Gray Glacier fork, Optimistic in a bear market - The Daily Gwei Refuel #387 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the delegate refuel where i kept the latest news in the ethereum ecosystem i'm your host dante sosano and today the 16th of june 2022 all right everyone let's get into it so an update on the three arrows capital situation today from danny here who's the head of trading at eight blocks capital so danny put together a thread here talking about how they had a relationship with three rs capital and how uh 3ac kind of like um withdrew money uh from kind of like one of their accounts uh i think it was about a million dollars and hasn't kind of been in contact with them about this now you can read this thread for yourself or i'm sure you've already seen it but what i wanted to focus on was one part of the thread here where danny says

what we learned is that they were leveraged long they being 3ac were leveraged long everywhere and were getting margin called instead of answering the margin calls they ghosted everyone the platforms had no choice but to liquidate their positions causing the markets to further dump now obviously we don't know if this is 100 true or accurate but from everything that we've seen i think we can be pretty sure that it is relatively accurate here this is not only like bad this is really really bad like you don't ghost to someone if you don't have the money to pay them back right like i'm sure we've all had friends in our lives ghost stats when they've owed us money and things like that or just people in general who have owed us money um and it's usually because they just don't want to kind of like deal with it because they don't

have the money to pay it back they don't want to deal with the consequences and all that sort of stuff there so this this is why i want to against leverage guys like it doesn't matter how smart you think you are or how much money you think you have or how much you can outsmart the market or how long you think you can hold the position open for because you think you you know you'll kind of like do well from it it doesn't matter if some if a firm like three hours capital who everyone thought was kind of like gigabrain traders you know making tons of money here and there if they can get into this position then anyone can now i don't know obviously the the details of what they did i suspect that they kind of like were just really really mega long btc and eighth

uh and then kind of like the crash happened and they were caught off guard by that i think that people have been defending them and saying oh see they were along with all of us the the psyops thing wasn't actually psyops and i'm like eh you don't even know the details so how can you even be saying that like if i had to speculate i would say that they probably sold a lot of their other things and just rolled those profits into b2c and ethons thinking that they could hold out long enough until the market went favorable again but obviously the market turned against them and not just them everyone and they took a big hit from terror and things like that as well so just another warning against leverage for you guys like i see some people talking about levering up at these levels being like oh my god it's a

generational buying opportunity but i haven't got the cash right now so i'm going to lever up you guys can do what you want but when i see that i start to think okay no like this is actually bad but um and i started to kind of like uh i think that you know we've got further to fall because if people are already living up here well that's just a very very obvious target for a market that is already in a downtrend to to go after right like so you guys know my stance on leverage i'm not going to let you about it again but i think that this whole three hours capital situation really opened a lot of people's eyes to the fact that anyone can get wrecked in this industry it doesn't matter how invincible you think someone is um everyone can pretty much get wrecked at

one time or another now there are obviously some bigger players out there that people think you know for sure they're never getting wrecked they're never going down there's uh binance as a perfect example here uh you know coinbase and ftx but at the end of the day guys like no company no individual lasts forever like obviously people don't live forever so maybe their companies live on without them but they don't last forever they either lose to their competition eventually they fall behind they stop innovating or they blow themselves up in some way so i don't think it's good to kind of i guess think that any one individual any company is invincible especially in the crypto space because we've seen plenty of the juggernauts come and go over the years like starting all the way back you know pre-gox i mean there were kind of like

places that blew up pre-gox but gox was like the biggest at the time and then we just saw one of the biggest funds in this space blow themselves up as well obviously saw the terror collapse celsius drama all these sorts of stuff going on guys like yeah just something to keep in mind when the next bull market inevitably rolls around is that you're going to feel all the same emotions you felt the last bull market you're going to feel euphoric everyone's going to seem like they're winning you're going to think that there's no way anyone can lose and then the same thing will happen we'll have another bear market people will get flushed out and you'll see the exact same uh uh things happening just with different players so that's what i learned from the last bear market uh like that's probably the number one

lesson i learned from the last bear market was that i saw all this play out in in similar ways not exactly the same i think this one's been been more brutal in terms of kind of like the amount of fallout from the bull market but i saw this the same things play out like funds blew up things went under a lot of people that everyone thought was invincible kind of went under and bitmex actually was a big one back then that everyone thought was was invincible and then they kind of like had their drama surrounding them as well so i took all that and i took all that really really seriously and that's what allowed me to take some you know take the profits that i did during the bull market that kept me grounded to do that so i think these things are what you need to learn from

