Institutions in ETH, Ethereum's advantage & more - The Daily Gwei Refuel #109​​​​ - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the daily gray refuel where i recap the latest news in the ethereum ecosystem i'm your host anthony sosano and today's the 28th of april 2021 and what a day it has been we are at all-time highs again on the eighth price here which is really cool up there above 2700 my tweets are still apparently calling top signals all i tweeted out this morning was good morning ethereans and i honest to god hadn't even checked the price yet i was just kind of like feeling you know feeling bullish feeling good because the the um positive price action the night before and i checked uh some of the daily grace stats and metrics so i was just on my phone i'm like oh wow that's really cool it's it's been growing a lot lately and that's kind of like what i was happy about and then i

i gotta look at the price and i'm like oh no oh no the price went up a fair bit overnight and then i saw it going down as i tweeted i'm like oh no so yeah um i vowed not to tweet anything when ethan's in price discovery now just just let eath be um but on that note a really really bullish report came out uh i guess like shortly after i did the refuel last night uh last night for me at least uh called ethereum the triple halving from squishier so this is a anonymous account on twitter um i only noticed them recently on on twitter but they've just come out of nowhere and published this 79 page long report about ethereum and why they believe eth is going to go to 150k

within 18 months or at least that's the price target they have here so the report is linked here uh here it is and there's also a one pager so uh obviously i'm not going to read the entire report on on the refuel or anything like that uh but i have um you know been going through it and getting through it is it is quite dense but it is very very bullish i mean you know the other day i get i gave my price tag of a hundred thousand dollars for for each based on on various means and i gave my thesis for that a lot of this definitely uh uh falls into that for sure and definitely kind of like uh takes a lot from i guess the work that's been done from the guys at bank list right um you know uh all the work that was done prior to

that as well uh all the stuff that justin drake's been talking about i mean you know there's plenty in here so i won't read through that but the one pager basically gives you the tldr of like what the catalyst are and essentially like the main catalyst uh eip1559 and the merge the same things i kind of spoke about um but you know the report goes into much more detail and kind of like does a really great job of painting this picture and just making you really bullish so yeah this is just super awesome to see like i'm i'm writing my own kind of bullish case for ethereum uh as well and for eth too like a very long form piece but it's going to take a while for me to get get it to where i want it to be and everything like that it's not going

to be an overnight thing um and it's definitely going to be focused on the ethereum network probably more than the asset itself whereas this report is focused on the asset a lot basically like most of it is focused on the on the asset but also about how the network kind of feeds into that and kind of adds value to the asset as well so yeah i highly highly highly recommend that you go and read this report for sure i mean i i mean i i don't think i have to recommend a bullish eighth report to you guys enough for you to go read it but if you haven't got the time to read the whole 79 page report you can just read the one pager here so yeah and i guess like a big thank you to squish for putting this out here um absolutely amazing work i think this

is going to gather the attention of a lot of these kind of i guess institutional um investors right because we've been seeing more of those dig into btc and i've been speaking about for a while now how i think that the leap from btc to 8 is going to be like basically very short you know once they're in once you know once you're in crypto you don't really go out of it and once you're in kind of like once you first get into btc the other ones just are much easier to digest so i think we're going to see plenty of institutional allocation come to eat over the coming months and a big reason definitely is eip1559 and the merge and on that note actually maybe i should talk about this now um hasu had a podca he's on uncommon core podcast um he had on crypto kobe or kobe or

crypto cobain uh today with uh suzu and they basically gave the bull case for ethereum and its upcoming catalyst now i listened to this and i i came at this from a view of okay these people are traditionally kind of bitcoiners like sue has been uh uh uh uh a bullish on on a for quite a while hazu spends a lot of time in it um you know and i think kobe over the last few months at least has warmed up a lot to it and seems to be like a mega eath bull now but all three of these people came from a bitcoin of background like a pretty heavy bitcoin of background so listening to them speak about ethereum and eth in the same way that myself and a lot of other kind of ethereans have been speaking about it since

