Loopring's counterfactual wallet, EIP-1559 analyzed - The Daily Gwei Refuel #279 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the daily gray refuel worry cap the latest news the ethereum ecosystem i'm your host anthony sosano and today is the 23rd of december 2021 all right everyone let's get into it so i forgot to cover this a couple of days ago loopering or like i guess yesterday loopering announced the release of their l2 only counter factual wallet plus direct to loopering l2 fiat on ramps uh which are finally here as they say now in layman's terms what this basically is is it basically allows you to not have to create a r1 smart contract wallet using loop rings ios app and you can bypass bypass that all together and you'll have an l2 only wallet until you want to create an l1 wallet right to kind of go back to l1 so loopring's

calling it a try before you buy it option which i think is actually a pretty good way of putting it because what this does and what counter factual kind of like what a canon factory wallet actually is it means it's basically creating the wallet for you at kind of like layer two and then uh kind of like reserving your spot on layer one at least i think that's the correct way to think about it right so that later when you want to create it on layer one you can using the same address that you have on layer two of course so this is super cool as i said it's only available on ios right now but android is coming soon here which is really really awesome um and you can you can find a full description here of uh i i guess like what uh what what's going on here the

benefits the drawbacks you can see here there's like a a a few drawbacks here where an l2 only wallet won't give you things like social recovery or daily limits or locking your account or anything like that but the cost you created is much less but if you kind of like uh create the l1 wallet as well you'll get all these kind of additional benefits here but it costs i mean that's like 30x more gas it costs 10k gas just for the l2 wallet and 300k gas for the l1 wallet and the l2 wallet so yeah um but also the sphere on ramp so ram network is providing direct fiat on ramps to loot ring now which is really cool to see i remember i discussed yesterday about how i want to see you know fiat on ramps everywhere and all these l2s whether they be the kind of

like um standalone l2s or the generalized ones or anything like that i want to see them everywhere but yeah this is a major announcement from from loopring you know funny thing is counterfactual wallets or counterfactual smart contracts in general has been something that's been discussed for a very long time i think maybe 2017 maybe earlier than that i remember um amin from uh from spank chain actually put out a blog post maybe it was 2018 talking about this and at the time i was like okay this is really cool but i didn't kind of like see the practical applications of it back then um but you know i definitely do now and i think that it's going to be seeing more and more use as time goes on and you know loop ring just continue to kill it on with the l2 game the thing is

it's funny because they're not like an app-specific l2 but they're like a generalized l2 they have their own ecosystem where they have a bunch of different products on their zk roll up right they have the wallet they have the exchange uh they have the loopering pay there's you know they have the nft stuff going on there with you know people people are kind of like um creating rumors right now that lubricant might be partnering with gamestop you know the thing is i don't actually think it's it's too far-fetched to uh to kind of like think that because um the former head of business development at loopering um matt feinstone actually is the head of um crypto at gme now gamestop now so it's not too far-fetched i think that's the connection people are making uh but i don't have any kind of like insider information there or anything like that

i mean matt is a friend uh a very good friend but um you know i don't know what's going on there i haven't i haven't actually spoken to him in a little while now now that i think about it but uh yeah now blueprint just continues to kill it with the l2 game just slowly a bit surely and i'm really really glad to see that they brought out their counterfactual wallet release today so unisop v3 is finally live on polygons pos chain this was i guess like something that happened over the last month or so i believe and i remember going through each of the voting stages with you guys on the review i thought it was pretty important because uni swap as i've mentioned before is only on arbitrary optimism and uh if our one main net and going on to the polygon post chain

is a big step forward for them i i i believe right and i would really want to see units up on the other l2s as well and the other kind of uh you know maybe friendly side chains i don't know how many there there actually are like x die and and merged and created this um gnosis chain thing which i have had a few people um ask me about and i've discussed it before on the refuel they call it like an incentivized test net but like i don't know i i i still don't really see the point of it but i'm not going to get into that now um but just really really cool to see that unicorn v3 is live on polygon because i mean there are other amms on polygon like uh polygons pos chain like quick swap but the thing is is that as i

