The Merge is coming, 8-9% APY on ETH and more - The Daily Gwei Refuel #222 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the daily gray refuel where recap the latest news in ethereum ecosystem i'm your host anthony sosano and today's the 4th of october 2021 all right everyone let's get into it so i put out this tweet a few hours ago just thinking about kind of like ethereum where ethereum is today i was writing the daily grain newsletter and i was kind of thinking about it and i was like they go it's kind of kind of like the golden age of ethereum right now like the golden era era i haven't felt this excited about ethereum not necessarily kind of like the price and like the price action going forward but like the actual ecosystem i haven't felt this excited about it pretty much ever like in terms of how much activity is happening how many new kind of like

innovations we're seeing how many people are on boarding it's i mean i've been going on about this a lot on the refuel of course for a while now but it's just it's unmatched right it really hasn't happened like this at any other time in history so i put out this tweet where i basically said you know we have eip1559 burning eighth that's obviously a huge deal like i know it's funny because like no one really talks about it anymore unless we get to those milestones like four hundred thousand eight eight burn and then when we get to five hundred thousand we're at like uh what 427 thousand at time of recording i have eighth burned um but the funny thing is is that like that's still there that's still happening in perpetuity we're still burning a lot of eighth all the time um and you know that that is kind

of got flowing to eatholders now i know the price hasn't kind of like gone uh much higher from when 1559 went live i'm pretty sure it went live when eighth was around 2900 and eighth is like 33.50 right now but i think people under overestimate the short-term impact of 1.59 and underestimate the long-term impact because that's definitely going to play dividends later on for the price but more generally like i really like the fact that it's actually at least for me made my transaction experience a lot better where i've hardly ever had to speed up a transaction since one five five nine went live uh and it just makes my whole it makes it much smoother for the network in general to process these transactions and it kind of like has obviously done its job at smoothing out the gas fees so that's really exciting then we have

like the merge the progress on the merge is accelerating which i'm going to talk about in a little bit i have a couple of tweets to talk about with regards to that but i mean as i've mentioned before altair goes live on the eth2 kind of like network the beacon jane uh on october 27th and then once that happens all of the attention from the eth1 and eth2 devs are going to be on the merge and it pretty much already is like and as i said i'll discuss this in a little bit so i won't spoil that now um and then i went on to say you know layer 2 adoption is exploding and it really is i mean i'm going to talk about diy dx in a bit as well but outside of that uh we've seen like last week immutable teamed up with with uh tiktok for example

arbitrary has read it going to be deploying using their technology uh optimism is going live with major upgrades this month obviously arbitrary is live and as well waiting just waiting for more apps to go live on arbitrage i think you know we still need a money market to go live there like are there um i think arvid would be the only one like maker and compound how i mean make it's not a money market but like compound hasn't gone uh gone live on any other networks as far as i'm i know at this point and they also have like an exploit that they're dealing with right now so probably not going to see that but once ave goes live on there i'm sure we're going to see other apps follow like like year and network kind of like rely on this sort of stuff and and

even alchemics and stuff like that but still you know the rollout is happening adoption is exploding and it's not just i guess like the layer twos it's also the other scalability solutions like side chains for example like the polygon pos chain he's getting a lot of usage and the fun funny fun fact um you know we all know axe infinity has had like an incredible kind of adoption cycle over there especially the last uh i guess eight or nine months but did you know that axi originally was on ethereum layer one obviously it didn't scale for their needs so they went and made their own kind of like side chain called the ronin side chain um and that actually uses ether as part of its economy so it's using um as far as i know for kind of like gas fees and things are priced

in eighth and stuff like that their native token is just for kind of like staking and governance and and for being used within the within the game itself so uh from that perspective you know even these side chains adding a lot of value to to ethan to the ethereum ecosystem and you know i know that the the polygon team is interested in changing in turning their pos chain into a proper kind of like layer two or like a true layer two later on or they'll just kind of like migrate users to uh their generalized layer twos when they go live and i know the axe infinity team i mean maybe things have changed because they said this a little while ago but they're also interested in changing over to one of these kind of like roll ups once or or kind of like a valydium or a

volution once they're ready you know i could see actually infinity going from their side chain or at least kind of i guess um copying the state from their side chain onto a layer two like uh like uh like like a valydium or a volition um uh from starkware and just running their stuff on that uh that gives them even more scalability than what they have today with their side chain and also allows them to have better i guess uh bridgeability is that a word or composability with ethereum's kind of layer one and also they get uh they inherit some some of ethereum's layer one security um for those who don't know validium volition aren't considered kind of like true l2s because they don't post their data to ethereum layer one they have like an off-chain data committee volition gives you the option whether to post your data on

