Mainnet shadow fork, Staking diversity and more - The Daily Gwei Refuel #364 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the delegate refuel worry cap the latest news new theorem ecosystem i'm your host anthony sosano and today's the 13th of may 2022 all right everyone let's get into it so a much calmer day over the last kind of like 24 hours or so there was still a bit more stuff about the uh the kind of like terror debacle that i did want to get through but yeah just mostly a lot calmer i mean luna went to basically zero ust is he's basically zero exchanges start started delisting the assets so it's pretty much over at this point uh and we've had a bit of a recovery in the wider crypto markets with each hovering around twenty one hundred dollars look i don't know if it's going to stay there i don't know if it's gonna go back to the lows or anything like that uh but

yeah it today has been a less crazy day and just like a more positive day for crypto in general which is crazy to say that right i was thinking about the speed of what happened before that's what i think really kind of like surprised me the most is that within three or four days an entire ecosystem has been wiped out tens of billions of dollars of wealth has been destroyed and it feels like we're already moving on from it right like and it's just crazy like this industry moves so quickly and it's oh god i think i feel like i had a holiday after this guys like i said in a discord channel today i feel like i'm 70 years old like mentally i'm just like fried at the moment i'm glad it's the weekend coming up i'm going to try and relax a bit but yeah it's just been an

absolutely crazy last few days uh but just before i kind of like finish up on the terra stuff i guess i did want to get through a couple of other things that came out today um one of the interesting most interesting things was this kind of like tweet from cyrus yunessi who's been in the ethereum community for quite a while he's been around for quite a while um he used to work at maker so he knows a thing or two about stable coins but he put out this tweet with a screenshot and the tweet that the tweet reads over four years ago i was a research analyst at scalar capital the tara luna deal came across our desk and i was assigned to it because i was the defy guy here's what i had to say about the project how did we allow it to end up like this

so here's a screenshot of cyrus talking about uh terra basically i would say this was the seed round for terra the whole project back in april of 2018 guys over four years ago so this is exactly what cyrus said to linda shea who is the one one of the founders of scalar capital so he says okay so unless i'm missing something this project isn't going to work terra is like the maker model if the only collateral you should you could post to create die is the make it mkr token itself i'm pretty sure posting mkr's collateral to generate die is a terrible idea i'm not a monetary expert but it seems to me that terror suffers from the death spiral so in this example terra is the stable coin and luna is the collateral if terror would have fall and break the peg then it

would depend on luna to save terror but luna would fall as investors would panic and then terror would continue to fall and then they would just each keep contributing to each other's demise this is exactly what happened to new bits like three years ago i'm kind of surprised this idea is being tried again when it's so trivially broken that being said if i'm missing something and you want me to dig in deeper i'll be happy to do a call with these guys and get some more info uh end quote there so this is amazing that he called it so early like props to him on this i think this is one of the most amazing things um and he caught it exactly as it would play out right where he basically said that uh terra in this instance being the ust stablecoin and luna would feed off

each other leading to a death spiral and that's exactly what we saw so it's funny because someone else made a comment david hoffman made a comment in a uh is there a plot of the tweet say hey what a loser you missed out on billions right because obviously the terror project did quote unquote succeed for a while and went to a massive market cap and then cyrus replied by saying this is true i've actually suffered from some copium over the years because of tara's quote-unquote success i'm not happy about how it turned out but i am pleased to be vindicated and that's just like the perfect way to put it right all the people that were calling for its demise seeing it grow we're probably coping over it being like what the hell like how is this thing getting so big how hasn't it blown up yet blah blah and

now that it's completely blown up you know obviously they feel for the people who have lost money but they're kind of like very vindicated on that so there's definitely that there but i just wanted to point this out because i thought it was amazing like this is this is great like the fact that he was able to call it so early is a testament to to his knowledge and to basically learning from the past because as you mentioned here there was another project called new bits um that was around earlier on in like 2015 that attempted this like this hetero at ust is not the first algo stable coin it probably won't be the last and we've seen this time and time again they're very popular because during bull markets they can work pretty well they're very reflective they make people a lot of money very quickly

