Holesky testnet details, zkSync's ZK Stack and more - The Daily Gwei Refuel #612 - Ethereum Updates

Transcript

hello everyone welcome to another episode of daily great review I recap the latest news in ethereum ecosystem I'm your host and this is honor and to the 28th of June 2023 alright everyone let's get into it so apologies for missing yesterday's episode everyone I had a headache that just wouldn't quit and unfortunately when I have a headache I cannot do a refuel it was actually a pretty bad one but anyway I am back today with a uh hopefully longer than usual episode we've got a bunch of things to get through so first off is this post I came across from everstake so they've put together a blog post here which is basically a resource that talks all about the new testnet whole Sky that's coming to ethereum here so you can go to the blog post I'll link in the YouTube description below um but you'll remember I've said that

the girly test net is actually being retired uh I think by the end of the year uh and whole sky is aiming to replace that I believe uh and in this post you can actually um you can actually check out all of the uh the relevant information about this as well as well as timelines and things like that so basically this is the time timeline table here just to get you guys quickly up to speed we're basically as um as I said we're at June 28th June 29th there is going to be hard commitments for running validators at holster whole Sky High Genesis and during three to five years from ethereum LCL client teams not operators and layer 2 stakers and other enthusiasts uh the next month is going to be another alignment call in July and August is going to be Genesis private testing with

various clients August 17th final Genesis State and configuration released four weeks before the whole Sky Genesis September 15th is the horse guy Genesis event if that uh date rings a bell for you guys that was the merge date last year of course and October 1st uh the new test net will be announced publicly and becomes available for everyone interested if everything works smoothly and considering a regener system case there is no finality or it is unstable so this test net as you as I said is going to be a long-lived one they're trying to they being the core devs are trying to ensure that this test net can last for years uh that it can be obviously open to everyone to run our clients and participate in the test Nets and to not fall into the same pit pitfalls as something like Gurley did

where essentially what ended up happening was that girl the eighth ended up getting a value and then people were doing like air drops on there and stuff I mean it's kind of hard to stop that from happening right because when you have like an open network whether it's a test net or a main net if people want to monetize the value on that Network they can it's all up to the market at the end of the day it's actually pretty fascinating when you think about it because I I don't think a lot of people think about this day to day but but really when you break it down the reason why anything has value at like outside inside and outside of crypto is because people decide it has value right so it goes to to say you know it goes to say that maynet has value uh but test Nets

can also have value because if someone is saying okay well I'm going to pay you for the you know girly eth even though it's test net eve even though it could possibly be printed to Oblivion uh if someone's still willing to pay you for it then it has value right it's all about the the fact that someone is willing to to buy it and obviously there is someone willing to sell it as well but of course if you are holding something that wasn't worth anything one day and then someone offers you even like a dollar the next day to to buy it off you then uh you know it depends how much it's worth to you right if it was worth zero to you and someone offers you a dollar well you know now you've got a dollar more than you expected to get from that that's just the whole concept

of value here so it's always been funny to me to see that test Nets uh can can attain some some kind of value here some monetary value here and it does warp things as well which is unfortunate because on test Nets obviously you want it to be as open uh as possible to everyone to test on there you want people to be able to get their hands on the asset that they need to pay gas fees which obviously is girly Ethan Gurley without needing to to buy it uh and you want to control the supply so that if it does obtain some kind of value you can just make sure that it doesn't obtain too much value by printing more of it right by making sure that you're not giving it out you're being like people who run four sets or people who who originally were allocated this the test

net eighth aren't giving it out to people who are just going to sell it right or aren't selling it themselves so it is definitely a big coordination issue here uh generally with test Nets that kind of attain value there and it can also warp the incentives of not just the test snap but May net to an extent it depends on what happens with the test net you know people could say okay well I'm going to Bridge Over My ether I'm going to burn my eth for test net eath and I don't think it would happen on ethereum but you could imagine there is other networks and I think that this actually happened with um with the polkadot Community they had uh polka dot and they had kusama and now kusuma was supposed to be like a test net for polka dot they called it a canary network but

