Hop into Arbitrum, Forefront's $2.1mil raise & more - The Daily Gwei Refuel #211 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the daily grey refuel where recap the latest news in ethereum ecosystem i'm your host anthony sosano and today's the 17th of september 2021 all right everyone let's get into it so before i get into the news from the last 24 hours i did want to give a quick reminder that there will be an ama happening in the daily grade discord channel tomorrow same kind of format as usual if you're used to kind of attending those and if you can't attend of course it'll be recorded and put on youtube on sunday um if you have any questions for me and you can't make it be sure to drop them in the ama series channel on discord uh um the times for it are basically early morning uh us kind of like afternoon in europe and asia it's kind of like evening and australia

is like 11 p.m for me anyway um so yeah if you if you if you can make it cool if you can't it's all good i'll be sure to answer your question and then um you'll be able to uh watch it on the recap uh the the recording sorry on youtube so yeah but anyway into the news from the last 24 hours so there was a a kind of like i guess piece posted in the economist which is kind of like a famous uh i guess like magazine turned i guess like digital publisher here where they discussed defy so you can see here on the front page you've got down the the rabbit hole the promise and perils of decentralized finance and they've got like a uh obviously a nice illustration of a rabbit hole here with ethereum bitcoin dollars whatever back here but there was a quote that

justin larue kind of um i guess extracted from this piece here where it reads and i quote bitcoin the first big blockchain created in 2009 is now a distraction instead ethereum a blockchain network created in 2015 upon which most dfi applications are built is reaching critical mass this uh bitcoin is now a distraction really caught me off guard here a little bit because i was like i never thought of it that way that bitcoin was a distraction now you guys know me i'm not exactly bullish on bitcoin um you know i i wouldn't say i don't expect the price to go up over time of course but i would say that just the ego system i'm not very bullish on but at the same time i never thought about it as like a distraction because really i don't really think about bitcoin very often i don't pay attention

to it or anything like that but i actually think it is a distraction for a lot of people who come into this industry not necessarily individuals but more like institutions they come into this industry they look at bitcoin and they kind of spend so much time on it and meanwhile they're missing the the real revolution happening within this industry which is ethereum um you know web3 all that sort of stuff d5 nfts and all that sort of stuff happening there uh and they kind of like just fall further behind so and you know there's lots of people entering this ecosystem not through bitcoin anymore just through ethereum another crypto networks and that's fine but i think these institutions because they're they're so large and because they're so risk-averse they definitely start with bitcoin first but i really think that that's actually a negative for them to be doing that at

this stage because they're and they're definitely gonna move from bitcoin to ethereum you know relatively quickly but the longer they wait to do that move and the longer they spend kind of like grappling with bitcoin maybe they spend a few months kind of like grappling with bitcoin trying to understand it trying to understand the risk profile talking to people about it um getting educated on it you know educating their clients about it all that sort of stuff that takes a few months at least and then uh from there they kind of like say okay what's after bitcoin and you know they may have purchased some btc or whatever and they may have their clients uh bought into btc then they're like okay well let's start with ethereum and ethereum is obviously a much deeper rabbit hole than other than bitcoin is and it probably takes even more than a

few months to get themselves and their clients up to speed on what ethereum is so it could be a full year from when these institutions start looking into crypto to when they actually allocate to eth or they actually start making um investments in ethereum based kind of like projects and infrastructure and stuff like that so it's it's really i mean this this kind of like quote bitcoin is now a distraction really uh rang true with me when i read this when i read this sorry um and that wasn't the only thing that was in this kind of like piece here you can go to the website the economist website i can't remember if it's paywalled or not um i think it is paywall yes unfortunately but you can go read this if you want to i'm sure someone will link the unpayward version in the

discord channel if you ask about that as well um but from from everything that i saw from people who had read it they seemed to like the piece as well but yeah i mean the thing that caught me off a little bit off guard was that this quote um and you know not just because see it's funny because like i say i'm not trying to insult bitcoin by saying it's a distraction i'm just trying to kind of illustrate the point that bitcoin is just so limited in what you can kind of do with it and learn and learn about i mean really when people are learning about bitcoin they're just learning about the fundamentals of blockchain and how blockchain works and how crypto networks work and how you know how how an asset can be scarce when it's digital how it can't be copy pasted all