if anything on on i guess like the investment side obviously on the technology side there's not that much to learn from this maybe you can learn some stuff from tehran things like that but in terms of investment side this is these are the lessons guys these are the lessons that no one can teach you these are the ones that i've spoken about for probably years at this point on the refuel where i've said to you the markets um you know the experiences you have in them that's the wisdom you need and no one can teach you that you have to experience it for yourself well the last few months is that experience and if you've been paying attention you'll hopefully come out the other side a better investor and if you're trying to trade maybe a better trader but you know we we're mostly focused on investing on

on the on the refu as opposed to trading i guess like we're focused on the tech as opposed to anything else but just on the market side of things i think just very important to keep in mind that the last six months and if if the bear market goes on for another year or more than that these are the lessons to take into the next bull market and if you do that i am confident that you guys will make it out with in the next bull market in a really really good position for yourselves but it's up to you it's your journey no one's going to tell you what to do or people who are telling you what to do are not going to have your best interests at heart they're not going to be able to kind of like take the risk for you you're taking the risk at the

end of the day so something to keep in mind uh for sure but you can read this whole kind of like thread i'll link it in the youtube description below and just to round out the 3rs capital drama here matt cutler from the block native team has put together a little dashboard on their mempool explorer here that allows you to track the mental activity of some of the most active three arrows capital wallets so if you would like to track this you can using this tool i'll link that in the youtube description below as well so peter from the geth team here today uh has said a couple of things so uh the first thing i will just kind of say these announced a um the difficulty bomb delay hard fork so this is for the new geth release version 1.10.19 which includes this hard fork so

basically this is the one that i was talking about with regards to the difficulty bomb it's called grey glacier this will push the difficulty bomb back by about two to three months which means and it's going live 29th of june so this is a hard fork but the only thing included is this difficulty bomb delay nothing else is included obviously the merge isn't included or anything like that but this definitely relates to the merge right so we've been speculating over kind of like timelines for the next test nets and then mainnet so if i was to give my own timeline here just and don't don't kind of like quote me on this and don't send this to anyone i don't think this is an official thing this is my own timeline my own estimation since this is going forward on june 29th i would say that the

sapolia test net will probably happen in early july then by late july we'll probably do the girly test net then we'll uh that will kind of like have august as a main readiness month in terms of kind of like doing the uh our hard forks on the execution and consensus layer to get the their maintenance ready for the merge and then the merge will happen in september so still september for me guys like that hasn't changed i think that uh i kind of like you know the fact that we have a hard date for the difficulty bomb and a hard decision to delay the difficulty bomb is actually a real positive i don't think it's going to take much overhead these sorts of things much overhead away from core devs these these sorts of things are very easy to do it's a very simple change in

in the kind of like code base and all that needs to happen is people need to upgrade their nodes and be aware of this it is a short period of time two weeks until this kind of like goes live here but we've done them uh this quickly before so not a big deal and for those who don't know post merge there won't actually be a difficulty bomb anymore so you won't even have to worry about this sorts of stuff so and the reason why they're running their later by two or three months is because they want uh kind of like to get them to have like a target for the merge as well so if you read between the lines here two to three months that's july august september right so it falls right into that september uh time frame there so i really do think that the unspoken kind

of like thing from the core devs right now is that they are targeting a september uh uh our main net that's my speculation that is not what i've kind of like gotten from core devs but definitely it feels like september is the the target and and still remains the target as i've been saying for a few weeks now but as usual if anything changes there i'll give you guys the heads up and if you are running geth or any of the other kind of like nodes out there should definitely upgrade them when they're ready for the hard fork because if not you'll be left on a minority chain once the hard fork happens on the 29th of june all right so the other tweet that peter put out today was something that i wanted to kind of like comment on where he says hey bitcoin peeps when i'm

criticizing ethereum it's not because i don't believe in it it's because the first step towards improvement is acknowledgement also it's better to be honest than to fake perfection wink wink thank you for coming to my ted talk so peter has had some interesting and controversial threads in the past i've spoken about some of them on the refill before there was that one about complexity within ethereum and then it was a bit about kind of like him praising avalanche and stuff like that look guys i said i think pretty sure i said the same thing at the time where i said that the power of ethereum and ethereum development ethereum builders is that we do not just ignore the elephants in the room we do not ignore the the negative things about ethereum we don't we don't not criticize ethereum as some kind of like religious belief