mentioned before unisop is just so dominant right they have such a dominant brand everyone knows everyone knows how to use it and lp and trade and everything like that they trust it which is a big thing so people are going to be using this in kind of like droves on on polygons pos chain because they have so many active users on there already and just deploying unisop there is going to be amazing so i can't i mean i can't wait to see some stats around this it's only been i mean less than 24 hours i think so there's not going to be that many stats on on this just yet but i i can't wait to personally see the the kind of like metrics around this and also to see how the the growth compares to their other deployments right at the end of the day because i mean albatro and

optimism are awesome but i believe that the polygon pos chain actually has more users or at least more active kind of like addresses um by by a long shot because they actually did i mean polygon actually did liquidity mining originally to get kind of traction they've kind of tapered that off over the last few months but they do have a lot of users and a lot of apps on there now so they have their own kind of like ecosystem that's going on there so that makes a lot of sense for sure so yeah i'm very much looking forward to seeing some metrics around that there and uh next up we have a slingshot who announced today that they are supporting union top v3 on polygon so you can use slingshot to trade uh through uni swap uh you can just go to this link here

it'll link to the youtube description but great to see i mean it's already been integrated i mean that was really quick right i think there was a few other things i've got integrated really quickly as well and it just shows how fast these things move could you imagine something like this launching in the traditional finance space and then having to get like everyone to support it it would take months if you know if not years whereas in ethereum land or in crypto land if you launch something um everyone it was just because it's all open and everything's kind of like smart contract based and open basically an open api everyone can just tap into it build on it integrate with it uh on the day which is really really cool so yeah really cool to see slingshot already supporting the uh uh kind of unisoft v3 deployment on polygon uh last

bit of polygon news is that they announced today that opera or opera oprah um the web browser is going to be powered by polygon soon so the browser will integrate polygon in their web 3 ready browser uh and inbuilt crypto wallet in q1 2022 so that's another massive kind of like partnership for polygon there's actually a pretty big day for polygon today you know i know i spoke about them yesterday and i put a tweet out saying yesterday they got a bit of heat over where i said polygon deserves to be in the top 10 but you guys know i'm an advisor to polygon and i've been so bullish on them you know for a very long time like even before i was an advisor i was really kind of like bullish on the ecosystem that they were kind of like building and you know i knew about it

before and i was like this is going to be huge right so yeah i know i talk about them a lot but that's only because they're doing so much i mean if there's any team within ethereum that is just absolutely killing it across like every vertical it's definitely polygon but i'm gonna i'm gonna leave it at that uh you can definitely check out more information about this partnership it'll be linked in the youtube description below so the ethereum foundation put out their final year update around uh the ef supported teams roundup of 2021 uh from 15 plus teams so it's worth the read so you can see here that all of the ethereum foundation supported teams uh have basically um detailing what they're doing recapping what they've done you know in 2021 this is a pretty long lengthy blog post you

can see here all the different types of teams that are supported teams working on um consensus research development uh the ecosystem support program ethereum.org i'm just going to list here geth form verification uh zkvm all these sort of sorts of stuff right so this is really really cool to see there's updates and there's links to all these other different things here and this really is um probably one of the best summaries of stuff that's happening within the ethereum foundation kind of like uh as a as a group because i know that transparency into the ethereum foundation isn't really there not many people actually know what they do um i think i would summarize what they're doing kind of like two major

things they provide funding for these teams and they also uh kind of like try to push out all the functions of i guess like what ethereum is trying to do into the public domain and and trying to kind of like support that through you know public goods funding trying to support it through grants and uh sorry um special grants like the ones that i mentioned the other day the the um east to client incentive program where they gave a bunch of eighth to client teams uh then they run you know they run the devcon event as well which is the biggest ethereum event of the year unfortunately we haven't had one for two years now but you know we might have one next year uh but yeah i i highly recommend going and giving this blog post to read and just checking out all the links and everything because this

