Gitcoin token live, GameStop building NFTs & more - The Daily Gwei Refuel #129 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the deadly way refuel where recap the latest news in the ethereum ecosystem i'm your host anthony sosano and today's the 26th of may 2021 all right everyone let's get right into it so yesterday just after i did the refuel actually a couple hours after i did yesterday's refuel git coin announced the launch of their governance token called the git coin governance token with the ticker gtc now for those of you who have probably been following get coin for a little while now and and saw that post that i spoke about i guess like the other day where they they kind of detailed their plans to decentralize i did say that i was expecting a token sometime soon and here we are uh no surprise here i think a token is a central part of uh decentralization plan if that's the path

you want to go down which i do think most projects are going to be going down in the future here um but on that note uh it's i mean it's really good to see this i think i think out of all the projects that um i guess like i can think of in terms of like ones that should have a token or need a token whatever i think git coin having a token makes the most amount of sense and the reason why i believe this is because git coin as a platform really is meant to be a dow in my eyes it is a fully kind of open source platform that that wants to uh encourage open source software development and funding and basically you know is is definitely probably one of if not the most community oriented product in the entire ecosystem uh

you know we've all used bitcoin before i'm sure to donate to various projects on there and obviously to donate to the daily guy and and things like that which i thank you for of course um but you know i i think that there's a lot of things that this token can be used for and used to govern right like for example at the moment the way that bitcoin grants payouts are distributed a a via a multi-sig you know i'm one of the multi-sig signers and a bunch there's a bunch of us on there but obviously that's not very decentralized right to do the payouts there so obviously a token putting a token in here and having the token holders kind of like delegate their votes to trusted parties in the industry or to basically kind of like um you know do all this kind of

stuff out in the open makes a lot of sense i think and on top of that you also have the fact that there's there's so many other things going on with git coin um specifically you know with grants uh dispute resolution right to scale that up to be able to to to to handle the the kind of like i guess growth that giklin that we all believe bitcoin is going to see you kind of need a global decentralized community to handle this of course as well um but yeah there's this whole kind of like post here of course you can read uh for details of the token kind of what the distribution's like and things like that there of course was a retroactive airdrop of 15 of all the tokens of the 100 million tokens here were air dropped to uh people based on a

number of different factors here so there was uh most of it was airdropped to people that provided gross marketplace value which is essentially both spenders and earners on the platform so this kind of like uh included all of the git coin grants platform and bounties and things like that so if you had donated to projects you got some tokens if you had made money via i guess the um you know the platform through donations you you got some tokens and then there's a bunch of other things you could do as well that that kind of rewarded you with tokens here um you know the airdrop i think at current prices what is it seven dollars or something you know it varied greatly people you know some people got like a few thousand tokens some people got a few hundred some people got a lot more

um so depending on what you got it definitely wasn't a negligible airdrop which is really really cool to see um you know i in this case though like the token i feel is is one of the tokens that you definitely want to hold on to not to say that you can't sell it if you if you if you if you want to of course you can and not to say that i might you know just hold on to my tokens forever too but i think for me i mean i delegated my tokens to my good friend trent who's a who's um a steward of get coin here um and i want to see what kind of like he does with his voting power he's uh he's very great as a community member and there's a bunch of others on there as well actually there's so many on

there um on the get coin kind of like stewards um thing here if i go into i mean that's the blog post here if i go to gov.getcoin.co i can probably see um you know how the governance forum here and basically uh this is the post where everyone kind of like put their name up to be one of these uh stewards so there's tons of people in here right now i was gonna do it but i'm not sure how much time i'm gonna have so maybe if i find some time i'll do it but as i said i delegated mine to trent van epps but there are so many good people here that you can delegate to and if you want to know kind of like who shares your values and kind of like who who would be best for you to delegate to definitely check out

this thread because it's got people's kind of i guess like description about themselves their statement of intention qualifications and all those sorts of things here so definitely check that out and if you haven't cleaned your git coin token airdrop definitely do so uh as you thought the airdrop claim process was pretty cool you had to answer a few questions and kind of watch some videos and then you went through this whole process of like you know delegating your tokens if you didn't want to vote on your own and then you could claim the tokens here so it was more than just like a standard airdrop where you click a few buttons it was actually a way to kind of get involved with the platform and learn what it was all about so kudos to the git coin team for doing this i really enjoyed that and

