Market turmoil, Obol Collective and more - The Daily Gwei Refuel #791 - Ethereum Updates

Transcript

hello everyone welcome to another episode of delway refuel where up latest news and etherum AC system I'm your host Ando and today the 5th of July 2024 all right everyone let's get into it so a pretty brutal time in the markets over the last couple days in particular really just over the last kind of 24 hours July 4th obviously being a holiday in the US and well while the US was celebrating their independence the rest of us was celebrating our independence from our net worth but uh I wasn't actually going to talk about the markets today but I did put out a tweet that I felt resonated with a lot of people that I wanted to expand upon on the refuel and obviously I know that the market plays a big part in crypto and I know that a lot of you guys are probably

looking for maybe not reassurance maybe that's not the right word but looking for more of a broader outlook on what the market looks like right now because obviously there's a lot of people out there questioning if we're still in a bull market if we're just going to go down only from here you know why is the price going down even though everything's really bullish because it's not just eth going down of course it's the rest of the market it's a market wide sell off and the funny thing is is that these things are completely normal for bull markets if you go back and look at previous bull markets 30 you know 20 30% sell-offs are completely normal and you may think that that's crazy you know the stock market doesn't do this when the stock market crashes 30% uh that's uh you know that's really bad right

that's like 2008 level kind of catastrophe for the stock market but you have to I guess put into context what that 30% is and what people are looking out when they're looking at the stock market they're looking at an index they're looking at the SPX right the S&P 500 they're not looking at individual ual stocks and individual assets it's it's an index now as much as we kind of treat BTC and eth as indexes for crypto they're not right they they're single assets like they're going to trade like single assets and that's why you see such pronounced volatility here uh and because there are actually not very many great assets to put in an index in crypto even if you were to make like an index of I don't know the the top 500 crypto assets or something like that one it would be one of the worst assets to

hold in my opinion because it just tracks so much garbage um but two it would still be quite volatile so yeah it might might seem funny to say 20 30% is normal but it is for crypto it is very normal for crypto uh from a number of different reasons now when it comes to eth in particular that's where I put my tweet out today because obviously eeve has its ETF launching any day now you know could be the next week could be the week after but it's happening I mean I think the consensus is like it's 99% going to happen in July like just I want these things to start trading at this point but people are asking know how why did we retrace from 4,000 down to below 3,000 right and I actually do want to quickly shout out to someone uh gry stroke in the daily way Discord Channel

had been calling for 3100 and getting a lot of about that for the last few weeks from a lot of people including myself so huge credit to him for getting that call ride he actually said that he thought it could even go below 3,000 which was right as well so just wanted to give credit there I was wrong I didn't think it would go below 3,000 but hey my bullish bias gets in the way and this is why I don't trade but anyway enough on that note there uh but yeah I mean we went to 4K right on May 20th 20th 21st when the news came out that the ETFs were going to be approved eth rocketed it up from 3,000 to 4,000 in a single day and then since then it's been down only for E I mean not not totally down only but obviously we retrace that

entire pump and then some and people are questioning you know why is this happening you know the etf's coming you know this doesn't make any sense it's like well actually if you contextualize this it does make sense and I did that in my tweet today where I basically said that if you look at that 3,000 to4 ,000 move that could be seen as a preapproval pump just happening in a single day instead of over like 3 months because we all know that before the BTC ETFs were approved there was a pre-approval pump for BTC for like I guess you could say the better part of 3 months right until gen 10th and then BTC sold off I think it went down 20% from where it was when the ETFs launched to to where it bottomed at and then obviously it went up from there back up to all-time highs

now the reason why it happened over a period of many months for BTC was because the market was very confident that BTC the spot BTC ETFs were going to get approved from October onwards because of that grayscale case and I believe it was that that the SEC lost I believe it was late October so yeah November December and and some of October some of January equals about 3 months there right so that was the market kind of pricing that in it was a pre-approval pump but we had the exact opposite with eth where uh for about 2 to three months it the market became convinced that the eth ETFs were getting denied for such and such a reason whatever reasons people came up with now because of that eth the denial was priced in eth was stuck at about 3,000 no one wanted to bid eth because they're