that ethereum is perfect no that that's what bitcoin does and that's what bitcoin is do within ethereum we criticize everything and there's many many different voices criticizing things we listen to this we listen to the feedback we try to do things uh you know as best we can and we try to change things if they need to be changed we're not married to any one design like take the beacon chain for example i mean take proof of stake in in ethereum for example as a kind of like perfect example here uh when the beacon chain was conceived as an idea the previous work on proof of stake most of it was pretty much scrapped and that was like four maybe four three or four years worth of work at that point that was just scrapped in order to do this beacon chain thing which is a radical thing to

do but the thing is we did it because it made the most sense to do it and it's obviously paid off big time for ethereum to do that but uh that was a hard decision to make at the time but we made it could you imagine that happening happening in the bitcoin ecosystem no i don't think so and bitcoiners tend to think that everything is perfect with bitcoin they don't criticize bitcoin the only people criticizing bitcoin seem to be the ones outside of the bitcoin ecosystem and then obviously the ones inside the bitcoin ecosystem said oh it's just fun right like the security budget thing oh it's just fun if you're in maxie's are just fighting us like it's just stupid like that right so when peter brings up things about ethereum that and when he's being critical of it it's not because he doesn't believe in ethereum

or anything like that or wants to stop working on it it's that he believes in it so much that he wants to make it the best thing it can be so i think that's something to keep in mind especially when you see uh threads from core devs or tweets from core devs criticizing something it's not some grand conspiracy that they're being silenced by the other core devs and they're they're trying to speak up and no one's listening to them no not at all people listen to to people here like yes there are obviously going to be instances where some people don't listen and then some people get listened to more than others but at the end of the day it's a collaborative thing ethereum is a collaborative distributed decentralized project that is not a monolith it is not something that has a dictator vitalik's not there just

calling the shots there is a a lot of people hundreds of people across the research and dev uh teams on on the core side on the protocol side having input and kind of like having discussions and that's why things can actually take a while because we need to consider everyone's input we need to consider everyone's kind of like voice in order to make sure we aren't missing anything because these networks crypto networks are not to be messed with they handle real money like you know you don't move hard you don't move fast and break things with crypto networks especially at the protocol layer so just wanted to kind of give some comments around peter's tweet here because i thought it was a really really good one all right so an update here from the nether mind team so the solidity to cairo just got serious as greg says here

the first stable release of warp 2.0 will be undergoing an audit and warp two is orders of magnitude better than warp one and for those of you who don't know or need a refresher warp is nethermine's tool in order to transpile solidity code to cairo in order to work on stock net so they've been working on warp 2.0 for a while now it's heading to audit and they're claiming that warp 2.0 is orders of magnitude better than warp one in any way that you measure it so if you're a developer definitely this is something you need to be keeping an eye on uh there's also kind of like the code here that's going to order and everything's open source on github as well for you to check out so i just wanted to give a quick shout out there because this is something that's very important

especially for developers out there all right so linda shea from scalar capital had an interesting tweet today that i actually wrote a news letter about but i'll just give my tl dr take on the refill as well but her tweet basically stated or said this would be my third bear market working in crypto and it's by far the most optimistic i've ever been in one just look around the talent and products being built we were nowhere close to this level in the past bear markets and will only keep coming out stronger as before so i've been through technically one bear market but three cycles because i was in bitcoin in 2013 but i didn't stick around for the bear market in 2014 and 2015 and then uh the i was obviously stuck around for the 1819 bear market so that's what i kind of relate to and guys

like there was nowhere near this amount of optimism in 2018 and 2019. like ethereum i i mean i don't i don't have to kind of like rehash everything i've said in the past but ethereum was nothing like it is today absolutely nothing it was it was literally like not even one percent of what it is today so that's why you're seeing a lot more people that are just like optimistic about the future of this ecosystem especially ethereum because we actually have use cases there's a clear path to getting adoption of these things there's a clear path to kind of um building applications that people actually want to use it's so so different and we have evidence that people will use these applications beyond just speculative activities too people are still using using them today you know unisop actually i just saw before had more daily fear venue than the