speaking of airdrops i have a tweet that i put out today where i said alpha leak which should actually be very obvious at this point it's best to assume that every single project in this space will eventually have a token for better or worse uh and it will probably airdrop some to early contributors or users position yourselves accordingly now i put this tweet out because i get questions about it all the time like no joke i probably get 10 plus dms about this a day about will x project have a token if it's a crypto project you can basically be guaranteed that at some point in the future it will have a token like pretty much all of them there might be one or two or a handful that don't have a token for whatever reason but i think tokens are just like the new

equity at this point right instead of kind of going public on the stock market or something oh you basically create a token and you go public to the community and i actually think this is a better way to go to go public because you basically get to reward all your early users and contributors yes maybe a lot of them will dump the token but the thing is you do you then have like a core set of holders who didn't dump because they actually want to be involved in your platform and you get like a lot of free marketing too i think the uni airdrop was like amazing marketing for unisop even though unisop is obviously already already big and was already big at that point it was just absolutely amazing marketing for for unisop there so yeah i'm just going to assume like even people ask me okay what projects i

mean if you fully think about it literally any crypto project and i'm even talking about things that you may not think will have a token so for example maybe something like coin gecko right we'll have a token one day maybe something like doing analytics right um and nansen all these kind of platforms that are quote-unquote crypto but may not be like a project or a or a kind of like service that you figured would have a token i mean i don't have any special insights here but my bet would be on them having a token rather than going public on the stock market and i think if coinbase had been founded at a later kind of date in the life cycle of crypto they would have done a token instead of going on the stock market because you can look at the exchanges you know

binance has its own token ftx's own token okay x hobby i i think those have their own tokens too it's not like this is an alien thing anymore it's really like it's expected that you have a token at this point or you will have a token and i think there's multiple ways to to launch a token i think the days of just doing a public sale and not you know rewarding your early contributors or users are gone if you don't do an airdrop you're basically cutting off a lot of people because they're gonna they're gonna dislike you for that right they're gonna be like well you know i use the product i should you know what why why weren't the users and contributors given an airdrop and whether this is it this may seem i guess like a bit selfish or a bit entitled is a whole nother thing i think making

sure that you kind of like airdrop to your early long-term users and contributors is is the best uh path forward here and if you actually look at the way uniswap did it they favored earlier contributors rather than later ones so if you had lpd on unisop from day one like back in v1 uh back in you know 2018 or whatever it was um if you had lpd uh then and then basically you were able to get like a lot of uni tokens and and you know the funny thing is is that a lot of the early uh synthetic stakers so snx holders lpd the snx um s e sorry the s8 pair on uni swap very early on which really didn't have any impermanent loss or anything like that and then from that perspective they also got like a massive uni airdrop so if

they held the snx tokens they got snx rewards um because they were staking their snx tokens to generate this kind of um synthetic eath they also held on to to eat right hundred percent exposure to eth there and they also got a price appreciation from nssnx and on top of that they got this uni token now as well so it's just i mean it's pretty amazing like how early contributors to projects can be rewarded through tokens here it's kind of like an ipo because it's a one-time thing but you know you can do an ongoing thing when you where you reward contributors as time goes on i've spoken about how index co-op does this a lot um in the past but i think more and more projects are doing this you know yearn obviously has a payroll where they pay out wifi tokens to people and things like that

but uh yeah i think this is kind of like just the the next wave and the evolution of going public so i put out this tweet just before i said bullish on ethereum scalability solutions the game is about to change forever now i know i've spoken about layer 2 a lot and i know that i've spoken about the fact that i've spoken about layer 2 a lot on this refuel but i think it is the most important thing to happen to ethereum in a very long time and i think we're getting we're like edging closer and closer now as a lot of you may have seen on twitter over the last few days people are teasing this arbitram launch that's happening um the developer main net on uh on the 28th of april of may which is two days away now um and then obviously people are saying