that sort of stuff that kind of stuff you can learn while learning ethereum so if you're going to move into ethereum anyway then there should be some foresight here where you're basically like okay well you know whatever um i i'm not interested in bitcoin i'm going to look at ethereum because that's all where all the action is like i just don't see anything happening with with bitcoin and and you know what the funny thing is like at the moment people are saying oh a bitcoin atf is going to be um approved in october which you know may or may not there's a lot of people saying that it will but who knows they're just trying to jump up a narrative probably and you know maybe the price rises in anticipation of an event that doesn't actually eventuate but the point is is that there's nothing

happening in bitcoin like there's really nothing going on there i would be bored out of my mind if all i was doing was bitcoin stuff and yes okay you have things like the el salvador stuff and and the lightning network and things like that going on there but it's just it's tiny absolutely tiny in comparison to what's happening with ethereum and and generally you can kind of get up to speed really really quickly with that sort of stuff there's no you know as far as i know there's no like daily bitcoin show that talks about the all the bitcoin developments happening it's usually talking about the price or talking about the macro environment or talking about like tangential things that aren't exactly got to do with bitcoin which is fine and people like bitcoin for different reasons as i said i'm not trying to like

crap all over bitcoin here but if you're gonna eventually just end up spending all your time in the ethereum ecosystem anyway then going through bitcoin is not a necessary step anymore it hasn't been for quite a while and it's actually detrimental to do that um because it sets you back and and it kind of like puts you more even more behind than you may be just coming into this ecosystem so yeah just wanted to give a bit of color around that um and yeah if you if you want to read this piece you can go read it as i said it's paywall but i think there's various different ways to get around paywalls uh but i'm not aware of them anyway moving on uh so i wrote a newsletter today about this stat but i was looking at um glass node last night um for i guess

like uh about various different metrics um and i kind of like went to my one of my favorite metrics ethereum huddle waves now what this metric shows is it shows kind of like at each period of time how long has um you know uh some some amount of eighth not moved on chain and you can see here i put on my tweet eighty seven percent of each supply hasn't moved on chain for three months or longer and uh if you actually like i i kind of like removed the one to three month metric i mean you can see on top of the chart here there's there's one week to one month one day to one month and 24 hours i removed those and just showed um eight that hadn't moved on chain for three months or longer and it's quite a lot obviously you can see that there's been

no eth that hasn't moved yeah um over seven years because the ethereum network hasn't been live for that much and you can kind of see how how it comes into view once the ethereum network ages to that point with like the five to seven year which is kind of like that turquoise color you can see that it came into view there and it's actually amazing there's you know just eyeballing in here there seems to be like five percent or six percent of the supply hasn't moved in five to seven years on chain what like that's that's insane right five percent of the supply is millions of eth um so you know i'm just kind of like thinking about that i'm like okay how does that eventuate is it because people have lost their private key uh is it because um they just i mean like deep cold stories they

don't want to touch it at all they've probably just like got multiple wallets where those wallets are like they're huddle forever kind of thing um whereas they have their kind of like stash that they've cashed out and you may be wondering oh maybe they just want a steak and well i mean that would have shown if they staked because uh when you stake you have to move your eighth on chain into the deposit contract so it would have shown up here i'm sure some people did that but this is literally eighth that hasn't moved in five years or more on chain which means it hasn't moved since 2016 since 8th was like 10 or less and in in 2016. so uh that's amazing i don't mean like that's a they're sitting on a 300x gain or over 300x gain right now and they haven't moved their their eighth to cash

out to do anything with it so as i said like either these private keys are lost because some of them would be lost because um if they haven't claimed the bite from the ico i'm sure that they were either lost or you know just inaccessible for whatever reason but generally what i wanted to focus on actually with this metric and this is what i wrote the newsletter about today is that it's very nuanced because just because this has it hasn't moved on chain doesn't mean it hasn't changed hands now what i mean by this is on centralized exchanges they have cold storage obviously there's about 13 percent of eth on centralized exchanges right now um and and while that is in cold storage it may sit there for quite a while because really the exchange only needs to