would be your best way to learn about all the kind of like less talked about ethereum things that things that people just don't like you know talk about on twitter too much and and don't kind of like pay much attention to because it's very i guess i would call it lower level stuff where it's a lot of um a lot of stuff that he's not kind of like got bells and whistles on it but he's necessary work so definitely go check this out it'll be linked in the youtube description below so across protocol announced today that they now support round-trip bridging so you can now send assets from l1 to l2 and back again the l1 to l2 bridging is accomplished by an integration with the canonical bridges of optimism arbitrim and above network this is really really cool to see just more kind of like

bridge infrastructure being built out i really think that in addition to 2022 being like the year of l2 it's also going to be the year of multi-chain infrastructure and that obviously includes l2 you know to me it's always funny when people talk about like the l2 world or sorry the multi-chain world and then they kind of like you know talking about like other l1 and things like that like for me it's just like l2s right but also the other l1 and all these kind of like bridges connecting all these sorts of things so i do think 2022 is going to be the year of l2 the year of um cross chain cross l2 infrastructure not just bridges but those um arbitrary message relays that i've spoken about and other kind of supporting infrastructure around that even block explorers and stuff like that for the actual bridges or bridge

explorers whatever you want to call them are obviously very important and very critical there so yeah great to see this update from across protocol definitely go check out the blog post for more info on that so metamask is teasing another feature again part of their christmas featurettes here so you can see here that they are working on the next iteration of the eip1559 interface now this is just a teaser you can't really see much what that's going on here you can basically see this little screenshot where they seem to have like a much more simplified interface with and they're saying it's going to come with improved gas estimations great new ui and simplified advanced settings this is great to see because i know that with metamask a lot of people have been complaining not just about their 1559 integration from an interface standpoint

but also just you know generally with metamask so it's great to see them focusing more on on the ui of of the kind of like mobile mobile app mobile app and the kind of like um chrome and firefox extension because at the end of the day as much as kind of we all complain about metamods we all use it right we all use it pretty religiously we use it as a pass through for hybrid wallets it's what we know we know it's kind of like secure it's been around for a while it's um it's supported by pretty much like every uh web3 app out there so there's a reason we all use it right so but still we we do want it to have like a better ui as time goes on especially around things like um one five five nine and gas estimation because that's something that people

toggle free pretty frequently depending on how fast you want to get your transaction in for me actually most of my transactions since 1559 went live i haven't had to actually touch these settings but depending on the type of user you are you may or may not need to do that so we'll keep tabs on this i'm sure they'll bring out more information about this very very soon so speaking of one five five nine pintail put out a really great article today having a look at if one five nine fulfilled its objectives and the tldr is that the transition is still underway for one five five nine you can see here that legacy transactions still make up a significant uh part of main and mainnet activity so in green is the one five five nine transactions in orange is legacy equivalent uh transactions

and then in blue is legit legacy transaction so it is trending down um the the legacy transactions i think i think what it's like 35 percent just eyeballing it here and one five nine transactions seem to be dominating more and those who are using one five five nine type two transactions are enjoying significantly lower variability which in kind of like fees which means a more efficient gas market now i've explained this to you guys before is that but that was the kind of benefit of 1559 is that it would smoothen out the gas fees it wouldn't reduce them it would smooth them out which would lead to a small net reduction in in the best case there so you can see here that uh pintail given gives an example where they say for a concrete example consider tornado cash transactions which average 6.4 percent

cheaper when type 2 transactions are used so this is the little bit of kind of like gas savings i was talking about where i think it's anywhere from like five to 15 percent that you could have um or could have kind of like a reduction here i remember coinbase had a reduction of about seven percent or something like that across all of their transactions so it was i mean it wasn't uh negligible but it wasn't like a massive saving and that's why i always said that 1559 wouldn't substantially reduce gas fees but because it smoothed out the gas fees it would lead to lower uh you know slightly lower transaction fees which is always uh really really good to say so yeah i mean the tldi is that 1559 definitely fulfilled its objectives um not only did it provide us with a fee

burn um which is obviously one of its objectives the other one was smoothing out the gas fee market and making it much more efficient and much better in general i don't know about you guys but i felt it as i said before i haven't had to really adjust uh many transactions since one five five nine where one five nine went live uh because of the fact that the estimation is just much much better and you're usually included in the next block or or two which is really really cool so yeah definitely go give this article a read because it goes into much more detail about this and provides a lot of proof which i always love because pin i mean pinterest articles i've been reading for years now i remember pintails article on uni swap was was the um one that actually got me to understand uni swap so this is a