layer one or not but by again by trading that off you get like a lot more scalability for it uh much more than even a side chain can give you so uh like an e i guess like an evm fork side chain um there are other kind of like side chains you can do some stuff around and and you know i totally centralize it of course but like get a bit more juice out of but anyway there's a lot of stuff happening on the layer two scalability front there um nfts i mean i don't think any of us saw what what was gonna happen with nfts like as big as it did like even the most bullish kind of like people that were even sorry even the biggest heath balls nft bulls that i know didn't expect adoption to happen this fast uh nor do they expect this much money to

flow into the nft space and it's just onboarded so many people into the ethereum ecosystem i know that ethereum layer one is pricing a lot of people out and they're you know they're seeking refuge on other networks which have cheaper fees and there are some kind of like nft ecosystems popping up there but open c is only on two chains as far as i know ethereum layer one and polygon and that's brought in a lot of people into the ethereum's kind of like if you're an ecosystem a lot of people have been exposed to eth they're buying it they're using it they're using it for gas fees which are being burned you see how kind of like we have this symbiotic relationship going on here um and you know with with um these nft scalability solutions going live like immutable x that as i said they're immutable teamed

up with tick tock they have like a bunch of other nft uh uh games and platforms kind of building on there we're going to just onboard even more people to this ecosystem and then we have daos which are continuing to mature the hours have taken this approach where we're kind of just like letting a thousand of them kind of like come to market then just kind of like seeing all the experiments play out innovating progressing along there and then seeing kind of like what shakes out and adopting the best kind of like um the best uh best ways to run a down manager doubt kind of like get people involved with it uh and then i ended this week by saying you know it feels good to be an etherean right now it really does i mean there's so much happening it's insane like i am i said in my newsletter today

ethereum really is a city that never sleeps uh it's i mean i know that the existing web today is like a 24 7 always on kind of thing but the web is as it exists today is different to something like ethereum because ethereum is at its heart a value transfer layer or a va or a settlement layer for example where we can transfer value wherever we want it's an always online financial system and then you can build whatever you want off of that like nfts dows gaming all that sort of stuff can be built off of that financial system and it's literally 24 7 any day of the year anytime you want the ethereum network is there to serve you it has never had any downtime it's uh you know there are periods of time where it can get slower or whether gas fees can spike so you

have to kind of like wait a little bit but it's always online and ready to serve you uh which i i think is quite amazing to be honest the fact that we have an always online value transfer system financial system you know a place for people to kind of like do stuff with nfts with dows it's it's crazy because that's what makes this movement kind of global is the fact that it's always on like could you imagine if for some reason blockchains had like an opening and closing hours like a like a bank does for example it's like oh yeah we open at 00 a.m eastern time and we close at 5 p.m uh eastern time so you know if you're uh if you're based in kind of like uh in asia or australia well who care like it's going to be late or you're sleeping bad luck you're out of

luck you can't use the network um you know you know what i mean and i guess like that's not the way banks work today obviously there's like local branches and stuff like that but the fact that you know it kind of works like that means that banks are inherently not global institutions like there's different and they're not kind of like the systems that they use aren't global settlement systems there's a bunch of different settlement systems it's such a crappy system really at the end of the day whereas ethereum services the whole world it does it it does so equally as well i know when i say that people are going to be like oh well the gas fees are high it's not exactly equal to people who can't afford them but i'm i'm talking about in terms of just like what it produces for people what it kind of

allows people to do take away the gas phase for a sec yeah out of the conversation you can do anything you want on ethereum at any time it's censorship resistance uh and no one's kind of like stopping you there's no opening or closing hours which i think is is pretty cool so yeah very exciting time to be in ethereum i wrote a little bit more about this in the newsletter today if you want to if you want to check that out uh but yeah i'm going to leave it at that for now there's a bunch of stuff other stuff to get through uh so yeah i mentioned the merge uh there's currently a merge event happening where a bunch of people have gotten together to basically work on the merge both the spec and the actual client development you can see here just sec i think that's how you say