but in a bear market or when the markets get tough we see what plays out right so there's that aspect to it there um and then as i said like sorry she used to work at maker i put a tweet out where i said i'm so happy for the maker people they are fully vindicated after such a long time of dealing with the lunatics i'm sure they're now even more confident in the design of maker and die and so can continue unabated building the best decentralized stable coin in crypto look die has its issues guys like it's backed partially by usdc which is obviously a centralized stablecoin and if that usdc was to be frozen then dye would be partially um you know uncollateralized right and it's got some other issues with it too obviously the mkr token isn't very valuable either i don't know

whether that's a big issue or anything um but and it's also a stable claim which means it's going to be facing the same regulations if not maybe harsher regulations because it's trying to be a decentralized stablecoin all that sorts of stuff there but the thing is is that the maker people now get to kind of like i think to themselves wow we will write about calling out this thing uh we're on the right path let's continue on this path and that's exactly what they're going to do so i'm very very happy about that and i'm very very happy that the uh the kind of like maker people have indicated here on that front um last thing with the with the terrace stuff is just this kind of like tweet from chris chris k that i came across just before uh where he says in 2020 we

had uh billionaire number one cz called us all poor and said his chain would flip eighth in 2021 we had billionaire number two charles hoskinson created a cult and told them that his chain will flip eighth obviously being cardano and in 2022 we have billionaire number three do kwan korus or poor and seti stable coin and chain will flip eighth and then chris says stop idolizing these i mean i totally agree with chris on this like stop idolizing these people i talk about this all the time with you guys like don't trust these billionaires don't trust these people like and and don't even trust like the fund managers or anything like that like vcs just because people people have money doesn't mean they're intelligent and also even if they are intelligent doesn't mean they have your best interests at heart i

mean most of the time they don't i mean actually all the time they don't because their best interest is making a return on their investment and that is in direct odds with a lot of um you know a lot of people in the in the ecosystem because they could be betting against you right so i just thought that was like it's just an interesting way to put it we've had so many ethereum killers come out ethereum over the years telling us that we're bad and we're our designs bad you know complaining about all of the dying flaws everything like that saying that layer twos are a scan they're not gonna work blah blah right ethereum's still here ethereum is still chugging along and it's going to continue tracking along and we're gonna continue executing on the ethereum roadmap for years to come as i mentioned yesterday i

think all of this has been a massive boon for ethereum over the last few days it's shown that ethereum's uh design and kind of like the way ethereum works is is kind of like great for security and stability and i you know nothing i i there's not a world where um ethereum could do what luna did because eighth isn't used to back uh elgo stable coin at layer one right like it's actually insane to me that they did that because they basically destroyed their chain security as well so not only did they destroy their entire ecosystem and the um the value of the token but by destroying the value of the token they destroyed the chain security and the chain actually had to be halted and then they had to kind of like do some some changes and they kind of like halted it i think twice over the last 24 hours

they restarted it again it just became a show could you imagine that happening to ethereum like ethereum is so much bigger than terror right like in terms of kind of like the impact it would have across the ecosystem that would just be crazy so this is why ethereum prioritizes security and decentralization guys like i told you guys time and time again no one cares about decentralization and security until they need it and look at what happened with terror most of the people in that ecosystem would have probably not cared at all about decentralization and security because everything seemed like it was going well they were making money the lunar token was going up blah blah blah now i bet every single one of those people probably looks at this and being like wow i wish that there was kind of like protections in place i wish

that it was you know more decentralized more secure all these sorts of stuff going on so i am personally like more convicted on ethereum than i have ever been because all of kind of like the things all my thesis from like that i've had for a while over the last few days have just been further vindicated and i feel like ethereum is on the the most correct path that we can be on within crypto obviously has ethereum ethereum has its issues obviously we have a lot of work to do but i feel like we're on the right path we have a roadmap to execute there are hundreds thousands of people working on on kind of like the core layer and the layer two layer to scale ethereum we're gonna get there honestly like ironic unironically i think we're all gonna make it in ethereum right um and ignore the kind of

