L2Beat Upgradeability report AllCoreDev recap & more - The Daily Gwei Refuel #628 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of The Deadly gray refuel where you cap the latest news in ethereum ecosystem I'm your host the internet is the 21st of July 2023 alright everyone let's get into it so I just remembered yesterday that I said that I would catch you guys all next week because I thought it was Friday yesterday but no it is Friday today obviously you ever have those times when you're just like thinking a day ahead or a day behind or something like that that was me yesterday so apologies if I confused anyone at the end of the episode but let's jump into the news from the last 24 hours so I think um one piece of news that I wanted to discuss was that each cc is no longer going to be in Paris so next year HCC 2024 is going to be hosted

in Brussels in Belgium now of course uh all of Europe is pretty close to each other and Belgium is not very far from France uh but essentially this is the first ECC I believe that has not been hosted in Paris which is a big deal definitely a big deal and it may be my first ECC because I would rather go to um to Belgium to Brussels then go back to Paris you guys know my opinion on Paris did not enjoy myself there just wasn't my vibe uh and I know I don't know much about Brussels and let alone Belgium but I have a I have a friend who lives in Europe and he's like you know Brussels is is okay you know it's nothing special and I'm like you know what I'm okay with that I'm okay with like somewhere that's not a huge tourist

um destination and a huge kind of tourist attraction where you can chill and have a conference there and then because Europe is so tight-knit you can basically make a European holiday out of it if you're a tourist from or if you're a foreigner from the US or Asia or me in Australia right so yeah I'm definitely think like I'm more on the side of I'm going to go to ACC in 2024 then I'm not at this stage so that's going to be exciting but we'll have to see uh because there's still Devcon next year as well that's going to be in Southeast Asia not sure the timing of that don't know where it's going to be yet I suspect Vietnam but we'll have to see uh there's devconnect coming up in November in Istanbul I'm not going to be there and then Denver as well next year and

like Feb March I don't know if I'm gonna do Denver again I was it was very full on uh this year for me uh both in terms of just the amount of people there but also the fact that I pretty much was sick the entire time like I not only got covered but I was jet lagged I was tired as hell so yeah I don't know how much more of those like those kind of conf big conferences I can do going forward but anyway enough rambling about me hoping to to potentially see you guys next year in in Brussels at ECC it's about the same kind of like uh I guess flight time than Paris is so I guess not really a big deal to change locations here but somewhere other than Paris for etcc uh is is pretty cool here so yeah anyway uh that's on on that topic next

up is uh speaking of FCC there was a bankless thread put together here that's uh named eight of the biggest CC uh 2023 announcements now of course I've talked about a lot of these on the refuel already already such as lens protocol V2 two uni swap X chain link ccip and so on and so forth I think the only one I hadn't talked about was maybe uh the AVM extends which apparently is just uh not really ethereum related news but is evm related news and tazos apparently introduced something called etherlink which is an evm compatible roll up with tezos as the L1 and Solana welcome solang which is a compiler that allows writing solidity smart contracts on Solana so obviously not much to do with ethereum but to do with the AVM

ecosystem uh and yeah I think the rest of that stuff I already mentioned but if you want to dive deeper into any of that stuff you can check out this bankless thread which I'll link in the YouTube description below for you to do so all right we had another old chord devs call yesterday and Tim baiko as usual has our wrap-up thread here for us not really uh eventful eth call Deb's call nothing dramatic about it more more kind of like just of the same I guess like the main highlights are the fact that client teams are now um getting ready for devnet eight of dencoon of course there was a bit of discussion though I should refresh the page here the thread doesn't seem to be loading correctly let me just refresh that quickly uh there was a bit of discussion around kind of