ethereum network and i think that's the first time ever but it's kind of like apples to oranges there because unisop fear revenue is lp revenue or liquidity provider revenue whereas ethereum fear revenue is network revenue it's and and unitsup is deployed across multiple networks not just ethereum layer one so and then that aggregates all of that so it's not apples to to apples but my point is is that there's still the usage there right like the the usage of all of these apple different applications especially the top ones are still there nfts are still being used like yes it's not like the mania phase that we saw but there's still a lot of stuff happening in the nft space uh dows as well i'm going to talk a bit more about dowels a bit later layer twos obviously all i mean all the stuff like everything that

you can think of is still being worked on people are still excited about still experiments going on things are still getting funded teams have still got run runway so it's just so different to 2018 and 2019. back then we only had the very first glimmers of d fire kind of like popping up layer true scalability was in no man's land nfts were a joke because crypto kitties ended up being a fad uh uh dows were i mean still recovering from the dao of 2016. icos weren't like were completely dead like definitely completely gone at that point um eighth didn't really have any path to a value accrual a lot of the stuff was kind of like in the future and no one had faith that those things would be implemented like one five five nine and stuff like that so it's just totally different it's like it's literally not

even worth comparing because the ethereum of the theorem of 2018 and 2019 may as well be an entirely different network compared to what it is today so i i mean i'm generally kind of like an eternal optimist but just looking at other people in the ecosystem and the amount of optimism there still exists within the ecosystem it's at all-time highs guys like i feel like in terms of the builder like i separate people into kind of like new retail investors and builders the retail investors are gone but the builders that are here and that kind of like stuck around they're more optimistic than ever they just want to keep building so i look at that that's my kind of like one of my bull cases for ethereum or kind of like one of my strongest ones so from that kind of like perspective uh there's

nothing to be bearish about and that's why i can keep being bullish is because i look at those sorts of things i mean obviously the 8th price has come down a lot but like i don't look at that as a measure of kind of like short term kind of success or short to medium term success i look at it as a long term success but in terms like short to medium term stuff it's definitely okay who's around who's building what's being built is it sustainable is it actually going to be used does it make sense all sorts of stuff and that for me is is at an all-time high basically so really really cool to see that playing out there all right a couple of tweets from pauline now today so first one is about the end game holy grail is multiple roll up sequences composing to a shared state

and proof sharp already does the proof spit as stock net immutable x diversifies so rare and presumably most stock where stock net l3s all share proofs ethereum verifies a single proof for all the next step is also shared state so to ethereum it just looks like one giga roll up and i think giga roll up i don't think anyone said that before so that's a new term to enter into the the ethereum lexicon there giga roll up right um this is what true parallelism uh parallelism looks like you can have one thousand plus block producing machines each faster than any monolithic chain while retaining full composability and security this is the holy grail guys like i've mentioned this before shared state and proof generation basically means that you can have i mean so if you have shared state

what what it fundamentally breaks down to is that you can literally share uh kind of like everything between every different kind of like application everything every different roll up in potentially real time depending on how it's kind of built here and with the shared proving you can amortize that cost across all of across everything so the costs basically collapse and you have like a much cheaper uh ecosystem because of that so the state thing i think is is the most important because of the fact that the roll-ups are kind of like fragmented right now right like we use bridges to get across them there are other things coming out like being able to kind of like tap into liquidity on one roll-up and pour it to another and there's all these kind of things being built but in terms of kind of like a messaging uh not

maybe not a messaging protocol but in terms of something that allows us to arbitrarily kind of like send messages across different roll-ups and kind of like follow-ups to to really talk to each other that's where the shared kind of like state comes into it and this sort of stuff is very early in its life cycle still it's not something that's going to come anytime soon uh in in terms of kind of like uh being ubiquitous across the ecosystem but we do have the first uh iterations of it so pauline i mentioned sharp here which is the shared prover from from starkware uh there's also uh some kind of like uh things like starquez dia d amm uh and rari was working on the the kind of like um there was something from rari remember what it was called they were working on uh being able to kind of

like share liquidity between layer one and layer two as tech connect from aztec protocol as well being able to do private define and kind of like share that state there so there are the first kind of like uh inklings of it coming out but it is an endgame sort of thing and it is the holy grail if we can get to that then we can have basically infinite scalability i'm not going to say like actual infinite scalability but enough scalability to probably satiate like most of the the world's appetite for block space which i think as pauline said is the holy grail and what we should be working to so very very cool that for them to highlight this today uh and then the second tweet is about proof of stakes so paulina says we all know proof of stake will reduce energy consumption for the ethereum