like market noise ignore this other and just focus on the fundamentals focus on all the exciting stuff happening keep watching the refuel just a little plug there of course and i think you'll be all right uh but yeah i think that's it on the terrace stuff maybe there'll be some new stuff over the weekend to go over on monday but uh yeah it's calmed down a lot definitely but anyway on to some more exciting news we had a mainnet shadow fork uh over the last 24 hours uh it was main shadow fork number four it went perfectly so all clients went through the transition without a hitch the only client that was missing was eragon which had unrelated sync issues uh and it had nothing to do with kind of like the shadow fork so basically this was the perfect shadow fork from what i

can see i don't think there were any other kind of like issues or anything like that uh everything went through as it should which is obviously awesome guys like i told you like we're gonna have a few more of these shadow forks then we're gonna move on to forking the public test nets and then obviously we're going to get a uh i kind of like date for main net now because the shadow fork went through perfectly because it seems like the other ones will go through perfectly as well since this one did and the test nets will be forked soon i still feel august is a pretty good chance of the merge going through like personally right as i said to you guys july was a coin toss look we're pretty i mean we're in may right now i don't think july's happening just because of

how close we're already to to that but i think that um august is is is a very very kind of like good chance like more than a 50 chance at this point so very very excited for that and very excited to see that the fourth main net shadow fork went off without a hitch obviously very very big news uh and marius had a tweet about this as well um kind of like a similar thing where he just basically said you know we finalized and just kept chugging um and parathosia did a main net like split of nodes next test is equal splits as well so just different ways to test it they're really thoroughly testing this thing guys because obviously you know the merge not working is probably going to be our lunar blowing up moment if it was to happen so we obviously don't want it to happen

but i mean i don't think there's there's really any any um any high chance of that happening i feel like the testing has been amazing they've been testing testing testing over testing it making sure they're ironing out like every single bug possible that could go wrong with this sort of thing we got client diversity under control as well which is obviously something that people wanted to see um uh uh be be kind of like improved upon before the merge went through i don't know i'm i'm super excited guys everything's happening everything's going really well here and speaking of client diversity uh actually before i jump into client diversity there is this another thread on the st dpeg that's going on currently i highly recommend giving this one a read um i went over this yesterday how's it put a thread out about this too but this is

great because it goes over kind of like one of the reasons why this dpig is happening or at least the main reason and it's because of uh the leverage going on in the system here i'm not going to explain it here for you guys you can read the tweet throw it does a better job than me explaining it but just wanted to highlight this again for you guys anyway now speaking of client diversity michael sproul has released his latest metrics on what the client diversity looks like on the beacon chain so you can see here that there is a low estimate and high estimate obviously these are not exact figures there will always be estimates but right now prism is sitting on the high estimate site at 56 guys i cannot stress to how amazing this is right we dropped this like i mean obviously we want to get that under 50

percent uh i kind of like on the high estimate side of things but we dropped this from the super majority to to kind of like the highest limit being 56 percent in such a short period of time this is just like a testament to how amazing the ethereum community is uh lighthouse is at 26 percent tekku at 17 nimbus at 10 percent and and uh unfortunately is pretty much at zero percent but i mean it's looking a lot better guys like looking much much better i think it's going to keep improving over time to be honest i think that now that more people are aware of the fact that we need this client diversity for a bunch of different reasons you know obviously for decentralization and security reasons and all that good stuff there it's going to keep improving over time but we need to remain vigilant

let's not kind of like rest on our laurels let's make sure that we keep pushing for this we keep an eye on this sort of stuff we have all this monitoring in place and we make sure to kind of like set that culture within ethereum that to run the non-majority client the non-super majority client i should say and it could you know it could end up being white house gets to the majority one day it's not i'm not just trying to obviously pick on prism here it's just because they were the super majority and kind of like they still are a majority client here so using the other ones obviously is is a good deal here but yeah thanks to michael for putting these stats out obviously as i said these are estimates um but you know they're the best we're probably going to get here so

very very cool to see this uh and again on client diversity here john's uh gresham is who i've mentioned before about working on kind of like the uh nice node uh application for running ethereum nodes has put out an update today with a screenshot of what they're working towards uh within the next release for client diversity so you can see here that they've got client diversity both on the execution and consensus layer a consensus layer side and they've also got ethereum layer twos that they're going to be adding this into so you can run nodes for that as well when those are available now speaking of the execution layer in terms of client diversity this obviously needs to improve geth is i think 84 of the network still we definitely want this to improve we want people to be running nether mines eragon or baysu instead of

