Flashbots builder open-sourced, Synthetix v3 update - The Daily Gwei Refuel #491 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of The Daily gray refuel where we cup the latest news in ethereum ecosystem I'm your host the Anthony sassano in today's 21st of November 2022. all right everyone let's get into it so another crazy few days since I did the last refuel of course you know times like this where things are volatile people uh kind of have a lot of uncertainty tends to lend itself to craziness and it's funny because I've been thinking about this and it's like the ecosystem is at a point where it's basically uh nothing is really causing fear it's more apathy right where everyone's just like okay get a you know get it over with we know everyone's insolving and gonna go bankrupt we know everything's gonna blow up right whereas I guess even just before the FTX stuff happens there was still fear um from

that and then once the FTX stuff happened just after I think there was a bit of VR but now it's everyone I mean there's been so many rumors that everyone is kind of expecting the worst right not not expecting anything but the worst which is funny because that's typically what you see at the end of um I've kind of like the well not the end of the bear Market but like at the place where the market kind of bottoms but who knows right that's just my my general uh I guess some experience with these things because as I I put out a tweet last week where I said you know bull market oh sorry bear markets don't end in fear they end in apathy because if there's fear that means there's still people left to sell right that's how I look at it anyway um but anyway the reason why I bring

that up is because they're I guess like the peak thing I I shouldn't say fear but like the the the the the peak thing that everyone's paying attention to right now is the Fallout from Genesis now we don't know the status of Genesis the um the lending desk we don't know if they are actually insolvent you know how big the hole is in their balance sheet we don't know if they're going to declare bankruptcy it seems unlikely at this point it seems that they have about a billion dollars that they're trying to raise I've been seeing those I guess things floating around I don't have a source to verify that but I've seen a few people kind of um floating that around uh and it seems that they're not able to raise the money to plug that hole because is right now obviously everyone is kind of scared to put money

forward obviously for distressed lenders and things like that that I don't want to get involved in that but if there's anyone that could pull off or any company that could pull off a raise of that magnitude uh or at least get the money some other way it would be dcg or digital currency Group which owns Genesis and also owns grayscale now the reason why I bring up grayscale is because they put out a tweet thread over the weekend uh talking about uh the gbtc and ethi products or they're just they're products in general that they have that trade on the open market which are pretty crappy products uh right now they're both gbdc and ethi are trading at about a 50 discount to the spot Market which means that one GP one gbtc um well I mean they're not they're not

one to one like one gbtc is worth like eight dollars and 30 cents but like it times up by a thousand to get to get to parity with BTC but it's the same thing it's just because gbtc is not actual BTC uh the the new product has a supply that's 1000 times greater than than BTC but it still kind of tracks uh so because if you times that by a thousand you only get eight thousand three hundred and fifty that's basically that's roughly half or I guess maybe just under half of what BTC is on the spot market so that's why we say that it's trading at a almost 50 discount to spot and this is because there is no way to ARB that uh ARB gptc which there's it's kind of a closed-ended fun where money goes in or BDC goes in and it

doesn't come out and the only way it can come out or can trade at fair value again I mean there's two ways the the first way is if people bid it up enough and and it goes back to fair value uh basically goes back to the value of an actual BTC um or it gets converted to an ETF now we don't know if that's going to happen um you know I it seems unlikely for for the foreseeable future so that's got people kind of scared and they're like well you know is grayscale actually fully capitalized yet do they have the BTC that's backing up the you know this fund do they have the ether's backing up this fund and they asked Grace hey can you prove your your reserves can you prove um can you post the addresses publicly so that everyone can see that

you actually have the assets backing up that product and they did a thread and there was one tweet in their thread where they said that they custody with coinbase and coinbase frequently performs on-chain validation of the custody but due to security concerns we do we being grayscale do not make such unchain while information and Confirmation information publicly available through a cryptographic group of Reserve or other Advanced cryptographic accounting procedure now obviously this got everyone kind of up in arms because it's like well what is the actual security risk of sharing your wallet it's already public it's like you're showing your private key you're literally just sharing a wallet address that if people wanted to try hard enough using something like chain analysis or nansen they could potentially track those wallets down so why not just

