Magi client introduced, Arbitrum One growth and more - The Daily Gwei Refuel #571 - Ethereum Updates

Transcript

hello everyone welcome to another episode of The Daily way refuel where itcap latest news in ethereum ecosystem I'm your host Dan the Mrs honor and today's the 20th of April 2023. alright everyone let's get into it so starting today's episode off with some very positive news so Alexei pertzev the arrested tornado cash developer that I have spoken about a bunch of times on the refuel uh has or will be released from holding and will be free to wait uh weight his trial at home from the 26th of April so he has been unfortunately in a detained or in jail uh for quite a while now actually since I believe September was his arrest August or September I think was was his arrest and he had been detained since then uh and

then charges were brought against him but now he can await his trial at home with electronic monitoring well starting on on the 26th uh of April here and uh yeah and Eleanor Blanca who first reported this news said the most important thing is that he can walk around and work on his defense something that was virtually impossible while detained so this will probably give him better odds at uh or better I guess like a better defense right and and got probably a better outcome for when he is eventually sentenced if he is found guilty or maybe he's found innocent right we don't know obviously it's going to trial here I don't know when the trial date is I don't know if a trial date has been set but that's the latest on Alexa pertsev uh yeah now if you want to follow along with his uh trial I

think you can follow this free Alexa pert server account here which I'm going to do right now I hadn't done that yet uh and I think that they report on all things got to do with him and I think it's actually a quite a interesting case not just uh from the perspective of uh of like for me wanting to see uh Alexey uh freed but I think it's interesting from like what kind of precedent it can set like if this case if lxa is found guilty like what's he found guilty of is he found guilty of writing a code uh right you know contributing to alternator cash providing uh code for people sorry for writing a product for people to use to protect their privacy or is he found guilty of other things such as the money laundering charges against him and stuff like that so it's

going to be a very interesting uh I guess uh next uh sorry a very interesting trial when it does go to trial and I will be keeping tabs on it but that's the latest on him as of today all right moving on to some other ethereum core updates so Lucas here from the never mind team has shared an image of nethermine memory reduction that's coming uh or has come I think in uh oh no no they're testing it right now for the next release which is release 1.18 and you can see it's a huge memory reduction actually it's going down from around just eyeing it here maybe 12 gig all the way down to uh what three or four yeah four four gigabytes of memory here so that is a pretty big reduction right that's a third of what it's using

right now and I've been covering nevermind for quite a while on the refuel basically going through about how another mine has improved substantially as an ethereum client and that has or as an execution layer client and that has reflected in the adoption of nevermind uh it is the second most adopted execution layer client now uh about 20 market share which is very awesome to see and it is eaten into gets market share which obviously we wanted to see go down before um client diversity reasons for network security reasons so I think that with this memory reduction more and more people are going to be running never mind because at the end of the day like if you're trying to run uh your validators on or if you're trying to kind of like stake with either it be rocket pool or with the smart node stack

or solo stake on a lower powered device that may only have 16 gig of RAM that probably wouldn't be enough for uh you know never mind and a CL client and a bunch of validators uh you'd be pushing the limits there so this is obviously uh you know a huge Improvement on on that and it will open it will uh it will um kind of cause more people to switch over to nevermind from other clients I believe or just run never mind instead of other clients because it is a much lighter client to run so just great to see that there just wanted to hide that next up we had an update here from Carl Beek who is one of the kzg ceremony coordinators I did I speak the other day about how they were opening up the contributions again and doing it in a

novel way where essentially people with a account that had 128 transaction nonsense uh sorry 128 non transactions on their address or more would be eligible and then that would be lowered over time and you can see here in this chart what the lobby size looks like over time for the kcg ceremony it looks a lot smoother right like look looks looks a lot more flat and it is reducing over time and the queues aren't as long from what I've seen I think people are still having trouble getting their their commitments included uh it's not a perfect system of course but uh it is a much better system than was it in place before so keep trying if you're trying to get your commitments in to the kcg ceremony and someone in the Discord Channel actually I should I should get

this link handy so I remember so I'm going to quickly grab this link but someone linked the get Hub repository for the kcg ceremony clients which I'm getting up here for you now that you can go check out I'll link this in the YouTube description below but this basically allows you to run the client locally instead of having to use the website uh so and then this will improve your chances of getting yourself included as well so for those of you who want to do that are interested in doing that I'll link the GitHub repository in the YouTube description below and you can check that out for yourself all right so a quick little thread here from the bank list account where they tweeted out saying coming soon for ethereum here the next big three big things on the ethereum roadmap from here on out now of course I talk about these

