Loopring fast withdrawals, Berlin almost ready & more - The Daily Gwei Refuel #39 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the daily gray refuel where i recap the latest news neo theorem ecosystem i'm your host anthony sosano and today is the 20th of january 2021. all right everyone let's get into it for today so uh just a quick shout out here we crossed 1 000 subscribers on the daily guy youtube channel so thank you to all of you who have subscribed if you haven't yet be sure to hit that subscribe button uh it's really humbling you know 1000 i started this a few weeks ago it's really great all the comments coming in i love reading them i love getting all the feedback you know you can always feel free to dm me on twitter and give me any feedback that you that you want there but yeah i have big plans for the channel obviously i'll keep doing the

the daily refuels um i'm going to be doing the the daily grade data pumps as well i i'm not doing this months for various reasons i'm going to do next month which covers december and january but the first episode that i did in december is actually out and you can go watch that um you can find it on the channel and that just basically does like on-chain analysis on ethereum and within d5 so i'm going to be doing um one in february that goes over december and january which were big months you know we had eth2 go live so i'm going to be looking into that but that's going to be really exciting so be sure to subscribe so you don't miss that of course and yeah i'm i've got a bunch of other videos that i have planned as well just finding the time to make them i

really want to make some some noob friendly videos for basically everything in ethereum uh i think you know i was looking through youtube and there doesn't seem to be a very good what is aetherium video a lot of them are dated a lot of them kind of like use old terminology a lot of them don't even talk about defy so i really just want to make uh you know these videos where i basically sit here like i do on the refuels i go through like a slide deck and i just you know kind of give a lecture i guess you could call it um on on these sorts of things i also want to do video amas on discord as well uh where we can all just join you can join a call you can ask you know ask me anything you want and i'll be happy to answer it and

then we can all kind of learn together because the whole point of the daily way and everything that i do even at ethub is to educate and i want to do as much of that as possible so yeah definitely look forward to seeing more of that on on the channel within the discord with you know on twitter of course and everything like that so be sure that you join the discord channel too so you don't miss that and you can ask me questions in there anytime you want as well all right so saddle finance launched today and this actually caused quite a stir within the community because what saddle is it's a new amm specialized for pegged value crypto assets assets like tokenized bitcoin and stable coins essentially it is like curve pretty much exactly like curve

um so much like curve that they actually i think copied a lot of the code over and you can see michael here the founder of curve asking them why they copied the math one to one um and exploring the limits of ip laws when you could just derive the math for the same outcome um and yeah i mean there was a bit of drama here julian also works for the curve team he kind of had a go at matt lungo who's of an advisor to saddle finance here um so yeah i mean i think you know we've had this discussion before on the refuel and i've wrote about in the newsletter with the sushi swap uni swap drama where you can't copy something that's open source i know that some parts of kerb's code is not like totally open source you know

compounds code is copyrighted so that i'm not talking about that i'm talking about like actual open source stuff now i think what michael is implying here is that saddle didn't actually copy the parts that are copyrighted or like under those kind of ip law protection they they you know they're pushing the limits of that but basically the design is very similar they're launching something that already kind of exists so people are kind of questioning you know why why does this have to exist like why do we need this when we already have have curve which does the exact same thing and i get that i mean you know there's always room for more it's like asking you know why does sushi swap exist when we have uni swap well you know i've already i've talked about this in the

past you know sushi swap is doing different things they're innovating in different areas they're taking a different approach right they're taking a community first approach uh whereas uni swaps taking a more like you know team first approach where they build a lot of the things in private then release certain sort of stuff like that so you know there's always room for more but at the same time it just uh i mean curve is is huge right and it's loved by a lot of people um it's it's already being used so massively they're innovating rapidly so yeah there was a question kind of around that um for sure and then uh here um you can see that they had a lot of top-tier investors as well so you know all these people tagged here are investors and there's angels too it's just crazy like

look at the amount of people here the high frame i mean framework ventures very popular d5 investor poly chain very very popular investor in crypto in general electric capital same thing um and then there's a bunch of angels in here you know you have uh i mean other funds like alameda research is part of ftx coinbase right uh dragonfly cap i mean you basically got the who's who of funds and then you have the hussu of angels like kane from synthetics you have uh linda linda shea which part of scalar capital actually so that's a fund you have robert leshner through robot ventures which is his fund spencer noon andrew kang i mean the list goes on right like there are so many kind of um people here now i think actually i might be getting