publish them and kind of quell all these rumors that you don't actually have the funds to back it up and that's obviously what everyone uh fired up and everyone's like okay do they actually have the funds now you know how bad is this hole and Barry silbert the um the owner of dcg which owns grayscale has been very silent lately which obviously isn't instilling much trust in people either so that it seems to be like this the second thing that everyone's most worried about first is Genesis then there's this grayscale thing now as I said like these kind of bottoming of markets tend to I guess end in in I mean I said apathy but there's also a second part of that which is basically everyone expecting every scenario every bad scenario to play out like the gptc and

ethi and other grayscope products could very well be 100 fully you know collateralized by the assets that they say they are they're just they just don't want to reveal the um those uh those kind of addresses for their own reasons now I don't think it's for security reasons I think it's because just generally coinbase doesn't like revealing their addresses um which is which is fine I mean I get that right uh but I personally think that all the funds are there uh but at the same time there has been connect questions drawn between grayscale and Genesis and grayscale lending out things to Genesis and there being that hole there I'm not sure like I'm guessing I think the same as everyone else because we don't have Clarity here and as I said this tweet thread from grayscale didn't

really help at all but bringing it all together there is still concerns there but but as I said at the start I think it's there's the the fear is really not there because if there was fear I think people would be talking about this in a different way right now it's more of uh people are making fun of it they're they're kind of making jokes about it they're saying oh my God everything's gonna blow up like did anyone actually make money in crypto right uh what if all these BTC and eth gets dumped on the market because these products have to to close you know these um grayscale products and it it's not really a fear it's more of a you know just let it happen whatever we're ready for it so it's an apathy right that's the kind of sense that I get now obviously there is

uh the the pr the market prices haven't been that great lately even BTC are coming down again uh but again like that to me doesn't look like fear it looks more like apathy where it's on either side of it right there's people being apathetic about the bear case and how pathetic about the bull case because everyone's like oh you know what bullish Catalyst do we have right now you know this is going to take a while to repair the FTX blob set crypto back such and such and again that's all apathy rather than than fear and and that's basically what all of 2019 felt like I think uh when when I experienced that especially for ethereum uh whereas 2018 was definitely fear especially when we uh kind of went sideways for a while and then just nuked into like 50 and then we

bottomed out at around whatever it was eighty dollars and then we went up again but then we came back down and I think we went back down to the low very low 100s I don't think we went back double digits and at that point it was pure apathy it wasn't fear anymore it was everyone just throwing their hands up being like I'm ready for it whatever I'm so over at this point like you you know people had been through years or over a Year's worth of just shitty prices so at that point how much fear is left and that's how I view these things now does that mean that things can't go lower no certainly not and I always say that whenever I talk about these things but as I said I think we've moved past the fear stage and we're in the apathy stage

now because as I said like as I said everyone is coming up with this own stories about how everything is going to blow up and every and everything's going to go bankrupt and everything's insolvent well in that environment they can't really be fear if everyone's expecting it you don't you know you're not fearful of something that you expect right um or maybe you are but it's a different kind of uh it's kind of fear it's just for me the way I look at it I don't look at it as an individual basis it's more of a kind of um ecosystem-wide thing and what I'm seeing and obviously this is anecdotal but what I'm seeing between Twitter between Discord groups that I'm in between long-term people that I uh that I interact with are between the builders as well I mean the builders don't really give a

they're still building I mean I haven't seen the core devs talk about price really at all I don't think they care I think whenever they talk about price it's in the context of why do you guys care about price we're still shipping these things right so there's all of that but I take it as an aggregate I don't just look at one corner of the you know the crypto ecosystem and be like oh you know that's a perfect sign we're bottoming now blah blah and then also outside of the crypto ecosystem you have mainstream media which is very much calling crypto debt again and that I mean it's a meme but that is one of the most sure uh fire bottom signals that I've ever seen and it's been true for the past two cycles because I remember in 2014 uh after gox collapsed like everyone was saying

crypto was dead everyone was saying Bitcoin was dead everyone was saying it was going to zero the experiment has failed and now the same thing I think is true right now maybe to a lesser extent because within the ethereum ecosystem it's it's definitely to a much lesser extent because there's too much to look forward to and I've gone through this already uh I guess last week and the week before but that's just my general view on these things now I hope that grayscale puts out more clarity here I hope that uh Genesis is is fine and they can find the money that they need to plug any holes that they have uh and yeah I think my my fear which I never really felt the fear too much but I know other people did and I think I'm just numb to it at this point but I mean like