length you want a 38 minute read on one five five nine but if you really want to dig in and really want to see that it actually you know with research backing up all the statements that it actually improved the gas fee market definitely check this out because i know know there was a bit of fun around this where people said oh 1.559 increased gas fees and it didn't actually do what it was saying was going to do it was all just about the fee burn well now you have basically irrefutable proof that that's incorrect and you have kind of like all this research to back it up so very very glad to see this from pintail and thanks to them for putting this out so um famous basketball player shaq uh uh uh updated his name on twitter today to shack.f i guess um you know the funny thing is i

always used to say this guy's name wrong because i don't i don't follow basketball and i know this guy is pretty popular in the us i used to say his name is shark until one day someone called it out for called me out for and i was like what are you saying man they're like well who's shark i'm like shark the basketball player and they're like what you mean shaq and i'm like oh is that how you say it i'm really bad at pronouncing words uh a lot of the time and i tend to change how i pronounce them because of the fact that um i listen to so many different voices like sometimes i'll say data and then sometimes still say dada like my my fiance's always but whenever i say uh say they say data she's like it's data and i'm like ah okay it's just it's just

funny how like that that happens i remember when i visited the us i started saying uh water as uh um in a different way in the kind of like american way i can't even remember how to say it right now but it's funny how that that plays out but anyway that's a little bit of a tangent it's just really cool to see this because this makes um uh shaq the number one uh i guess like account on twitter with the dot eth name as as his twitter name so i don't know if this was actually him who did this or his kind of like intern that controls his twitter account i'm not sure i don't follow him so i don't know if it's actually him that's controlling his twitter account but look at ens taking over the world right this is really awesome there's actually

a leaderboard that shows you uh or kind of like all the people you can go here to eighth leaderboard.xyz and it actually shows you the leaderboard of um people with um uh their twitter name is an ens so you can see that people like trey songz drake bell from jake um drake and josh and i mean i justine famous youtuber board elon musk i mean there's so many people that have a lot of followers uh with with an ens name now and you can see uh that that uh shaq here has 15.5 million followers which is a 1.7 million more than trey songz which makes him number one and you can just scroll down the list to see it all i think last time i checked i was like one uh sorry top 50 still yeah i'm number 42 which is which is pretty cool i mean

it's still top 50 but it's hilarious to me that there are people like above me that um are not kind of like native people or crypto native people uh they're either just they're doing it because they want to get more involved in the web three kind of like vision or more involved with ethereum or they're doing it for i don't know but some i actually i actually think you know i'm not sure i mean there's lots of different reasons why people would do this but i like to think that it's because they've kind of like looked into web3 looked into ethereum ethereum and being like oh cool i can get my own kind of um i guess domain name so to speak right i can get my own uh my own name that attached to my own address and i can just send people this instead of

sending them my address so and i actually think that ens is the best non-financial application that we have on ethereum and i mean just best probably just even the best application in general that we have to show people the power of this technology and say to people look you can have a wallet that allows you to do all your financial transactions and all your other kind of stuff uh without a bank and you can also attach your own uh kind of name to it so that you don't have to have all these funky characters you can just attach uh you know sasser.edu to it and then you'll be able to kind of send funds there because i don't know how it works in your countries but in in my country in australia i still have to send people a bunch of numbers for my bank account

details they do have some systems now uh where they allow you to send like your email and things like that but not all the banks support it and it can get messy and murky and then you still want to make sure that everything's okay and then you have to kind of like ask them for it where ask them for their account details and stuff like that whereas on ethereum if you want to make sure someone's ans name is actually correct you can just put it into either scan and you can it will spit out the address for you so and some apps will actually automatically do that as well as part of the integrations but yeah cool to see uh shaq kind of supporting um ethia i love this.eth right because like immediately people see that and like what's dot eth and then they'll just go google it and