things a lot on the refill already but it's just a good refresher refresher of the big things coming for ethereum this year and next year so obviously we have EIP 4844 or Proto dank sharding which we are hoping arrives later in the year we have our distributed validated technology or DVT or Squad staking something that I've been talking about a lot recently so that shouldn't be uh you know that shouldn't come as a surprise to you that it is one of the next major upgrades for ethereum as an ecosystem obviously it's not something that he's going to be deployed to the ethereum core protocol itself it is something that sits on top and opal Network and SSV Network and a few others out there are building these these products here and as I mentioned I believe yesterday or the day before I am currently running

an a DVT validator with a bunch of other people using opal networks technology G on mainnet now this isn't open to everyone yet this is a it's a closed Alpha that they're running on mainnet right now but as bankless says here they Obel at least expects mainnet deployment before 2024 so sometime this year uh next up is proposal Builder separation or PBS which is something that I've been talking about a lot on the refuel uh bankless this year probably 2025 and beyond for deployment this is a core protocol change look I don't know when it's going to go in it could happen before 2025 uh you know it could happen after 2025 could happen in 2025 right it's too early to tell I think there is a lot of ongoing Research into the best way to do PBS on ethereum a lot of This

research is being influenced by the Mev boost ecosystem generally because at the end of the day when you really break it down PBS is just taking the existing Mev boost infrastructure or or essentially taking the activities at the existing Mev business infrastructure performs and enshrining it in the core protocol itself so it becomes part of the core protocol and it's not this sidecast software that gets added on but as I said there's a lot of research and development happening there a lot of considerations of different trade-offs and the best way to do it because of that so expect that you know I don't think I probably I wouldn't put money on next year for PBS but but probably 2025 right I I think that could be a that could be a good Target there but we'll have to we'll have to see uh and then uh

bankless links you know for more on all the big upcoming upgrades you can tap into bankless's uh latest newsletter here uh which is car which is titled where does ethereum go next so just a great little thread here highlighting where ethereum goes next and a great little image here as well like uh I love this it kind of reminds me of um of One Piece where the I don't know if anyone familiar with the one piece world it's kind of like a straight line maybe maybe turned over here with the boats surrounding it but now it's cool it's in the it's in the local uh the shape of an eighth logo of course uh but yeah anyway you can go check out the thread in the newsletter for yourself I'll link it in the YouTube description below all right so I put this tweet out today

highlighting something that I thought was really interesting and I got a bunch of interesting replies in uh in response here so I tweeted out a screenshot of crypto fees dot info and I said arbitrim1 and ethereum layer 2 Network just did more daily fear Revenue than Bitcoin not to mention that ethereum itself did more than 28 times the free revenue of Bitcoin in the same time period now there's a few things I think I need to kind of clarify here what this website shows crypto fees dot info is the cumulative fees of everything that they track now they track more than just blockchains they track more than just layer 2 networks they track applications as well as you can see here uni swap GMX synthetics and sushi sushi swap are all

applications they are not networks whereas ethereum arbitrine one uh BNB smart chain Bitcoin and optimism in my screenshot are networks so they sell different products the networks they sell block space right whereas these apps they're the unisop sells liquidity uh Sushi sells liquidity jmx sells uh liquidity for perp products they you know they sell different products yeah so it's not it doesn't make any sense to compare those and I actually should have hidden those from my screenshot that's the first point of clarification on there uh along with you know this being cumulative fees are paid on the network each day with a seven day average as well it is not individual fees right it is not like uh because people are paying really high individual fees for example

you could have 10 million dollars of daily fear revenue on a network and each transaction could have cost one cent it just means you had a lot of transactions uh that added up to that 10 million dollars now obviously for ethereum layer one transaction costs uh you know are quite High pretty much all the time now we're back at 50 Gray as like as like the norm so that's why it is so high but people are still paying them right like and this goes back to a lot of the things I've said about Phoebe's uh a lot for a long time on the refuel people are still paying them the demand is very there it doesn't matter what they're paying them for they're willing to pay it and most of that gets burned which I'm actually going to talk about in a sec as well same is true for any of the