essentially the original Vision was that it was a test net for polka dot and then projects would migrate from kusama to a polka dot parachain and kind of run uh run there now correct me if I'm wrong anyone who follows the polka dot ecosystem but this is what the original plan was when I was following it a very long time ago but what ended up happening is is that customer gained a lot of value the KSM token gained a lot of value uh and projects just ended up staying on kusama instead of migrating to polka dot or they didn't migrate they just copied over to polka dot if they wanted to but they still had a lot of activity happening on kusuma and that kind of whopped the incentives because devs would be like well you know I'm just going to focus on my customer

deployment because there's activity here instead of migrating it to polka dot and it fragmented the ecosystem and this was something that I rallied against personally when ethereum I guess like it was a few years ago someone came up people were coming up with the idea of having like an incentivized test net on ethereum I was like no I don't think that's going to work because it does warp the incentives and and I'm glad that polka dots showed exactly what happens when you when you do that um and that's why I think that test Nets with value are not great for mainnet even though they kind of have nothing to do with each other it's not like the test net eath can affect the main net eth or anything like that or what happens on test net can affect mainnet um in terms of the technical happenings

there but the social happenings definitely right definitely can affect it so I'm glad to see that uh we're going to be spinning down girly and spinning up a new testament here that hopefully won't fall into the same pitfalls that girly did but anyway as I said you can go check out this blog post from etherstake I'll link it in the YouTube description below all right so yq here who is uh building something called alt layer that I've discussed before basically uh Roll-Ups as a service protocol has uh published today uh their latest piece on proposal Builder separation and enshrined slash in protocol PBS uh in ethereum so this was inspired by work done by a lot of other people in the ethereum research space such as obviously vitalik uh Barnaby here that I've talked about

before Dan kradd Justin Drake Mike Newton and a bunch of other people now I'll link this post in the in the YouTube description below but I think like post dencoon so leading into next year PBS uh is going to be like the main topic besides like something like vocal trees but I think that PBS is um you know probably more important than vertical trees I think we'll get vertical trees before PBS but you're going to hear a lot more people talking about this and I've been talking about it for quite a while obviously in the context of Mev boost and replacing the Mev boost software within protocol PBS or in trying PBS but it's going to get louder on that there's gonna be more research Pro so there's going to be developments happening there's going to be specs posted clients are going to

start experimenting with it and eventually it will go into the network now whether that happens late next year early early 2025 or sometime in 2025 I don't know yet there is no kind of um a timeline just yet there are multiple proposals of how to do this I don't think one has been settled on because it's still in research phase but it is happening it is much better to have in protocol PBS than extra protocol PBS which is what we have with Mev boost because a lot of the reasons I've outlined before about how having like a sidecar software like Mev boost which is optional but I mean optional in the sense that you don't have to run it to be part of the ethereum protocol as a validator but you will run it because it's more profitable to do so and then it leads to all kinds of negative

externalities such as the censorship that we saw with different relays and things like that so within protocol PBS um or PBS generally we want to essentially remove Mev Boost from the ethereum layer 1 Network and make it so that the protocol it's enshrined in the protocol itself it's not so the Mev boost technically would be enshrined in the ethereum protocol itself it's not a piece of extra software that exists outside of it and that removes a lot of the negative externalities and also makes it easier for client teams to reason about without having to worry about this extra protocol software that 90 of the network is running but isn't part of the actual ethereum core protocol isn't part of the specs isn't part of what the client teams are building uh and we actually saw an issue with this happen

