Gas talk, DEX growth, Rarible & Opyn raises and more - The Daily Gwei Refuel #50 - 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's the fourth of february 2021 all right everyone let's get into it so i think i'm going to start off this episode with a little bit of a rant here i think uh you know we're all feeling the highest gas fees lately and i and i understand it but i do want to rant a little bit here so just bear with me and i'll read out my tweet that kind of prompted this today so i wrote it really irks me that people act like the high fee issue on ethereum isn't being solved more work is going into a scaling ethereum than ever before and we have plenty of solutions that are live with more coming every day

we are still early adopters at this stage embrace it now end quote um so the reason i put this out is because obviously the the gas space have been really persistently high lately you know every anytime i really kind of tweet anything i pretty much get like a few comments about the high gas fees and how you know ethereum's going to fail and like this chain's better and this is better it's just it's just really annoying and this wasn't really directed at those people because i know those people are just like in there you know maybe they're just like shilling their bags or whatever i i don't care about that what i do care about these people within the ethereum ecosystem maybe not being aware of these things and kind of that's my job as an educator is to make them aware of this so

i guess i'll start with saying that you know obviously everyone feels the high fees i feel the high fees you know it hurts right it's not fun going to uni swap wanting to do like a trade and having to spend 50 bucks in fees right that's not fun it doesn't even matter if you're trading like a few thousand dollars and you can just like eat the cost it's still not fun it's still shocking whenever it happens because you don't expect it to be that high even if you've been around for a while right you know doing i guess head math gas fee calculation isn't exactly um you know something that you you normally do so it's definitely a shock and i understand that so i definitely just wanted to start with that but in saying that this isn't something that isn't being solved right like i have spoken about

layer 2 on the refuel a lot i've written about it a lot in the newsletter right i talk about it a lot on twitter there are so many solutions going live so many people working on this problem that you know it i just don't understand like the short-sightedness here i really don't uh i really don't understand how people you know can see all this stuff happening and still think you know it's gonna fail or it needs to hurry up blah blah blah sometimes i think to myself where people you know back when uh there was dial up internet was everyone just saying you know um and people were probably complaining about dial up internet and how slow it was and i get that right but you know at the same time where people basically saying the same things they're saying now um you know that it's gonna die let's just

go move to a new internet right what can we can we do something better maybe they were maybe it's just history repeating itself here but um you know obviously we we weren't stuck on dial up forever right we we progressed the internet got better and everything like that and i think and this goes back to a blog post that i read that actually has informed a lot of my thinking on this the blog post is called the myth of the infrastructure phase now you can go radio sub and just google it but basically what it says is that infrastructure does not get built before there's demand for it right so you can see this play out in real life all the time a road that is maybe one or two lanes doesn't get extra lanes added to it until it's actually just like filled

with traffic right and you know there's also the concept of induced demand where you add more lanes and people just fill up the lanes and you have to add another one and and so on and so forth but the point is is that no one just builds this kind of infrastructure before there's demand for it and if you do that you risk there not being demand for it right so with with ethereum and with scaling no one would be building layer two solutions if the gas fees weren't high if the gas fees were still 10gway or under no one would be focused on layer two because there wouldn't be any incentive to focus on layer two there would be no need to do it right so and that what that blog post basically says it's not about crypto it's just general but what it basically says is that the

same thing played out with the internet right the same thing plays out across basically all of society is that you do not build infrastructure for demand that you think is going to be there right that's just not how it works and people aren't incentivized two people aren't motivated to the money's not there um you know to do it right so you know now that we've hit this kind of limit of ethereum's kind of scalability and we're getting to a point where it is you know pretty ridiculous right at this point where the gas fees are so high all the time and we're pricing out so many users and things like that we needed to do the layer two stuff and that's what we're doing as i said we've got so much layer two stuff going live that is live um you know there's there's still pain