2018 at least was absolutely insane to hear i honestly couldn't believe that i was listening to these kind of same people talking like this um and they were talking not just about kind of eth um as an asset uh the bull case for aether's announcement because of one five five nine in the merge but they were also talking about whether eth can flip in btc and uh the consensus really was that it can um and it just i was like what this is crazy like am i actually hearing this right now uh because if you had told me that these that um people like this who who had a bitcoin or background right and were were obviously more bullish on bitcoin if they if you had told me these people would be talking about the flipping and saying that it could happen

um i would have not believed you at all this is how insane this kind of notion is um but on that note i highly recommend going listening to this podcast there's a lot of good nuggets of information in there um you know even if there is a bit of overlap between what you've probably heard from myself and the bankless people and things like that it's it's definitely um i think going to reach different audiences than i can reach in the bankless guys can reach as well which i think is very important because at the end of the day um i guess like social media works in echo chambers and bubbles and kind of like algorithms whereas you know doesn't matter how much i talk about ethereum and the bookcase for eth uh people are just not going to see it or not going to listen to me because of

who i am but when bitcoin is maybe start talking about it right and when people that other people respect start talking about it and give this case that just brings more and more new people into the ecosystem so yeah a bunch of like super super bullish news for eighth over the last 24 hours here um you know and on that note as well we have this announcement from uh the the european investment bank here the er eib which is one of the top banks in the world from my understanding they announced that they're going to be issuing a 100 million euro two-year digital bond on ethereum so again this is just the theory i'm uh you know marching on becoming this global settlement layer for all types of value that i've spoken about before we had visa like a few kind of like

months ago maybe maybe a month ago or something like that now uh not too long ago that was talking about this and was kind of like supporting uh ethereum as like a settlement layer there's plenty of other uh you know institutions and companies settling on ethereum right you could think about you know centralized exchanges are settling on ethereum all the time right they're processing all these transactions i mean d5 is also on ethereum and we're just going to get more and more of this coming in so this is huge i mean you know define ethereum exists to disrupt their centralized traditional systems but at the end of the day i i think the and i think that's going to happen over the long long term but in the maybe the short to medium term there's going to be like an amalgamation of stuff where you see these kind of like i guess

existing institutions come into ethereum and adopt it because i think what the internet showed a lot of um a lot of different industries is that if you don't innovate when a new kind of like uh thing comes along and if you don't join uh and kind of like be uh try to be a part of it you're going to get destroyed right and i think uh that's that that's why we're seeing a lot of these kind of i guess big institutions already take the leap into into using these things even though it's still quite young and still quite early within the crypto ecosystem so yeah and just another bullish point there and i think just another one here uh from eugene who uh who's the um asia head of bd at gemini he posted this uh this excerpt from one of jp morgan's

i guess like one of their strategy pieces where they basically talk about why ethyl is outperforming btc and again this goes back to me saying that once these institutions make the leap to btc the road to eath is very very short and they're already there i i actually believe there are some big public companies already probably buying eighth i do believe there are institutions already buying ether in a big way they just haven't announced it yet um the price action would lead me to believe that too i mean it takes a lot to move the eighth markets these days uh because eth is such a big asset and it's exhibiting very similar behaviors to what btc did when when you know btc had all those announcements about public companies and you know it had its major run up to up to whatever it was 50 60k or something

uh from like 10k i i just i do think eth is exhibiting the same behaviors and it's it's playing out in a very similar way here so very very bullish all-around for eth and you know uh i i think the price is reflecting that right it's not like we're saying oh this is really bullish and the price is like going down or doing nothing um that did happen during the bear market funnily enough where there was tons of bullish kind of news coming out all the time but it's because it was like the momentum was basically not there it was basically a bearish momentum so it didn't matter like the market didn't care it was whatever they might have been like a one like daily pump or something and then it would just be sold back down whereas we're in a very very bullish momentum now that is