um I think post merge there are a few clients that didn't take into account Mev boost and it led to some bugs so yeah these things obviously have real implications for the network so we want PBS in in the network so yeah there's this new post here as I said from yq that you can read all about PBS um and I'll link it in the YouTube description below but it's definitely something that you should be paying more attention to as we lead into next year all right Tony here who uh you guys will know from the Meb boost.picks website is an ethereum researcher uh shared the uh the latest research on blockchain privacy specifically focused on stealth addresses so you can see here this is a research paper that has a bunch of authors attached to it including I believe a vitalik on it so I'll link

this in the YouTube description below but if I just open the uh the actual PDF here I'll just get it up here for you guys to see it is quite dense reading but I I think it's it's a great thing to kind of just um just have a look over if you're at all interested in privacy because this concept of stealth addresses is something that vitalik has spoken about before he's written a blog post about it basically it's a way to do privacy on ethereum specifically L1 uh without having to make major changes to the core protocol I'm not sure if there has to be any changes made to the core protocol uh but I think the idea is to make it so that there doesn't either have to be changes made or the changes made aren't uh aren't major right I kind like minor changes here so just wanted

to put this research paper on your radar which you can check out in the YouTube description below but the authors are Anton uh I don't know how to say that last name there wasstata that looks that looks German um Matthew Solomon Ben de Francesco uh you'll recognize Ben from the Umbra protocol or you may recognize him from the urban protocol which is also in a um privacy protocol metallic of course and devour spit tonovich here uh yeah sorry for butchering they're the last names there but those are the authors and it's not too long of a of a um a report here of a paper here it's about 13 pages I mean less than that if you exclude the um uh the citation pages and the author Pages here uh but yeah you can read it for yourself it is quite technical so

just be warned there but I'll link it in the YouTube description below all right a quick update on 4844 from Terence covering the latest uh Erp 4844 call he says here we covered important topics like the devnet spec changes and client feedback so they're gearing up for devnet 7 now which will be a reboot of devnet 6 after passing the hive test the consent us among clients is to focus on stabilizing the current devnet within the scope of erp4844 before introducing new features and you can check out the devnet 7 spec yeah you remember the other day I mentioned that devnet 6 had a bunch of issues and it basically failed to launch so uh devnet 7 will bet it will basically be a clone of devnet6 a reboot of devnet6 with all the

irrelevant uh information and all the relevant uh uh uh kind of our parts in place yeah uh and Terence continues by saying it's important to note that the client teams will simultaneously work on the new deneb eips so the neb is the name for the uh I believe the consensus layer um because then just layer upgrade so dencoon is actually a amalgamation of of the a cushion layer and continuous layer upgrade so the neb on the consensus layer side I believe an execution layer is Cancun so that's why it's called dencoon and this was the same for Chapala it was Shanghai and capella so the upgrades are given separate names because consensus layout teams and execution layer teams work on each layer right um and then they obviously uh bring it all together for

for when it goes live uh but they are separate upgrades and it's all kept separately but then joined up when it goes into mainnet obviously because mainnet is the uh um is the um the the coming together of the execution land consensus layer to make the ethereum we all know and love um and there's a bunch of info in this thread from Terence if you want to check this out I'll link in the YouTube description below but we're getting closer guys I mean I think that like it's it's already the end of June so I I I I remember giving some vague timelines around when I would when I was expecting dencoon to go live I think we're going to be pushing it towards it's probably gonna happen in November to be honest like if I run through the kind of timeline in my head now say they do

devnet seven and maybe devnet 8 or something like that do a few Shadow Forks here and there then we're in like August pushing to September September 15th the new whole Sky test net goes live so maybe we do some public test Netflix around then or maybe we wait for whole Sky to be uh stable so maybe we don't Fork whole Sky to dencoon until like October then we run through that and wait about no I don't know even if we wait like two weeks or like two to four weeks to go live on mainnet we're gonna push into November so that's how I come to the November date I I I do like rough calculations in my head just based on where we're at today we are basically in almost in July so yeah I I probably would say that dencoon would be no