other things that sell block space such as layer 2s like arbitrine one and it is such as Bitcoin right but a big thing here that I think a lot of people miss and the reason why I compare this stuff to bitcoin is because Bitcoin for its long-term security budget relies on its fear Revenue because the Bitcoin Supply trains to zero over time right well sorry the Bitcoin uh uh new Supply is capped so the hardenings eventually will mean that the block reward Trends to basically zero now people say oh we don't have to worry about that because that's not happening for like 100 years it's like well no it the thing is is that each hardening that happens and each time it happens and the fear Revenue doesn't actually replace the the

um reduction in in Block reward it means Bitcoin security goes down and it goes down uh no it doesn't go down by 50 right that's not really how it works but it does go down and there was an interesting little table that I saw today that I linked in the in the daily way Discord Channel which I'm going to bring up as well I should have brought it up before but I want to show you guys this table of what this looks like in practice for for Bitcoin you can see here that uh each time the HDR there's an average market cap here there's an annual security Sprint spend and the percent of market cap that the annual security spend is and you can see here it's been going down over time as a percentage of market cap and each hardening it goes down a lot so two to

three happenings from now Bitcoin if it's fair of a new doesn't get much better than what it is today and much better than what it has historically been Bitcoin security is going to be severely um uh sorry Bitcoin as a network is going to be security budget is going to be severely impacted by that uh and it's going and this it's the overall security is going to be severely diminished to the point where it might even be more profitable to attack the Bitcoin Network than it would be to mine it uh just depending on on a few various factors there and this is not something new this is something that's been talked about for a long time I spoke I've spoken about it for a long time as well uh but that's the reason why I do the Bitcoin comparison yup and what's even funnier

about this is that ethereum as a network does not rely on fear revenue for its security budget uh what it relies on is its Perpetual issuance so stakers are paid regardless of fear Revenue they're paid by consensus layer rewards uh and that's Perpetual there's no cap on on uh the the each Supply but the the beautiful thing is that the Eid Supply since the merge has has been reducing and I'm going to talk about this more in a sec but it has been reducing and so we've basically we basically have got a cap Supply the theorem Supply uh on a net basis has has peaked at least so far obviously if a network domain goes down a lot then we could go back you know we could issue enough Easter to offset that but as it stands right now since as I stand since the merge uh we Supply

peaked I believe in October so about a month after the merge and then we've been down only in Supply since then so it's not a short-term thing this has been a few months now um and as I said ethereum does not rely on fear of a new for its security budget it still pays out the Perpetual issuance it's just that we offset that issuance with the fear Revenue which is the proper way to do it because we burn most of the most of that fee Revenue um and then on top of that the fact that a layer 2 Network just one layer two Network right has is doing more fear than you than Bitcoin should really speak to the fact that uh whether it be ethereum layer one or layer 2 networks they have so much way way more demand than Bitcoin layer one does so anyone

who says oh you know Bitcoins uh layer one demand is going to go up over time for everyone's going to go up over time that's that's not what what's going to happen at all Bitcoin as a network can really only do one thing that people are interested in and that's sending Bitcoin across the network or sending BTC across the network I know that you know with the with the Advent of Taproot there was these kind of like ordinals and things like that but they're very limited and they're an inferior product to nfts on ethereum in my view and I don't believe that they're going to have lasting demand and if you look at the statistics around the metrics around it it doesn't seem to have lasting demand at all and maybe maybe other things can be built on with Taproot but still it's going to be

very limited compared to something like ethereum so that's why I I compare this stuff to bitcoin here uh and then of course I got all the the normal snarky replies about ethereum fees being high blah blah whatever right at the end of the day ethereum layer 1 fees are never going to be cheap enough for everyday users that's not what is being designed here the layer twos and then the layer 3s built on top of those layer twos are going to be the user-facing layers um and and that's how ethereum is scaling and obviously the layer 2s have an incredible amount of demand because you can see that not only did arbitrim1 do 700 000 of fear Revenue over the last day optimism did 250 000 uh dollars of fear of a year over the last day as well and then um the other Layer Two networks are

obviously gonna catch up over time as they become more successful as well so the demand for ethereum Block space whether it be on layer 1 or layer 2 is insane right it's insane and it's just crazy how it all plays off of each other as well because the more activity on layer twos the more activity on layer one because the layer 2's pale layer one for um to settle their their call data on and in the future their blobs on and sort of the transaction proofs users will Bridge you know from it from layer one to layer two back and forth and stuff like that so it all influences each other and it's all running as kind of like a well-oiled machine here so that's why I put that out there but just a great achievement of for the arbitrum one network here and kudos to them on