well you know shortly after the developer mainnet goes live it's going to be available to all sorts of users to use which it will be so there's that you know obviously the continued rollout of of optimism stuff and i spoke about that yesterday obviously um you know i'm not just saying layer 2 here i'm saying general scalability solutions this includes the explosive growth of polygon and i actually saw that the polygon pos chain flipped bsc in in transaction activity today which is really positive to see because one of my kind of i guess um uh things that i wanted to do as an advisor to polygon is i wanted to spread the word about it enough that we actually kind of like killed off bsc like i really do think bsc is a net negative for the entire ecosystem i think that the sooner it dies off the

better um and i've spoken about how you know the polygon pos chain and bsc are kind of um you know i i guess like both layer one block chains they're not you know layer uh you know they're not roll-ups or whatever like that and then you know they don't kind of not secure by ethereum but i don't think that matters and i've gone through my points about that before um i think what matters is the social aspect to it so you know that was kind of like one thing that i i'm very happy to see um but there's so many other things out there like i talk about the the main ones a lot but you know i retweeted a thread today from hermes network that uh said that they're gonna be doing an evm compatible layer too as well there's so many of these things coming literally

dozens of them and coming in here and live and and you know working and all this sort of stuff that uh you know once we kind of like just get more and more adoption of it of it you know more and more devs building on it especially on the generalized platforms like arbor trim and optimism and all the other ones that i've ever talked about i'm not going to go through them here but once that happens i think that is as i said going to change the game forever because people will be like well ethereum can scale because the narrative is still that ethereum can't scale believe it or not there's a lot of people out there who still say oh ethereum's only for whales because the high gas phase blah blah blah these people i don't even actually think use ethereum i think they tried to use

ethereum once and they you know were put off by the gas fees well that's fine when the layer twos are available and when all these apps are at layer two you'll be able to use layer twos um you know just as easily with the same wallet with metamask you know same block explorer experience with like either scan and things like that and you know those people will come back and enjoy ethereum so yeah just wanted to make a note there i'm not going to hop on too much about that move on for now actually i guess speaking about layer 2 andy here from fractional art which is a project that's uh fractionalizing ownership of nfts uh he put together this kind of like unisop governance proposal where he said um deploy unisop v3 to arbitram's main net uh now a lot of you will know that

uh unisop obviously has said that they're going to be deploying to optimism and have argued before that unisop shouldn't be an optimism maximalist they should be deploying to every uh kind of layer 2 solution out there and every other scalability solution in general so andy basically got kick-started this discussion on the unisof governance process here um to basically get v3 onto the arbitrary main net now you may be thinking well can't anyone just deploy this to arbitrary i'm like yes they can but uh they can't because it's got a copyright license on it so you're not allowed to take unicode v3 and deploy it on your own there's legal recourse there because of the fact that it's not um open for anyone to use but in saying that an anonymous person could do this or an anonymous group of people could do this

but there's still a lot of risk there whereas unisop the company can deploy it themselves and it'll be all well and dandy uh which is which is quite uh quite funny there as well but um yeah i think when you kind of look at this and you kind of look at the things that play around this i it's funny because like there's a bit of talk on twitter about this and i don't i don't want to kind of like spread any conspiracy theories here but if you just look at the players involved with uni swap and unisop governance from what i've seen unisop governance is not very good because it takes 10 million uni tokens which i think is like at current prices maybe 250 300 million dollars to even start up an official proposal uh within the unisop ecosystem here so obviously you know there's no holder

you know the only people holding that many tokens are the team members and investors and i don't know how much they participate in governance but uh essentially to get that amount of tokens you would have to get them delegated to you and it's actually very hard to get 10 million delegated to so a lot of you will know that paradigm one of the best funds in this space is one of the major investors in unisop or they are the biggest investor in unitop i think um they hold a lot of tokens obviously and they obviously are the biggest if not one of the biggest investors in optimism so they have a vested interest to not see unisop v3 deployed to anything but optimism that is of course speculation i think that that the um paradigm team are not like maximalist in any one any kind of way here

but they're obviously their monetary incentive does not lend them to being like a multi-l2 thing here but in saying that uh i think if unisof doesn't deploy to other l2s they're going to lose market share to people that to projects that do like i know i i i know that sushi swap plans to deploy to arbitrary here sushi swap has actually been gaining lately on unisop in terms of decentralized exchange volumes they're already on polygon they're going to be on everything i mean i'm pretty sure they're on bsc actually as well anyway i think that there's going to be a multi-chain ecosystem where um i guess like most of the chains are layer twos and ethereum scalability solutions and you can't just pick one and be done with it in my view because there's gonna be users on arbitrarily that may not be on optimism and you're