a little bit confused i don't know if they're tagging them in there to kind of bring attention to this new app or or if they're actually investors maybe they're not all investors but i'm fairly certain that all these funds are investors um or advisors you know here's matt lungo here he's he's an advisor so you know they have the who's who of like the american crypto crowd on on board here and that's another red flag for people you know some people were calling it basically a a heavily you know vc kind of version of curve which i mean maybe but curve also has vcs and did an investment round before they went live and and all that stuff so i don't know it gets messy right people obviously don't like vcs in crypto um for one reason or another not

everyone i have nothing against vcs i mean i do angel investing myself as well like um you know i have nothing against that sort of stuff um but you know there are certain ways you can do it which feels better than other ways obviously the community doesn't resonate with projects that come out of the the gate right copying another project essentially and raising money from like you know the who's who of funds within the space um without you know having a product live doing a community kind of lead thing and this is going to be a very you know powerful narrative going forward i mean sushi swaps is succeeding and is growing so quickly because of the fact that it's community first and you know maybe this doesn't matter in the end because you know community is an important part

but it's not the only part of a product but at the end of the day um you know you kind of got to expect this backlash if you do this sort of stuff and i'm not trying to say that the project's bad or it's not going to succeed or anything but i totally sympathize with this um like a hundred percent because no one wants their project to get forked or copied right and especially by um you know maybe i guess they view this as kind of like a syndicate of like all these investors just jumping on the train to make some money i'm not saying that's what they're doing but that's what you know some people think that they are doing or what it feels like so yeah it's all about how you frame this sort of stuff you can frame it in a positive light a negative light

i'm sure if this went live right the app was out there it had use for a while blah blah blah and then they said they raised money and they announced the raise and then they gave tokens to the community and everything it would have gone down completely differently but because it's so closed off and no one knew about this project till today right it wasn't public till today people feel kind of like blindsided by it and they also feel kind of like well i like curve and this project feels like insider i don't really want to support it so there's a lot of that and then on top of that there was actually um uh something that happened with the contract it wasn't an exploit i think there wasn't enough liquidity in their amm exchange um so what ended up happening was that

um some uh some savvy trader ended up arbiting this and made i think they made a profit of 148 000 here i think from what i can see here from what our understanding yeah i don't think that was it was an exploit but um i think that it was uh obviously not something that they implemented correctly um on on the product so that just added kind of fuel to the fire right as well so yeah i mean i woke up to this and i was trying to follow along and there was just so much drama and then a couple of hours later people stopped talking about it and i was like okay and then we're on to the next thing there's a bit of drama around eip1559 and miners as i discussed yesterday on yesterday's refuel i won't rehash it here

but there's a lot going on there so never a dull day in crypto right um this is just really really funny to see um how it all plays out right you know being an observer in crypto and not getting involved in the debates like all the debates is actually quite entertaining um for better or worse because there's just always something new going on um so yeah that's that's that's subtle finance you know maybe they you know they they um they succeed they get volume they get liquidity we'll see how it goes but obviously a very uh you know a dramatic launch i guess you could say so spencer noon put out this really great tweet thread today he puts these out from time to time but he basically starts it with 11 signs

ether is going to blow past its all-time high and he has basically 11 tweets here with different ethereum metrics and how um you know how rapidly it's been growing now i'm not going to go through them all but basically you can see here that ethereum is basically the network that settles the most transaction fees which we've spoken about on the refill before um the hash rate is at an all-time high um the miners are confident even though that i guess like we're going off proof of work soon uh this is because minus follow the money as i explained yesterday they're pure service providers you know profit maximalists because they have to be because they've got costs to cover so of course they're going to come into the network when the price is going up

when the and the fees are like ridiculous like the fee revenue um there are more than 1.25 million d5 users i do want to clarify this is um and i've mentioned this on the refill before but this is what i was talking about when i said there was 1.25 million addresses that had interacted with d5 protocols and this doesn't cover every single default protocol but it covers the major ones so it gives you a pretty good idea but as i've said before people have multiple addresses right you have to basically halve this right and then you can probably have it again um and get to like 250 or something like that uh or 300 000 d5 users so still incredibly tiny there and then yeah bunch of other stats here monthly decks volumes at all time highs i'll go through that later on actually