network by over 99 but there's another savings that is less discussed silicon efficiency on r8 finance in early 2021 i had estimated 97 reduction in silicon usage too here's revisiting the topic and that's kind of like a thread about this yeah with a share with a kind of like um screenshot of that ra finance post there so basically what polynomial is saying here is that because we won't have to rely on mining hardware anymore because it won't be proof of work the silicon kind of like use reduction of ethereum will collapse right because you don't need to have an industrialized mining farm right say you have like 100 or maybe a thousand gpus the farms are much bigger than this but just for the sake of example so you have

a thousand gpus right each one of those gpus has a chip on it right so it's a thousand chips so the the equivalent in kind of proof of stake you could potentially run a thousand validators on um you know one kind of like really beefy server right uh or maybe one or two or three i mean it's kind of like hard to do the the hardware math in my head right now but obviously it's a it's maybe it's like a very small percentage of what you would be required for a gpu farm right or for an asic farm right for example so from that point of view it's a less talked about thing as polynomial notes here but it's still very important there's the massive energy reduction but there's also the massive reduction in silicon usage which means less e-waste

which means uh kind of i guess like um better narratives as well not just from the practical things but like the second order narratives i've talked about it before but gamers are probably going to love us once they figure out that ethereum no longer is on proof of work and gpus don't work on bitcoin because bitcoin is all asics so they i think they're really going to love us because gpu prices are going to absolutely collapse they're already coming down but they're going to get so much cheaper once all those gpus flood the market there so very cool for polly now to highlight this i think it's very important to think about these things all right so someone in the discord channel asked me to highlight uh this kind of i guess bit of drama that's going on here and kobe did a thread about it with the tribe and rari

protocol stuff so kobe basically starts off this threat by saying this tribe robbery stuff is a complete mess hard to be more bearish on down governance than after following this in april an 80 million exploit on fuse happened in may governance voted to use the funds to make those that lost money whole basically an 80 million refund from tribes uses a fuse which is only operated by tribe uh tip 112 was for pros to move things forward extremely slow progress a radio silence and then a veto vote passed to cancel this tip and all tip did was move forward with the next steps to action the already approved refund but tribe leadership claimed the votes have been confusing and they're ordering a second vote uh now the dow seems to be voting against repaying the debt in contrast to

the previous vote from may the vote titles and proposal pairs do not match so it's kind of hard to even tell that specifically anyone is even voting on anymore additionally the tribe founding company fey labs is signaling against the refund and you have to wonder what the point of all this is if a vote that says make the community whole can be 180 five weeks after it passed do doubt votes mean anything if we just keep posting another vote on the same topic until founders get the answer that they want so there's a lot to unpack here obviously i'm gonna try and do my best to to i guess give my thoughts on this so i've talked about dows a lot in the past and how i think that dao's without any sort of leadership or coordination will fail and they'll fail pretty badly and it and failure looks different for

different dowels but just generally i think they're going to fail now the ones that do have leadership and coordination there's no guarantee of success there because at the end of the day it depends who is leading and who is coordinating is it still the core team okay well a lot of the times the core team owns a majority of the supply or owns a large chunk of the the the the free float supply i should say not the total supply but the free float supply so they can basically vote against anything right and the gen spartan actually had a great tweet here that kobe references where he says protocol governance explained there's a snapshot vote that says which color lambo should the founder buy 11 percent is voting for yellow 89 is voting for black then the founder says but i like yellow so the

founder votes yellow and now 96 is voting for yellow and four percent is voting for black and that is exactly illustrating my point where because the founders or founder founders have so many tokens they can do whatever they want with the vote and because they are the leadership and the coordination especially early on in the project there's no one to really question them there so i agree with kobe that these dow votes i mean they don't mean anything when it's like this and these doubts they lose a lot of legitimacy when they act like this for all of the faults of i think something like unisop governance i don't think the team has vetoed anything or with their with their kind of like tokens or voted against anything with their tokens or anything like that i may be wrong here but then they have the other issue of just

lack of leadership and coordination so i think the way i kind of like view these things is the best way to i guess have a doubt is that you need to start with a very very solid base from day one basically and it can even start before you tokenize before you create a dowel where you basically have this thing working you're like okay well here's what we have as our plan long term for for the dow here's where the founding team fits in this here's where the community fits in this and you definitely want to communicate that to everyone in a really kind of like coherent way and adhere to that for the legitimacy aspect of it too something like what optimism has done i think optimism's uh dow model was actually really interesting and they've communicated it quite clearly from what i've seen and um they've also kind of