points as i say on the tweet we're still early adopters right i've said it i kind of i think i've talked about this on the refuel before how we are early adopters in the sense that there's a there's an adoption curve if you google like technology adoption curve or software adoption curve you can actually see the four stages so the very first stage is like you know i guess the people who come in and they're interested it's like a hobby for them and you know the rest of the world considers it a toy then you have the early adopters stage which is the stage that i think we're in and we're still going to be in for a little while here and then you have the early majority the late majority and the laggards earlier majority will probably start you know kind of creeping in this cycle i think

in terms of like this bull market cycle but given that we have a lot of apps now within d5 that can be used in bear or bull markets i think even if we're going to another bear market there's still going to be users flooding in and using these things so we're going to move into that kind of early from the early adopters to the early majority but before we can get there we need to build out this infrastructure the early majority cannot use ethereum in its current state without the scaling solutions being live so while you're in here now you are an early adopter you're not early a majority if you're using it actively if you're you know if even if you're watching this right or listening to the refuel you know you care enough about this this tech and you care enough about the entire ecosystem to pay attention to

it you're an early adopter and as i've explained before by being an early adopter you get to reap all the benefits right you get to to to to kind of like plant your flag so to speak you know there's less competition for things you get to invest in things earlier right you get to be at the forefront of stuff that's the benefits of being an early adopter and you know think about all the early adopters of bitcoin and eth right as an investment vehicle back in i guess you know bitcoin probably pre you know 2015 or whatever uh or maybe 2016 and ethereum you know not in around the same kind of area there right those early adopters have been you know handsomely rewarded if they held their their kind of coins and tokens even until 2017 didn't have enough didn't

even have to hold it till today so from that perspective you know back then even you know in 2017 we didn't have any of this for ethereum the you know there was still scalability issues back then because during icos the gas fees would spike they'd never go as high as they are now but they'd spike a lot and people would be like this is crazy you know ethereum's gonna buckle under the load and obviously we had the crypto kitty stuff and all that sort of stuff but again i think back then you know we were just in the kind of really early stages of of the early adopters and coming out of that very first stage of like people just using it as a kind of hobby and maybe a toy so to speak so from that point of view i think we're fine so that's a long-winded way what i

ended like it's long-winded way of me saying that um i think you know while you're an early adopter it is it is kind of like something you have to deal with it is not something that's going to be solved if you want it to be solved uh you can come back in a couple years when we solved it but by that point you're missing all the fun right you're missing all the opportunity and uh i don't think that's worth it personally i mean i i obviously wouldn't do that and i i wouldn't encourage you to do that because you'll miss out on a lot of the fun so yeah as i said on the tweet where still early adopters embrace it make the most of it um and you know the gas fees hurt but they're temporary i truly believe that i truly believe that

most users are going to be sitting on layer two you'll never have to kind of interact with layer one or maybe rarely and you'll never have to pay those high fees again because on layer 2 the fees uh we got much better scalability and the fees are much much much less and we can do so many more things on there so yeah it's coming i mean it's live today right but obviously it's live in a limited capacity where you can go use loop rings exchange right or you can do like synthetic staking or at least the first phase of that on optimism very limited but still there and that's kind of like a glimpse into the future so yeah definitely kind of i guess keep an eye on all that happening and i'll keep you guys updated on that uh and also to this point hayden adams

put out a really great tweet today where he said this might be obvious but becoming global financial infrastructure is a marathon not a race and then he corrected himself and said not a sprint so it's a marathon not a sprint um which i mean as i was just saying right like this stuff takes time to build out this isn't going to just happen overnight um and and kind of like we need to do it right we can't just build this new financial infrastructure in a wrong way where we take shortcuts or we make it centralized or you know or we do like sacrifice decentralization for scalability that's why it's taking so long because we want to do it right we want to do it right the first time we don't want to rush into things so i'm glad that hayden put this out because it's great to see community leaders such