um yeah and a bunch more here i'll link this thread for you to check out uh and you can also subscribe to spencer's newsletter called our network which uh publishes a weekly kind of newsletter with a bunch of different projects and on-chain analytics going on there and all these sorts of things so you don't miss them um but uh yeah we'll uh we'll see how it goes there and oh there's this funny comment that i just i just read here this all gets negated if btc decides to dump which sucks and that's exactly what what happened today btc decided to dump and and he's decided to dump with it uh but i mean that that's a short-term kind of stuff this is looking at the macro scale of things and like each fundamentals in the ethereum network's fundamentals that are going to

mean that ethereum keeps growing and it keeps going up in price so really great thread from spencer here if you're not following him go give him a follow he's uh he's really great he's been around the ecosystem for quite a while and definitely go subscribe to the our network and newsletter so james hancock the eighth one hard fought coordinator as part of the core dev team put out that uh the uh berlin network upgrade coming for ethereum the next network upgrade is almost ready you can see here that all the eips going in are pretty much uh finished for every every major client except eip2930 for geth which i am assuming that oh well and there was a correction here that 2718 hasn't been

merged for geth either so yeah two green checks which i'm assuming are going to be done promptly and what this means is that the clients are ready to do the network upgrade so we should see this go live within a matter of over the next maybe you know i guess normally you know it's a it's probably like a couple of months because or like a few weeks because you've got to give people notice right to upgrade their clients you're going to make sure that everyone changes over and and kind of update so that we can have this network upgrade go through because it is a hard fork um but i tend to not like using the term hard fork because in crypto it basically means contentious network split because we all saw what happened with bitcoin and bitcoin cash then bitcoin bitcoin sv there's been a bunch of other forks

that go on and hard fork is normally negative so that's why i call it a network upgrade because this is not contentious this is bringing in eips that kind of like improve the network make things better for both developers and users and the health of the network so yeah really great to see that we're almost there uh this has been you know we were supposed to do ethereum network upgrades every six months but it's been over a year now i think since the last one so we definitely want to get this in and the reason why it's been it's taken long guys because as i've said before the ethereum network has grown larger you know it's securing much more value we need to move slower now we can't move as fast as we once did with eth1 you know eth2 is still moving incredibly quickly but that's okay i think

you know i think this and then um you know eip1559 and then maybe one more network upgrade after this will be it for eth1 and then we'll just do the merge and then um you know eth1's kind of process will become part of eth2 uh but you know as a standalone eth1 i think we've got two more network upgrades uh well three more including erp one five five nine left and then that's kind of it i don't see another one going in before the merge i think the merge if it needs to maybe maybe there are critical things that need to go in before the merge happens and maybe i'm wrong there but yeah i'm not expecting the kind of rapid development iteration on eth one's protocol level that we've seen in the past uh

just you know for the reasons i've i outlined so georgios constant constantinopolis here put out a summary thread of sigma prime's post that they uh they published just a few hours ago so i was just talking about the eighth one to eth2 merger uh and georgios explains here that uh he's very excited about the merger uh because it's basically replacing um gate get uh guests or go ethereum's eighth hash consensus engine which is the proof of work uh engine uh with one that's controlled by the beacon chains validators which is the uh the proof-of-stake uh kind of architecture there anything i mean for those who don't know who jojo says he's one of the best researchers in the space he currently works at paradigm which is a

um probably the best crypto asset investment firm in the entire space they have a kickstarter that sorry kickstart a kick-ass team there so he knows what he's talking about when it comes to this sort of stuff and then he kind of gives a high level change here so yeah the consensus engine change um there there's going to allow the beacon chain to trigger reorgs according to the e2 rules uh this is getting quite technical but you know the peer-to-peer layer would be discarded and use the beacon chain peer-to-peer the only caveat is that eth2 validators will have to one run eth1 full nodes which they are already doing anyway because that was part of the setup process if you were setting up an eth2 validator um so basically

