there is

nothing out there that is a zero to one innovation on top of what ethereum is at layer one absolutely nothing i'm not just saying that it's literally true go ask anyone to point out to you what's a ten times innovation there is nothing absolutely nothing and that's why i i replied to hazu by saying i would argue that the ten times improvements have actually been made at layer two zk tech guys i can't stress how much zktech is a breakthrough to you guys not just in crypto but just generally in compute it is going to change everything i literally can't stress that enough i know i've said it before but i'm going to say it again it's going to change everything and then i said layer 2 isn't exclusively an ethereum thing of course but due to ethereum prioritizing decentralization over scale at layer 1

we've got insanely cool innova cool innovations like roll ups if ethereum l1 was not limited if we just said all right screw it we're going to increase the block size like 100 times what it is right now and then we're just going to let everyone go wild on layer one decentralization and network health be damned we wouldn't have got roll-ups i'm telling you right now we would not have got roll-ups because there would have been no necessity for it so we bred necessity for roll-ups by keeping uh l1 decentralized and secure and now we have the in my opinion the best way to scale a blockchain ever which is the modular design of splitting up the concerns and doing different things at different layers i think that uh we would never have had that if not for the limitations here uh on obviously on the other side

of things probably a lot of these l ones would not have gained traction if a theorem could scale at l1 but that's just a short-term noise thing i really do truly believe a lot of these l1's are on the kind of like last legs here once the l2 ecosystem really takes off it's just like gamer for them um but yeah it's going to take longer than people would would like obviously um and then you know scott's kind of like tweet here everybody basically says you know small reminder starkware is an example of ethereum execution over the last kind of like four years the ethereum foundation uh actually gave starkware an enormous grant to get going the same way they fund eth2 client eighth clients eth2 and everyone else and this was way back in august of 2018. so in august of 2018 the ethereum foundation gave a four million

dollar grant to starkware with 6k eat of performance-based bounties so another 6 000 each on top of that right and and and the thing is even at kind of like 100 uh that was even at 108 that was a 600 dollar bonus if starkware had um had kept that eighth which i'm pretty sure they would have that's a lot of money now right 6k at four thousand dollars it's a lot more money than it was back then um but but the thing is is four million dollars may not sound like a lot but in august of 2018 when eth had basically dumped the whole year at this point right and it wasn't done dumping in 2018 for and the ethereum foundation was like well we're going to give this new kind of experiment super experimental team starkware in august 2018. we're going to give them 4 million dollars that's

absolutely massive so all like most of the innovation that you're seeing is coming out pretty much all of it actually is coming out of the ethereum ecosystem so i just wanted to highlight that ryan berkman's had a good thread here i'm saying you know four years ago what ethereum didn't have and what it has today ethereum had no rollup centric roadmap we were only two years into what's responsibly being a six year upgrade for proof of stake like client support was only in the research phase now it's kind of live with altair and it was unclear how sharding may help scale ethereum but now it's clear because we have data shards and then he goes onto kind of like a little thread here with with different things there so and that's just kind of like a few things there's so many different things that's happened in ethereum over the

last four years so so yeah i don't know where antonio got that from um and then justin drake puts it puts it nicely here where he says ethereum will incrementally scale 10 times every single year for the next four years 100x from rollups and 100x from data sharding we've put the foundations in place we have roll ups we have beacon chain once the merge is done then we'll have sharding and then from there it's just exponential scaling i mean you know you guys know all this i'm not going to rehash it there i know i'm coming up on time here and the last thing i wanted to talk about was l2 i said you know i put it this tweet where i said l2 should launch token so we can all be friends again i'm guarantee you right now the minute one of these generalized l2s uh

arbitrary optimism zk single starkware does a token that is the the minute that the narrative changes you're going to find the narrative changes in the matter of weeks because people are going to have skin in the game they're going to have something to defend they're going to have bags to defend they're going to have an incentive to go and shield these things and then these layer 2 platforms are going to do liquidity mining then a ton of tvl and a ton of liquidity is going into these things it's going to boots up the entire ecosystem and people are going to realize how much better of an experience a layer 2 is compared to any l1 out there and they're going to realize uh kind of like how ethereum has actually been working on scaling uh because it's it's it's only you know so much we can