like core Dev processes and merging eips with erc's and I've discussed that before on the refill so I'm not gonna I'm not gonna rehash that there as well as a few other you know bits and Bobs here and there nothing as I said like nothing groundbreaking nothing to write home about just your standard kind of um uh kind of I call Dev all called Dev call here uh and then lastly as well Tim biker highlighted that Andrew um Andrew here who writes week in ethereum newsletter has put together a ethereum magician's post asking what to name the next uh ethereum upgrade so this will be the upgrade that happens after dencoon the one that will happen in the new year and the current names are Prague for the execution layer upgrade and for the consensus layer

upgrade it is Elektra so usually those names are obviously put together to just give the the give um a name for the whole upgrade like we did with chappella which was Shanghai and capella like we're doing with dencoon which is Cancun and neb so the suggestions for the names are Petra praktra electric and Prague Electra you could tell by the way that I was pronouncing these things it's the first time I've read them and also it's kind of hard I think Petra is probably the easiest to read here practice sounds like a complex version of Petra and the rest of them electrog and Prague Electra I don't know I I feel like if I had to

choose or I had to give two options here I would go with either Petra or electrog just because electronic is different to Petra but really Petra just rolls off the tongue a lot better there so for a name that I'm going to be saying a lot on the refuel and I'm sure core devs are going to be saying a lot I think it's better to go with Petra than it is to go with um one of these other names there but anyway you can have your opinion on this uh in this um kind of ethereum magician's post here if you would like uh and you can go check that out for yourself I'll link it in the YouTube description but yeah that's the all cool devs call wrapped up there you can of course read Tim baiko's thread recapping everything if you would like I'll also

link that in the YouTube description below for you to do so all right moving on Rocket scan or the rocket scan Twitter account here uh posted today that the rocketpool Oracle Dow has voted to cut its pay from 15 to 8 of RPL inflation now and 1.5 percent in a year now I've talked about this before and about how the Oracle Dows compensation was getting greatly reduced like significantly reduced going from 15 to 1.5 gradually over the next year and you can see this table that the rocketscan account has published here and I've discussed before how this has been a long time coming in terms of how much oh you know rpr was going to the Odell and if that was the best use of the RPL inflation and where I also could go to

better serve The Rocker pool ecosystem and The Rocker pool community and discussions were had for a very long while I think I don't know if it's a Year's worth of discussions like serious discussions but I have been monitoring it for the last six months and there have been a lot of serious discussions about this and it was decided that uh that this would be the way to reduce it and then redirect those uh up that RPL to the pedial which is the development Dow of the rockable ecosystem to be used for things like liquidity incentives or to pay people to build um things in the rocketpool community or any such thing like that rather than paying the oh Dow now I voted in favor of this of course I mean I as you guys know I've been donating my Odell rewards anyway uh because I felt like the Odell was I did

feel like the Odell was getting paid a lot and I felt bad kind of taking taking that money as well I think that at some point when it reduces down to I get I guess like a reasonable sum I'm going to uh cease donating the rewards and just kind of like take the the rewards for myself one because the operating costs uh of an Odell uh node operator is quite significant in terms of the percentage of the rewards once it gets down to it gets its lowest tier here especially as ethereum gas fees go up because your branding costs them pretty much like all gas fees and I've got my electricity cost on top of that and everything else that I've been just running for free basically so I think that once the rewards come down to a certain point I haven't decided yet what point that

might be it might be like the end of the year when in terms of like the US dollar uh amount I I don't uh I don't know what the uh the price series assumed of of uh plgia but when the US dollar amount goes to what like 10K or less a month or something and then I have to factor in taxes into that because I'll be taking it for myself taxes could end up being basically be half of that for me just depends on when it just depends on my my kind of like total income for the year so then maybe I want net out like 5K then the operating costs if the ethereum gas fees go up it gets Crazy R so yeah I mean I that that's kind of something I've been thinking about lately I I definitely think that 50k a month was