get it out of cold storage if they need to replenish their hot wallet reserves um or they need to kind of like reshuffle for security reasons some exchanges do this sometimes uh coinbase did a big one a couple years ago um but other than that they don't have to move the eighth because when you're trading on a centralized exchange you are not trading like you are on this on a dex where on unisoft for example there is an on-chain transaction that happens and and um eth changes hands that way say like someone's bought for usdc we have that on-chain transaction that happens whether it's on layer one and layer two doesn't matter but on a centralized exchange it is just all a database like a sql database or whatever where it's just an iou system where no unchained transactions actually happen until a user withdraws eth or

deposits eth into the exchange so all the trading you won't see on chain because that's just not how they work and you know there's other kind of like uh things like this like dydx that work similarly except it is a decentralized exchange and it is on layer 2 but it works similarly where it has like an off-chain kind of like order book an off-chain auto-matching system where it will only process the on-chain stuff when you withdrawal deposit into into the exchange so that model there is obviously very scalable i mean as we've seen it's not very scalable to have a decentralized exchange on layer one it kind of hits it's a limit eventually but that kind of illustrates the point that just because this eighth may not have moved off an exchange or may have not moved on on chain from an exchange uh doesn't mean

it hasn't changed hands and that's why i think some people can kind of like attribute this and say oh wow you know 87 hasn't moved in three months or more that means everyone's holding well no no it doesn't mean that and even on top of that if you kind of like look at the a say locked in d5 for example there's plenty of eighth locked in d5 right now in maker and ava that's acting as collateral that may sit as collateral for three or more months for example like personally the ether i've used to borrow against has definitely sat in makeup for for longer than three months at this point um so that would be considered you know eth that that is just uh uh sitting there but you know i could at any time pay my loan down a loan back right withdraw that

ether and just sell it straight away so it's kind of like nuance when you look at that and then maybe it could be liquidated i mean i don't think i'm gonna be liquidated my liquidation price is pretty low but you know people do get liquidated on these sorts of things uh quite commonly depending uh especially if the market moves sharply down um and then on top of that as well you have things where this metric actually makes a lot of sense for and that's something like the deposit contract because the deposit contract is where everyone has to send their eth to in order to stay beneath too and there's about 7.7 million each in there right now not all of it has been in there for three months or more but the majority has because it the growth slowed down a lot um obviously but the reason why i

say that this counts like and is and and is kind of like something that's actually a lot of signal here is because that is provably locked that can't be moved from that deposit contract until withdrawals are enabled sometime next year it's looking like maybe mid next year is when this happened maybe even later than that so that's provably locked in there cannot be moved cannot be sold nothing can be done with it even if you stop staking or you get slashed and you get ejected from the validator set while on eth2 you can't withdraw that eighth it's stuck there until withdrawals are enabled so we can safely say that there is at least 7.7 million earth that has been completely taken out of the circulation until a certain date and then you have a bunch of other things like as i said

i think anything older than five years that hasn't moved on chain is a pretty low chance that that's not going to move uh if it hasn't moved by now considering the 300x gain that these people will be sitting on i doubt it's going to move anytime soon then you have all the provably lost eighth uh like the um parity multisig uh kind of um exploit that happened where there's hundreds of thousands of eight stuck in there and then um you know there's a bunch of other kind of like little things uh little bibs and bops here and there so yeah that's why i say like when you look at kind of metrics like this and this is what i actually go on about in the data pump videos that i do um i say that you have to look at the nuance behind it because you can't just take it at face

value because i mean there are some people doing kind of like psyops on-chain where they're trying to trick people with these metrics but at the end of the day i don't think that's a huge part of it but just generally um there's a lot more nuance to these things than meets the eye and you know i think it's funny especially when i see people say oh look at all the eth going out of centralized exchanges you know it must be going into cold storage no it could be going into staking it could be going into d5 it could be going into uh cold storage of course it could be going to to buy nfts or whatever it's very different uh that you know i'm glad that eth is getting off centralized exchanges obviously because i i want um centralized exchanges to to lose their power and lose their dominance over the