like been very transparent about it and right now it has a lot of legitimacy it remains to be seen how legitimate it is in the future but right now it has a lot of legitimacy there because every time you basically do something that the majority doesn't like as part of um as part of a dow you lose legitimacy and it's no different to real life kind of like government governance i i i suspect right because for example say uh the majority eighty percent or ninety percent are against something and then the ten percent uh are the ones that are in power and they get to kind of like get their way well then that power just loses a little bit of legitimacy and over time it gets chipped away and chipped away until eventually some countries lead to

revolution right when the legitimacy of of the government just completely goes out the window that people no longer have faith in them and then people want change and and change usually comes with with violence there and that's like the extreme example um or you can have apathy with dows it's a lot easier to be apathetic within a country it's very hard because obviously the switching costs are from moving from one country to the next is very high for most people but with a dow the switching cost is extremely low like unless you're heavily involved with the dow unless you're part of maybe even even unless you're the founder the switching costs are very very low and even if you're part of the founding team or if you're part of the original kind of like team or if you're part of the team at all your switching costs are still

relatively low because you can go work for another team right where and if you're just a dow kind of a community member or just been a community member for a while it may be hard to cut the cord on what you're passionate about within this project but again the switching costs are comparatively very low so i think with fluid governance as you can see with a lot of these dowels there is fluidity in the governance where you can like delegate to people really quickly you don't have to wait like four years right and there's no elections or anything like that you just delegate to who you think is doing a good job um and the fluidity of just voting on things and everything being open and everything happening really quickly the switching costs are just collapsed very very low so if your dow loses legitimacy legitimacy early on in

its life well it's going to be very very hard for that dow to gain that legitimacy back later on and that's going to lead to a very very tough time for projects that want to actually decentralize and want to have a community behind them so and and just generally without governance i think that it's going to be very very hard to scale it out um there's only going to be probably a handful of very very successful truly decentralized scaled-out dows and there's going to be a lot of smaller ones that probably just look more like companies like regular companies and they do like dows because of the fact that coordination among humans is very very difficult we've spent thousands and thousands tens of thousands of years getting to democracy which is the least worst coordination or

governance mechanism in the world it is not perfect it's far from perfect as i said least worst system it's just better than all the other systems that we've come up with over the you know the tens of thousands of years that we've been doing governance but i think that uh the same is true for doubt it's probably not going to take us that long but there's going to be a lot of iteration a lot of experiments a lot of things playing out we may get to a model that makes sense eventually but right now it's the wild west right now a lot of dows look like they're going to just completely fail the projects may fail by proxy as well because if they can't decentralize and if the team doesn't want to be responsible for all the things that happens in the project anymore while the

project might just die off right so that's kind of like my general thoughts on all of this uh not specific to what's happening with with tribe and rari here i should disclose that i'm an investor in tribe or faye protocol but i'm not not specifically commenting on this because of that but i just think that this in like just commenting on this uh event itself wouldn't illustrate my point like what i just kind of kind of said there so i have no opinion on this i didn't participate in these votes i i kind of like don't plan to i haven't really been following this so i don't have a kind of opinion on this event itself um but i do have a lot of opinions about dows and i'm just going to leave it there for now though because i'm running out of time here and there's a few other

things i want to get through before i finish up on today's episode so starkware has announced a strategic partnership with only dust here so only dust is the marketplace that allows developers to contribute to building the stock net ecosystem so if you're interested in contributing to the future of ethereum scaling this is the place for you again another one for developers here i just wanted to shout it out because i know there are developers that listen to the refuel so if you haven't checked out only dust yet you should definitely do so i'll link to this in the youtube description for you to check out there just gonna power through these last two things here uh so immutable has introduced arch v1 today which is immutable x's nft bridging protocol between ethereum l1 and stock net l2 so you can check out more info on their

blog post here about how arch works and this is just the first step to kind of like what they're trying to do here with their bridging there's a bankless podcast recently with the immutable guys you should definitely go listen to if you would like to learn more about this uh but yeah i'll link this in the description for you to check out uh below all right last stop here just a reminder that git coin ground to round 14 is continuing once again thank you everyone who's donated to the daily gray and ether as usual there's been over 200 000 contributions so far so i think this is the biggest uh round yet but don't just stop there don't just stop donating if you haven't donated yet to be be sure to do so uh i'll link this in the youtube description of course but you can go to

get coin dot co slash and donate there to all your favorite projects but i think 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