remember it's definitely not going to be December if if it pushes to December it'll probably be early December because as I've said before the the core devs don't like doing updates around holiday time because there is less people on board and obviously less people paying attention so November I would probably be and people obviously want to take holidays in December too around holiday period but November is looking likely right now I mean it could still happen in October it just depends if if we get everything running smoothly but yeah I would say November at this point which is still fine obviously it it still happens this year and I don't think it will it would be pushed out to next year at this point uh but yeah I'll keep you guys updated on the timelines around dencoon which obviously includes Erp 4844 all right so the EF next billion

initiative has announced something called the devconnect Scholars Program this program will provide talented individuals from communities currently geographically and demographically underrepresented in ethereum with financial support to attend devconnect in Istanbul uh this November so yeah if this applies to you if you are someone who lives somewhere in the world where you uh as it says here geographically and are kind of like financially not able to attend uh Dev connect in Istanbul this program will actually subsidize your tickets I'll subsidize uh your your attendance to devconnect which I assume would include things like hotels uh or hostels uh flights stuff like that right for you to attend and be

able to actually uh participate in the dev connect event so you can apply to this program on this page here on this blog post I'll link it in the YouTube description below applications end July 23rd so you have uh just a little under a month there and they're in this uh blog post they also detail why the per why the program exists and program uh details uh as well as the the application uh link as I've said before now devconnect isn't the only event that does this I think a lot of the bigger events tend to try and do this Devcon definitely does this uh and it's just financial aid uh and just Aid generally available to people who who need it and I think this is a really great initiative because ethereum wants to be a network for all of humanity right it doesn't want to be a network that just

Services people in a western Nations who a middle class or upper class that have enough disposable income to you know speculate on crypto to use the ethereum network to to attend these conferences to have fun with their friends all that sorts of stuff we want to be able to onboard everyone that we can around the world regardless of their financial standing or regardless of their social standing and I think that's something ethereum has always done well ethereum has always bad above its average of representing the underrepresented groups around the world we could be doing much much better I think we can always be striving for better at all but out of all the networks I think ethereum does it uh does it the best honestly uh and not just because of the these kind of programs but also because ethereum has such a welcoming attitude towards

basically everyone uh and it's actually quite amazing that's that's what has got that what's what uh one of the major things that got me into ethereum originally and has kept me in ethereum it's just that welcoming attitude I mean a lot of people have been kind of turned off Bitcoin because of the Bitcoin maximalist attitude right the laser eyes the the cultish kind of vibe event I know ethereum sometimes has a little bit of that in some circles especially during bull markets where people tend to get ahead of themselves in like the nft circles and the in the token circles but generally I think that like the core ethereum Community is very welcoming if you come with open arms and you're not like and you're actually trying to be an honest participant as part of the ethereum community uh you are definitely welcomed into the community both online

and offline so yeah anyway as I said you can check out this program for yourself I'll link the relevant details in the YouTube description below all right the ethereum on arm tutor account has uh said that they now have optimism packages and or op mainnet packages and docs are up you can run a node just by firing a few commands uh and these commands will be very familiar to anyone who's ever used uh the command line uh so you can see here just the normal command to install the optimism op node and optimism op Geth and you can get that running on basically any machine that's running Linux and obviously this being the ethereum on arm account maybe you want to try running it on something like a Raspberry Pi or Rock

5B board well you can you can run it basically anywhere like you can run any kind of Hardware it doesn't really matter but great to say that these packages are available for you to run an OP mainnet validator here or node here now this does not mean you're running a sequencer that is still not available for anyone to run it is still a permission thing where basically only optimism or optimism Labs or or op labs are running a sequencer right now for op mainnet but in the future people will be able to run sequences though I do think that for sequences you'd probably want to have more beefy Hardware um because if you want to be competitive as a sequencer uh from my understanding you would probably want to have Hardware that can process transactions or or kind