ethereum network but uh at the same time it doesn't mean it's going into cold storage so again there's just no a lot of new ones here with these kinds of metrics but if you want to read a bit more about this it's in the newsletter but i'm going to move on from that for now so an update on that open c insider trading uh devin finza the ceo of openc kind of put out a just a short update here saying that they requested nate's uh the they had a product that opened see the one that did this insider trading they requested his uh uh resignation and obviously they accepted it uh and he's kind of like hasn't given his own statement yet on this or anything like that so we'll keep an eye out for that maybe he won't who knows um one thing i did want to discuss is

that i found it a little bit weird on twitter today where i saw people being like you know they forgive nate you know people uh it's kind of like everyone makes mistakes blah blah blah and fair enough people make mistakes and like you can forgive people whatever depending on your sense of justice you may forgive people sooner rather than later but what i found weird and and kind of like really puzzles me is that it's not like he made an accident like it's not like it was an accident it was not like it was something that was uh was not premeditated he knew what he was doing he knew that what he was doing was wrong um and if he didn't he was incredibly naive but i guess that's why we have courts to prove that or not but generally i don't know i just felt it

really weird and you know i don't know the guy at all i don't know i never i never met him never talk to him and from what i've heard he was a great guy he did really great stuff at openc around around the product and everything like that so i'm not trying to attack his character or anything like that this isn't really even about him it's just more about generally people in this industry having really low standards i guess and it kind of like sometimes annoys me uh with these sorts of things but i'm not saying that people shouldn't be forgiven for their mistakes and if you kind of like try to make amends maybe he pays back the money or donates all the money he made to charity or something like that that's fine um and people can learn and and be better in the future but just from where i'm

kind of like sitting it just feels really weird to kind of say that this was like a mista this was kind of like i don't know people i know um saying something was a mistake doesn't imply that it was something that happened on accident but from what i'm reading it feels like people are saying well you know it will be or implying that he did this on accident or he did this without knowing the consequences or whatever which i don't believe to be true but anyway i don't want to kind of like moralize too much about this sort of stuff i i i definitely um uh uh i kind of like sympathize with the fact that people shouldn't be like attacking this person constantly obviously he's he's already kind of like screwed up a lot he's lost his job he's probably lost tens of millions of dollars worth of

equity in open sea that is the most insane thing to me the fact that he would risk you know uh risk that and has basically lost that now i mean that's got to hurt right i mean at the end of the day from what i saw he only made 198 from this insider trading as well which i mean yes okay it may be a lot of money to some people but 198th compared to tens of millions of dollars from the openstack what he probably owned um very bizarre to me but anyway i'm not going to moralize there maybe you guys have different thoughts i'd love to hear your thoughts in the comments at the end of the day everyone everyone has a different way of viewing these things but i'm going to move on from that for today so um some drama around sushi swap over the

last 24 hours there was two things um around sushi swap i haven't got the link to the other thing here but there was an exploit that happened on their kind of like nft i guess um sale that they were doing uh i think like 2.8 million dollars was stolen worth of eighth was stolen about 800 and something eighth i i just saw 108th was returned just before um but the exploit as far as i know was not done at kind of like the smart contract level it was not at the front end level where the person that they had hired i think it was a contractor to do the front end work basically put an exploit in there that was able to steal these funds and now some of it's being returned so obviously the person is kind of like well i you know i better return the funds here

because i think people did some unchained sleuthing and found out that his dress was tied to some kyc exchanges so yeah that's always a really new mistake um and then the second piece uh i guess not drama but the second piece of news out of sushi sushi swap today was that the project lead xerox mackie or mackie is stepping down so he's dropped down to an advisor role and for those who don't know who mackie is he is basically the reason why sushi swap is still alive today so just a bit of context here when sushi swap ended up uh uh sorry when sushi pop launched late last year when it did it's like vampire attack against uni swap there was a lot of drama surrounding it and then and then at the end of it like i think a week after it launched the original creator

chef nomi ended up stealing a lot of the the sushi or kind of like uh that was uh in the dev fund and then he returned it later and then there was kind of like a leadership void within within sushi swap and maki who was already a contributor to it basically stepped up to the plate and um kept working on sushi swab during the kind of like d5 bear that followed defy summer and and made it into a powerhouse so essentially it went from just being a decentralized exchange um to uh kind of like universe of solution so you know that was pretty cool to see that happen like i was originally very very critical of sushi swap because i thought the way that the whole thing was handled was pretty gross i thought the vampire attack was was pretty gross um and i just thought that uh it was it was