as him you know putting this out and really kind of hitting this home because i think a lot of people expect this stuff to happen overnight and it's just not going to happen even in the other kind of competitor chains and competitor ecosystems they're not going to get to this spot overnight either they have their own issues to deal with yes maybe they're quote-unquote more scalable because they've done something usually sacrificing decentralization but they have their own issues they have to bootstrap liquidity they have to get their network effects up they have to bootstrap a community like that is even harder than what we have to do in ethereum so you know there is no silver bullet here there is no one-size-fits-all solution and it is not happening overnight i'm telling you right now we've been working out i mean ethereum has been working at

this for six years so far and it's going to keep keep going we're not going to solve this overnight so just something to to keep in mind there and on the high gas fee note um eden from the block put out this tweet today and i'm glad he put it out because i've been trying to beat the drum on this basically but he says quote a higher eighth price doesn't necessarily translate to a higher gas fee given similar demand the gas price would likely drop to reflect the eath price increase so stop that fudd end quote now what this is basically saying is that i think a lot of people on the if you look at gas fees on the surface level you may think that you know the higher the eighth price the higher the gas fees that's not how the gas kind of market works or how the fee

market works on ethereum so the way gas prices are set is that there's two parameters to it right there's the there's gray which we all know and love right that kit that is now what it's at 197 i can see on my extension here right and that's really expensive and then you have the gas limit so the the gas limit is basically a limit that you set and and different apps and different interactions on chain require different gas limits because they use different amounts of gas so an eat transfer for example only uses 21 000 gas which is rather cheap right but then an interaction with a smart contract could cost 800 000 gas so that would you know that would mean that that interaction's a lot more expensive and that's why it's much more expensive to trade on uni swap

than it is to just send an eighth transaction for an example here so keeping that in mind now a hundred gwei right um say that say the gas is 100 way and the price of eighth is a thousand dollars right so that that gas fee is is going to be the same as if you know uh if the gas fee was 50 grey and the eighth price was a thousand dollars still right and the grade price is independent of the eighth price it doesn't if eighth goes to ten thousand dollars it doesn't necessarily mean that gwei has to go you know i guess what is it from here like not even like seven times or something from here right and it doesn't mean the grave price is going to go up seven times if if if whey is at 100 right and eighth price is a thousand

but then each price goes 10 times and guy is still at 100 then yes the gas cost is going to be 10 times more but it doesn't matter that the eath price went up all that matters is is the gway price because if the great guy price was 10 right but eighth was 10 000 then the transaction would be cheaper than uh sorry it would be the same if i'm doing my math then um with that then if it was at a thousand dollars for example so keeping that in mind as well i know i might be confusing a little bit here because i'm trying to do a lot of a lot of explanations here very quickly but what really sets the way price on the ethereum network is network demand that's it right the more people using the network the more people using the network for

more complex transactions like uni swap trades or compound kind of positions or curved trades or whatever right the more the gas is used on the network the higher the grade price grows because people are trying to outbid each other right because it's an auction mechanism and and and that's what kind of dictates the gas price now in saying that the price of eve obviously has an effect here because if the price of eight is in a bull market if it's going up right and if it's volatile the network usage is going up especially with d5 you might notice that every time there's a lot of volatility with the eighth price gas prices spike really high you know they might even double right or even triple and this is for a few reasons

it's for uh if it's going down right people are trying to cover their leverage positions that they have on chain so they're basically getting scared and especially if it's going down for going down really fast they're getting scared they're going to get liquidated so they're going to pay whatever they need to in gas fees to get that transaction in secondly is if the price is going up or down rapidly as well there is what's called arbitrage bots between all the decentralized exchanges that will again pay high fees in order to get their arbitrage in because they're going to make a profit on that on that arb now the our bots are actually willing to pay up to 99.99 of the entire transaction right profit in fees because they're still making a profit

right so those are the two main reasons why you see the gas fee spike so much with with the eighth price kind of being volatile but again that is a secondary effect the primary effect is network demand and network demand doesn't just have to be driven by an eighth price increase or decrease network demand is driven by so many different things right too many things to even to even name right now um you know you could think of like icos back in 2017 as network demand for example right and they did they did cause the gas prices to spike and an obvious example that i use with people is that in 2017 when eth was uh between a thousand dollars and fourteen hundred dollars the gas fees weren't anywhere near expensive as they are today or were when eth was at that price you