yeah this is this is the merge right and this is already being worked on by all the teams in eth2 and it is of the highest priority to get this done because we want to get off proof of work as soon as possible for for for multitude of reasons right we want to lower that issuance to under one percent of of issuance we want to get off um you know what the ethereum community considers to be an extremely wasteful proof of work uh it kind of consensus mechanism because of all the energy that it uses and also you know there's a lot of kind of hostility from the miners towards uh the ethereum community now be over over certain things in terms of like you know network upgrades and they're trying to veto things like eip1559 and stuff like that because you know that's them taking a

pay car and it's just weird to me because they knew this stuff was coming for a long time i mean one five five nine is almost three years old probably at this point um they've known that proof of stake was always on the road map since genesis so they should have forecasted this into you know if they were going to mine on the ethereum network they should know you know okay once once each one gets merged into eth2 and it switches to proof of stake are we going to just mine a different chain if we can you know how profitable would that be um are they going to maybe do their own fork right because there's a lot of because there's a lot of money riding here on the line here i actually think that there's a decent chance and uh that there will be a fork uh once

the merger goes through and the miners will con will continue the eth1 chain right as like a separate chain as a proof of work chain and then try to get some exchanges to list this new kind of coin that they've created to to to make some money from it i think there's a pretty decent chance of that happening just because of how much money is on the line with miners uh and just because they can do that if they want to so yeah we'll have to see how that shakes out but i don't think it really affects ethereum at all it just means that you would get you know this new you know maybe i don't know ethereum classic classic coin or something like that uh that you could sell for more eth i mean that's a bonus um but it would cause a bit of drama i

think short-term drama but it wouldn't cause any disruption to the ethereum network because the actual ethereum network and what is ethereum right is going to be you know e2 with each one merged into it but we'll have to keep an eye on it you know i know i have bash miners a lot lately and i i'm not this isn't supposed to be personal against miners or anything like that i respect them for what they are but i've harped on a lot about it and i feel very strongly about this is that when you are a service provider and you're being paid for your services to the network right you don't get to cry poor you don't get to veto network upgrades because you know it's going to hurt your bottom line like i'm sorry but you're making like miners are making more money than anyone in this ecosystem

right now i don't get paid for you know from the network ethereum core developers don't get paid from the network i think community members don't get paid from the network unless they're miners right the miner group is is the only group that in ethereum that gets paid by the network directly to provide a service and because of that they are fairly compensated i do not think that they should wield you know outsized power because of that and they will you know the game theory says that they will follow where the rest of the community goes and you know if they fork off it's going to be a minority fork it's going to be worth you know basically nothing if no exchange is listed and if some exchange is listed it might be worth a little bit for some time then it'll drift off to nothing

like you cannot have a chain without community support basically miners do not control the network doesn't matter how centralized mining becomes that the miners themselves don't control the network from a game theory perspective but you know the centralization of mining is a concern for nation states and stuff like that but in terms of miners they're just gonna do what gives them the most money they are profit maximalist to their core they have operating expenditures that they have to deal with they are going to mine what's profitable they are not going to kick themselves off a profitable network right just because they're making a little bit less money than they were before they're still going to mine it so that's kind of like a summary of the debates that i'm seeing happen everywhere and yeah i just think that um i mean

i get it you know if someone was to say to you oh i'm gonna cut your pay you know even if it's just ten percent they come to you and say i'm gonna cut your pay by ten percent right um because it's healthier for the company right of course you're gonna push back against that but the thing is is that usually when someone says that to you in a company it's like kind of right whereas with ethereum and the network eip1559 the benefits of that vastly outweigh the quote-unquote pay cut that miners are going to take and in addition to that miners are making too much money already right they're already making you know way more than they ever thought they would because of the fee revenue which actually if you go back to the ethereum white paper you can see that the fee revenue is just about is

just supposed to be a bonus the miners are paid by the block rewards and anything over that is a bonus so really when you forecast your expenditures when you're a miner you shouldn't take fees into account at all because fees fluctuate you don't know what the fees are whereas the ethereum kind of block rewards at least uh you know from for most of the time remain the same there have been reductions there but that's because the price has gone up so you need to forecast out you know just in case there's a there's a block reward reduction and the eighth price and you also need to take out the fees from that you cannot include fees in a forecast because you don't know what the fees are going to be no one knew that the fees were going to blow up this much so at this point any