just gonna lose those users to to some some other app if you're not on arbitrary for example here so very interesting to see this from andy i'm curious to see you know where this goes and speaking of arbitrary again uh mcdex or mcdex i don't i think i don't know how to say it but i say mcdex because obviously uh mcdonald's but basically uh they're kind of like teasing of course that they uh have been on arbitrary test net and they'll be on arbitrary's main net as well here but this is a thread where they went over kind of like their experience with arbor trims test net so uh the user experience they believe is on par with centralized exchanges in terms of uh speed and cost here uh the gas costs obviously are immensely cheaper there's smooth and fast transactions and user experiences as

well so uh and they've put some stats here saying that the gas fees are up to 100 times cheaper compared to the ethereum main net um and the sequencer model means that there's faster confirmations when trading and faster liquidation allowing users to enjoy higher level higher leverage so this is what layer 2 is all about real really is giving the centralized experience to people who want to use decentralized finance that's really at the end of the day that's that's the core of it in that can we get to an experience that mirrors something that a centralized exchange or centralized database will offer you um by using ethereum as that kind of like security decentralization layer yes we can and it's coming with layer two so i'll leave it at that for now i've spoken about layer two a lot here i wanna move on to uh this uh this kind

of like announcement that came out of polygon today that i thought was very interesting so mahalo one of the co-founders of of polygon here uh basically shared a link from coindesk that said mark cuban has invested in the polygon ecosystem now this is an undisclosed amount here we don't know exactly how much is invested into polygon here but i think this is a huge uh vote of confidence and i spoke to mahalo about this and he basically said that he was just blown away by the amount of knowledge that um that mark had about not only polygon but about the ethereum and d5 ecosystem at large and nfts of course is very big there um and you know i i've spoken about this before on the refuel where i said that for someone like mark cuban who is not crypto native right he wasn't born in

crypto he made his money from kind of like the internet boom obviously a billionaire and spends a lot of time doing other things like he's really into his sports but for someone like that to be as well-versed as he is on ethereum and defy uh is really really awesome to see and now obviously he's jumping down the layer to rabbit hole i think he has been for some time i remember seeing a tweet from him when he was talking about roll up solutions or it might have been someone else maybe it was uh another famous billionaire but definitely um you know mark is very knowledgeable here so great to see him supporting an ethereum scalability solution in polygon um and i think it's just a huge you know vote of confidence for polygon as well and i'm going to get more eyeballs on the project now

obviously again disclaimer i'm an advisor to polygon um you know a lot of you know that by now but i should just put that out there but you still even if i wasn't an advisor i would have thought this was cool so matt from paradigm put out a really great tweet today that he's basically um summarizing a lot of the debates on twitter lately but i read out his tweet first so he said crypto may look like a speculative casino from the outside but that distracts many from the deeper truth the casino is a trojan horse with a new financial system hidden inside now some background here you may have seen some threads on twitter and i got into it today with a few people about you know is defy just speculation and will it always be speculation now i think we've got to take a step

back here and look at just finance in general when you look at finance what do you see well you know traditional finance what you see what a lot of us see is the non-speculative side to it we take a mortgage right we get a loan for a car or we access like banking services like you know i guess like payments and things like that and we don't see the speculative side that backs all of this up i can tell you and attest to this like with near 100 certainty that basically most if not all of the traditional finance system is based on speculation in the background when you think about it the bank is not giving you a mortgage for fun right they're making money off that mortgage they're also speculating on you by you by by saying okay well you know you're gonna you're gonna pay back your

mortgage and if you do this we can make x amount of dollars over y amount of years and on top of that if you're taking out a mortgage to buy a house as an investor well you're speculating on on property there right and then this is just like a very basic example here people take out loans for all sorts of things what about a business loan you're speculating that you can take a business loan you know put it into a business grow a business and basically make money and then pay it back and and you know not default on on it or anywhere or anything and the bank is also making a bet and speculating that you're going to do all that you're not going to default on your loan and it's going to be a profitable venture for them so and and and also