geth if you're running geth right now please consider switching you can do your part here i think that it's going to be a bit harder to on the execution layer side to kind of like change because of the fact that right now there's not any monetary incentive to do so but post merge there will be so maybe it's gonna we're gonna kind of like get better execution client uh layer uh sorry extrusion layer client diversity post merge but still now you can do your part now to do this if you are running a full geth node um and you could you could run both as well if you want if you want to run get you can still run it but like maybe consider running one of the other ones but ideally you would switch from geth to one of the others like nethermine aragon or baysu which

are great clients guys like they're not i i i don't know for sure if this is like totally accurate for me to say they're they're great clients but i don't know if they're as reliable as geth because they came after geth and geth has kind of like been battle tested for a very long time now and now has been around for a very long time but i think they're reaching kind of like parody with geth at this point in terms of kind of like reliability and and kind of like um ease of use too so definitely go check them out if you haven't yet but great to see this update from john's here on on the nice note app all right uh so speaking of i guess staking super fears put out another great tweet today where he said i'm moving closer to a request to all

staking service providers and staking liquidity token providers to make a public commitment to limiting the influence over the beacon chain to 22 percent the social lay is the first layer of defense on the network so this basically means any of these service providers or liquid or kind of like um liquid token or liquid staking providers to limit how much eat they have staked on the beacon chain to 22 or less obviously they didn't have to listen to this like it's a free beacon chain they can do what they want um but as superfood says here the social layer is the first layer of defense on kind of like a network here now it's interesting that he says this because i think the the funny thing about the social layer is that it is both the first and last layer of defense depending on the situation so i think it's the first

layer of defense if we're talking about um kind of like being proactive here and and basically ensuring that the beacon chain in this instance and kind of like in this context remains secure and decentralized but it becomes the last layer of defense if something goes wrong so in a reactive scenario right so when say there's a kind of like a critical bug on the beacon chain that splits consensus while the social layer in that kind of um in that kind of scenario would have to come in and and kind of like fix that right so that's like the last layer of defense so that depending on the context it can be the first or or last layer here so now this is cool that superfizz is still pushing forward here he's just relentless like i love it he was obviously the main champion behind client diversity got that fixed and he's

not stopping he's he's keep he's he's making sure that we keep the beacon chain as decentralized and secure as possible uh and he's kind of like being the champion across all of that so i'm i'm really happy that we have someone like superfoods in the community guys like these are these are the people that make ethereum special to me honestly if i if i had to kind of like tell people the number one reason why i'm bullish on ethereum it's people like superfiz because we have people who give a who actually care beyond any monetary kind of like incentives supervisors isn't being paid to do any of this right like he is literally doing similar to what i'm doing right with the daily guy a free public service uh in order to kind of like uh keep the network you know healthy and decentralized keep

ethereum uh kind of like moving towards uh being uh you know upholding its values and it's and its ethos and i just i don't know i respect people so much that do this obviously superfuse isn't the only one there's plenty of people in the ecosystem that do this um but he's been quite vocal lately on very important issues uh with regards to the beacon chain client diversity obviously and staking diversity very very cool to see that um but yeah keep it up super fears honestly i know you're you're a kind of like loyal listener to the refill so definitely keep it up man it's really really inspiring that's for sure all right so ryan we are wyatt i hope i'm saying your surname right uh from polygon uh here today has put together a kind of like a bunch of screenshots talking about maddox or polygons 2022

2023 roadmap so uh the first slide is about capitalization and team so you'll remember that they recently raised 450 million dollars in a round led by sequoia capital in february um which means they have capital to operate for for many years here so no no kind of like concerns there around polygons kind of like solvency um and actually before i jump into the rest of these updates just wanna disclose for people that may be new i'm an advisor to polygon i'm pretty heavily involved kind of like with them for up for a while now just want to disclose that because uh i just like doing those sorts of things but anyway moving on to the rest of the updates they have over 100 roles open right now around the world and continuing to grow so they're not adjusting their head count forecast based on the market