like you know denial was priced sorry the denial is coming why we byy eth right now but then of course when things changed basically overnight and the ETFs got approved basically 3 days after the odds changed to be very high from basically 0% the market had to price in all of that all at once and it did that now it did that and it's now retraced that similar to what it did with BTC where it pumped for 3 months it didn't retrace its entire pump I think but it sold off over uh sold off after that so I do believe that the same thing has happened to to eia and that's me basically saying that I think that at this point like the Bottom's pretty much in like I I can't like I'm not going to say that the exact Bottom's in it could go lower than here but I feel like if I

had the spare cash right I don't have much money left to put into eth at this point because I just I've been buying so much of it uh at any point but like if I was had a lot of money right now to to put into I couldn't think of a really a better risk reward adjusted kind of price at this point in time to buy eth for a long-term time Horizon I'm not talking about buying it for next week or next month I'm talking about buying it for years to come I just can't think of a better time right now because the eth ETFs are still launching guys like they're still launching the eth outflows that everyone is very bearish on I explained why that is probably not going to play out the same way that we saw with gbtc and I even mentioned that in

my tweet here and the funny thing is about e gry scales e product is that it's as I've said before it's been trading at a discount for over you know whatever it is like I think not two months but like 6 weeks now it's been trading at a under 2% discount so if you really wanted to get out of this product you could have for a very little discount here for very little uh off off the top here most of the time it was it was under 1% or around 1% discount but then on top of this today e actually went into a premium again so it is at a premium to fair value at by 0.3% not much but it's at a premium which means that if you sell your eth now you will get more for it because at a premium so not only were you before able to get uh

able to exit if you really wanted to from E without taking much of a haircut now you can do it at a premium now of course uh eth trades uh I guess like on the tradire market and obviously this premium may not last because uh people want to will exit and then it will go back to a discount but at the same time the discount as I said has been really low as well so I just can't imagine there's that many people left who who are waiting until the ETF conversion happens to sell out of of ethe and then just go to cash and go somewhere else there will obviously be rotations from eth to other ETFs because I don't think eth's fee is going to be as low as the other ETFs there will obviously be rotations here but I don't think that's going to be net selling pressure and I

do think at this point like the the the price of eth is so relatively low and we've come off of you know such highs and we've got all these inflows that are going to be coming with the E ETFs launching that it just doesn't seem like the right place to be bearish at this point in time and I really really do believe I know I'm bullish biased here on eth but I really do believe that eth is going to be very very strong going forward uh forward from here because I just I look at it all and I contextualize it all and I try to form a practical unbiased like uh analysis of the market and of course you guys know that I'm always going to have some bias here like the the problem with with me and why I don't trade is because when it

comes to eth in particular I am always bullish biased on eth I was bullish as on eth when it went down to 880 I was bullish as hell on E when it went to $80 I've just always bullish on eth because I pay such close attention to what's happening in the ethereum ecosystem that I actually do the flip of what I tell you guys not to do whereas uh you know focus on the long term don't focus on the short term but the problem is is because I'm always in it every day and focusing on the short-term Tech stuff and the short-term fundamental stuff I tend to let that cloud my my judgment on eth a little bit and I bring forward my bullishness on eth if that makes sense right so even though I'm a long-term investor I still my my judgment still gets clouded here by this

and this is why I'll often say things especially on Twitter where I'll be like you know $4,000 eth is cheapap because I'm thinking you know years into into the into the future but the problem is is that because I'm thinking that and I'm saying eat at $4,000 is cheap I'm not giving that context there so essentially what happens is that people take that and like oh okay I mean it's you it must mean like over the next few days or next few weeks something like that when I don't mean that I mean in the longer term here in the years long long longterm here but yeah I mean I I don't want to spend too much on the markets here but the tldd is basically that I just don't see any fundamental reasons to be bearish going forward on eth like I'm not talking about the other