the apathy stage right now but also in the Hope stage where I'm like you know I'm hopeful these these um companies can pull through and I'm also hopeful for the future of the ethereum ecosystem so it's very hard for me to be actually bearish and um that's not to say the price can't go lower but just generally uh I'm just like obviously a long-term Ball but even just looking at the short to medium term I feel like it's more just apathy sideways movement than anything else that's my general sense of things anyway all right so speaking of aftx blow-ups and just general blobs within crypto uh over the last few months especially in the C5 ecosystem vitalik put out a blog post over the weekend titled having a safe sex proof of solvency and Beyond now sex is spelled CeX uh so it's

obviously a pun there uh so having a safe centralized exchange uh which is basically a a pretty uh it's not that long but it's a pretty great blog post going over the spectrum of designs that you can actually do to have a centralized exchange uh be able to prove at solvency prove its uh proof of reserves or at least kind of get closer than where they are today now I'm not going to go through the whole thing I highly recommend reading the blog post yourself but there is this diagram here as you can see on my screen which is the Spectrum I was talking about where on the left hand side you have don't be evil on the right hand side you have can't be evil and the delineation here is basically that on the don't be evil side you basically have to trust that

these centralized exchanges aren't evil and and he's put on on here fully centralized exchange and no controls in place means that you have to trust them not to be evil and then on the far side on the right side you have a can't be can't be evil which is a fully decentralized exchange so such as uni swap uni swap uh uh is fully decentralized and it actually can't be evil because uh it can't be changed it's immutable and then you have the the things in the middle which are basically the things that Vitara discusses in his blog post so as I said I highly recommend giving the blog post to read Because that'll give you all the context you need around this uh this chart here and around this diagram I should say there uh there is a bit of technical stuff in it a bit of math in it but you

can just gloss over that you don't actually need to understand it to get the gist of the post but I think it's timely and CZ actually uh put out a a tweet saying that binance is looking into this and I think coinbase is actually going to look into this as well uh and uh vitalik's at the top says special thanks to Balaji uh coinbase Kraken and binance so Sims coinbase Kraken and binance have discussed with with vitalik how to do this stuff and it it feels like there's more a chance sense of the the centralized exchanges being much more I guess um much more like uh don't be evil than they have been simply because of the fact that now they're in a perfect position the ones that have survived to gain a lot of legitimacy and to gain a lot of customers and obviously gain

revenue from that so I think when you look at it from that lens uh I as I said I think there's more chance of them doing this than there has been in the past but yeah I'll link this post in the YouTube description below if you haven't read it yet all right so Marek here from the another mine team put out a tweet over the weekend where he said I spent my day working on withdrawals testing yesterday I'll call our core team unanimously agreed that withdrawal should be the top priority I checked Twitter and I read that ethereum core devs don't plan to enable withdrawals and then he shares a screenshot of nevermind and lodsar stinked on a synced synced on a multi-client devnet so as I've been saying it's full steam ahead with withdrawals guys like it's going to happen in Shanghai timing is a bit

difficult right now but I'm still convinced it's going to happen in the first half of next year it just depends on if 48 44 goes in and uh we're nearing the end of November which is kind of like the soft deadline that was given to 48 44 devs to prove that they could get it ready in time for Shanghai uh but yeah anyone who tells you that withdrawals aren't coming just don't listen to them like that's all I can really say just don't listen to them because they don't know what they're talking about uh listen to the core devs go directly to the source and it seems most if not all of the core devs are in unanimous agreement that withdrawals should be the top priority for the next hard Fork which is Shanghai obviously all right so opal Labs put out an update that I missed last week where they said

one of the first adopters of a DVT are liquid staking protocols with stakewise Lido and others publicly stating their commitment to the tech some details on what problems and benefits DVT has for liquid staking and there's a thread here with a blog post as well I've talked about DVT before and how it's going to make this the staking ecosystem uh potentially more decentralized definitely more secure and if you want to learn more about that there's this new blog post that uh that is um that has been put out by opal in the context of how it works for liquid staking protocols so a specific entity that's part of the beacon chain here and in the first tweet they basically give a summary of you know what what it is what it implies for these liquid staking