you know still parabolic still going um uh still going up like really fast and still kind of like lots of room to run i think uh i don't think we're anywhere close to the the top here and i've said before how i believe that i don't think we're gonna go into things like a two-year bear market again or anything like that maybe we might give it if the ecosystem gets way too crazy like if say the total crypto market cap goes to like 30 trillion dollars or something it's at two something trillion right now say it goes like 30 trillion dollars in like a few months then you can kind of look at that and be like okay well a lot of people just made like a ton of money what do you think is going to happen they're going to sell and if enough people end up selling you the

momentum really quickly changes from bullish to bearish and we may go into another long-term bear market because of that but i don't think so i mean i think we're in the we're still in the early adopter stage here but i think that the the fact that we have so many applications live today so many things workable for people and so many ways for people to kind of just like be part of this ecosystem outside of pure speculation on things uh you know you can just you can essentially just yield farm which to be to be phased driven a lot by speculation but there are there are definitely ways you can just like not participate in the speculation yourself but but you know be a beneficiary of it through through kind of like just depositing some stable coins for example into into a yield farm but yeah really just good to see all of

this bullish kind of momentum with eath i think enjoy it for for you know enjoy these kind of early days because eventually this is just going to be like a thing where eat will become so big that you know you know it'll become such a big asset that one it'll i don't think it'll be a boring asset but it will be like okay well you know ethe is absolutely massive right now and and it'll be just expected that these institutions are buying eth or stockpiling eight and stuff like that so i think just enjoying it while it's fresh is is is the is the way to go about it for sure so terrence here from prylabs put out a nice screenshot today showing that there is four million ethan deposit contract right now the e2 deposit contract which i i think i spoke about the other day

which is over 10 billion dollars so we have like a synchronized kind of thing here over 4 million eighth and over 10 billion dollars in the deposit contract uh for eth2 which is absolutely awesome i mean i've spoken about how i think once the merge goes through this is going much higher because of the fact that stakers will now get fee revenue whatever's not burnt uh which means that we may see something like 20 million each staked which is obviously much higher than 10 billion right if we take today's price and go all the way up to 20 million each uh we just five exits so that would be over 50 billion dollars of eth securing the beacon chain um and on that note we all expect the price to be higher than that right so let's say let's say the price is like ten thousand dollars

by the time that comes around and i know i'm being quite ambitious here but uh let's say you know 20 million each staked at 10 000 would give us a 200 billion dollar uh i think if i'm doing a math right 200 billion dollars are kind of like securing the eth chain here which is which is huge right absolutely crazy and massive and and you know they're they're getting kind of like paid out in a new issuance but they're also kind of like a beneficiary of the um burning coming with eip1559 and obviously they get whatever's not burnt as fee revenue as well um and i know the fees have been kind of lower lately but i don't expect this to last we're already seeing it spike back up to 100 way when the market heats up a little bit if we do go into a d5 summer 2.0 that

everyone wants the fees are definitely not going to remain at 40 way let's just be honest it doesn't matter um you know how much lay to scaling we have either layer one fees because of the the fact that layer one is inherently kind of like a limited very limited actually we are not going to get to that stage where fees are going to be like consistently low for for a long time that's what we have layer two for but anyway i'll leave it at that for now i'll move on to the next thing i have here another tweet from santiago uh i mean i'm pretty much like got him on every refill now i think um but anyway he put out this this tweet which which says ethereum fees can be quite high at times no denying that growing pains of a network adoption

dial-up internet was expensive too then broadband happened l2 is launching other broadband moment of ethereum and then here's a nice chart here showing broadband versus dial-up adoption over time now i've actually kind of spoken about this maybe on the refill but definitely in my newsletter before that because we're so early there are these growing pains no matter what right there are the ux growing pains from not just the fees but from the apps not you know a lot of the apps not being totally usable um there is the growing pains of needing to learn new jargon and things like that but obviously the biggest kind of growing pain is the high fees now if you remember back to maybe maybe some of you are too young to remember this but i remember back to when dial-up was was