you'll you know and they'll find igneous they'll find ethereum and they'll get more involved so it's a really great marketing vehicle i think all right finally here we have element finance announcing a new primitive for grants and rewards called the optimistic grants and rewards programs so i think the tldr of the optimistic approach is essentially that uh they're going to be uh they're going to um they've said they said yeah we think that it's important for the element community to push forward and run new funding experiments with the new primitives at their disposal to make the grants process more open and efficient this is why we're pioneering optimistic grants a new structure that assumes the best out of its grantees but offering the tools and empowerment to deliver on its grant outline in a permissionless

fashion so this is really cool because it basically means that these teams will get grants and basically it'll be a kind of like okay we assume and we're optimistic that you're going to actually put these this money to to work you're actually going to build something really cool and create new primitives and and create value for the kind of like crypto community so we're not going to like micromanage you or anything like that we're just going to kind of like give you the um the money here but yeah anyway definitely go check out this blog post for more details on this it was it was an interesting kind of read and i thought okay this can this can work but at the same time i can see how i can go kind of like quarry right people can just run away with the money and stuff like that

but you know i don't think many people are going to do that especially if they've got like their reputations tied to it and things like that i think this is actually going to be really cool experiments about you play out but anyway go give this blog post to read for more details on on that there um and before i wrap it up for today is actually one thing i wanted to quickly talk about that wasn't related to to the element finance announcement it was just something else i don't know i don't have a tweet for this or anything a lot of people have been kind of like asking me lately how to get involved with kind of like uh early stage investments private investments angel investments things like that because on the refuel i often say i'm an investor in this project right i mean i forgot to

say i'm actually an investor in element finance but the reason i say this is because i want to be transparent with you guys i want to disclose these things because i don't want you guys to just be kind of like seeing me kind of like i guess talk about something or she'll something and not know that i have a financial stake in it um now i have a personal website that i'm working to spin up i've been working on this for kind of like a couple of months now but it's just it keep being getting pushed back and then with the move and everything got pushed back even more i'm having to get that out there because that'll list every single team that i've invested in all the projects i'm advising all the tokens that i hold all that sort of stuff there but what i want to say is that um i'm

not saying it to brag or anything like that i'm not trying to kind of pump my bags or anything i just want to be really really transparent with you guys um and then you know you know we get people asking me like how you know how can i kind of participate in this and i've answered this in one of the amas before um but you know the short and sweet of it is that to be invited to these kind of like private investment rounds or to be an angel investor you need to meet kind of like two requirements one is the financial requirement which is an a which is a law that is set by various countries called accredited investor laws this is out of the control of the team so in the u.s um the accredited investor law stipulates that you need to have a net worth of at

least a million dollars or you need to have uh have made 20 50 000 plus dollars two years in a row as a kind of like income that obviously locks out 99.99 of people i think they are the worst laws the worst financial laws in existence i absolutely hate them if there was something i could do about it i would unfortunately i have no say in those kind of things especially not in the u.s i'm not sure totally sure how it works in australia i think we have similar laws here but you know i just don't have any power to kind of change that there unfortunately uh and then the second way you kind of like get invited or the second requirement is that you need to kind of like bring something of value to the project right you need to kind of like uh like in my case for example what

i bring of value is the fact that i have a large audience right like i have twitter following i do my youtube show obviously the refuel i tell you guys about things i can help the the teams with marketing with community stuff i have a lot of experience i have a huge network within ethereum so that's kind of like what i offer to to these teams now um there's a lot of other people that they bring on as well that kind of offer similar things like the bankless guys for example same sort of situation as me they've got that network and they kind of like get invited for reasons like that and there's a there's a bunch of other people too right there's lots of people who have their own different sets of skills some people are really good developers and really experienced ones they'd love to have

them on board some people are part of um or or at least a part of teams that they want to kind of like work with so it's better to get them as investors because then you're aligned with them and all that sort of stuff there so those are the two main requirements and then i had someone ask in the discord channel today and i've had other people ask this before if i would set up like a kind of like fund and take people's money and then invest kind of like in these teams with that i'm gonna be honest with you guys uh no no for for many different reasons the number one reason is that that's a lot of risk for me a lot of legal risk a lot a lot of paperwork a lot of just like screwing around a lot of i would have to