protocols uh and there's and and and basically they said as the fastest growing segment in the staking ecosystem it is critical for LSPs to take active steps to reduce operator risk slashing risk correlation risk and stake centralization so how DVT can um can help with this is by improving LSP operator Effectiveness so making them more effective operators on the network so that they earn more rewards uh improving operator participation same kind of deal there so they can so they can earn more rewards for their users reducing correlation Risk by diversifying client configurations and geographies which is obviously a big deal when it comes to client diversity and allowing LSPs to actually decentralize their stake so I've spoken

before about how rock a pool and stakewise are both trying to be actually decentralized staking providers but something like a Lido they're moving towards or at least saying they're going to move towards a decentralized model but the problem with that is that they can never be as decentralized as rocketpool and stake wise due to the fact that they have uh just they have um the the design sorry the way that they're designed with all these kind of centralized taking providers uh and these is taking entities it's very different to how rocker pool is doing it and how stakewise V3 is going to do it but in saying that it doesn't mean that opal uh that you know something like opal can't help Lido to be more decentralized than it otherwise would have been which is exactly what the goal

is here so if you're interested in learning more about this I'll link the blog post in the YouTube description below all right a massive announcement from flashbots over the weekend they have open sourced the final building block in the a in the suite of software that flashbots produces which is their block Builder so the block Builder uh uh being open sourced means that all these other relayers and all these other people building Mev related stuff can uh build can Fork this Builder can modify it can be more competitive in the uh I guess Mev boost environment and you know all the POS the massive positive externality that comes from this is potentially and I mean we're hoping and it looks like

there it will materialize as this is less censorship on the network because we're going to have a much more diverse Builder environment and I've been talking about this before obviously relay is um and Builders are basically go hand in hand and it's been getting better over time but it's obviously still not great in terms of competition well the by open sourcing the build up we're going to have more competition here which is a absolutely awesome to see and they basically describe this Sierra in a little screenshot here that um that Bert shared where they said you know a competitive geographically diverse and transparent build ecosystem is critical for the health of ethereum flashbots has opened flashbots has open sourced our leading builder in order to help this ecosystem grow further competition among

Builders maximizes validators rewards and improves censorship resistance for users with Suave we envision an ecosystem of Builders collaboratively building the post profitable block each contributing a part of a block instead of one entity building the entire Block open sourcing our buildup will accelerate this future and promote competition in the market today so obviously suave's still coming from from flashbots there but that's a nice summary of what they're what they're what they're doing here and what they believe in so just absolutely awesome to see this you know I I think flashbots has gotten a lot of in the past and a lot of criticism which I mean some of it's deserved in in terms of like what they've been doing with the with obviously the oh fact censorship on their um on their relay but I think by open sourcing Mev boost uh by open

sourcing their build up open sourcing every part of uh of the software that they build I think that that offsets what they're doing with the censorship in terms of if you measure things on a scale and you measure the net bad things that they're doing for the ethereum ecosystem and the net good things that they're doing I think the scale is pretty balanced right now um I actually think that if you I mean you could argue this obviously it's a subjective thing I think it's quite balanced but I even think on the net positive side they're they're they're they're doing more than on the net negative obviously the net negative I think there's one thing that you could probably place on that side of the scale and that would be the censorship on their their relayer and that's a big one right that weighs a lot if we're doing

like a weight scale that weighs a lot and then on the other side you have all the open source stuff that they've done which doesn't weigh as much as that but it weighs it weighs a healthy chunk right each part of that weighs a certain amount and then on top of that you also just have flashbots in general creating the Mev boost software to begin with and making it so that Mev was a less toxic Market than it would have been otherwise which could have potentially ended up ended us in a worse position or not just the censorship front but also on the Chain stability front and that's a big part that a lot of people Miss I think so that's why I say to me it's balanced obviously I want I would love to see flashbots not censoring at all but we've gone through the reasons why they're

doing that plenty of times I'm not going to rehash it but I think it's balanced right now now uh and once they release Suave I think that that's a huge I mean if it lives up to what they're saying about it that's a huge a huge weight that can be added to the um the net positive side and then it'll probably just offset it completely um and then obviously once if we wanted to kind of um get it to 100 on the net positive side zero percent on the negative side probably won't ever get there as long as flashbots runs a censoring relayer but we're gonna get pretty close to it I think especially as flashbots as relayer loses dominance and overall censorship goes down if you know as much as we hope it will I think that uh that kind of levels the scales there