was way too much but when it gets down to a reasonable sum I'll definitely just cease the donations and and take on the um the RPL for myself uh and and kind of like uh just pay for the operating costs and things like that with it uh so yeah just just putting it out there for you guys but in terms of how this will actually impact the rocker pool ecosystem it remains to be seen I did discuss the other day about how the rewards are being redirected and what that's going to look like but at the same time I think that the Odell thing or I guess like the rewards going to the Odell was a big point of contention for the rocketpool community and I think by reducing the rewards and making it and making the community feel like it's a fairer ecosystem uh that will be

long-term beneficial because the same kind of thing happened in I guess like ethereum on just like a larger scale so maybe this is a a this isn't the the best analogy but with ethereum there was a long period of time where we were paying miners a lot right um back but this is obviously back on proof of work and then we had something called the third inning where we basically reduced issuance from 3 8 per block to two eighth per block and during the period where that where we were paying three per block everyone was like you know we're paying so much to minus this is crazy we need to reduce this and then once it got reduced everyone felt a lot better about it so I think the same is true for the Odell where now the Oda rewards are being reduced the um there's

there's a lot less kind of like animosity there's a lot less resentment there's a lot less drama in the rockapole community and that should lead to positive externalities and a positive effect uh later down the line there I know recently the RPL price USD price has has come down I'm not going to comment on that to be honest I'm mean I have said before that I believe I believed RPL was um was a was a decent token but at the same time like I didn't hold that much myself and I didn't obviously recommend anyone to go and buy it uh but at the end of the day you know tokens go through price Cycles every token does every coin does it doesn't matter what it is it goes to a price cycle no matter how bullish it is either right no matter how much uh you think

that this token should be worth uh you know 10x what it's worth today or whatever there's always cycles that happen here and I've talked a lot about this before when it comes to markets where a lot of people recently thought oh yeah like the SEC um losing to Ripple means that the bull market is back on because prices went nuts and you know this um this lifts the uh the uncertainty from crypto and all this and like all of that is true in terms of like lifting the uncertainty from crypto and potentially providing more regulatory Clarity and getting legislation put through but that's not going to be reflected in the market immediately and not even in probably the short to medium term it's more of a longer term thing and I went over the other day how if you look at the ranges of things and how long it usually takes

to play out it takes longer than you would like and then I see people complaining about you know stocks going up and crypto not going up it's the same thing guys it's the same thing for on on a kind of like crypto macro scale encompassing all of the the coins and tokens and then on the micro scale when you look at each individual token and what their catalysts are and what how they're trading you know they'll have like a narrative trade for a short term but then they'll they'll sell back down but at the end of the day when it comes to investing and long and you and you're a long-term investor like a multi-year investor you have a thesis you have to stick to that thesis through thick and thin because there are periods of time where things are going to be really bad

and periods of time where they're going to be really good maybe you have a strategy to take profits when things are really good and that's usually how the best investors in the world actually do this right they don't get married to an investment because they know that these Investments even though they still like it go through these phases like just like what happened with eth in 20 in in 2017 going to 14 100 from ten dollars if you are an experienced investor and you knew how these Cycles work you would you were um you know you were taking profits at that point even if you loved ethereum even if you loved eth you were taking profits there the same is true from when eath went to like 4K or 5K and you bought eth at like between 100 and 300 you're like okay I love Ethan I love

ethereum but you know I I feel like the Market's gotten too hot now I'm going to take profits that's what happens on short medium long-term Cycles it doesn't mean that people are bullish or bearish on things it just means that they are selling at what the current market price is because they believe that their current market price is enough for them to take profits on it maybe that and a lot of the time don't get me wrong people sell things they never never buy it back or aren't bullish on it anymore they think you know this is stupid I'm gonna sell this because it's it doesn't make sense that happens a lot too but that's just the game at the end of the day investing is really really hard guys and I've said this a lot of times on the refuel bull markets make you think