stuff guys whenever I'm I'm talking about the market I'm generally talking about eth and I guess BTC as well the rest of the market I have no opinion on like other than I believe a lot of it is overvalued generally but the thing is with crypto is that like things can stay overvalued for a very long time and a lot of the time they actually won't even go back to what you think is going to be the fair value like there are so many things in the top 20 top 30 I look at and I'm like this should be worth $0 but it's not for a number of different reasons but when I'm talking about being bullish when I'm talking about being uh optimistic on the market going forward the market to me is really just Ethan BTC you guys know I don't really play in

the rest of the market I do my Angel Investing on the side but that is completely different to playing in liquid tokens uh I do have some liquid token bags like you guys know I have my RPL because I've staked that with Rocka pool but I don't really plan to do anything with that it's staked it's it's part of the Rocka pool um uh mini pools that I've got right and it's part of the OD bond that I've got as well I don't really plan to do anything with that uh and also um on top of that I have some other kind of uh I guess like liquid bags you could call it uh but the thing is is that like I do plan to sell those one day in the future when I feel comfortable doing so but other than that I'm not actively buying anything on the

public market except eth because I just don't think anything is investable I mean you guys know my my views on um a lot of the tokens out there that are high fully value low circulating supply low low market cap yeah they can go up but the thing is is that I want to invest for years to come I don't want to be playing the markets month to month week to week like that that's just insane to me like Mo this is why most Traders lose money is because it's so hard to do so yeah it's just not my style and obviously for you guys it's different you guys obviously a lot of you I know talking you in the deily grade Discord Channel you're in a very different position you want to build your wealth you want to you know you're comfortable taking that risk comfortable

doing a bit of gambling here and there doing a bit of DJ and stuff nothing wrong with that but I think you've always got to contextualize it and realize that high risk High reward sure but at the end of the day you do need to be doing more some some long-term investing too and being like okay well I have my e Stashia I have my altcoin Stashia or mcoin or whatever you want to call it Stashia and then uh make sure you keep those things separate so that you don't blow yourself up that's always the number one rule in crypto and that's that's how I ended this tweet I said your main objective in crypto Remains the Same as it always has been to survive that's your main objective just survive the cycle survive the volatility and uh you know be in the right assets

too like I think that's the the biggest thing here but that's part of surviving by being in the right assets not sitting 100% in some random meme coin that got spun up the other week because you suddenly really bullish on it because it went up 100x no right U if it's already gone up 100x I'm sorry to say but like you're not getting much out of that anymore um especially if it's something like a meme coin but anyway I I digress on on that point there and on the market talk generally uh there's a bunch of other stuff to talk about but but I just wanted to bring that up for you guys and you can read my full tweet if you want I'll link it in the YouTube description below for you to do so all right jumping into the complete opposite of the price into some tech

related stuff here I guess like Tech fundamental related narratives so Matt here on Twitter had an amazing tweet so huge cros to him for putting this out there uh where he basically started off by saying I'm kind of fed up with all the negativity around ethereum and rollups when the whole ecosystem is shipping out of its mind right now people who look at what we have now and still think ethereum should have scaled L1 first are you all out of your minds now it's a pretty long tweet so I'll link it in the YouTube description below and you can go read it for yourself I'm not going to read the whole thing here but really he's just summarized I think a lot of uh what I guess us hardcore ethereum have known for a while and have been watching for a while and obviously anyone listening to the refuel will be

very familiar with all of this but essentially the high level here is that layer one ethereum is in the best place it's ever been we're about to do our largest Network upgrade in Petra early next year and it seems to be getting larger every day but hey we're in the best position we are right now and that's just one part of it there's also the funding part protocol Guild exists that's really great we have all these clients we had a new one come into production recently uh with WTH right so the L1 in particular is in the best place it's ever been in and only getting better and then you move on to the l2s and that's even better than the L1 like the l2s are growing like crazy right uh you look at any metrics you go to grow the pie or L2 beat or roll up. WTF you