know a couple weeks ago or even a week ago at this stage it's moving fast today uh these days but um yeah so my main point is that yes pri the price of eth has a an effect on on kind of like the demand for the network but it's only one thing that has an effect so the primary driver of the gas fees is network demand and that can be eth price moving and being volatile that can be demand for maybe like some hot new ico or some hot new yield farm or maybe some nft stuff right or maybe you know someone's doing a you know a limited drop nft like a celebrity and people are just like rushing to get in there's a million different ways that the ethereum network can be used and that means there's a million

different ways that network demand can go up so i wanted to clear that up for people that might be confused there and i think you know um this this plays into scaling as well right where there's actually ways you can scale things on chain so that the network demand on the main chain so not layer two on layer one so that you can actually reduce network demand and one of those ways and as bandag says here is that you can kind of like use yearn volts for an example so the way this works is that with the urine vaults you basically pull the capital together so it's this concept of pooled capital and then from that pool right you have uh basically a thousand users that put their capital into that pool and that pool can do tr you know do single

transactions and basically all the thousand users get a benefit from that so you can imagine it like instead of a thousand users doing their own 1000 transactions to say yield farm right the yearn vault will take 1 000 users capital will and only use and the vault becomes one user and that one user does transactions for those thousand users right and that's how it's much much cheaper because we're pulling all this capital together that's actually a big part of how we're gonna scale on layer one and we're seeing this play out with not just yearn but balancer as i explained yesterday with their v2 they're doing pooled capital i've spoken about this capital efficiency kind of thing in the past where protocols can lend to each other

you know and trust each other and do zero collateral loans but the other benefit of that is that pooled capital concept where users can pull their capital to do anything essentially right in a trustless way so i think that's going to be a very big way that we we kind of scale as well and it's a is a great way of like kind of pricing in users instead of pricing out users where they'll have access to these opportunities because they're using a pooled capital kind of aggregator instead of doing it on their own where the gas fees are much much kind of more expensive for them and then they kind of clog the chain as well if you know a thousand users are all doing it so that's just another way that we scale here which i thought was was really good that band tech brought

up today and on the topic of gas fees as well i put out this tweet today about eip1559 going to be seriously changing the entire game for not for gas fees in particular i mean it does but more so just like the game is everything right the game is ethereum so i think that it's going to change ethereum and the way people kind of think about ethy asset as well now the reason i say this is because there's three core advantages to eip1559 there's the ux improvement right so it basically makes the uh fee kind of user experience a lot better for end users there is the i mean there's a side effect of that where it smoothens out

the gas fees as well it doesn't it's not a scaling solution right it doesn't it won't reduce gas fees it won't it might have a limited effect on the kind of gas fees but it won't reduce them you know it's not it's not like it's going to be like eip1559 goes in and everything's solved it's it's not that right and then another property is obviously the burning of the eighth right so every time there's a transaction some amount of eight is burned which is what most people are excited about and then there's a third thing that it does where it can actually act as an on-chain oracle gas oracle which different apps can use to actually estimate how much gas that these apps need to use in the future rather than trying to guess and outbid each other which leads

to more kind of efficiency on chain with gas now the reason why i say it changes the game is is because of those three reasons like the fact that that smart contracts and developers can have an on-chain gas oracle is huge absolutely massive that's going to be a big help there the ux improvement for end users is also massive like i'm sure that you've all had to speed up a transaction on metamask or replace the nuns on a transaction because it got stuck or whatever right we hope that one five five nine can help a lot with those issues and smoothen out those issues as well because the gas prices will be more predictable which i think is really cool and then obviously the last thing is the burning of the eighth right so every time there is a transaction the base fee