investing is easy Bama Pockets convince you that it's one of the hardest things you can do especially if you're a first cycle and you just experienced your first bear crab market I'm sure by now you've been completely humbled like imagine you got into crypto in the bull market right imagine you got in in the start of 2021 and then literally for that entire year besides maybe I guess like media uh everything was was up only essentially right and you could make money by basically just throwing money at anything and the meme coins are popping up everything was popping off right and then imagine the next year 2022 you as a first cycle are most people as a first cycle they'll think oh you know this is just like a break you know this is just a dump before we we come back right because we already we

already did this in 2021 it's for sure going to come back and then you go through the whole of 2022 where Anita reminds you how many things blow up in 2022 and then you get into 2023 and at the start of the Year things start going up again right and and eth basically doubles in price you're like yes we're back baby and then it doesn't keep going it just stops and then it comes back down a bit and then there's other things that you've bought aren't doing very well they keep bleeding against Ethan BTC and now we get to where we are today and you're thinking okay you know you've accepted your fate if you're still around you're like wow okay everything I thought was true is not true that's the stuff that first cyclists go through and that's the lessons that they go through

but at the end of the day investing is very very hard doesn't matter what you what you invest in doesn't matter how bullish you are on it doesn't matter how much you think the market is wrong the market can literally stay wrong for years it can stay wrong for years for one reason or another it doesn't matter but what you want to do is you want to position yourself when the market is right and then you want to be right with the market and then uh you will obviously hopefully profit from that anyway that was a little I guess tangent about uh markets generally because I've seen a lot of discussion around RPL on the delegate Discord Channel I know a lot of you guys are Along on RPL I have a stack of it um of course you guys know you can see it on sasol.eath and I also

have my Oracle Dow um or Odell Bond as well so I have a decent size a stack of it but in terms of My overall portfolio it doesn't really kind of like register that much um and I guess like I I'm in a different position to a lot of you guys as well in terms of how much risk I'm I'm comfortable taking on and stuff like that but whatever I'm not saying I'm not trying to say that RPI is going to do bad or good or anything like that I'm very bullish on The Rocker pool ecosystem and protocol generally I'm very bullish on rocketpool um as a decentralized stacking provider but at the end of the day guys price is going to do what price does I think you have to just deal with that as best you can anyway enough about that moving on

to the next topic Diva So speaking of decentralized stacking protocols Diva announced today that the diva operator testnet is coming to uh you uh to all of us live in July so obviously we're in July right now uh but I'm I guess uh I I guess like this is happening towards the end of July here so if you're interested in joining the diva operator test net you can get all the details here uh there is a post here about operated or how to become an operator which I'll link in the YouTube description below I'll be great to see Diva making some moves here I know that Diva has become very popular within the ethereum staking Community recently I'm seeing a lot of long-time ethereum community members and people from like the East Sega Community

get very excited about it I'm happy to see that because I Look to those guys as a sort of kind of source of legitimacy for projects definitely and whenever they put their weight behind I can trust that they've actually vetted and they know what they're talking about uh and they you know they know that this project isn't a scam or rug or anything like that because I personally hadn't looked at Diva too closely but I have been lately so it's just great to see them joining The Fray here among all the other solutions that we have you know like swell and rocker pool and many others out there that I'm not naming right now like stake wise and stuff like that the ethereum steak and ecosystem is getting better by the day and I'm excited to be along for the ride as a solo sticker rockable steak uh future

stakewise V3 stake uh possibly Diva steak uh and and more right so yeah anyway you can go check this out I'll link it in the YouTube description below all right L2 beat has published their a report that they're calling upgradability of ethereum l2s so they say here take it to your post HCC flight and explore the intricate world of ethereum L2 upgrades and you can read the full report or follow this thread for a sneak peek so the full report here uh you can download it it is a uh you can download it off of Google Drive basically but what the port that what the report does and they describe it here is basically it goes over what the current state of ethereum l2s look like