like when the banks take in deposits in money that money doesn't just sit there doing nothing that money is put to work that's how they they offer kind of like um you know interest rates and that's how they kind of like offer sorry yield i should say is that they either lend out these assets or they put them into different kind of ecosystems or the banks kind of manage their balance sheets in different ways and things like that um so in saying that like the fact that defy is extremely speculative today is actually a feature and not a bug it is a feature of a financial system it is how the entire thing works it is how capitalism works without the speculation i think most of capitalism just wouldn't work and by nature humans love to speculate humans love to gamble and there's nothing wrong with gambling

i think obviously you know anything in in in excessive amounts is bad you know gambling or drugs or alcohol like obviously all that stuff but there's nothing inherently wrong with with gambling like i'll be honest like if you're aping into random tokens uh you're gambling right at the end of the day if you have no investment thesis behind it if you're just doing trading i mean there's a fine line between trading and gambling at the end of the day uh and so to to to matt's second part of his tweet tweet here he said that the casino the speculative parts of it is just a trojan horse with for a new financial system and i truly believe this because for technologies to grow and grow as rapidly as they as they want to grow you need to have kind of one thing that everyone enjoys doing but it's kind of

something you don't really want to talk about or it's frowned upon think about the internet for example the early days of the internet were dominated by by the demand for porn like let's just be honest here and there's actually tons of research and articles that show that this demand for porn actually drove demand for the infrastructure of the internet to make it faster to access these websites and and faster to kind of put to upload this stuff and to produce it and to share it and all these sorts of things um and you know the the the porn sites on the internet are some of the most visited to this day so and that's just an inherently human thing right like we can't get out you know we can't escape our sexuality it's part of us just like being you know speculating on things and and gambling

is part of what we are we love doing this and it doesn't have to be a monetary thing humans love speculating and and placing bets in all in all sorts of things like not just on the monetary side of stuff so if if d5 is speculative today and that speculation drives the infrastructure like drives the uh the adoption of of um you know this new financial system and drives the adoption of ethereum then can you really say speculation is a bad thing i don't think so i think speculation is the best thing i think it is the only reason why any of this stuff has a value um you know and you can even go back to the early bitcoin days look at what bitcoin was used for just for drugs right most people would use bitcoin to buy drugs but that that made um that that caused

demand for bitcoin that that grew awareness for bitcoin that made more people be interested in it if you go back and look at the price rise in 2013 a lot of it was attributed to the silk road mania uh sorry the silk road shutdown because uh the silk road was one of the largest or if not the largest dark net marketplaces for drugs and all other kinds of vices um but when you kind of like so when that got shut down it brought a lot of attention to bitcoin uh because bitcoin was the main asset to use there which meant that bitcoin went into a very speculative bubble uh but from there obviously bitcoin has grown and bitcoin is no longer associated with drugs by by a lot of people maybe people outside the ecosystem still do it if they're very uninformed but bitcoin has taken on like the

digital gold thing whereas ethereum like look at ethereum's changing narratives over time too 2017 was icr it was extremely speculat uh speculative uh kind of like um i guess uh uh driven there but that put ethereum on the map that made more people pay attention to ethereum that made more money flow into ethereum and that made eth go up in price so at the end of the day there are the there's the trees and then there's the forest and i think if you miss the forest for the trees as as the famous saying goes you are just simply not gonna make it that's what i like to say you are simply missing everything here and i think that just thinking beyond the you know i guess like the surface level stuff is how you kind of make the best decisions in this industry whether they

be kind of investment decisions or personal decisions of where you're choosing to allocate your time but yeah i'll leave it at that for now move on to the next thing here which is a massive actual announcement um maybe i should have spoken about this earlier but my good friend matt feinstein who used to work at loop ring uh announced today that he is going to be the head of blockchain at gamestop so obviously a lot of us know gamestop uh these days as everyone's favorite uh stock right gme wall street bets love it and everything like that uh but they're basically teas that they're doing and they're basically creating an nft ecosystem here on ethereum that's the most important thing of course that is built on ethereum it's not built on your favorite um ethereum killer or your favorite environmentally friendly uh you know

blockchain it is built on ethereum and i think this is uh in large part due to matt feinstein because he is uh an ethereum maxi i mean maybe i i i'm attributing that that that kind of like title to him wrongly here but i mean i know him he's a good friend of mine he's definitely all in on ethereum so for him to be heading up this kind of initiative here is extremely positive i can tell you that much now you're gonna see a lot of really cool stuff come out of gamestop they're obviously not gonna build on everything on ethereum layer one i think they're gonna build um uh on layer two i hope that they pick one of the existing kind of layer twos like immutable x or something like that um but they also launched a token so they have like a gma token