of um I guess like deliver transactions or propagate them around the network faster than I guess like other sequences out there and you would want something to be something that was kind of more reliable on the bandwidth side of things as well but it just depends it depends on on the sequence of type um and it depends on what the segment what jobs the sequencer has because it can have multiple jobs uh but on the proving side of things so if you're trying to run a proverb for like a ZK Network that's where the hardware requirements shoot up quite dramatically and I've highlighted before about how these Hardware requirements will come down and have come down a lot but still generally I don't really think that they're going to come down to a point where you could run a ZK approver on a Raspberry Pi or a rock 5B board

um and do it uh you know in a timely manner maybe you could run the ZK approver on there and maybe it would eventually uh uh that produce the proof for you but it would probably take a very long time and obviously for a lao2 network for a ZK uh roll up you want to do this as fast as possible and for as cheap as possible so yeah that high-end Hardware that can do it really really quickly but it's also cost effective is what you're going to got what you're going to need for that sort of stuff but in terms of running validators and even sequences it's not going to require stuff like that on these L2 networks but we'll uh we'll have to keep an eye on that and have a keep an eye on how that grows over time all right Lucas here from the gnosis

safe or the safe team has announced that uh safe has launched something called the web 3 firewall uh so this is very similar I think to the fire Chrome extension that I've talked about on the refill before but this is specific to the safe app so with every transaction that is made via wallet.safe.global you'll get a free risk assessment flagging transactions that are malicious carry risks or may have compliance implications so you can see here this screenshot basically shows you that it's scanning a transaction that you've submitted on the safe app and it's showing critical issues so one of the critical issues might be that the address you are sending the transaction to is blocked by global or organizational lists the contact you are sending the transaction to that has had

no activity in the past 30 days the deployer of the contract is blocked by global organizational lists and there's seven more issues in critical uh in in several more critical issues in this example so what they would mean by global or organizational lists would be lists that are created by the community but things like scam addresses or known phishing addresses or potentially addresses that you may not want to interact with because they have been sanctioned or things like that right so those sorts of things will be flagged here you could of course still submit the transaction if you wanted to this is just a warning that pops up but I think this is going to help a lot of people uh and prevent a lot of people from interacting with uh phishing addresses or scammy addresses or signing things they shouldn't just by having this

presented to the user uh from from the get-go now of course this is only integrated with safe you can use the fire extension to integrate with something like metamask and it works it works quite well to do that there are other Solutions as well out there that provide things like firewalls um and and that break things down for you and and will basically act as hard stops there's also things in in general social uh or smart contract wallets I should say like Argent that do this but the more of this that we do the more we train users to basically read or or understand the transactions that they're sending or signing uh the better that we can get at protecting them from from themselves basically because at the end of the day you can put up as many warnings as you want but users are still going to or

some users not all of them but some users are still going to ignore all the warnings for a variety of different reasons because normally people who are trying to scam you or especially people are trying to fish you they love to do this thing which which is called a sense of urgency where essentially they'll a lot of the times in crypto it doesn't happen via phone it will happen via like a Discord DM or a Twitter DM or something like that and they'll do a sense of urgency where they'll basically say hey you need to send money here right now uh or our such and such will happen and this works wonders because it preys on our kind of like human emotion of uh I guess like fear right we we fear that if we don't do this something bad is going to happen and we kind of don't

think too deeply about it in the moments and this happens a lot obviously outside of crypto as well there's a lot of banking scams that do this where they'll essentially just cold call people and they'll get someone on the phone and if they get a bite from someone they'll basically run through a Playbook and these are very sophisticated operations some of them they're just some random dude in his basement calling people these sophisticated operations they have uh Sops which stands for standard operating procedures where essentially once they've got a hook on their line they run through it all out and it is proven to work and they make a lot of money doing this um Australia is actually pretty bad for this unfortunately because uh I think last year there was three billion dollars worth of uh of scams that happens so three billion dollars of um of of