was around right in the early 2000s it was such a crappy experience it was so bad but you wanted the product so bad that you didn't care like i wanted to get on the internet so badly that i dealt with the crappy kind of dial up right you had to manually dial into it right you had to basically make sure that the um if the phone was picked up like if it rang and and the phone was picked up you would be disconnected from from the internet you have to deal with it being slow it was inherently limited um is this kind of you know bringing any values here about what else is experiencing this right now right it's ethereum we care about and a lot of people care about ethereum so much and want to use it so badly that they are willing to pay these fees

right i'm willing to pay 40 for a uni-swap trade because i want to do that trade just like i was willing to put up with the absolutely horrible experience i would have with dial up just to get on the internet just to experience this whole new world um and this and this amazing kind of product and then inevitably you know because there was so much demand for the internet there that people were like oh we have to scale this thing right dial up isn't going to be able to to service um the rest of the world we have to scale this thing up to broadband then obviously we scaled it from there we kept scaling it wi-fi became huge like we had 5g and stuff now right um and that's the same with ethereum because we see the demand we're like okay well this thing actually has

product market fit there's extreme demand for it how do we bring this to you know as many users as possible and bring the cost down as much as possible and ethereum is doing that mainly via layer two but also other scaling means too with sharding with um coming up with ways to increase the gas limit and things like that and and obviously there's other solutions like side chains and other block chains like that can kind of go into that universe of scalability that basically allows this ecosystem to flourish but it is always the users that come first before the infrastructure no one builds infrastructure for a million users before they have a million users because you risk building that infrastructure and then no one's showing up like i don't know if you've seen stories of the of the ghost cities in china where

they built these massive sprawling cities that literally no one lives there because they figured oh we'll just build it all and then people will come there and it'll fill and people will fill it out and it'll be fine that's not how it works you need to have people there first and then build around them that's why you pretty much see like every infrastructure project in in real life pretty much all of them come after the fact like you'll have the houses that get built first because people want to live there but then like the train stations um and kind of like the shopping centers and things like that will come later and then you get more and more of these services that come and you scale scale up your city from there it's the same thing for ethereum it was the same thing for dial up it's the same thing

for pretty much any of these mass any of these things that need mass scale so yeah i mean this is this is a great kind of um analogy here from from santiago something that i obviously have been talking about for quite a while and strongly believe in give it you know just some time and ethereum is going to scale and blow your socks off essentially is gonna there's already layer twos live but we need that generalized solution and i think we're getting there and once we are there it's gonna be amazing so yeah keep your keep your kind of eyes peeled for that for sure so metamask announced today that they have uh over five million monthly active users which is obviously an all-time record here um and you know two billion dollars in uh usd and accumulated transactions through

their swap feature as well which is huge um but i wanted to focus on this five million monthly active user stat because even though it's huge these aren't active users for just ethereum because if you think about it metamask is used for bsc and polygon and these other kind of like um blockchain some of these other blockchains that people are using right because all you have to do is install metamask change your network our pc and you can go and use these other networks oh and but you have to bridge your assets across but it's fairly simple right it's not too difficult um but i don't think this is a bad thing because what i think is going to happen is that metamask becomes like a like it already is like a massive kind of moat and the metamask kind of team and metamask

itself is very ethereum aligned right um and and socially aligned which is very important but on top of that the fact that all these new users now already have metamask installed means that when we have this generalized layer 2 ecosystem happening they don't have to install anything new they can just go use it even if they started in bsc say they came from binance they installed metamask because they wanted to play in you know in on bsc um because of the low fees and all that but then they hear about this layer two thing on ethereum and they're like oh how do i you know how do i go there it's like well just change your network in metamask no need to install a new change a new thing no need to to learn anything new because you've already learned something on bsc like because bsc is a clone of ethereum

um it's essentially the same architecture same address kind of um uh usage same kind of like uh i mean bsc scan is a clone of ether scans even even the same block explorer so all of it's just the same so that's why i actually funnily enough believe the bsc has been a pretty good onboarding vehicle for the ethereum ecosystem because we're going to get a lot of those users using ethereum once the the once they can use things that they actually want to use and that's why i said uni swap on layer 2 is going to be a game changer for the layer 2 space because if you look at the most popular apps on each of these chains it's always the swap apps like look at um pancake swap it is the most popular app on bsc it is a clone of uni swap so what