that now I've spoken a lot about the burn just then a bit and about Fair Revenue well as of today since the merge the each supply has reduced by 100 000 eth this is crazy guys like I I I think I need to underscore just how crazy this is as I said back in October I I think the exact date is October 13th is when the eat Supply um has started its Supply basically was capped so essentially uh we I I I think it was back then on the ultrasound money website but but essentially actually what happened was that the the date Supply reached its maximum amount uh or it's like its top amount I should say and then it's been down only kind of since then because of the burn and now since the merge it's down a hundred

thousand each basically so we are we essentially put a cap on ethereum without putting a cap on ethereum now of course it is a soft cap because we could issue more eighth to offset this burn and then uh come back into positive territory instead of you know inflationary territory instead of deflationary territory but the thing is is that it's it's it's really hard to out print the burn right so because for example to out print the burn you would have to not only print uh you know not only printing I mean oh sorry so okay let me put it this way too the the printing of new eath right the creation of new eth is is is kind of it's not static it's variable depending on the amount of um eat that's staked but it doesn't vary that much whereas gas fees

can vary quite wildly they can go from tengue right a few weeks ago to 56 degree consistently now and that's a huge variation there but the new each being issued does not vary that much because the the um the amount of heat being staged with meta validators online does not vary that much uh you know and especially post withdrawals we've seen it's been a week you know a week since withdrawals have been live we've seen that really the only uh people that are withdrawing are the ones that have been forced to and we really and we've kind of seen that staking is going to be an up only Endeavor as well now what I what I want to kind of uh underscore here is that the ultrasound barrier I believe is at like 17 gray or something like that so the thing is is that we can be at Net

Zero uh uh uh kind of issuance each day as long as the gas prices are above 17 gray now anything above that puts us in deflationary territory now in order to to issue another 100 so 100 000 eighth so to net issue 100 000 eighth uh um uh it would take you know uh probably months at this point it would take gas fees being lower than the ultrasound barrier to do that and then when you do the math on that even if it's only low if it's only lower by like one way it will take a long time to out print the burn because we're always burning eth it doesn't even matter if ways one as long as there's some amount of fear of a new happening on the ethereum network we are always burning eth and the ethereum network shows no signs of slowing down

in terms of the fear of a new that it generates so when looking at it like that there's no reason to believe in the foreseeable future that we're actually going to go back into inflationary territory it it's you know it might be dangerous to say this but I think it's a pretty educated um educated guess or educated assumption here that the eat supplies actually peaked and we're actually going to be down only from here on out uh because it is still a bear market right and the amount of demand that we're seeing is is crazy and as I said even if we're only just above the ultrasound barrier at 17 way whatever whatever it is right now we're still offsetting the issuance and it wouldn't actually change this let's

just say for argument's sake that we uh negative 100 000 eighth right now and let's just say we go to the exact uh ultrasound barrier and let's say at 17 way um just just for argument's sake and we stay there for like a month it the the net Supply change would still be a hundred thousand each because we haven't out printed anything right because we're at 17 way we're basically at Net Zero uh issuance being added so the supply chain would just be at a hundred thousand each now obviously it doesn't work like that but just to give you context around how this stuff works now of course you guys can do the math yourselves if you want and work out all this stuff I've actually said to the ultrasound money guys the people who run the ultrasound money website that I think they should

have um a calculator on their website to show how long it will take to actually out print the burn and you could adjust a few parameters on there yeah uh but all in all it's stupidly bullish guys like this is just so bullish it just shows that the ethereum uh I guess like a monetary engine or the the ethereum economic engine at the core protocol is working as designed and it is working so beautifully and it is working beyond my my expectations to be honest I did not expect to be back at 50 plus gray consistently in a bear Market but hey we are because there's just so much demand to use ethereum block space and what's hilarious is that even though there are all these other alt R1 networks out there that are cheaper obviously because they're more centralized but you know

they're cheaper to use and uh the you know the fees are actually probably like a cent or less or something like that people still use ethereum they still use the l2s because that is where the activity is that is where the ecosystem is that is where everything is happening that is where everyone wants to be there's what people what people are used to that's what's probably the easiest to use in a lot of cases as well so that is even more bullish because it shows that really all the demand is in the ethereum ecosystem and that's going to continue playing out over time as well so yeah just just wanted to highlight that a little bit of a bullish rant there for you anyway moving on so another really bullish thing that happened actually was that a16z introduced something called Maggie which is a brand new OP stack