look at anything there and it's growing it's growing really really substantially and really really well and uh the texture is getting better and better on each of these l2s as well yes there are lots of l2s being spun up but that's the great thing about l2s we get to run all these experiments in parallel it's a positive thing it is not a negative thing and also on top of that I was actually talking to a friend about this just before you know there's always this discussion around the apps like oh when's the next app going to come online that brings in the next millions of users you know when's the breakout app going to come online when are we going to have hundreds of millions of daus or daily active users on an app and and so on and so forth and I was kind of

discussing this with him him and I was saying look the there's daus as they exis in web 2 it's a web 2 metric right where essentially you log on to Twitter every day you log on to Facebook every day you go on to YouTube you know you're a DA of that and and that looks good to advertisers who want to advertise their stuff to you and and obviously they pay for that and these companies make billions of dollars right but when it comes to onchain What what is the predominant use of onchain right now it's defi it's Finance it's gambling right now in that environment if you're looking at daus it doesn't really make much sense because if you're doing something on chain such as taking out a loan against your assets you're not going to be doing that every day right let's just say you put like 10 e into a

you borrow against it and then you go use those stable coins to do whatever maybe you go buy more ether there because you're a leverage ape whatever it is right like and you sit on it and you sit on it for weeks you sit on it for months and you do nothing else with that like are you not a a user of of are still yes you are are you not a user of ethereum still yes you are but you're not like a quote unquote daily active user and this is exactly why in the traditional Finance ecosystem no one uses daus to measure how popular a bank is or how used the bank is they use AUM assets under management or as we like to call it in crypto tvl total value locked not a perfect metric but that's how you usually measure uh finances because the

more money in a bank the better off the bank is because they get to to to make more money from that that's why the banks I mean the bank's main purpose is to get you to put them your money into them and they can use that money to do a bunch of other things right uh and make more money for themselves and make tons and tons of profits so when you're looking at uh usage on on chain and to grab back to my original point if you just look at defi just defi as a sector year on year for the Last 5 Years defi has been growing that is what we should be looking at we should be looking at daus and what's going to be the next Consumer crypto app that brings in all these millions of tens of millions of users so on and so forth that that to me

shouldn't be what we're looking at that to me is not the right metric to optimize for the right thing to optimize for is sustainable growth over the long term year on-year sustainable growth uh and I think obviously the crypto Market doesn't do that the crypto Market especially with with prices doesn't do steady steady growth uh it does very volatile growth over time but it does do steady growth over the longer term like year on year as well like year on year uh for a long time now eth has been up you know up only so even from that perspective it makes a lot of sense but yeah so that that was basically the um the L1 and L2 side here and the app side but then you know Matt also called out a lot of the stuff happening on uh each of the specific L2 ecosystems like for

example Bas and arbitrum breaking their usage records especially uh something like bass who coin Bas has put so much effort and so much work into scaling it up scaling the execution side of things scaling up usdc on there uh and so on and so forth uh and then also the fact that we scaled the L1 by scaling the l2s by putting blobs in we brought L1 gas fees down right like normal L1 gas fee uh Market down for everyone and and I mean this tweet is full of these things as I said it is a fantastic tweet you should go give it a read for yourself it made me even me bullish because I love just seeing a summary of all the stuff that you know I talk about on the refu but also a lot of people in the ecosystem talk about it's just the

Golden Age of ethereum as I've been calling it for the last year at least we really are in the Golden Age The Golden Era of ethereum anyone who's bearish right now is in my mind out of their minds and again I got to got to clarify that by saying that I'm talking longer term here I'm not talking like day-to-day week toe bearishness it's more longer term probably not even month to month like year to year sort of thing here and Matt didn't even as far as I know uh mentioned the the trafi stuff happening as well and the regulatory stuff happening for ethereum this is just within ethereum like then we have all of the stuff out outside of ethereum like the ETFs the regulatory um landscape for eth getting a lot better because now that kind of Spectre of eth being classified as a security is pretty