so to speak but very cool to see them open sourcing their build up uh as I said I'll link this in the YouTube description for you to check out all right so speaking of uh I guess the censorship this is another tweet that I put out over the weekend I said on average all sanctioned tornado cash transactions will get included on ethereum in five minutes or less which is faster than your average Bitcoin block not a single tornado cash transaction has been censored on ethereum anyone telling you otherwise has absolutely no idea what they are talking about and naturally this tweet caused a bit of divine not divide but caused a bit of drama got a bit of replies uh from people saying that you know you're just making excuses for the censorship that wasn't the point of this tweet the point of this tweet is to be

as technically accurate as possible I really don't like the narrative going around that that ethereum is censoring these transactions 100 like no one can get these transactions in when that is completely wrong that is not to say that the censorship isn't bad it is it's shitty I it goes against everything that we stand for that we believe in and we should definitely work to uh to mitigate all of that and we are working to mitigate all of that and I think people just saw my tweet here and assumed that I don't didn't think that was the case which is dumb but I guess like people will think whatever they want uh but I thought it was just worth reminding you all that even though we're at where we're at between 70 and 80 percent of uh Mev boosted uh sorry of the network

censoring tornado cash transactions it still means you get them included within five minutes or less because the other 20 30 aren't censoring and law of probabilities dictates that within five minutes you'll get you're in a transaction will have a 99 chance of being included uh which obviously is is the whole point of a blockchain right they're censorship resistant not censorship proof and it's obviously it's still a massive step up over a centralized counterpart as I've explained before PayPal can unilaterally send to you there's only one PayPal to the company they can choose at any time to censor you and you can't do anything whereas eighty percent of the network right now on ethereum or 70 80 is choosing to censor tornado cash transactions and yet all you have to do

is wait like five minutes uh Max well probably like a bit more than five minutes max to still get your your transaction include your tornado cash transaction included that is amazing to me I think people underestimate how how cool that is that the network is like that and you can still get your transaction included even in the face of uh heavy censorship on the network for those transactions but as I said this doesn't mean that uh this is meant making excuses it doesn't mean that it's a good thing it's just a technically correct way of uh of kind of um uh of of uh talking about this because you guys know that I care about being technically correct I care about correcting misinformation and especially when it comes to people using it just to fight

ethereum at least be technically correct you know it's funny the censorship stuff to begin with is already ammo enough to tear down ethereum with I don't know why they have to go the extra mile and just lie just say you know 80 or 70 of the network is centering this is really this shows why um you know things like Mev led to really toxic externalities uh and all these sorts of stuff there's no reason to lie and say that ethereum is censoring everyone uh and he's been captured and all the and try to like break down proof of stake because of that or fight proof of stake because of it and but that it's just gonna work out like that because people love to FUD things and love to just over exaggerate things especially people that want to see ethereum fail and that's always going to be the case but I think putting

out tweets like this is a good reminder for people all right so a couple of uni swap updates so uh Hayden Adams from a unisopia the founder of unisop said after seeing this tweet and he's referencing a tweet of uh of someone saying that they can go to unisop and find a JPY or a Yen stable coin and just buy it in five seconds Hayden said after seeing this tweet I compared unisop to transferwise for USD Yen conversions unusop has better rates and lower fees on transactions up to 100 000 today not to mention instant delivery instead of waiting days weeks for settlements this is a real world use case that I think a lot of people miss and I think it's because it's still in the crypto economy it's not like extra crypto economy

obviously with transferwise you're getting the Fiat the actual Fiat not the stable coin that reflects the Fiat so to speak but still once this is integrated in the real world and actually working Within These companies like there's no reason transfer wise can't use uni swap or other D5 Primitives as their back end and just still have their Central it's Friday install charger convenience fee there's no reason they can't do that and I've talked about how really the end game for D5 is just to be neutral Financial infrastructure for the world and you know hopefully as much of it is decentralized as possible but then there's going to be things that build on top of it as front ends that are going to be completely centralized they're going to take their own fee just like we have today centralized exchanges that