of them crying poor is just you know obviously complaining because they're going to take a little bit of a pay cut so we'll see how that shakes out i think 1559 is going to go in with no issues this is just miners trying to trying to get some people to feel sorry for them i think which you know it is what it is all right on to some set v2 protocol updates so i set uh has been building v2 for quite a while now and today they added a sushi swap trade adapter a uni swap trade adapter and chain link oracles for band hedgic and cover this means that set managers can now trade using sushi and uni swap liquidity and use these new chain link oracles to issue

new sets basically so this is really cool i mean we've been working on this for a while it's set uh this v2 rollout so it's really cool to see that we've got these trad adapters out there for people to use so if you're a developer you can go use these right now and as i said here if you're a set manager you can use these but the set managers really right now are just um you know i mean any developers that want to get something up the um index co-op controls or manages the d5 pulse index as well so like a set manager for that so that's kind of what we mean by managers um but yeah you can go build your own kind of set and issue it and then um you know use set protocols infrastructure to do these sorts of things so

really cool to see that from from set today or from from my team today i was really excited to see this go live so this flew under the radar today and i don't know why loopering introduced a new feature called fast withdrawals for their layer 2 exchange you can go from layer 2 to layer 1 in 30 seconds 30 seconds like ah that's so amazing why aren't people making more noise about this like 30 seconds of withdrawal from layout two to layer one is like is insane right that's like two ethereum blocks um you know this just makes the user experience so seamless uh for for for this and this is exactly what we need to get more user adoption no one wants to wait an hour for

withdrawals right no one wants to wait a long time and the fact you can do within 30 seconds and it's still secure and it's a and it just feels so seamless is is incredible i mean i love what loop rings doing lately they're just doing so much pioneering work here and i just wish more people were talking about it and putting kind of like attention on this because these guys are killing it right now um you know and and kind of i didn't see this until later in the day and i'm like why haven't i seen this yet like why aren't the people talking about this ah so i shared it with a few of my friends like guys like this is this is amazing like let's let's let's talk about this and you know i got them a little bit excited too so yeah i mean so i i'm getting like too

giddy right now but this is the kind of stuff that i just love to see this is the innovation that i love to see within ethereum you know solving these fundamental issues right slow withdrawal times from layer two to layer one have been one of the biggest drawbacks that people have noted uh for different implementations and now you can do it within 30 seconds which is is nothing right um you know we're already used to waiting you know maybe one two three ethereum blocks for our transactions to confirm which is you know and ethereum blocks 15 seconds on average so basically uh two ethereum blocks 30 seconds you know we're used to kind of to weighting this and and this is to go from layer two to layer one right you only need to do this when you wanna um interact with layer one protocols or

do something on layer one whereas when you leave it in layer two you know i imagine eventually people will live in layer two and just stay there for most of the time so the fact that you can go to layer one whenever you want in 30 seconds even though you're gonna stay in layer two for most of the time it's just like the cherry on top here we're solving the fundamental scaling issues of ethereum in real time and i can't think of anything more exciting right now than what's happening in the layer two space um because this is what's going to enable us to scale to the world it's what's going to enable us to grow d5 to trillions of dollars in locked right trillions of dollars of liquidity basically take over everything and ethereum becomes the global settlement layer for for all of finance i just

cannot understand how important this is uh to getting us to that vision we need layer twos they are coming they they're here they're they're getting better every day and i just love that that loop ring is is doing this so go try this out yourself go try the exchange on looping if you haven't yet if you do anything today i want you to do this this is some homework for you guys go to loop rings exchange i'll link it in the youtube description give it a try give it a whirl the onboarding experience is pretty straightforward not totally noob friendly but it's definitely there for people who have used d5 before you'll understand uh what's going on um yeah definitely highly recommend going and checking that out so uh brave has integrated ipfs uh

so the internet interplanetary file system into their browser so that now they natively support it so for any of you who use uh brave you can actually access ipfs links from the browser without having to install any extra extensions or anything like that which is really really cool i mean uh for those who don't know ipfs is like this decentralized kind of web hosting service that's been around for quite a while um the ipfs team's actually the one who built the ones who built filecoin as well so um a lot of websites or a lot of i guess ethereum websites and dapps uh they go onto ipfs to decentralize their front end so now you can access those with brave which is really cool i mean i don't use brave i'm using chrome i'm just used to