happens when you have uni swap with low fees on layer two it i mean on being powered by and secured by the decentralized ethereum blockchain there is no reason for these other things and i do think that a lot of users are just going to come from uh those other chains like bsc over to ethereum and in and and be like okay well if i can use uni swap and unisop has all these assets and i can do all this stuff on here um on ethereum with with the kind of like same experience of low fees and and even faster transactions i think uh because uh layer two is even faster than than um bsc which has three second block times then why wouldn't they just use that they've already got all the tools for it and i think they will so yeah five million a monthly active is

not just ethereum uh now right it is it be a city's polygon it is a bunch of the other ones but in the future i believe ethereum will will still account i mean i think ethereum probably still accounts for the majority of this but i think ethereum can get a lot of these uh users back into its ecosystem or at least users that were never in its ecosystem to begin with but are now new users of of ethereum by default because they have metamask installed it's pretty cool when you think about it right so yeah i mean congrats to metamask on this obviously they've been around for quite a while um uh like since the early days we all pretty much use it i mean i use it every day obviously i have my uh my cold my cold storage with my my kind of hardware

wallets and things like that um but you know metamask allows you to pass through it and stuff so it's just like a really easy tool to to use and i'm sure we all we all enjoy it uh not the best in this competition i mean not to say it's perfect and there's competition coming uh to to uh metamask which is which is good but at the same time it's going to be around for for a while and it's not you know i wouldn't say it's like terrible i would say it's actually really really great and been a big reason why ethereum has been able to get so much adoption but anyway uh good good to see these kind of like metrics coming out of metamask yeah so vasa showed this uh uh cross asset swap that he put together today which is done in a single transaction

obviously costs a lot in gas space 120 dollars here but he's saying you can do much more complex transactions and i think in the in the yeah in the comments here he said something about l2 is available too he just hasn't released it yet but essentially what this cross asset swap allows you to do is it allows you to go from eath to um to die to this kind of like a one nft to another nft to another nft it basically allows you to um sell it in kind of batches so you can see the input here is like eighth die three nfts and then you can sell these nfts to what's called sell market so you can convert all the assets to the corresponding erc20 equivalents um and then you have like about the ic20 equivalents and then you can kind of like buy

nfts from the buyer markets which is part of this app so you can convert your erc20 tokens to the desired nfts that you want uh and do it all in one transaction this is incredibly powerful and i actually can't wait to see something like this on immutablex the nft decentralized exchange because i think this is this marries very well with it um and i think that it's really cool that or everything that isn't spent like all the dust is get it gets sent back in each and obviously with dust you can't really do that on layer one because the the definition of dust is essentially like coins you can't move because it would cost you more to move it in fees than it would to um yeah then it would be worth uh that's why on layer two like the concept of dust isn't really a thing it's just like here's

your spare change so to speak and you can do whatever you want with that so yeah this is really really cool i'm excited to see how vasa develops uh through this and kind of builds out stuff through this and gets it to layer two as well um and he's saying here it supports all the markets and exchanges that you want and it's totally agnostic to how markets and exchanges work which is which is really cool to see as well so pull up dot art announced today that uh there will always be a canvas for everyone to play with on sandbox.pop.art so it's basically opened up to everyone and you can basically go on there and uh essentially like kind of draw i guess like things like uh pixel art essentially i mean you may have seen this kind of like already happened um uh their community's been pretty active

here you can see the pixel art that got drawn here by various people in the ecosystem and you know i'm pretty sure like today they've just opened it up to to to everyone and there's going to be uh incentivized canvases as well or or pixel farming as they like to call it too which is really cool uh but this is awesome i mean i think this is really cool from a community collaboration standpoint where you can basically create these kind of art pieces where you can have it for like an event when an event is going on and and and and everyone can kind of like get on here and start drawing like pixel art for whatever they want essentially and and and kind of like i guess making kind of like history and things like that uh on these sorts of things so yeah this is really really cool to see i