do to tell them that all this stuff's coming and some of it's here already but until they actually use it that you know a lot of them are just going to cost eight maxes and not believe us that's going to change completely when a token is issued i'm i'm going to be honest guys i feel like a token of one of these l2s is coming much sooner than people think i think zk sync might be the first one to do it within the next three months to be honest um if they're not it might be arbitram optimism seems much more conservative on this than uh than kind of like uh arbitram or zika sink or starkware seems conservative as well but it's kind of like one of them will go first and the rest will follow and you know i'm interested to see how that all plays out but they're

coming i'm gonna be honest i'm gonna say that most of them will have tokens in the next six months that's my kind of bet uh because if they don't they're gonna get forked and they're gonna and the fork's gonna put tokens on the forks are gonna usurp them bobber network is a modified fork of optimism the reason why they have more tbl is because they have a token this is simple incentives guys this is not anything new so i am expecting that to happen and you're going to see how quickly the narrative changes final thing about all this drama was that aj warner from arbitram or from off chain labs makes arbitram shared this kind of like discord message that vitalik put in the albatroom discord where he said by the way i just wanted to say great job to the arbitration team and community for all

their hard work so far i know it's frustrating to deal with both the people saying ethereum doesn't care about its users because high fees and the inferior people who actually have let their wealth blind themselves to non-millionaires uh need for affordable fees but you are essential part of the solution and it's great to see all the progress done you all should be proud of getting accepted as a withdrawal measured method by binance hopefully many more follow their example and we get decentralized cross roller bridge tech soon as well positive advise putting that out there great to see vitalik dropping in um you know he wants to see ethereum scale more than more than anyone right and he's been working hard on that for many years here so very positive vibes there all right i think that's everything for the drama that's 25 minutes i know i

focus the most of this episode on that but i actually think it's super important to focus on it because you know i don't know kind of like what the makeup of my audience is i'm gonna assume it's a mix of people newcomers veterans you know maybe you've been here for a few months but i really feel like it's always worth kind of talking about this sort of stuff um and i can't you know this is part of my route as well i mean i dealt with this through 2018 and 2019 as i said i felt like i was transported back to 2019 when i saw this playing out because this is exactly what the bitcoin maximalist said about ethereum every bloody week and almost every day in 2019 we have to fight this um and you know it's funny because like i said a couple of weeks ago that i

would stop getting involved in this twitter crap but i don't know like that that is the kind of like um line from i think the godfather where he says you know just when i thought i was i was out they pulled me back in i felt that over this weekend and actually i was in the city with my fiance this weekend and i was trying to get away from all this sort of stuff but of course you know crypto never sleeps and all this stuff happened crazy stuff going on um but yeah it was on a more positive note as well it was really amazing to see the amount of ethereum community members come to ethereum's defense uh there are so many awesome passionate ardent supporters of ethereum now that i feel like i can just act as like a megaphone and act as kind

of like a retweet machine for these sorts of things i don't actually have to put out the threads myself um and i'm just going to let those people kind of like do this sort of stuff because you know they're probably newer and they're they're kind of like less i guess um worn down by all of this than i am but i am always willing to kind of discuss it on the refuel or on my videos and things like that and make sure that you guys know kind of like what's going on and give context here because it can be very hard to follow this sort of stuff there's so many egos incentives there's so much crap out there that i feel like it's worth always going over but anyway i live it at that few more updates to get through before i end today's episode

so this was i think the other biggest update that went out on i think was friday uh mahalo from polygon uh submitted a proposal to deploy unisop v3 on polygon uh so you can see check out this governance proposal here uh this is i think go to a vote eventually but there's a lot of people in support of this uh hayden adams from unisop is also in support of this which is really awesome to see and to be honest there's you know there's no reason why unisop shouldn't be on the polygon post at this point um i truly believe it should it belongs there the pos chain is a super ethereum aligned evm chain definitely gonna need to get it on there but it was great to see hayden support this i mean the wider theorem community seems in very much support of this and i'm sure

all of you guys would be as well so very much looking forward to seeing when the vote happens for this and for it to go live on polygon i'm sure there's going to be some magic incentives as well on on there so definitely go go check that out um and now the an update from ens so the ens homepage now has a governance landing page with links to important governance resources such as the token claim website the squad forum governance docs and the mirablog so if you're interested in been keeping up with ens governance definitely go check this out it'll be linked in the youtube description new project got introduced on friday called defrag which is a decentralized non-custodial liquidity market protocol where borrowers can use nft assets as collateral this is pretty cool i mean i've seen few of these projects before i think but i'm always really interested