component of eip1559 will get burnt so there's two components the base fee will always get burnt and and then there's a tip on top of that once the base fee fills up which goes to which still goes to miners and the tip reverts to like the normal mechanism that we have today but the base fee is is is a much better mechanism and smooths things out and it also uh you know burns the eath which means that there's deflationary pressure on each now that alone is a game changer right for me for for the value accrual narrative of eth right like people always say that eip1559 is huge for ethereum's value accrual i think it is but i also think it's huge for the narrative around ether as an asset

because now you have an asset that one you can stake with right on eth2 and and with that you can earn protocol rewards and earn an eighth denominated reward and earn fees as well from the tip right when eip1559 is implemented you can use it as trustless collateral within d5 it is the most trustless asset on ethereum is the most liquid right it is the most widely accepted um and it is the safest asset to use on ethereum and then three you have the the burning of eighth right so making eighth net deflationary potentially net deflationary so from a value accrual perspective that can't be beat right you you can say that oh yeah you know i mean obviously bitcoin is will will say you know bitcoin's got a cup supply

it's incredibly scarce blah blah blah all this stuff right and that's true right i mean it does have a cap supply it's scarce and everything that's fine but what is better than a cap supply is a decreasing supply so what i mean by net deflationary is that we could be burning so many fees one day with uh one five five nine that in proof of stake so when we're in eth2 and when i guess each one is merged into ether we get rid of proof of work the actual protocol issuance is is going to go negative so we will burn more eath than is issued to stakers each year so that is better than a cap supply right because that is is effectively burning and taking out out of exist out of existence forever and that can't

be reversed so that is a huge huge improvement um over i think a capped supply and by doing that we also guarantee protocol security because we're not relying on fees for protocol security we're paying out block rewards to stake is in perpetuity and people will say oh that means that each doesn't have a cap supply you know it's unlimited inflation house is better than fiat which is just such a surface level take that it just like blows my mind that people still don't understand that with one five five nine with the fee burning with the incredibly low issuance actually less than one percent you know um probably on eth2 we can get to a point where we have a negative issuance which no one nothing else can claim at this

point in time and i'm not going to pick on bitcoin or whatever but i'm using it as an example because bitcoin has the the cap supply which is obviously a very very big value driver for for bitcoin and it's part of their narrative but i think once the market and once more people understand the narrative of this of of eth we're going to have like some fireworks and i actually think at this point the market is starting to price that in to some extent because up until recently right eath was not i mean if you actually look back i think not even 60 days ago it was 700 and it's kind of narrative and value accrual was being kind of uh put out there by a lot of people i mean i've been talking about it for ages

but people don't buy it until the price is going up they don't believe in it until the price is going up at least most people don't so i think we're seeing that play out right now which i thought was was pretty cool but anyway i think that's enough about gas uh for today um i think i'm gonna move on to other things um actually one more thing on gas if you ever want to feel alive go to fees.wtf it'll show you the gas fees um in dollars of how much you've spent uh over your lifetime of your addresses and it's it's quite depressing so maybe don't go there if you don't want to be depressed by all the fees that you've been that you've been doing because you could have done a lot when it was a hundred dollars and this will tell you kind of like what what it's worth now

that eth is uh 600 right which is obviously 16 times more expensive so it hurts but anyway i digress there so decentralized exchanges had an absolutely massive month last month i was looking at the dune analytics dashboard just earlier and i'll show you in a sec but basically the centralized exchange volume was 63 billion dollars in january and the and that was that smashed the all-time high of 29 billion dollars set in september now you'll remember that september was peak d phi summer right that was uh unreal like every d5 token was going nuts you know there was so much going on on chain gas fees were ridiculous there were yield farms everywhere and we just smashed it by more than two

times uh in january which is to me incredibly healthy and it's just amazing that we've been able to do that and you can see here here on dune analytics and this is my one of my favorite dashboards on doing analytics this dex metrics dashboard and i'll link it in the in the youtube description for you to check out but basically the volume here is intense and where i actually track uh for those you can see you can see here this this does monthly dex volume grouped by year you can see that 2019 is not even visible right it's in blue you can barely see it 2020 you know half of the first half of 2020 is kind of like in green and not really doing much there then we had it obviously explode here and now 2021 is in red and you can see it just dwarfs the rest

of the activity here and then even on the on the left hand side you can see it broken down by protocol right it just dwarfs it again which is just insane like it's just crazy look look at this it's just it doesn't even you know and i think it's just going to keep growing right and i actually think i did some napkin math before this 63 billion dollars of volume is half the volume that we did for the entire year in 2020 i think so if we do another 60 billion dollars this month in february we will have done more volume than we did in the entire year of 2020.