much gone Black Rock being involved with ethereum doing their tokenized fun there's just so many Tailwinds guys like it is uh insane that people are so negative around ethereum on crypto Twitter but crypto Twitter is an insane place and you know it's funny I I think I don't know if I've mentioned this on the refi before but many months ago I was talking to some friends about this and I was trying to come up with an analogy of what crypto Twitter is like and I I think I came up with the perfect one and apologies if I mentioned this on the refill already before but essentially the way I think of crypto Twitter is that imagine if you were able to walk into a casino floor and read everyone's thoughts imagine the chaos right of that like just just sit on that for a second and try to imagine what's

going through everyone's head in a casino as they're gambling that's what crypto Twitter is right so like if you're expecting signal from crypto Twitter these days you're not going to have a good time I think for the most part there is going to be some signal here and there but for the most part probably not like for example I mean at a casino there's still some signal go to a professional poker table and you might learn how to uh play poker better right but go to the slots and people are going to have all their narratives and stories for why their slot machine is going to be the one that pays out the most or why the next spin that they do is going to pay out the most right or everyone's going to have their own strategy at the blackjack table or at the at the um

roulette table so it's the same on crypto Twitter everyone's got their own narrative that they they're Shilling out into the open and that they're kind of justifying their Investments to oh it's a mem coin super cycle or or the celebrities are going to bring all their fans on chain and it's going to pump the coins or I'm going to B bid the bass meme coins because coinbase is going to bring the normies onto Bas and then they're going to buy my bags like it's the same kind of thing right but but the thing is is that people like to vocalize it on crypto Twitter whereas in a casino and should actually there talking to these people you're not going to get exposed uh to that whereas if you were able to read their minds it would be chaos and that's what crypto Twitter is like at least to me but

anyway go give this tweet a read from Matt I'll link it in the YouTube description below for you to do so all right so epbs ethereum proposer Builder separation has been spoken about for a long time within the ethereum ecosystem I spoken about it forever on the refuel and as of July 4th epbs has an EIP number so from now on it'll be referred to as EIP 7732 and poto here has put together a short thread on exactly what this EIP inails here so um sorry the in epbs stands for enshrined proposed Builder separation not e proposed to build a separation I knew it was in Shrine I don't know where I got ethereum from but just a correction there um but essentially that means that this is

basically moved on from the research phase into the EIP phase which does have research that goes along with it but usually how it works is that there's going to there's deep research on something for a little while and then it's put forward as an EIP more research is done you know Dev Nets might maybe spun up around it it and then it may eventually make it onto mainnet by inclusion in an ethereum Network upgrade so if you are curious to see what the current thinking is for epbs and what it might look like when it goes live on the ethereum network this EIP is what you're going to need to pay attention to so I'll link this in the YouTube description below uh for you to do so and just a reminder here on what EPB epbs tries to do it essentially wants to make uh I

guess the best way to put it is that it wants to constrain the power of Builders and proposers and essentially make it so that we can make the network more censorship resistant because right now it's not very sensorship resistant given the centralization within Builders given the centralization around things like me boost so epbs aims to address some of that but you can go give this all a read as well as Po's thread I'll link it in the YouTube description below for you to do so all right obal has another big announcement out of their ecosystem so I think I mentioned this the other day but obal V1 went live with their uh I should say Shon V1 which is obal's Tech went live in a production environment uh and then the next day uh which was yesterday or the day before they announced something called the Collective so you

can learn more about this at ob.org but essentially this is a collective of entities individuals companies within the ethereum ecosystem that are involved within staking all coming together to better improve ethereum staking uh in in particular better improve ethereum staking with Technologies like DVT or distributed validated technology in order to essentially get ethereum to a more decentralized State get ethereum to a healthier State and and make it so that more and more people can stake uh within the ethereum ecosystem so you can see here on each of these Pages they explain kind of what you can do how to run your own uh staking node so on and so forth this is just a really great resource a really great initiative from Obel and all of their Partners here to