condition so it remains the same so if you're looking for a job definitely go check out polygons open roles um they have an executive team from places like amazon google unity um you know facebook activision and more very very cool we've got a powerhouse going on there uh second slide here is about partnerships so in q2 polygon announced partnerships with mega companies like stripe twitter uh facebook uh tiltingpoint and more which obviously is awesome they've got over 20 000 daps on the pos chain today they look they launch their supernets uh alongside the pos chain with zk's coming soon um 4.16 million transactions a day in q2 and they're going to be deploying consider uh significant capital out of their 100 million ecosystem fund to help

grow the next generation of web 3 apps and then on the security side they have audited battle tested protocols uh they can they're investing heavily in security with they've ramped up their internal security team to 20 security engineers that's pretty cool um and it's their chief priority so very nice little update from polygon here i'm glad they put this out guys like a lot of the teams that have existed for the last few years and played at prudence in terms of kind of like diversifying their treasuries in order to make sure that they have any you know they have like a substantial amount of funds to whether any kind of like uh bear market or any kind of like bearish periods are going to do very well over the next few years and these are the ones to pay attention to that's for sure so uh i'm not just saying that

as an adviser to polygon honestly polygon is playing you know it all right they have kind of like placed all the right bets i think they're going to do very very well over the next few years and i'm very proud to be an advisor honestly like where polygonals come from obviously they used to be known as magic network but where they have come from in such a short period of time is is super super inspiring to me and i i obviously wish them the best success here all right so zigzag exchange has teased today just a little teaser that um they'll be kind of like uh an nft swap live on zk synced main net soon for their exchange here so you can see a little teaser here which is very cool i've actually been using zigzag exchange a bit again recently because uh people

are donating to me on get coin grants i think they're trying to farm air drops not air drops from daily grade but like because optimism rewarded bitcoin donors uh with op tokens i think people are trying to farm air drops and people have sent me you know as a kind of like non-negligible sum they're not just sending like one cent or whatever i'm pretty sure over the last few weeks since op was announced i've gotten thousands of dollars in donations so some of those will be legit donations so thank you for that but i mean okay thanks to the bots for giving me or not bots maybe just people farming air jobs for giving me more uh more more kind of like stable coins so i could go by eighth with it that you know i i i welcome that obviously but i used zigzag

to do this because um a lot of the donations came in on layer two so on zk sync and i used zig zag to swap those stable coins to eth and it worked so smoothly like seriously guys like no gas fees just sign the transaction all well and good and then i kind of withdraw from zigzag to mainnet and they have two withdrawal options fast and slow look i just choose the slow option because there's less fees on that i don't need the ethe into my sassal.etha count immediately they're teasing nft swaps which is very very cool um i you know anything

obviously to make kind of like nft swapping easier and better at layer two is welcome in my book all right so final thing to talk about here since i've got like uh a you know a bunch of time left is i wanted to just not do a bullish rant but just kind of like do a bit of a refresher about why i am just like so calm so excited so kind of like bullish on kind of like ethan ethereum for you know over the next few months even though the market kind of blew up eight went to 1700 whatever like i don't care about any of that sort of stuff and this is why so i put out a tweet today where i said you know the merge is coming layer twos are growing dank sharding is progressing public goods are being funded 2.3 million ether has been burned so far

twelve point five million eighty staked and eighties on sale and then i said i'm bothered moisturized happy in my lane focused flourishing that's a meme by the way guys like people making fun like moisturize what the hell is that if you actually just just google this kind of like part of the tweet you'll see the meme but anyway enough about the meme so to focus on the actual kind of like meat of the tweet here obviously the merge is coming i said i expected to be in august personally that's all well and good i mean i've talked about it ad nauseum at this point i'm not going to keep going on about that layer twos are growing talked about optimism's growth the other day they had record transactions uh arbitrary is growing very very nicely as well they've got their odyssey program starting up soon or already started i

believe it's it's either starting very soon or already started right um and all the other l2s are seeing great growth as well obviously the other ecosystems um you know spinning up investing money all well and good i'm not worried about that they're growing very nicely and obviously we have the token wars going to be heading up soon with op dropping sometime in the near future and other tokens as well uh dank sharding progressing a lot of great stuff happening on the dang sharding side i mentioned the pod the live stream that's happening um today i think yeah today uh uh on bankless uh with a you know an all-star panel uh and also now that i remember i am doing a live stream with david hoffman tomorrow uh tomorrow or today no today for the us tomorrow for me uh depending on where you're watching this