it was kind of shitty at the time but then i grew up i agreed to have a lot of respect for mackie um i grew to kind of like respect the fact that they were actually trying to build something different than just being a fork and i kind of like embraced it i mean i never really bought sushi i think i bought some uh for a short period of time and then sold it i never really kind of like held it for very long but that was that had nothing to do with me kind of like my outlook on the project sorry uh and i still think the project um should be fine going forward but this is a big blow for sure and i'm curious to know why he left it hasn't been a personal statement given by him yet i'm sure there will be um

maybe by by next week but uh yeah i mean dropping to an advisor role leaving to to maybe do something else but i mean he was the heart and soul of sushi he's gonna be hard to replace but there are a lot of good people working there they've got a they've got a decent sized team so i'm sure they'll be fine but yeah it was kind of like a bit of a bit of shocking news i guess over the last 24 hours out of out of sushi swap here so enter dao has published their white paper so i haven't had a chance to read this yet because i just saw it before i started recording the refuel but essentially you can go kind of like read uh this medium post here it'll give you a rundown of exactly what enter dow is what they're trying to do uh kind of

how they enter token kind of plays into it and everything like that so uh i mean how are they gonna be doing with yield farming liquidity pools uh they're kind of like team and everything like that so yeah definitely go check out this if you want to learn more about enterdl i remember i i brought this up i think last week on the refuel when they announced kind of like their initial raise and kind of came out of stealthier uh and they described themselves as a decentralized organization on ethereum uh founded with the mission to build products enabling new markets within the metaverse economy so definitely a metaverse nft play here if you're interested in what they're doing definitely check out the white paper so layer two continues its growth 3.6 billion dollars is now locked in layer twos on ethereum with arbitrary still

leading the charge but didx and optimism have seen some great growth recently as well uh dydx is growing really really fast from what i've seen i think it's because they now have the token the token now has a price and they have like liquidity mining or a form of liquidity mining on their exchange so people are kind of i guess like uh wanting to get the rewards there but i mean i've been using dydx more recently and it's a really nice exchange like seriously uh i mean it's the the thing i love most about it is the fact that i can trade on there you know on a decentralized exchange without having to sign every transaction um which means i don't incur gas fees or anything like that because the way diy dx works is that it basically um has as i mentioned before the off chain kind of like order book

where it's doing all this off chain matching and it's kind of like an iou system until you withdraw uh funds from the exchange so that's really cool to see growing but i mean arbitrary's growth is is has been uh i mean incredible to see and i'm sure optimism is coming out uh with their major announcement probably today prop you know what's funny i'm probably gonna see this when i finish recording the refill remember last week they teased that they were gonna have a major announcement this week um maybe it comes out today maybe it comes out next week i don't know there but generally layer twos i mean as i said here just getting started it's so early in the layer two space people make fun of me sometimes saying oh you're always saying it's early i'm like it's because it is early come on guys like it's it you know when

you look at the 3.6 billion here and then you just look at what's locked in ethereum d5 alone it's like 100 billion we're only 3.6 of the way to being on par with what's locked in ethereum d5 and then you can count some of the other trains as well on their defico systems and then you can just say well that's still very small so we're growing to trillion we're going to be at trillions of dollars locked um you know sooner than than people think i believe but yes really really cool to see see the growth playing out there and i mean layer twos aren't the only thing that's growing polygons pos train is continuing to uh grow it has consistent growth here you can see my hylo from polygon basically put out a tldr saying that there's been a new all-time high for daily active users

there's been a nine percent increase week over week in transactions 195 000 new uh users or addresses this week alone and new all-time high network revenues and you know what's funny i haven't heard about polygon much on twitter lately you know there was kind of like a whole polygon summer that went on because i had liquidity mining and stuff like that and everyone was bridging over to polygon and it became like a big thing um but now they have like a really self-sustained ecosystem that continues to grow which i'm really loving and i really love seeing and a bit of an alpha league here mahalo actually replied to my tweet and said um you know that we are just starting both in terms of adoption and solutions that we offer and he goes the pos chain is an immediate solution relief for the pressing need to