chrome but i have brave i mean i use brave for some other things um i do have it open um it's a really great browser in general it's got like the inbuilt ad blocker right you can tip back tokens to publishers and stuff like that so yeah i mean if you haven't downloaded brave give it a give it a try as a browser it's pretty quick pretty snappy and now you can access ipfs links seamlessly through the app which is which is really really cool so another tweet from spencer noon today that actually got me thinking and i'll read out the whole tweet here because it's the dense one so quote i have no idea how to value eth what i do know is that it's an unprecedented asset that secures an unprecedented network and unlocks unprecedented use cases don't fall for superficial historical

analogs from quote experts end quote it's false precision get comfortable with the uncertainty uh end quote on that tweet so this got me thinking because you don't want to be able to value eth because once you can put a fundamental value on eth you can put a cap on its on its kind of you know value accrual you can put a cap on how high it can go we don't want that right and i don't think we will be able to ever fundamentally value eth because of the fact that the ethereum network is so expressive it's so generalized and the eighth asset is so powerful that people will keep coming up with new use cases new innovative use cases for the network and for eth for decades to come

you know we're not the next killer app could come in 10 years right we could be like taking over the world ethereum could be the global settlement layer d5 could be running the entire financial system maybe it doesn't happen in 10 years but you get what i'm saying and then a few years later some young dev comes along and and kind of uh does something that we never even thought was possible right so there's no way to value eth there's there's really no way to value it all you can value is that do you think this thing's going to change the world yes do you think is going to capture this value uh yes staking one five five nine trustless collateral right we have those three core pillars of eighth value accrual do you think that um there's going to be new use cases going to be extreme demand

for ethereum going forward yes because the total adjustable market of finance right is the entire world and ethereum is more than finance more than d5 it is a human coordination mechanism the best one we've ever had right so i mean i don't know how you cannot cannot be bullish on each at this point i mean like uh i mean i know i'm an eth permaball but like come on like if you see what's happening on ethereum right now and you're not bullish on eth on the network on the various defy tokens that are capturing this value then you just you just i mean a lot of people like to just be ignorant to this sort of stuff they're blind and you know i know pretty much all of you watching this are probably you know don't fall into that camp because you're watching me rabble on about aetherium all the time

right so you're obsessed with it as i am but basically you you you know need to kind of i guess maybe shift your mental model from it's so it's you know high now and like i can't go much higher than this or like the market cap is like bigger than this bigger than that two well this is a brand new thing that i've never had before it's literally revolutionary no one knows how to value this stuff i'll just ride the wave now that's not investment advice that's not me telling you to never sell right that's not me telling you to wait for like a hundred thousand dollar eighth and then sell that's me saying to you that we're gonna have you know these waves we're gonna have bull and bear cycles that's gonna keep happening but the long term value of eth and i truly believe

this is going to be in the tens of thousands if not hundreds of thousands of dollars and long term i'm talking decades right i'm not talking like a few months um that's why i gave my 10 thousand dollar eighth price target right um and you know and that's why i said it was actually my conservative target if ethereum succeeds and fulfills everything that it's doing um because ethe is just such an amazing asset and the ethereum network is such an amazing platform that is going to change the entire world and it really will i really truly believe that and i have believed that for a long time now it's why i've dedicated my life to this stuff so if you want to be along for the ride you can buy eth of course right or you can get involved in the ethereum ecosystem in a number of

different ways and i encourage you to do so even if you can't go full time do it part-time do something anything you don't you don't have to do um you know anything big i started by doing a weekly crypto newsletter when i wasn't working in crypto in early 2018 in the depths of the you know not the depths of the bear market but like the start of a of a two-year bear market um and that was just a basic newsletter right it wasn't anything fancy uh you know it only took me a few hours to put together each week but you know that's what got me started on my journey and and kind of like i am where i am now because of that and because i stuck to it and i believed in it and i'm sure a lot of you believe in it

too so if you have the time you know maybe instead of sitting down watching netflix you know you do something in the ethereum community it doesn't matter what it is you can write a blog post you can make a video you can start a podcast it doesn't matter you just need to stick to it like you know take it from me the first uh when i did my newsletter for a few months i only had a couple hundred subscribers right but i kept at it because i believed in something i believe in something greater than myself i believe that i was adding value to people and as long as you're adding value to people that's all that matters in my eyes so uh yeah encourage you to get involved in any way you can make memes right memes are cool memes are important people love