basically get more people involved within the ethereum staking ecosystem and it was funny last night at the Meetup that I was at so uh I was at a Meetup at um upside which is a crypto co-working space in Melbourne here uh and I was talking to someone about this and about how for for a while lier had like a near Monopoly on E staking besides obviously solo staking then other protocols came along like rocket pool um and and then obviously centralized exchanges came along as well but over the last year in particular there's been a lot of protocols coming online a lot of staking protocols a lot of staking projects coming online that are eating into that market share for the simple reason of like the ethereum staking Market is absolutely massive and it is definitely steal anyone's game I

remember I showed you guys the other week this eth 2 staking dashboard and how ethery had actually climbed up to number three on uh in terms of like the total amount of e Stakes per entity here you can see them here so ether is at 4.9% compar and that's that that puts him in third place whereas Lio is 29% and coinbase is almost 133% here now as you guys know I'm an adviser to Ether fire but I'm not bringing them up because of that I'm bringing them up as a perfect example of something that didn't launch until very recently uh I believe their main net launch was maybe what 9 months ago now or something like that and and they were able to get to number three now they are beating out binance who has been doing staking for a long time Kraken that has been doing

staking for a long time uh Kiln and figment same thing Rocka poool as well but I I think Rocka poool is going to have a a nice little Resurgence soon with their upgrades that they've got coming they're kind of limited by unfortunately by the their their current mechanisms in terms of and not being scalable for big players uh right now uh but yeah I mean the point I'm illustrating here is basically that new entrance to the staking Market uh can grow and can grow really really quickly by leveraging different things obviously for those of you who don't know maybe maybe it's not obvious too but ethery essentially was one of the biggest uh liquid reaking tokens or one of the first I should say sorry to do liquid reaking through igen layer and do the points farming where essentially you could Farm points as a pseudo solo

Staker with eifi because eifi was spinning up igen pods whereas the lsts were capped so essentially it was a a loophole that they exploited in order to get a lot of growth here and they've also just got a kickass product as well right like the products really good they have a lot of value added products on top of that they're vertically integrating a lot of stuff there but my overall point here is that doesn't matter who it is there is opportunity here within the ethereum staking ecosystem and it's going to keep growing it's going to keep being becoming more decentralized over time and I'm really uh glad to see that Obel has put together a collective here to basically focus on on that with all of these partner companies you can go check this out for yourself I'll link it in the yoube description below for you to do

so all right so Umbra a project that I have covered a couple of times on the refu before announced something uh today I think or or yesterday where they said that ERC ERC 5564 and ERC 6538 have been finalized marking a major milestone for evm stealth address standards so there's a quick thread here with details about this and what this actually means but for those of you who don't know Umbra is trying to build a stealth payment uh kind of infrastructure on top of ethereum here where essentially you can have private transactions um using stealth addresses on on ethereum uh which is something that I think valalik has written about before and obviously falls into the wider work around privacy on top of ethereum and trying to make

ethereum transactions more private uh over over time and that's definitely one thing that I think we still need to do a lot more work on one area that we need to do a lot more work on unfortunately we had a few steps back because of the fact that the governments around the world have been so hostile towards crypto privacy and generally they're hostile towards any form of privacy especially Financial privacy but also Communications like how many how many governments around the world have tried to go after encryption or go after encrypted messaging right they they don't want us to have privacy whether that be within within our Communications or especially within our financial privacy they don't want that because if you have Financial privacy they can't track your transactions and they can't uh they can't track you for

tax purposes essentially so like and and it's not just tax purposes I mean it's just a general huge financial surveillance scheme that they got going on in order to try and stop well they justify it by saying they want to stop money laundering from happening uh they they want to stop Bad actors from accessing the traditional Finance system but we all know that bad actors uh are able to use the tradire ecosystem all the time and and do so and and anyone caught doing it isn't really punished I mean how many times a big Banks been caught laundering money for uh for these Bad actors and being fined no one goes to jail over it right so it's all just it's all just more control government's wanting more control here uh and crypto really is one of our last ways and last uh bastions to fight back