people's money was lost to scams and I remember reading an article where some lady I I think she was uh she was older so she hadn't grown up with technology which means that she was more prone to this are the elderly are definitely more prone to stuff like this uh for uh as shown in the statistics but essentially she had a a someone call her and basically they were asking her to transfer her money out of her bank account to another account because her account was getting hacked or something they managed to convince her about that now the funny thing is is that she had a ten thousand dollar per transaction transfer limit on ah transfer that she did and she also needed to import a two-factor authentication code to process this transaction so what she did on the phone with this scammer is give

her trans to fa code to them uh to do this transaction for her multiple times I think she did it like 20 times or something like that so the reason why I bring this up is because you might think that's insane but that happens all the time because people are not thinking when they are being uh pushed around and when their emotions are being played on they're not thinking straight they're not trained for this and the people that are doing the scamming are trained for it they know what they're doing they know how to get you basically so I think that while we can't protect everyone because no matter how many protections you put in place someone's always going to slip through if we keep putting up these warning signs if we keep training users in the art of recognizing things like signing the wrong thing or sending

transactions to a phishing address where you can protect most people and I think that's the best that we can do it we're never going to be able to protect everyone we're never going to be able to stop people from getting fished in scams but we can try and protect as many people as possible and if people sleep through the cracks well that's just I guess like um what's gonna happen right now there's never going to be 100 coverage here because if we can't solve it outside of crypto there's no way we're going to solve it in crypto because in crypto it's even more prevalent because it is so irreversible right once you send funds to another address on ethereum there is no reversing that at all unless there was some inbuilt reversal into I guess the token that you're interacting with but then scammers wouldn't ask for that they

really just asked for eth a lot of the time uh and and and if it's a stable coin they'll get the stable coin and before you could even get that even dream of getting that Frozen by the stablecoin issue are they will just swap it for eth and then it's gone there's nothing that can be done in that scenario so that's why it's especially prevalent equivalent in crypto is because that of that finality right as soon as the transaction goes through if it's an East transaction there is absolutely no way you're ever getting that money back unless the scammer sends it back to you or unless it's frozen by some centralized Exchange uh but this game is you know getting smarter there they're buying kyc accounts stuff like that right um so yeah it is terrible but it is the way of of the land but I'm very happy to

see that safe has integrated this feature into the app you can go check it out for yourself at wallet.safe.global all right so ZK sync had a big announcement over the weekend I think it was or it was a couple of days ago now and they basically announced something called their ZK stack which is uh your modular framework for building Sovereign ZK powered hyper chains based on era's open source code so the tldr about what this is is it's very similar to what polygon is doing with their ZK stack and very similar to what optimism is doing with their op stack and it's similar to what arbitrim is doing with their layer 3 chains in that there are all these L2 teams are basically building sdks or

software development kits for people to build their own l2s using the the this technology uh whether that be generalized l2s or specific l2s that could interoperate with the entire stack so with ZK stack the goal is to uh with zk6 ZK stack the goal would be to get people building on their ZK stack and then interacting or interoperating with all the other ZK chains built using the same stack the same was true for polygon the same is true for optimism the same is true for arbitrum as well and what I really like about this is that it really shows that the l2s are doing exactly what people thought they were going to do which is offering that expressivity that modularity of being able to

experiment uh you know in terms of a kind of um a darwinian way of experimenting essentially uh experimenting I guess like it's the um what's the what's the what's the uh the term looking for here it's like the the uh the the Darwin theory of evolution right the theory of basically things just happening in parallel millions of different times and uh and and the people that survive or I guess like the the um uh the things that survive end up being stronger and stronger and stronger and more resilient and that's what's happening with the L2 space we're having all these experiments play out in in in kind of like parallel and then eventually we'll get to like the best or the nearest best L2 design that we can come up with and the entire ethereum ecosystem will have been better for it instead of just trying to scale the L1