think that um you know the the pop community is one of the best i've i've come across i really love just jumping in the discord sometimes and kind of like just lurking i don't really see any so much in there but i i kind of lurk and they're just like doing some cool stuff like doing some really awesome experimentations and and pop's been around for a while and i love my po-apps i've got a got a bunch of them out in my wallet um but yeah definitely an ecosystem to pay attention to if you aren't already so ryan watkins put out an interesting tweet thread today where he said what's always exciting most about ethereum is the sheer scale of its ambition if theorem is is successful its economy may eventually grow so large that its gdp surpasses that of the leading nation states this would change everything we know

about economics and politics i obviously agree with this to like the full extent i wrote about this in the delegate newsletter today but essentially what i focused on was ethereum's advantage which is its ambition there is no other network in existence right now that has the ambitions that ethereum does not even bitcoin be bitcoin's ambitions is to become like i guess digital gold or the most kind of like decentralized self-sovereign uncensorable money in existence that's cool and that's a big use case but ethereum is doing that and everything else so not only does ethereum want to become everything that bitcoin is and is becoming that and i argue has already become that to an extent it also wants to take this a step

further and become its own circular financial system with with things like defy and where we're seeing that happen and because of this ambition it attracts some of the best and brightest minds in in humanity i i mean i don't think it's hyperbole to say that some of the smartest people in humanity are working within this ecosystem across a variety of different areas and i listed the areas in the newsletter today but a few of them include just like the core protocol work right the foundations of ethereum the layer two work uh the things that are gonna get us uh you know to the next kind of like billion users the application developers that are innovating at a blistering pace to make use of all these tools that they have the developer tools that that the application

devs use um and what was the i think the last thing i talked about was the middleware and infrastructure that surrounds all of this like the graph and infuria and metamask and all that sort of stuff that works to give the end users a way to interact with with all this sort of stuff now because of because of all these people working all these things um they're doing it not just for the money they're doing it for something greater than themselves and that's comes back to ethereum's ambition is that it is a very ideologically a kind of i guess like place network it it has decentralization and credible neutrality at the heart of what it is it doesn't want to sacrifice on those properties and because of that the people that it attracts tend to to kind of like um fall into that right you don't attract people that

don't believe the same things you believe i mean some of these things may look like religions sometimes and i think that that that's a good analogy is that you know a certain religion is not going to attract people that don't share the same beliefs right you may understand that you may you may you know be be friendly with them you may be like okay well you know i don't hate you because you believe something i don't believe in but it's the same for these kind of like um crypto networks and for any community really like communities a good community stay together when they're cohesive right like uh communities that just kind of like argue with each other all the time tend to break apart and fall apart and and kind of like um things stagnate from there i think we've seen this happen with with

various other networks whereas with ethereum you have like a very i think diverse but but mostly cohesive community that are all basically focused on this ambitious goal of of of scaling up ethereum to become this new financial system to be able to decentralize even more than that right centralized websites decentralize social media decentralize basically everything we can and you're seeing that play out in real time so that's what attracts i think a lot of these kind of like intelligent people here and the problems are hard to solve as well intelligent people want to work on hard problems they don't want to do things that have already been solved they want to be kind of like part of solving some of the hardest kind of problems in this space and that's why you see i guess like um you know so much

innovation coming out of the layer two space in particular because uh the i think some of the smartest people have congregated around layer two because they know it's such a hard problem and they know it hasn't been solved yet and they want to be the ones to do it so yeah the great great tweet from ryan here i wrote a little bit more about this in the newsletter but i basically gave a recap of it then so go check that out if you're interested um but yeah um thanks ryan for putting this tweet out so the graph announced today that they have done a main migration update where they've basically migrated 10 sub graphs from the graphs hosted service to mainnet so to their decentralized node network powered by the grt token these 10 apps include ods dodo enzyme gnosis live pr m stable open