that is insane right absolutely insane and you can see here how they break it down by protocol that 2021 was actually sorry january 2021 was a very big month for sushi swap you can see pink here is uni swap which is obviously kept growing but then you can also see the purple which is sushi swap which has grown a ton since um since even like december so in december i think sushi swap did three billion dollars a volume in january it did 12 billion dollars in volume which is a 4x uni swap did 12 billion uh uni swapped at 25 billion which is just a 2x right so you can see that other protocols are now coming into it and adding a ton more volume here and even something like i think 0x is

growing a lot curve as well i mean we have a very healthy ecosystem of decentralized exchanges right now but it's just growing exponentially at this point so really really cool to see that i'll link this in the youtube description the student analytics page you can go check that out so rarible raised another 1.75 million dollars today from 1kx network parify capital coinbase ventures coin fund bollinger investment group and others and for those who don't know wearable is an nft marketplace platform it's been around for a little while now they kind of got a lot of notoriety during d5 summer there was a lot of nft stuff going on there but they're picking up again uh now they've got like a lot of stuff on there

you can sell buy and sell a bunch of craters on there as well so yeah really really cool platform but yeah congrats to them on on this race i think you know i've spoken about parify before how i thought they're a really great investor 1kx network is really great as well uh coinbase ventures obviously coin fund is really great they're not typically a d5 investor coin fund focuses on nfts and like web 3 stuff from what i've noticed so it's great to see that sort of stuff so yeah congrats to to wearable here and in other investment news open raised 6.7 million dollars in a series a from paradigm i think it was led by paradigm which means they got other investors on board as well if i look here

so they had a paradigm leading the round with participation from their existing investor dragonfly as well as synthetics as co-founder kane and stani from arva i mean they're in every round at this point it's hilarious as kind of annual investors but there they are so yeah this is a big round 6.7 million dollars i think at this point it's pretty safe to assume that all of these default protocols are going to be issuing a token sometime soon so i think this money will give open the runway they need to get to you know maybe a token launch this is just speculation i don't know anything kind of privileged here and you know wearable already has a token so i didn't say anything about that then but yeah open is one of the most popular d5 protocols that doesn't have a token

yet so expecting that sometime soon actually so we'll see how that goes there so alan uh put out this picture today of a grayscale investment report so i actually got this in my inbox today grayscale put out this new valuing ethereum report and it is incredibly bullish absolutely incredibly bullish and they actually lead with these three dot points about eighth so eth as money if there's a consumable community or i think there might be maybe supposed to say commodity there probably a typo and eth is a cash generating asset so i explained before like how i thought that there was like those three value accrual pillars for eth trustless card rule uh staking in eip1559

um but what falls into that as well is ether's money that's another value accrual kind of thing um it being used to denominate different things like the nft ecosystem actually uses ether's money more than any other ecosystem eath as a consumable uh kind of asset so not community there but like commodity so as gas right which falls into eip1559 and ether is a cash generating asset so either trustless collateral or staking right so and in this report they go through all of that they cite a bunch of different people and a bunch of different people within the community which i thought was really cool and for those who don't know grayscale is focused on institutional investors so these are people that are typically pretty noob to the space and they're just getting their feet wet with bitcoin