memes i love the ethereum memes account you know i've mentioned them before um they're adding tons of value right they're bringing joy to people that's that's what counts so you know as long as you're creating value you know you're cool in my book so really interesting tweet from justin drake today uh when eth was actually you know not at 1200 or thirteen hundred dollars that it is right now when it was at like fourteen hundred dollars there was three point eight billion dollars worth of eth2 uh worth of eth in eth2 um and that has been deposited over 76 days on average that's been 50 million dollars a day it's 2.3 percent of the eat supply uh the makeup of it is one one-third of it is individuals one-third of it is exchanges and one-third of it

is pools and whales um there's currently a 17-day activation queue which hasn't gone to zero so far that means it's going to take if you deposited ethan to eth2 today it would take 17 days to activate your validators and coinbase gemini and bitstamp have yet to enable deposits so this is huge right eth2 is huge we all know it's huge it's just growing every day last i checked i mean there's 2.8 million ethan there i expect that to grow up to 5 million over the next few months especially as these exchanges come online decentralized staking comes online all this sort of stuff so yeah anything's chugging along i know i don't talk about it too that much on this on this on the refuel and that's literally because it's it's going fine it's chugging along just fine

there's no major incidents research and development is happening behind the scenes you know there's no deliverables yet because it's a lot of um development still going on but yeah the the the development's there it's it's chugging along and and we'll have more releases i think this year you know i'm hoping that we get phase one this year and the merger next year but we'll have to see maybe i'm being a bit too optimistic there but it's only january so we can we can see what happens there all right last thing to talk about because this is getting a bit long now it's at 35 minutes or more 34 minutes uh so basically the centralized exchange volume for a january is currently at 37.3 billion dollars which is a monthly all-time high by far so those of you watching the video you can see the chart here

right i mean the last all-time high month was in september i think yep september which was the height of like d5 mania and it kind of went down after that a little bit but has trended back up and now in january we have smashed through the records and you know the the the uh the exchanges kind of making the most volume here a uni swap uh curve and sushi swap from what i can see and uh 0x is actually uh kind of inching up there as well which is really cool to see and there's 12 days left of january still right there this 33 points 37.3 billion is probably going to be 50 billion by the time january is finished especially if we keep having this price action and volatility and all this sort of stuff going on so

this is just incredible i mean decentralized exchange growth is the most incredible thing i think ethereum has ever produced up until this point um they they're basically used by everyone they have an extremely strong product market fit they have so many benefits over centralized exchanges yes the fees are high i get that but i mean uh loopring has their exchange you can go try that right that uniform is going to go to layer two there's gonna be all this stuff happening um and it just offers such a better experience right no kyc no waiting for you to deposit the credit into a centralized exchange no you know exorbitant fees minimum withdrawals just do it from your own metamask wallet or whatever right from your ledger

it's just like you know i i can't like kind of um explain how incredible it is and you can see it in the chat look at the chart look at 2019 right it just it was nothing and now 2020 we're just we're doing more volume than centralized exchanges this is the power of ethereum and this is what i was going on about before about you can't value ethereum you can't value it it's impossible right no one saw this coming and no one's going to see the future coming we're all bullish right we're all really bullish but we're going to keep getting blown away and that's the most exciting thing about ethereum is that we're going to keep getting blown away day in day out and nothing is going to take that away no one can stop the ethereum network no one can can take over it right well

they can technically but it's very very hard to do that right and we're marching forward to this massive upgrade in eth2 you know the first versions live all this is coming it's just so hard not to be bullish i'm just so bullish today because we hit all-time high yesterday and i've been on a high all day even though the price has come down a bit i don't care i am just on such a high and i want to share that joy with all of you and i hope that you're all as excited as i am uh because this year is just going to be is going to be amazing i think we're going to see so much happen on ethereum and i'm just so pumped for it i will digress i have gone very long with this refuel but i hope you enjoyed it um special i guess like after all-time

high uh episode but yeah thank you everyone for watching and listening subscribe to the channel if you haven't yet give the video a thumbs up join the discord subscribe to the delight newsletter and i'll catch you all tomorrow thanks everyone