from the perspective of upgradability so you guys know that a lot of the times I talk about these l2s and how they have multi-sigs and how they have upgradability basically what that means is that the smart contracts themselves can be upgraded so they can be changed in some way in in to do something right maybe not all of them but maybe maybe the the bridge contractor maybe the core part of the of the L2 and usually especially in the early life of an L2 that upgradability power is given to a a multi-sig now you can see here with ZK sync light for example there is a multi-sig four out of seven so it only needs four signers out of the seven to approve and upgrade to uh to to these things here as you can see listed as

well as a ZK sync another ZK sync multi-sig that has a 9 out of 15 uh to approve different things here and there's different kind of approval levels and different contracts to be approved and different things that can be done here and that's just an example but if you want to dive deeper into how this works and it how it works for each of the l2s you can download this report for yourself which I'll link in the YouTube description below but I believe as I was I was talking about yesterday I do about l2s and there and the risk associated with them I do believe that this is required reading for anyone who's interested in the state of the L2 space what upgradability looks like and how we're actually going to get to a point where essentially we either don't have upgradability or we have

upgradability with long delay time so for example on arbitrim right now since they launched their Dow I think there's like a 21 day time lock on one of their contracts or something like that I don't know the exact details they are listed on l2beat.com if you want to check that out but for example the mature state would be that governance has power over upgradability of the L2 but it cannot be upgraded instantly it needs to go through a time lock period and ideally you have like a multi-tiered Time Locker period where basically it's like a separation of powers as I discussed yesterday in the context of optimism governance where you would have like the house needs to pass something and then it needs to go to the Senate and then it needs to be kind of like blessed by the president basically right so I think

that the same would be true for a mature decentralized governance system for these l2s where you would have to pass through different levels of of governance in order to get an upgrade pass and then it goes into a time lock period is 30 days long enough I don't know right that's up to governance to decide 30 days might not be long enough for people to uh to be warned about a malicious pending upgrade or anything like that a maybe it's not long enough people to respond to that so all those questions are obviously open they're things that are being discussed by the ethereum community and it's just great to see l2b put out this report today to go into uh you know to go into more depth about this if that is something that you're interested in so I'll link this in the YouTube description below

and you can go check it out all right last up here I came across this tweet from Utopia today so they've announced something called usdc Bank transfers for businesses so now you can send usdc to any U.S bank account available to entities in all countries so they say Here Pay service providers in crypto pay office renting crypto and pay your mum in crypto pay literally anyone who has a us a bank account so this is basically Bridging the Trad Phi and crypto ecosystems and you can see here how it basically works it works via Utopia of course uh which is a treasury management solution for nurses safe users so essentially um they say here Utopias usdc Bank

transfers can power any crypto payments use case imaginable such as VC funds sending usdc wise to portfolio companies nft and D5 projects off-ramping their on-chain revenue companies paying the AWS Bill plus service providers with usdc and you can see here an example of what this looks like on uh the app that's built into nurses safia as well as how works so basically you can apply as a business by signing up at Utopia Labs you you'll have to do kyc of course because this is touching the traditional Finance system this isn't just crypto so you definitely need to do kyc uh you can get your application approved in less than two business days and start off-ramping usdca so it's a pretty simple process here it's I guess very similar to an centralized exchange

process but this is abstracting all that away where essentially you can just send directly in the nurses saved app said usdc which gets converted in the background to USD and gets deposited into a bank account which I think is a great way to abstract away all these things so very very cool to see this kind of like a connection here of the traditional and crypto Finance ecosystems and you know this this kind of um a use case here of VC fund sending usdc wise to portfolio companies actually hits home for me because a lot of the time I would say like 90 or 95 of the Investments I've made have been or Angel Investments I've made have been via usdc but I've believe a lot of the portfolio companies would be then

sending that usdc to an exchange and exchanging it for USD because they need that USD to pay costs that they can't pay in usdc so I think for a lot of companies a lot of companies raising it may be easier for them to say hey yeah we do accept usdc um but we're doing it through like this um this Utopia thing so just send it to us on there and then it automatically gets converted for them into USD into their bank account so they don't have to worry about all that accounting uh stuff there and keeping track of everything and having you know to go through centralized exchanges and all that stuff so that's definitely a big up there but expect to see more of this stuff uh going forward I've talked about real world assets before and how a lot of that stuff's coming on chain at the end