that uh basically when you decrypt it says that it's going live on july 14th so it's here on ether scan if i was to go to ether scan here you can see the games the game stop gme token and then if you go into the contract and kind of decrypt the message in there you can see that this is launching on july 14th now i guess i'm assuming that this is going to track the gamestop stock um you know by issuing this token or something like that or maybe it's something else i'm not sure here because maybe it would have made more sense for them to create a synthetic product but yeah i'm not sure what what's gonna happen here but still july 14th is also the date that one five five nine is tentatively scheduled for so maybe i don't know if they're being

strategic here i don't know if they were uh kind of like doing this on purpose but funny funny coincidence there but still great to see this i'm really curious to see what gamestop does here um and super excited that matt is heading this up so ryan watkins from masari put out a chart today that basically shows that its volumes have basically passed btc volumes on centralized exchanges on on spot markets here you can see that this has never happened before i mean it started happening kind of mid april but it's kind of like been consistent since then i'm only dipping below bitcoin slightly i think uh maybe a week or two ago but since then it's been pretty consistently up now the reason why this is a big deal is because people

typically refer to bitcoin or btc as like the reserve asset or the reserve trading pair of centralized exchanges when this couldn't be further from the truth now because the eth is now that and ether is not only flipping bitcoin on kind of this sort of stuff it's also nearing uh to flip bitcoin on on this as well where uh basically the average slippage for for eth usd compared to btc usd has come down dramatically and is actually almost on par with btc and and i don't know why 8th is orange in this picture but um just in case you're confused there ethies orange bitcoin is blue it should be the other way around um but that's just one there and i spoke in the delegate newsletter today about like all the flippings that ethereum is currently experiencing with regards to

bitcoin except the only thing left really is market cap but i also spoke about how i think measuring us you know measuring ethereum against bitcoin at this point is just a fruitless endeavor like who cares right bitcoin is what it is um once we flip its market cap i mean it just becomes like in my eyes bitcoin kind of like just becomes a relic i actually have said this many times that i think eventually bitcoin is even going to fall out of the top 10. um that might be a controversial view here but i i kind of said in my newsletter that i think we should be focusing on uh comparing ethereum to traditional finance because that's what we're trying to disrupt we're not trying to disrupt bitcoin we don't really care about bitcoin anymore we've already beaten bitcoin at pretty much all these metrics the only

reason it has a larger market cap i believe is because it was earlier had that momentum and more people need to understand why eth is more valuable which will happen in time um but if you look at like the comparison between say value value settled on ethereum compared to value settled on the visa network or the paypal network i think ethereum is already doing more value than maybe paypal more value settlement than paypal but not doing more transactions than paypal or visa or things like that and then we can look at the centralized exchange volumes on ethereum are they doing more than centralized exchange they are on some days and and i'm talking about the biggest centralized exchanges here and that's only on layer one we haven't even got a proper kind of like massive decks on layer two yet like unisop isn't on layer two yet for example

um so once that starts rolling out there's just no competition here ethereum is gonna completely obliterate traditional finance and obliterate c5 which i actually consider centralized finance or centralized exchanges um in the crypto ecosystem to be part of i guess um uh the trad fire or the or the boomer fire whatever you want to call it the old world they're just all going to get disrupted unless they actually adopt crypto and i think they have a better chance of adopting crypto than uh obviously the the the um traditional institutions do but but obviously paypal is getting involved gotten involved with crypto lately they enabled crypto buyers and all that sort of stuff visa as well within they're looking into ethereum mastercard invested in consensus recently and is part of that so they're all there right all these institutions are paying

attention obviously the cbdc's are coming and things like that um so from that point of view i don't see how ethereum just doesn't completely obliterate not only bitcoin which in my view is just like a a stepping stone but also obliterate uh traditional finance completely um across uh just across um kind of with d5 there but also ethereum is not just limited to d5 it's going to disrupt organizations and how we organize as a species it's going to disrupt gaming it's going to disrupt art and collectibles with nfts when you kind of put all that together i mean this is why i go on about my ball case and this is why i made my 100 000 8th price prediction like i don't know when that's going to happen this is why i've said this in the past and why i've said