roll-up client written in Rust so basically the op stack now has client diversity so there is going to be the client that has been built by the optimism team another client that has been that has been built by the a16z engineering team and they've been working on this to help improve the client diversity and resiliency of the entire op stack ecosystem now the awesome thing about this is that this new client doesn't just apply to the optimism network but because it's built as a roll-up client for the op stack it applies to any projects that are using the op stack so for example base if they build their own client use you know their own um their own client for their own uh uh um uh their own base roll up right they can imagine plug in Maggie

and use that as well so it the fact that it's built on the IP stack is really really awesome for all of all the other Roll-Ups that are going to be building on there because they get client diversity out of the box now of course this is all available on GitHub here all the code and everything for you to take a look at not sure what the license is right now uh it's agpl V3 uh so I don't think that's a fully open source license just yet um but it's it's still early days for this but yeah that's all available on GitHub there's also a blog post about this as well as a tweet thread here that I'll link in the YouTube description below but I think this is absolutely awesome I I really love client diversity generally obviously at ethereum layer one it's incredibly important but the fact that

it's already coming to these layer twos is really great for the ecosystem it adds resiliency it adds security um it adds decentralization as well because a16z crypto even though they're heavily invested in optimism they'll I believe they are one of the First Investors in optimism they have a pretty big bag there I don't think that really matters that much because it's still decentralizing out the development here because a16z crypto does not own the optimism uh the op Labs team right and vice versa they are independent uh kind of companies they're independent entities building out these things so we now have two clients for the op stack which is awesome to see I think we're going to have two clients for arbitrim

uh the arbitrim stack as well because uh there is the one that was built by the of Chan Labs team and you'll remember the off-chain labs uh they acquired uh uh prism or prylabs I should say which are the Builders of the prism ethereum consensus consensus layer client so I would assume they're going to be building a client for the arbitrim ecosystem as well so we're going to have client diversity across uh you know all the most successful l2s I believe and it's just great to see that it's already coming to the table I mean I didn't expect something like this till maybe next year but the fact that we're getting this in 2023 is very positive but you can learn all about Maggie I'll link this in the YouTube description below for you to do so alright so Brantley has announced

something or at least uh kind of put a tweet out about something called the ethereum follow protocol and he's put a thesis here saying ethereum needs a native protocol for following other ethereum accounts this is a high level proposal meant for soliciting feedback and sentiment so this is a pretty long tweet it's not it's not your normal tweet it could always be a blog post right um but I thought this was just a really cool idea that um that I think is worth paying attention to you can see what this looks like you know the ethereum follow protocol follow me following unfollow uh it's basically a proposal inspect for what this might look like so I just wanted to hide this share it with you guys you can go check this out it'll be linked in the YouTube description below uh but great to see more of these kind

of I guess non-financial non-speculative uh things being proposed and being talked about uh because at the end of the day there's a lot of stuff that we can build with crypto that's not necessarily speculative of Financial and we have more and more tools coming online to build them with so yeah just something interesting for you guys to check out I'll link it in the YouTube description below all right off chain Labs has a new blog post out breaking down uh validator performance tracking on the arbitrim1 network so uh protest here breaks down the components of a validity's reward and provides guidance on diagnosing and resolving issues that can cause uh stakers to miss out now uh I don't know if this is a valid sorry I'm not sure if

this is validators for the arbitrum one network or or um for the the ethereum network I think it's for the ethereum layer one network not for the option one network excuse me there yeah I could see it yeah I hadn't read the blog post yet I just saw the the tweet and I thought it was um I thought it was interesting so you can see here the the breakdown of the performances is being posted on the off chain Labs um uh medium page here and potez I believe uh is it works on the the prism clients uh so yeah that's why it was posted here on the offchain labs uh blog thing but it is quite a long read it can get quite technical I think it's a 22 minute read a medium says here but it's a great little process to see what the

um validator performance looks like across clients and on the ethereum beacon chain so definitely go check this out I'll link it in the YouTube description below all right so a walkie from git coin well not technically from Bitcoin anymore but he definitely was the uh one of the original founders of Bitcoin has shared an impact report that gitcoin put out uh so he says yeah six years after its founding uh and two years after the launch of the Dow git coin's Top Line impact is 3.8 million donations worth 50 million dollars and then he tweets out a summary of the overall impact report here you guys know I love Bitcoin I participated in pretty much every Bitcoin grants round I believe I have been promoting them for quite a while