of the day usdc's is is uh is a representation of a real world asset which is USD coming on chain all stable coins are well all centralized uh collaterally uh stable coins that are backed by USD in a bank account are I should be I should specify there uh so yeah we're going to see more of these kind of like tools come online and integrating with nurses safe is a no-brainer because nose is safe or now I guess like it's just called safe is basically what the vast majority of these companies use because when it comes to custody and when it comes to multi-seat custody you do not want to be trusting a something new you want to be Trump adjusting something tried and tested and right now safe doesn't have upgradability as I was just talking

about upgradability before so the contracts can't be upgraded which means that you can't get rugged by the team or anything like that um the contracts themselves have a massive bounty on them because they hold over 100 billion dollars worth of crypto I believe which means that I don't know if it's still 100 billion dollars that may be an old figure but generally it's tens of billions of dollars which means that if someone was able to find an exploit in the safe contract they could stand to profit up to tens of billions of dollars so that is a huge outstanding bug Bounty then hasn't been exploited yet so that adds trust and and Lindy to it it makes people want to use that and the nurses Safe app ecos system or sorry I should say save ecosystem is uh is really awesome and I've used that it

works really well most of the time sometimes it's a bit Yeah but it's up to the apps obviously to make sure that they're integrated uh properly there so yeah anyway you can go check this out I'll link this in the YouTube description below uh for you to do so now I have a few minutes here just to talk about one last thing uh again a reminder that there's going to be no refuels on uh Tuesday Wednesday or Thursday and next week most likely because I'm going to be in Sydney um but on top of that as well uh there was a sorry I should remind you guys there was an AMA done by the taxon chain guys uh Merlot who you may have seen in the Discord channel before in the crypto uh sorry in the daily Discord Channel under the accounting taxes Channel there

uh mostly focused on Aussie tax um questions but you can go check that out a lot of great questions and answers there and a huge shout out and thank you to Merlot and the tax on chain uh Team for uh for doing that there uh really helpful to everyone uh within the daily Gray community now as said one last thing I want to talk about I was talking about the market stuff before and I've been talking about it a lot more recently please let me know if you don't want me to talk about the the markets stuff I try to avoid it generally because day to day there's really not much happening but I feel like I'm at a point now in my crypto I guess like life or investing life it's been 10 years since I've been in crypto um well technically it's been eight

because I wasn't in crypto in like 2015 or 2016 but I started in 2013 so I'm gonna I'm gonna say like 10 you know 10 years worth at this point and I think I have a pretty decent grasp on how different Market Cycles work and how people can like best position themselves for Success not in terms of giving direct investment advice but just get just giving kind of like the advice or or the wisdom or up or kind of like implying that wisdom on you guys that I've built up over a long period of time in the crypto ecosystem so please let me know if you want less of that uh because as I said the show is not about prices it's not about technical analysis or telling you where the crypto Market's going to go or anything like that and I have said before that I will let you

know when I think the bull market has started you'll probably know when it started because I'm not going to tell you until I'm I'm like pretty much 100 certain but as I've said before in general the rest of this year I'm expecting it to be kind of meh crap Market action maybe we break above 2K for a little bit or something like that I'm not expecting any fireworks but next year definitely seems like it would be uh it could be a positive year um but yeah that's just based on a lot of the things that I went over the other day so I'm not going to rehash that there but do let me know if you are tired of the market stuff and want me to focus Less on it always happy to hear feedback from you guys but anyway 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 that video a thumbs up subscribe to the Disco channel uh join the Discord Channel subscribe to the newsletter and I'll catch you all next week yes it is actually next week now because it is Friday so yeah catch you all on Monday thanks everyone