you know maybe ethereum goes to a million dollars one day is because because of the fact that all the value of the ethereum network is gonna float to eighth like everything happening because of the fees you know with one five five nine and obviously with staking and things like that it's all going to flow to eath if you take that kind of view it's just very hard to imagine that if ethereum succeeds across every vertical that it's trying to disrupt whether that be nfts or d5 or dows or anything else we can think of then there is absolutely no reason that eth can't be worth that much but anyway i won't go on too much about that i think i got a little bit more in my newsletter today if you want to read that uh but just great to see that i guess like uh ethe is flipping btc on volumes

here because it means eighth is becoming more like the reserve kind of ascent reserve pair here for centralized exchanges it already is the reserve asset within ethereum d5 but it's good to see this happening within you know centralized finance as well so blocks route labs have released a new uh defy service uh around mev here so what this service is called is back run me and what this allows for is allows the user to capture its own mev so basically this is how you do it you set your metamask to send transactions through blocks route for front running protection um what blocks rat will do is it searches bitter uh searches uh sorry what what will happen when you send through blocks route is that searchers will bid on this mav um so mev extractors will bid on this and then you get to keep 25

of the mev with 50 going to the miners 20 going to the searcher and five percent going to blocks rat as a service fee here um this is i guess really cool because and just another tool that people can use to both protect themselves from mev and also profit from it because at the end of the day mev is going to take a while to get solved like quote unquote solved or at least minimized to a point where it's maybe not as i guess like um kind of parasitic as it is these days so just more and more solutions coming out to match this or at least to kind of service this demand i think is is really really cool so another token launched actually i think two more tokens launched i'm going to talk about um over the last 24 hours in addition to get coins token ribbon

finances token uh the rbn token launched and for those who don't know ruben finance is a structured pro uh proto structured products protocol built on ethereum here they've been around for a couple of months now but essentially this token was of course airdropped to people who had used ribbon finance who were active in the discord channel and things like that so congrats to people who got rbn tokens i unfortunately didn't get any i hadn't played around with their product yet because i'm not not someone who plays around with structured products normally they had options kind of products on there i just you know i think those are more geared towards like uh i guess like traders and things like that and more active participants here so i didn't get any tokens but i i still think it's really cool to see that uh that is tokens live now

and even cooler to see is that um that's non-transf non-transferable yet so you can't trade this you can't send it to another address or anything like that and this is inco this is to encourage people to participate in ribbon ribbon's governance process and you'll remember that inverse finance also did this where they airdropped their token to a bunch of people who signed up on a on a google form and i got these tokens as well and they were non-transferable for for a while and but then you could vote in governance and do things with it still um and that led to a lot of governance participation and turnout which i thought was really cool so um yeah really cool to see this and if you haven't checked it out be sure to do so and if you haven't claimed your token but you've used ribbon finance in the

past definitely go check it out it'll be linked in the youtube description below all right so the last token that launched uh was is called xyz from the universe.xyz initiative here now you may never have heard of this project before but basically this project kind of spun out of uh kind of like the pepe nft project or nf pepes or nfps as you might remember it so this was about um uh i guess like this was i think it started like maybe three or four months ago now and then it kind of evolved into this project because of um unfortunately um there was copyright disputes on using pepe the character from the original creator and they had to kind of like i i guess like deal with all that kind of noise there um but yeah they relaunched as universe.xyz here which is basically

i've spoken about it before they're basically a kind of like nft platform they're trying to like do nfts a bit differently here but if you want to earn some xyz tokens you can actually farm it now so i think they accept yeah it's here so you can farm xyz tokens with rv bond comp snx sushi link and ilv um by just going to this website here which will of course be linked in the youtube description below uh so yeah if you're interested in doing some yield farming with with these tokens that you may not be doing anything with right now highly suggest going and checking this out and how this is just checking out the project in general i think it's really cool i can't wait to see what they do here all right that's it for today's episode everyone thank you again for listening and

watching be sure to subscribe to the channel if you haven't yet give that video a thumbs up subscribe to the newsletter join the discord channel and i'll catch you all tomorrow thanks everyone