I've been a beneficiary of it but good coin goes you know Way Beyond grants they're all about public goods funding they're all about uh refi or regenerative Finance they're all about turning djends into Regens right degenerates into regenerates and Milwaukee's being at the Forefront of that for as long as I can remember now working at Super modular which is I believe investing in teams and projects building around this idea of a regenerative Finance or or um or or Regens and and refine things like that uh but yeah you can go check out ouroki's thread here because it highlights the I guess most important aspects of the report and the full report is available at impact.getcoin.com I'll link this in the YouTube description and below

all right so Lucas from Maple Finance has put out a tweet saying the maple Finance treasuries pool is now live super exciting day for us here big hat tip to the team for getting this shipped so you can see here in this tweet uh the cash management pool as they're calling it has been specifically designed as an on-chain cash management solution the pool meets the liquidity risk and accounting requirements of non-us Dallas offshore companies and web 3 treasury so basically a management for all things uh all things sorry basically a tool for all things cash management here there's a thread on how this works and all the features that they've got here are features such as simple and fast access for non-us accredited investors and entities the pool will pass the one

month treasury a U.S treasury bill rates less fees to lenders interest accrues immediately and next day withdrawals are facilitated ability to monetize and measure performance 24 7 and all the other good stuff that we're used to within D5 and the on-chain finance ecosystem so I'll link this map of Finance tweet in the YouTube description below for you to check out and to read all about this new product that just went a lot I just was introduced I should say all right last up is a bit more drama from the SEC here so uh first off coinbase actually announced that they have gotten a Bermuda license and plan to launch an offshore exchange and offshore derivatives Exchange in the coming weeks now I quote-tweeted this and said congrats gensla you pushed

coinbase offshore and that's exactly what's happened here I bet that coinbase would have loved to launch this Exchange in the US and be you know as compliant as they have to be service us customers be protected by the US regulatory apparatus but unfortunately that doesn't really exist for crypto the US regulatory apparatus the U.S regulatory environment is incredibly hostile towards crypto as we all know so cone race has basically said well we're not going to stick around and let our offshore competitors eat our lunch we're just going to move up short as well and take our business with them this is an incredible loss for the us all thanks to Regulators like Gary Gensler who just do not want to provide any Clarity in crypto it's thanks to the politicians

that support Gary guns and his ilk uh it's it's it's just really really terrible to see this it's it's really um disappointing to see this but it's also good from a decentralization perspective because it means crypto is actually being forced to decentralize away from the US so that's that's a that's the only kind of Silver Lining I can see here really but obviously on the other side of things it's really bad for the us because they're losing out on a lot of economic activity and a lot of future economic activity it's crappy for the us-based projects I have to jump through all these hoops to do stuff offshore it's really shitty for the us-based startups because they may be wondering to themselves well you know what I'm not going to build my crypto project while being based in the US or I'm not going to register in the US I'm going to go

offshore somewhere else where it's much friendlier and do it there so the great crypto uh you know I guess like mind share bleed from the US is happening and at a really really fast pace I don't see anything to be positive about on the regulatory front in the US I don't really see any uh guidance coming unless the Gary Gensler is removed and replaced with someone uh that's a lot more Progressive on the SEC side of things and is a lot more friendly to crypto and as I said yesterday I don't expect that to happen anytime soon and if it does happen it'll probably have to wait until uh the election next year and it relies on the Republicans winning because they would obviously immediately remove gensla and replace him with someone that

they want there but I mean that's still 18 months away if it even happens right so in the meantime the us is going to keep bleeding crypto talent to other entities and all these other entities are embracing them I mean even Hong Kong in China is being more Progressive on crypto than the US is which is just insane when you think about it right it just boggles my mind that the US wants to drag their feet on this and wants to be left in the dust on this next generation of uh of the internet next generation of Finance but I guess their loss uh the rest of the world's gain but on that note I'm gonna end it there for today so thank everyone for listening and watching be sure to subscribe to the channel if you haven't yet give it a thumbs up subscribe to newsletter join

the Disco Channel and I'll catch you all tomorrow thanks everyone