against this stuff and I think we need to be doing more around privacy I understand why people have taken a step back because there is definitely personal risk involved here um but yeah I mean I I think we can do it in a way where it doesn't involve too much personal risk uh where it can still add a lot of value to the world but I understand why some people or a lot of people don't want to get involved with this I mean I probably don't have the the the guts to do something like this I I'll promote the Privacy tools and I'll tell you guys to use them if you feel comfortable doing so but I probably wouldn't build one myself I I just I don't know I feel like putting a Target on my back is just something I I don't want to do and if that makes me a coward

I guess so be it but I'll do what I can to promote this and I'll do what I can to make sure that uh this becomes a reality that that privacy is preserved on ethereum and and gets better over time but anyway enough ranting about that you can go check out umra news for yourself I'll link it in the YouTube description below for you to do so all right last up here just got a thread from Kane uh who is the founder of infinex and you probably better know him as the founder of synthetics here but the reason why I wanted to bring up this thread is because one you should go read it right now it is an amazing Thread about tokens in general and really speaks to some of the stuff that I've been talking about over the last few weeks with regards to tokens and how

tokens are broken right now and have been for quite a while and about how we can potentially fix them but also how they're basically not unfixable but like we can't fix them to the point where we want to get them without better I guess regulations and without a less hostile SEC or regulatory body in general but the reason why I wanted to talk about this was because Kane's thread uh is basically in the context of infinex where infinex is currently doing a campaign called crate run where you can essentially liquidity mine or or yield Farm the token so infinex is obviously going to have a token here I am not uh involved in infinex as an advisor investor or anything like that so I'm not chilling my bags here or anything but the reason why I bring it up is

because I spoke to Kane at length in Sydney about infinex and about his plans for it not just as a product for those of you who don't know infinex is trying to be a decentralized exchange that matches a centralized Exchange in terms of UI and ux whether that be on the scalability front uh but uh or on the kind of like Asset Management front as well uh and and they built a killer product by the way you should actually go use it but they're also trying to change the meta around tokens so they're trying to make it so that most of the tokens actually are in the community's hands not in some Treasury and not with VCS and and the team and Mo and they're trying to make it so that they can have as high as a float as possible from day one of the tge and reward people and

allow them to basically earn the token through this crate run campaign now I'm not going to tell you guys to go do this I'm just going to basically say that it is something that you could uh it is opportunity within crypto that you can go take advantage of right now uh that could potentially go somewhere uh but it's very different to what we've seen in in the past it I I I do think they'll probably do an airdrop or something like that but but they're not doing like a points campaign it's it's they they're doing something different I mean you could argue that it is similar to a points campaign in that like they're farming your liquidity but the thing is is that you're getting a transparent thing out of it they're basically telling you if you do this you get this crate which then you can open it earns

you bonuses and then you'll be able to earn these nfts that may give you access to um you know to to the Token sale when they do it and to getting tokens and and and so on and so forth so they're really trying to change the meta here but Kane does a better job of explaining all this than I can so definitely go read his thread if you haven't yet I'll link that in the YouTube description below but I do want to to but I do want to caveat with one thing where basically the one of the reasons I'm bringing this up is because I think infinex is going to be a killer product I have spoken as I said to Kane at length about this I've seen presentations given on infinex I've seen the team and spoken to some of the team members they really get it they're

actually a really young team they're very hungry I think to change the meta here and they have a leader in Kane who has been around the block for many cycles now he understands this industry very deeply he understands how to build products within crypto how to build successful products in crypto and he understands the meta when it comes to tokens and crypto generally so I really do think that infinex is going to be a killer product within within crypto I can't wait for it to to go live here and and and people to get their hands on it but yeah anyway I'm going to end it there for today so thank you everyone for listening and watching be sure to subscribe to the channel if you haven't yet give it a thumbs up subscribe to the newsletter join the Discord Channel and I'll catch you all next week thanks

everyone