and and doing it all on the L1 and only doing it one way instead of all these different ways that are that are happening at L2 so that's what I've always been bullish on when it's come to l2s and I've talked about this a lot on the refill before but basically uh this is what all the L2 teams are now focusing on which is great now the only downside I could see here is that there might be a fragmentation of attention because ZK Sync has ZK sync error optimism has op mainnet Arbor trim has arbitrim1 or off-chain Labs I should say have opportune one polygon has their ZK VM and then the POS chain which will be turned into a ZK VM validium will it fragment their their attention uh building out this Tech stack uh versus

focusing their attention on building out their own generalized L2 I think it may somewhat but I think that what you get in return for that is a whole ecosystem of things of chains of developers building around your technology which makes your original kind of generalized chain more powerful because of it and I liken this to what ethereum has done with our one where essentially uh We've pushed scaling to L2 so the L1 is better off because we basically get to use the L1 what it's what it's uh intended purpose is as a sentiment layer and we get to do all the scalability at L2 so yeah I think the trade-off is worth it I think what we get for it is worth it but it's gonna be interesting to see this all play out but anyway you can read more about ZK stack from zksync I'll

link their tweet in the YouTube description below all right last thing to talk about here is uh something funny so I put out a tweet where I said it's kind of funny to say that we are repeating the same quote institutions are coming end quote narrative that we had in 2020 except this time it might actually be true so this was the prevailing Narrative of 2020 it may have even started in 2019 but the reason why it was so loud in 2020 was because we had big companies purchasing BTC sailor kind of kicked it off for popular popularized there but then other companies joined the phrase such as Tesla but the thing is is that after a few companies joined in doing this buying BTC um there wasn't that much follow through

from there uh and people were kind of disappointed in that I think and then obviously other narratives took over after this such as the old town one narrative and nfts and and stuff like that but the early Narrative of the early bull market was institutions are coming now in 2023 where the current year that we're in right now this is also the narrative right the ATF narrative oh and the ATF narrative don't get me wrong I existed in in 2021 as well existed last bull market as well uh but we're doing it again right the ATF narrative all these try to find institutions getting involved with crypto that was happening in some ways in 2020 2021 as well but it's happening now it's happening now uh too but the reason why I think this time is

different or it's actually true this time is because it's happening at a time where there is a lot of noise being made from the biggest players such as BlackRock such as such as Fidelity doing these things like a Bitcoin ETF um you know opening uh exchanges or starting crypto exchanges uh uh the CEO is putting out more positive uh things about crypto such as Jamie dimon actually being positive on crypto now right so it does feel distinctly different to what it did back in 2020. I just thought it was funny that we were repeating the same narrative and but the you know every every bull market has its own kind of unique narrative as well in 2017 there was the the if people remember the early narrative for

ethereum was uh consensus doing the ethereum Enterprise Alliance where they were basically onboarding or at least getting all these companies to partner with them uh such as Microsoft and Google and all these sorts of sorts of companies to partner with them to build stuff on ethereum that didn't really eventuate to every it's anything but it was a huge narrative back then and then obviously icos were the big Narrative of of the 2017 bull market and then before that in the 2013 bull market uh Bitcoin was going up for a while Silk Road had a lot of attention but then Silk Road got shut down and Bitcoin still went up after that and I think it was because Silk Road getting shut down brought a lot of attention to bitcoin which resulted in a big run up and then all

the the around Mt gox as well uh uh drove Bitcoin up to a pretty high price and then it came down from there so every bull market has its own kind of narrative that people latch onto but I think for the potential 2024 2025 bull market The Narrative is definitely still going to be institutions are coming and institutions are potentially here uh we're gonna have narratives around layer twos of course as I've discussed before Eve staking stuff like that but it really does feel like the institutional narrative is finally here now maybe I'll eat my words next year maybe this is all just gonna fizzle out but uh yeah it feels like a win change to me uh it feels distinctly different but anyway on that note 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 newsletter join the Disco Channel and I'll catch you all uh tomorrow thanks everyone