in these because you know right now you can't really i mean you can in some kind of ways but it's not really ubiquitous using your nfts as collateral to borrow against and i think why it matters a lot for nfts um maybe more so than just normal tokens is that with nft you have to find a buyer right you have to find a buyer and it kind of has to sit there if you want to if you want a certain price for it it's not like a liquidity pool that you can just dump into some nfts have this with fractionalization and stuff like that but for the most part you know you can't really do that um and you know a lot of times you don't even want to sell them so what do you do with it like you can't really do much with it these days

you can fractionalize it i think um and and do some stuff with that but being able to put it up as kind of like collateral and borrow against it i think he's extremely powerful could you imagine being able to kind of like put your crypto punk your cool cat your board ape or whatever up as collateral borrow some stable coins against it and go buy some eighth or borrow eve against it and just hold the eighth as and do like a leveraged long eighth bet with your nfts collateral yes i mean the liquidation risk might be might be higher depending on how much you borrow and there's all those kind of like things to consider but i think um it's very interesting to think about because i think a lot of punk holders are definitely uh very uh kind of like heavy eat people so when you think about it

like that i mean people would love to i think put their punk up as collateral to kind of like leverage long eighth and then uh you know you know without having to kind of like trade punks or speculate on them so definitely something interesting to keep an eye on uh and it's just a new project that i came across over the last few days final thing here to round us out so eric kind of put out another great tweet where he said remember when all the miners were going to leave after eip1559 and he's got a screenshot here of the ethereum network hash rate chart which is at an all-time high remember when on the reef when i was talking about this remember the miners saying that they were they were going to stop erp 1559 from happening and i told you guys that's not going to happen because

miners do not control ethereum um and then remember when i told you that they were that they were getting like a pay cut with one five five nine but they're kind of like not really because they're gonna still have the tips they're gonna have still have mev and and actually that played out as well because now um i saw a recent report i think it was i remember it was from galaxy digital i think where they basically calculated that miners are making more money than they have ever made before um from the block reward obviously but also from from fees so even though fees are being burned which actually benefits them because they're mining eat which you know as fees get burned ether price naturally appreciates over time they're making more money there and that's why the ethereum hash rate is at all-time highs so

and then i replied to his tweet by saying what that chart is going to look like once the merge happens which is basically the turkey fallacy where it says you know one thousand and one days in the life of a thanksgiving turkey they think they're okay for a thousand days and then they get killed for for thanksgiving on like the thousand a month day and and kind of like the the chart just dumps that's exactly what's gonna happen here because as soon as ethereum switches to proof of stake the hash rate goes to zero because there's no more mining on ethereum um but they know that's coming and they should be preparing for that of course so that's interesting and it's gonna be interesting to see how many gpus flood the market as well because there's actually been a gpu shortage due to ethereum mining and i'm curious to see

like what happens when you know the merge happens how much of those flood the market now there's gonna be like an oversupply of these things because there's not many other profitable chains that you can mine with gpus right now i think there's a few others like maybe z cash i think maybe um i can't remember exactly i don't think ethereum classic is gpu minable anymore um yeah i'm not exactly sure i haven't been kind of keeping up keeping tabs on that but yeah it's going to be interesting to see as well so so yeah cool cool finally just to see that the hash rate is at all-time highs given all the fun that there was around 1.59 from the miners but miners follow incentives as they always will but i think i'm going to end it there so i guess like sorry for the rant for most

of these episode guys but i've as i said like i really felt it was important to cover all that sort of stuff it was the most fight ethereum has faced since i think 2019 if i'm being honest um and it's just insane that it's happening even though all the wild success that ethereum has had and continues to had to have and the fact that the um criticisms are all basically lies like pretty much lies means that we're on the right path so i would say yeah i would say that kind of like just stick to what we've been doing we'll be fine we'll scale via layer two and then this will just kind of like all be a distant memory eventually so so yeah but anyway leaving it at that thank you everyone 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 and i'll catch you all tomorrow thanks everyone