scale ethereum we are now working hard on evm compatible true layer 2s and other advanced solutions and this is what i've been saying for a while i mean as you guys know i'm an advisor to polygon and i've been saying it for a while that the pos chain is a temporary solution it is not the end goal here polygon really want to be at the forefront of the loop of the uh the roll-up revolution and as as i've mentioned before they've put a billion dollars to researching uh different zk tech they acquired hermes and you know after diving into hermes's tech it's amazing like the zke vm that they're building is incredible it's a fully evm compatible zk roll up it's going to be amazing generalized zk zk roll up there it's going to be absolutely amazing but i mean polygon is more than just the pos chain the role of

the roll-ups they have their data availability blockchain um they have uh the nightfall stuff they're doing they have uh uh the sdk all that sorts of stuff i mean lots of stuff happening here and it's just amazing to see the continued growth on their pos chain as well uh speaking of layer twos ryan berkman's here put out a really great thread comparing stark net which is stark waves generalized layer 2 zk roll up layer 2 versus solana so i mean i'm not going to read out this whole thread but it's really great uh definitely go check this out it kind of like further cements my i guess like theory that i believe pretty much most other layer 1 block chains are just going to end up being a roll up on ethereum or they'll pivot to being a roll-up centric kind of

chain which kind of defeats the purpose of having them because if they're scaling via layer 2 and becoming roll-up centric especially if they do sharding as well then what's the point like just use ethereum like i'm not trying to be a maximalist here but there is literally no point to another chain just doing the same thing that ethereum does um and that's why a lot of them try to differentiate themselves because they know this they know if they're just an ethereum clone then long term that's not going to work and we've already seen this play out like bsc for example i think their growth has kind of like stunted um and slowed down and kind of like gone backwards because they're just an ethereum clone they're doing nothing innovative there's nothing special about it and then there's a lot of these other chains right now that are only growing

because they're like evm compatible uh like the avalanche c chain for example i know they're doing a bunch of other kind of stuff and i'm not trying to kind of like crap on any project here but they the c chain is an evm sorry that the the particular c train i'm talking about is the evm compatible one again that's just a clone of the evm with with cheaper fees and i know you know arbitrary and optimism adjusts that right now but the thing is is that they're better than the separate chains because as i mentioned before layer twos on ethereum are secured by a layer one and as i explained the other day arbitrary sequencer went down but that didn't mean anything like it doesn't matter if sequence is down you can still get your funds back whereas solana went down and you couldn't do anything for 20 hours

you couldn't access your funds you could do any on chain transactions and you're at the mercy of a small group of people to get this chain back up and running that's not what we want that is not the future of this industry so this threat does a really great job of breaking down why roll-ups are just on a technical level not even talking about decentralization on a technical level much better at scaling uh blockchains than uh than than solana is in celina's tech because as i mentioned before solana wants to do everything at layer one without sharding that to me is impossible even if they totally centralize the system 100 even if they just have one validator running the system or or a handful doing load balancing um or whatever uh uh that's that's not it's not going to work i i don't believe it's going to work i

believe roll ups are the future and you've heard me talk about this a lot of times so definitely check out this thread for for a deeper dive on that uh hop protocol announced today that they now support arbitrary so you can now send usdc and usdc for arbitrom to any hop supported network including polygon the ethereum main net and i think there's one more in there and ethe is coming next week so for those of you who may ask you know when's eat support next week which is really really cool so you know i mentioned before how i think that you only really need ethan stable coins i don't think you need to have like a bridge for every token into these layer twos because you can basically do a thing where um you can deposit the tokens in there or have these tokens on

the layer twos and then you just bridge ether and swap for that token if you want it on layer two you don't have to have a bridge for every conceivable token out there so it's good that they're starting with stable coins and then going to eat i really like that especially from a liquidity perspective but well it makes a lot of sense but yeah this is a better way to get your funds in and out of arbitration because there is no seven day delay that is the big draw i the the big kind of i guess like advantage of these kind of bridges is that you get near instant transactions out of these roll-ups and you don't have to wait seven days uh this is just i guess like uh pertains to optimistic roll-ups but i think that was the largest drawback and it's already