pull together reflex and yuma this is just the kind of like first step to getting more of these apps on board um to decentralize and get away from the graphs kind of like i guess centralized a hosted service here and that's the whole point the graph doesn't want to be a centralized hosted service it wants to be a decentralized one that allows i guess like a decentralized query uh kind of ecosystem to flourish around this and i think they've done a lot of great work getting to this stage and the fact that they're already doing migrations to mainnet of these major projects is really awesome to see and i mean really awesome to see m stable on here uh of course like as you guys know i'm close to the project but all these other ones are just like star projects within within kind of like

not just the d5 community but you know things like audience and live pr are very big right and they're not they're not d5 right so yeah great to see this from from the graph i'm looking forward to seeing what other projects kind of migrate next so mariano conti here gave got a sneak peek of the balance of v2 ui and he shared some screenshots and on that note i actually also got a sneak peek of the ui but i didn't share any screenshots but i mean it looks really awesome you can see it here i mean i i mean this is just a sneak peek but i basically um you know i played around with it myself and kind of was on a call with a few of the um uh the balance of people uh to kind of get this sneak peek and it was really awesome i think my my

biggest gripe with balance has always been the ui and how complex it was to navigate and how unfriendly it was for users but uh they've fixed that with this new ui uh it's gonna blow you away i think more and more people are gonna be using balancer because of this and i just can't wait to see uh you know all of the kind of like narrative change around that because i know how you know much it must kind of like paying the the team at balance at the see that they've built all this really cool tech but people just aren't maybe not using it because of the front end and the front end is like super important right i mean no one wants to kind of like uh use a user i mean most people aren't going to use a complex product if you think about just computers in

general i mean the reason why windows is so popular is because it gives you a nice you know kind of like ui to interact with everything whereas with um you know you could interact and do everything you can on with the windows ui by using the command line but you know who's going to use the command line right like people are visual creatures uh no one wants to learn command line they want to just do things on computers in the easiest way that they can do and it's the same for for ethereum and and d5 right people just want to do uh i guess like their their d5 stuff in the easiest way possible with the least amount of friction they don't want to have to like learn all these kind of like new complex technical things so yeah cool cool to see this from balancer

uh uh it'll be released soon i think they put out a tweet saying that it'll be probably released in a couple of weeks this new kind of ui which is part of the balancer v2 kind of update here so looking forward to that for sure so i talked about seller networks uh kind of like i guess uh what is it the d5 public transportation system that they uh that they kind of released a couple days ago or about a day ago we're just using uh roll-ups here but essentially i didn't talk about how the roll-ups are actually powered by starkwear so i should have known that really at the end of the day i i really should have known that um they were using starkware because of the fact that starkware seems to be everywhere right now but anyway um they basically uh i guess like

what they do with this with this kind of layer 2. finances and that they've built all this d5 public transportation system is as i explained the other day it's essentially a batching system where you can batch transactions from layer one uh and and you know a bunch of users can batch together and then you know a few hours might go by and then your transactions will end up uh you're sorry your money will end up on layer two and you'll be able to kind of like experience a cheap cheap defy uh kind of like ecosystem without having to spend those uh high fees to get on there in the first place um now uh they they didn't mention in their in one of these posts here that i read that right now i think it's a few hours to get on board but as more and more

capital comes into the system and as more and more people use it those times can come down considerably and even one day get to a point where it'll only be like one ethereum block so there's just going to be so many users depositing funds that it will be worth it to to do that batch kind of like transaction um in one ethereum block so in 15 seconds um which is i mean really awesome here so yeah anyway i i did speak about this in detail the last couple days so i won't go into it too much yeah you can read this blog post that they've got here this one's a good read the explain like i'm five it'll give you just like a really great and uh great uh simple overview of the system i'll link you in the youtube description for you to uh to check out and i think

that's everything for today so thank you again everyone for listening and watching be sure to subscribe to the channel if you haven't yet yet give the video a thumbs up join the discord channel subscribe to the newsletter and i'll catch you all tomorrow thanks everyone