and that will be on bankless as well but you guys will see that it'll be i'll kind of like post it in the discord channel uh but yeah that the dunk shot is making really great progress public goods are being funded they are they're being you know there's more funding going into public goods than there ever has been and speaking of that as well today's newsletter delegate newsletter is actually a guest piece from trent van epps the person who's um pioneering or kind of like leading the charge on the uh protocol guild a new public goods funding initiative so if you want to learn about the protocol guild and have links to all the relevant resources definitely check out today's delight newsletter it'll be a link in the youtube description below um we've burned 2.3 million eighth i mean that's just going to keep chugging along a lot

of eighth thanks or to all the people kind of like trading nfts doing all the djinn stuff you're burning a lot of eighth we thank you for your sacrifice uh 12.5 million each staked and growing i haven't checked kind of like the the beacon chain validated q recently but it's at it's come down a little bit but it's still at 16 000 so we have almost um 400 000 active validators we have 376 000 400 000 soon that's growing more and more east getting staked all well and good and finally eat is on sale to me eth is on sale i know that i've said that it can go lower it can't guys like i don't rule out anything in this market but the fact that i was able to buy eth under two thousand dollars again like i was i was actually pretty surprised i i didn't

think it would go under 2000 but i think the terror collapse exacerbated the price moves and got us to that point can it go back there yes do i expect it to go back there no idea because i don't speculate in the short to medium term do i expect each to be much higher in the long term obviously right so to me eth is on sale i bought i you know i bought my large chunk um when i went to 1700 uh and i'm you know i'm trying to buy as much as i can going forward here uh but i've used up a lot of my ammo ammo so fast i've got to wait i'm going to build up some more some more kind of like fiat and stable coins again there uh but yeah i just you know to me eth is on sale so i'm obviously very happy

about that and that's why i am focused i'm flourishing i'm in my lane like seriously guys i know it's a meme but like i am so convicted on ethereum i am so bullish on ethereum more than i have ever have been and i'm just so excited for the future like i i think i finally accepted the fact that i i i'm i'm fine with being called an ethnicity now like i'm just going to embrace it at this point if being called an eighth maxie means that like uh all the things that i say or not all of them but like most of the things that i say come end up coming to fruition then so be it i don't care anymore to be honest like i am doing so well personally in my personal life um you know not just on kind of like the

the the money side i don't even really care about that but on the kind of like uh personal growth side i'm still having so much fun i'm learning so much the daily web community seems to be growing really nicely we're having so many good conversations in the discord channel it's just such an exciting time in in my life right now so i don't even care call me an ether maxi comment call me whatever you want i'm i'm bothered as i said in this in this um and i hope you guys are too like i really hope you guys are having as much fun as i am because it's all well and good for me to be having fun but it's even better when i get to share that fun with other people and as i said plenty of times if you haven't joined the discord channel yet please do so i'm

waking up in the morning and i can't even keep up with everything anymore it's so awesome there's so many messages going on in there so many smart people kind of like joining having great discussions so many people learning from each other i am just like blown away by the quality of the discussions in there so definitely check it out and join if you haven't yet um that'll be there for you but yeah that i think that's going to be it uh on on that tweet uh finally before i kind of like end out today's episode just wanted to give a quick shout out to a podcast um that hazu did with tim bico and this is a mega episode and this is only part one about ethereum's transition to proof of stake so in this episode they discussed how consensus works in proof of work versus proof of

stake the the long road to people mistake client modularity and how to test for such a massive event as the merge as i said this is only part one i'm sure part two will be out soon but uh yeah if you want kind of like the zero to one on or uh uh on kind of like the merge and on everything surrounding it this is a must listen i haven't listened to it yet like i i've been trying to find time to listen to it hopefully soon uh but yeah this is definitely uh going to be a good episode uh with with kind of like kazu and tim biker here so definitely check it out i'll link it in youtube description but that's going to be it for today so thank everyone for listening and watching be sure to subscribe to the channel if you

haven't yet join uh just watch subscribe to the newsletter join the discord channel and i'll catch you all next week thanks everyone