are built on top of these networks they interact with them they let you buy and sell the coins and they take a fee for that privilege it's the same kind of concept and I think that's it it's going to get there it's going to take a little while but I do think it's going to get there eventually uh so that's that one and the second one here was that uni swap monthly volume on the polygon POS chain just reached a new all-time high with 10 days to go in November and this was posted by sundip you know what's amazing about the polygon POS chain I know it's not a layer 2 obviously right it's more like a side chain to ethereum it's still evm it's still still a good old evm but they're they're growing faster than so many other things in crypto right the layer twos are growing

as well and the pure version has been around longer but they're growing so much faster than pretty much all the other L1 I mean they're pretty much trumped all the the alt l1s now what's really cool is that they've signaled publicly that they want to uh uh kind of convert to the polygon POS chain to a layer two so when they do that that's going to be bringing an entirely huge ecosystem with them as a layer 2 on ethereum and then what what are people going to complain about then we have this massive ecosystem they're in ethereum they're they're net positive for ethereum and uh and everyone's using them and everyone's used to it it's still evm and it's all well and good so I think when you take that into account that's why I like covering the the POS chain even though it's not a layer two

because it's definitely adding a lot of net good to ethereum and their plan is to convert it to a layer two eventually and I think as I've mentioned before they're going to do it once there's EK VM stock matures and just Trend and just convert it to a zkvm but it seems like like the technical complexity might be at a similar level to what it was for the merge but it'll probably be easier for them to do it than it is for the merge because it's going to be less of a coordination issue for polygon to do this than it was for for ethereum obviously uh but yeah still really cool to see that the monthly volume is at a new all-time high on uni swap on the polygon POS chain all right so an update out of the synthetics ecosystem over the weekend so

this is about synthetics V3 and their progress on it and where the protocol could be headed in 2023 so you can check out the blog post I'll link it in the YouTube description but this covers synthetics's work within stable coins derivatives markets scaling cross chain which is super interesting and looking forward past that as well and uh I mean synthetics has been a cross chain protocol for probably the longest out of anything in in D5 because they were the first ones on optimism they've been working with optimism for ages they have a whole ecosystem on there they definitely want to expand out to other networks of course as well they definitely want to integrate with Bridges and things like that and other projects building on top of them so it's

going to be cool to see how that pans out in the new year and as well as all the stuff coming with regards to stable coins and derivatives markets as part of the V3 upgrade but yeah you can go give this a read I'll link it in the YouTube description below all right so we have an update from the stock board team they are currently working on V2 of Stockport it will mostly be an upgrade on the UI ux front and they'll be adding more features and metrics when starknet's main net is officially live and there's a sneak peek of V2 this looks really cool it looks similar to I think D5 llama and rated Network and I mean some of the other dashboards that I've seen in the crypto ecosystem which is not a bad thing I mean I think keeping interfaces uniform across uh these different metric sites

is actually very very important so users don't get lost and I should have mentioned stock boards and metrics tracker and I guess an ecosystem tracker for uh starknet and I've talked about them before but this is just a sneak peek of what V2 looks like here and there's a good old dark mode and light mode you can connect your wallet all that good stuff there so cool to see this from Stockport just wanted to highlight that for you guys um yeah another tweet that I put out over the weekend and I'm going to try and get through these rather quickly because I'm coming up on time here I said most of the garbage in crypto that quote unquote grew in 2021 is being washed out already or already has been meanwhile the ethereum ecosystem is building more than it ever has across multiple verticals such as core protocol

development l2s D5 web3 Etc there's signal in the noise if you know where to look now I want to focus on the first part of the Tweet rather than the second because I've already talked about the second a lot the garbage that I'm referencing here are things like the alt l1s that had stupid amounts of growth because the bull market was stupid right and now a lot of that growth has fallen 90 plus percent not just the token price but also the things like tvl General activity active addresses fear Revenue all that Goods all that good stuff right that has fallen a lot but it's not just that it's also the things that uh like uh that look that the ponzis like Terror right that that collapsed it's also a