i don't even i don't even know where to start especially in australia i wouldn't know where to start there but there's a lot of just screwing around in that kind of like um arena there and a lot of the time when when times when i invest i invest as myself i don't invest as part of a group and that might you know that may kind of like um scare off kind of on these teams and the teams will be like oh we don't want you know we only want you we don't want like kind of your you're kind of like uh i guess syndicate you could call it or something like that um so it's not trying me trying to be like selfish and keep all the you know the stuff for myself but at the end of the day i just don't want to take on the

insane amount of kind of like legal uh risk for what i view as little reward and you know i've been approached by kind of like funds in the ecosystem before to become an lp for them or or a limited partner where i would essentially kind of like refer them deals and then they would give me a cut of that and i've turned that down because i just don't want to have people kind of like relying on me for that sort of stuff either i don't want the fund expecting me to bring them all this deal flow all the time and then kind of like i get upset at me if i don't bring them any deals for a couple of months or something like that i i hate that kind of pressure so i didn't want to do that either i'm just happy being a solo guy like i'm happy

just investing on my own and things like that but at the same time i also try to give back as much as possible i mean everything i do at the delegate is free the daily ways of true public good i make no money from it i mean okay the only money i make is when you guys donate to me on git coin um but like i do no ads or anything like that and the money you guys donate to me on git coin after i pay my taxes on it just goes back into buying eighth and that ether is never getting sold so like i mean i've told you this they told you guys this stuff before uh but yeah i i didn't want to get too ranty here but i just wanted to explain kind of like my reasoning behind all of that and how i would love for you guys

to be able to to kind of like have these opportunities as well but it's more than just a wealth requirement it really is that kind of like uh social requirement or that requirement of kind of like having a network or bringing something of value or doing whatever and you know the thing is is that you can actually join a lot of these projects early on in their discord channel or whatever and start adding value and build up yourself over time and get to a point where you may uh earn more tokens than angel investors got from their angel investments and you did that by giving your time instead of your money that's happened plenty of times before i mean my angel investment checks are relatively small for a lot of things that i put money into and you can probably end up getting a lot more tokens by just

contributing to the early stage project there but uh yeah i think um the last thing i'll say on this as well is that uh like i understand how how people feel um i used to think like this too back when i wasn't getting these kind of deals but the thing is is that like i started from from zero like i had no in a connection to this industry at all before i joined it i worked my kind of like way up over the years i you know tried to try really hard i worked my house off all that sort of stuff this is not a sob store or anything like this right this is just me explaining to you guys what i did to get to my position today like it didn't just happen overnight uh i had no i didn't have anyone kind of like um

uh kind of like carrying me on their shoulders i did pretty much most of it on my own right and i still kind of like try to keep my my name and the ecosystem and still try to grow myself and things like that um and that's what i suggest you guys do if you want to access these opportunities if you want to have more opportunity in general within this ecosystem you need to make a name for yourself you can do it as an anon you don't even have to do it as a public figure there are plenty of anons out there who have a following people love them they they do a really a lot of really cool stuff in this ecosystem some of them even found projects and go on to billion dollar protocols you don't have to be doxed but at the same time you do

have to put in the work you can't just expect to have access to all the opportunity in the world if you're not willing to put in the work um and if you know if you want to be a passive investor if you if you don't have the time or you don't care to be really involved you can do that you can just buy other things on the public markets right there's plenty of opportunity out there still for for people who just want to be like a in the background investor and there's been lots of things that have gone like 10 to 100 x on public markets that you could have gotten involved in um just this year so anyway i'm going to end it there i just wanted to kind of like go through that sort of stuff because i've had people ask this to me a few a few times before but uh

yeah ending it there for today i've noticed that my camera's gone out of focus a few times in this episode apologies for that i'm gonna get that fixed hopefully for the next one but anyway thank you for listening uh be sure to subscribe to the channel if you haven't yet give the video a thumbs up subscribe to the newsletter join the discord channel and i'll catch you all tomorrow thanks everyone