and now they're gonna go into ethereum as well so yeah it's just really bullish to see something like this put out i wouldn't have imagined to see this in like you know 2018 2019 i think they put out something similar in 2020 but yeah seeing this kind of stuff uh just as like commonplace now with people saying ether's money you know it's it's a commodity and it's a cash generating asset is really really bullish so yeah good on greyscale for putting this out there so the index co-op put out their monthly update today and what i found interesting about this was that uh the d5 pulse index has over the last three months has actually outperformed both btc and d5 now for those who don't know the d5 pulse index is

an index of default tokens as the name suggests and uh obviously d5 has done very very well over the last few months and particularly the last three months from the bottom so yeah it's really great to see that i mean it does outperform btc but then dpis outperform both which kind of like fits in with um i guess the trend that we've been seeing and this is something that i kind of benchmark against right so you know with dpi i benchmark it against ethan btc and if i'm not out performing them with dpi then there's really no reason for me to hold dpi right and i'm talking like long term performance not short term so you should like for me i mean i wouldn't i'm not gonna say that you should benchmark against btc and eth but that's just what i do mentally

um you know you for example you could buy dpi and it could go up 10 times in usd but eighth could go up 20 times in usd are you really gonna care right are you gonna care that you didn't buy eight instead of dpi probably not you grow up ten times on your usd who cares um or fiat in general but still it's really cool to see this and um i i i just that just kind of caught my eye there so i'll link this in the youtube description because there's a much more in this kind of report here that you can go check out as well so lastly i just wanted to end with this tweet that i put out today where i basically say this time we have earned it now some of you may remember infamous tweet from vitalik back in 2017

when the total crypto market cap hit half a trillion dollars he put out a thread asking if we had earned it and he asked a bunch of different questions and kind of people were just like no i don't think we've earned it at this point we we had all we had on ethereum was icos there was no defy we weren't kind of banking beyond bank or you know providing financial services to people that really needed them we were just a massive kind of casino in 2017 with icos there was no eth2 right h2 was still a kind of distant kind of thing um and you know the ecosystem was very small but this time i think we have earned it you know i think with the ecosystem that we've built with d5 um especially d5 but like the dows that we have

nfts we have so many different things going on right now like web 3 stuff as well that we have built an ecosystem that has lasting appeal especially within d5 it's not like this bull market's going to end and d5 is going to go away that's just that's just not going to happen i actually have a theory that the the the market is going to be kind of hard to tell what it's going to do this time around um because of the fact that people are going to stay in d5 i believe when you quote unquote cash out or sell some of your investments are you going to fear in a bank account and letting the bank you know either kind of charge you a negative interest rate or pay you like 0.5 on your dollars right or are you staying in d5 where you can get 20

safe yield on your stable coins i know where i'm staying right i'm not going to go into my bank account anymore i'm going there for taxes don't get me wrong but that's it right and maybe bills that i can't pay with with um my crypto but i mean we saw yesterday the arveir kind of card that's being teased you know we're going to get to a point where you don't need to leave the default ecosystem anymore for anything but taxes and even then i think you know there's some governments are in i think there's one government a state government in the u.s that was accepting btc and aid for taxes so even then i think we're going to get to that point and and that's kind of like when i think we hit that kind of um paradigm shift where you know we exit the old world into this new world

and it's kind of like the new world becomes the the old world like it's just that is the world um so yeah and that's why i put out this tweet about us earning it because i was watching the prize garp and everything and i remembered the vitalik tweet and i was like i really do feel like we've earned it this time there's there's just not that kind of crazy disgustingness that we felt in 2017 around icos people are much more positive this time around people realize that defy nfts doubt like all those use cases they have staying power especially d5 and people really do believe that d5 is going to change the world and that it's going to be a lasting thing so yeah i won't ramble to i kind of rant on about that too much because i've gone over time here but i

just definitely wanted to kind of say that because i think you know not just myself but a lot of you would be feeling the same way so yeah all right everyone that's it for today's episode thank you again for listening and watching you can subscribe to the youtube channel below and give that video a thumbs up if you haven't yet you can subscribe to the delegate newsletter as well below and join the discord channel if you haven't yet and i'll catch you all tomorrow thanks everyone