been solved and as i said you know it's already been solved all these problems are solved we're just rolling out the solutions as time goes on so uniswap put out an update today that they have launched a feature called auto router in the unisop interface so what this does is it delivers better execution prices for traders by splitting uh the routes using more data and factoring in gas costs this is similar to i guess like what one inch does and other dex aggregators do and you can see here kind of how it works the standard router you can see that the price impact is like 20 in this example whereas with the auto router the price impact would only be two percent so this is a pretty substantial um substantial difference here which is which is really cool to see i mean as i said this is exactly

what one inch and other dex aggregators do but this is just unisop doing it in-house which is which is quite amazing so yeah definitely go check out this three where they detail uh kind of like under under the hood how it works some more uh it's very interesting and i'm glad to see uni swap keep you know keep doing i guess um more innovative stuff like this they're definitely uh you know unisop sometimes gets a lot of hate about certain things and i don't know why but they are one of the most innovative uh teams and long-term oriented teams in the crypto ecosystem so yeah i mean kudos to them for kind of working really hard on these sorts of things and delivering them at the end of the day and delivering them in a really really great way um i i enjoy it whenever they kind of like

release a new product here all right so thales i i forgot to mention the other day that thales their token is now live and anyone who was kind of like an snx staker and i think there's a few other things um in there that entitle you to an airdrop uh you have an airdrop to claim so if you go to the thales kind of like website and click on i think that's like an airdrop kind of tab you'll be able to see if you wear an snx staker or anything like that you'll be able to see how much fails tokens you're entitled to some of them have invested over time some of them you can claim now and there's an active market for sales of course um but this announcement here you can see that there's actually a thales eighth pool on uh breeder breeder on dodo um

which is now live and you can get fails token and dodo rewards for for providing liquidity to this pool so yeah if you do get your airdrop tokens maybe you want to provide them to the fails 8th pool and earn some more awards on that that's uh that's i guess like uh totally up to you um and just for a quick recap here for people fails is a binary options market on ethereum uh they spun out of the synthetic ecosystem to kind of like go at it on their own kind of similar to what lyra and quinta did as well um but yeah you can go check out uh the airdrop page to see if you've got an airdrop and then maybe go earn some extra fails and dodo rewards in this uh this pool here all right last thing to talk about was a

a new raise from forefront here one that i participated in disclosure there but forefront announced a 2.1 million dollar raise via a community driven treasury diversification round um with participation from a bunch of different people here so there was a bunch of funds that participated such as 1kx and scalar capital which led the round and then participation from meta cartel ventures and a bunch of others and then a bunch of angels including myself participated in this now for those of you who don't know what forefront is they are aiming to be the port of entry for social clubs and digital cities that's why they describe themselves as in pain plain english it basically means that they want to be kind of like a social token social club uh i guess like um a dao web 3 curator at the end of the day where you can go there you can kind

of i guess like uh go into the go to their website keep up to date with what's happening in the social kind of i guess token space in the web 3 downspace or in the social club space whatever uh and i think i've been paying more attention to these to this recently i think this is actually gonna be much bigger than people think i used to be very bearish on social tokens but i think social tokens attached to an individual is what i was bearish on social tokens they're attached to not just an individual but like a group of people especially the social clubs like fred's with benefits um which i actually i bought like friends with benefits tokens a while ago and i still still hold a large chunk of them um those kind of like exclusive social clubs where you have to own the token to

get in and then once you're in you know people come together and do all sorts of things that's just scaling to the globe and making digital what we already have like there's plenty of social clubs that already exist there's plenty of high-profile and high-class social clubs that require massive buy-ins uh from from their members as well for all types of things so it's not anything new but we're bringing it to the digital space and and kind of like uh bringing it to crypto which i think is is the new kind of like frontier there so yeah if you want to learn more about i guess forefront what they're doing and the raise you can check out the blog post here the announcement post here which will be linked in the youtube description but i think that is it for today so thank you everyone 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 oh not tomorrow next week tomorrow if you're joining the ama though but on the refuel i'll catch you next week thanks everyone