lot of the projects that that made absolutely no sense that have collapsed all the ones that only worked in the bull market because they required new money coming in to work at all so again ponzis uh all the funds and all the shitty C5 companies that that grew are washed out I mean if the fact that FTX was basically just grew in the bull market potentially and then collapsed in the bear Market didn't even survive one cycle is it's kind of hilarious but they're gone uh Celsius right block five hoddle naught uh Voyager they're all being washed out um and I think a lot of the bad narratives have gone with them and I actually do have hope that once the next bull market rolls around there's going to be a lot of people calling out more than they have in the past simply because we've had so much of it

blow up and we don't want to see a repeat of that now will people listen to us or not remains to be seen because it remains to be seen like how crazy things get you know we could in a few years the bull market could come back and then we could have an even crazier one that we than we had previously I don't know things can happen rather quickly no one can expected the the previous bull market to be as as frothy as it was but I think just looking back taking stock to see what went crazy in 2021 and what is something no one even talks about today is a good barometer of what's going to survive in the bear Market as well I mean I have full confidence that ethereum is going to survive I have full confidence that a lot of the l2s or not

all of them but most of them will be fine defy depends what you're saying like I think a lot of the core D5 protocols will be fine and keep thriving their tokens uh I don't really have a strong opinion there web 3 stuff I'm actually getting more and more bullish on as time goes on because we're having more scale that web3 can tap into which enables these use cases and then everything else around this as well such as I guess like nfts and stuff I didn't even mention here which is still kicking along as well but that was mostly speculative driven last year at two but nfts as a as a as a concept as an ecosystem is fine it's more of like the individual projects that went crazy that have come down a lot and aren't really worth much uh these days all right uh yeah I mean I put this

tweet out over the weekend I just wanted to remind you guys that um SPF and all his inner circle uh cronies are total pieces of scammy that deserve to rot in prison for the damage they have done don't let the mainstream media Gaslight you into thinking otherwise please guys do not let them the cast like you they're trying to paint a picture of SPF and his inner circle as being basically innocent has just been is just trying to do better for the world but failing at it or whatever other shitty narrative that they're painting don't believe it you know don't believe their lies so to speak don't let them Gaslight you uh as as I said and as I've been consistent in saying SPF and his cronies they all belong in prison and I hope they get there eventually for all the damage that they've done and

don't welcome them back with open arms same with three hours Capital stop bro don't welcome them back at all don't welcome any of these people back dokwon whoever just just ignore them let them fade into a relevancy because those people are not good actors and I mean I think that's obvious and I think that's obvious to all of you but worth Bear's wear worth repeating here all right and in the same vein I mean vitalik put out a a sub tweet of um this tweet from Paul Graham today that was saying and this goes back to what I was saying at the start of the their episode where he was basically saying you heard from someone that there's a systemic risk coming to crypto and it's gonna lead to this massive collapse and whatever and everyone was replying to that making fun of him because we're in

the apathy stage because we're in the yeah whatever man like who cares like bring it on you know we're already basically brutalized by this bear what what more what more damage can be done right so everyone made fun of him for that but on top of that as well like he basically said that it was a friend who told him this and didn't give any sources or anything it was literally a throwaway tweet and metallic subtweeted him by saying you know I'm hearing through the grapevine that something important is about to happen please recognize the fact that my Elite social connections to people who are easily early to know things makes me cool and please help me validate myself image of coolness and that's pretty much what he was doing there and he actually ended up blocking me after I replied to Paul kind of saying you know just take the L man

um he just blocked me so whatever I don't care yeah there's that one and last up here is just a shout out that I'm going to be at nft Fest in Melbourne uh this Wednesday at 4pm well I'm going to be there most of the day uh but I'm going to be speaking at 4 P.M about censorship so I convinced an nft conference to let me speak about censorship which is cool but I'm going to be there hope to see a bunch of you there uh if you're in Melbourne it's in Saint Kilda I believe uh uh even if you I I don't know if tickets are still available or not but I'm going to be there on the Wednesday it does run on a Thursday as well but I don't think I'm going to be able to make it to the Thursday uh day but Wednesday onwards I

will be there of course I'll be wearing my signature hat so you'll be able to spot me in a crowd uh so do come up and say hi if you're there but on that note that's going to be it for today so thank everyone for listening and watching be sure to subscribe to the channel if you haven't yet give it a thumbs up subscribe to the newsletter join the Discord Channel and I'll catch you all tomorrow thanks everyone