his name uh from i believe he works on the nimbus client um kind of like put out this uh this uh i guess like picture yesterday where he said merge event day one uh nimbus and nevermind does the merge transition so i'm assuming this is kind of like the uh the transition from like eth1 to eth2 or kind of uh i guess like from um uh slotting in the execution layout to the consensus layout and i mean this has happened a bunch of different times in the past already we know that this can technically be done but i think you know at this point in time we're at the okay we've got the spec we know it can technically be done what can go wrong that's the stage we're at with the merge right now because you have to consider all the edge cases you have to consider

all the the attack vectors you have to consider all the kind of like possible possibilities of bugs you have to have a plan if something goes wrong as well i i think and you need to make sure all the clients uh can kind of like talk to each other can run this uh same consensus for quite a while as i mentioned i think on last week's refuel they're going to be doing the devnets uh soon and then after the devnets will come shortly of test nets and then after that we'll come long live test nets it's kind of like how we rolled out the beacon chain uh i think they're going to probably want to see the long live test net kind of i guess like exist uh for for a little while before we kind of like see it go to go to mainnet but q1

q2 next year i don't expect it to push into q3 i even think q2 might be being a bit pessimistic like maybe we can get it done by march next year i just want to see what happens over the next two to three months because i know that there are still a few kinks to work out within the merge of i guess like the biggest things are kind of i guess you know how miners are going to react how do we do it so that the miners stay to the very end so we can actually transition across there are a few ways that they're kind of thinking about i think they've kind of like settled on um having the i guess like fork block be based on mining difficulty rather than kind of like a specific block that's set in the part sorry set um at some point

in in the future because then obviously it can be games and you want to have it as randomly as possible so that you kind of reduce those risks as well but generally i would say that we know we can do the merge respect's there we just need to get all the clients to be to work well we need to make sure it's as bug-free as possible and we need to make sure that there's no i mean given that this is an adversarial environment we need to make sure that any of that those kind of like adversaries can't cause any damage during the merge and obviously after it as well but very very close i mean you know even if it takes until q2 that's only eight months like till the end of q2 that's really only eight or so months from from now so we're very very close to to

getting this getting this stuff out there and of course once it happens it'll be like eip1559 where it happened everyone celebrates and was like oh my god finally and then everyone's like okay what's next and of course what comes after the merge is is one of two things uh uh there's statelessness and then there's sharding whatever one comes first will be the one that goes into um i guess into production now i actually will put my money on uh sharding going first because as far as i know all the research for data sharing is already done it just requires clients to implement this and but they can't do it until the merge is done so i would say expect sharing before statelessness but i would say that we might not get that until 2023 at this point like maybe end of 2022 for

sharding i mean it's not that complex to do it would be awesome to see it go live because the shards will give us a lot more scalability for our layer two ecosystem but expect you know the major upgrades that still take you know it could take up to another two years to get all the major upgrades live and then we have a bunch of other things coming after but i'm talking about like the the three major upgrades from here the merge sharing and statelessness or or kind of like just general statelessness of the ethereum main chain uh those are the three major things that i'm looking at and i would expect them to take anywhere from 18 months to 24 months um the merge being the the closest here and maybe we can get sharding end of next year but we'll have to see how how that plays out

all right so toast.ethe had a really uh good way of i guess visualizing the amount of eighth burned or kind of like thinking about the amount of eath burn he he said here the amount of heath burn since 1559 just two months ago would be at number 85 in market cap rank if it was a coin in itself and it will only keep going up uh it was at the time of screenshot 1.4 almost 1.4 billion dollars worth of um of kind of i guess eath burned here and you know could you imagine like an eighth the amount of eat we burn getting one day to i mean like the top ten it doesn't take much to get into the top ten of coin gecko uh these days like if i'm just looking at the top ten now you would need what 30 or 28 billion dollars

to get into the to the top 10 here um obviously that's going to keep growing over time so maybe we will see us in the top 20 which only requires 10 billion but that's that's today but also if eight keeps going up in price that amount of eth burn goes up in price as well so it kind of balances itself out there but i think you know we're going to see it you know climb the ranks pretty pretty fast especially as the eighth price goes up maybe it's just a bit of a vanity metric doesn't really mean anything but still i guess a different way of thinking about it being bird that i hadn't i hadn't personally thought about it this way before all right uh paulinha is back with another awesome blog post where he put out this post called paths forward for monolithic chains now uh for those of

you who have kind of like listened and watched refuel lately you'll know that i've talked about kind of polynei's work about modular blockchains and monolithic blockchains modular being the chains that kind of like separate concerns between data availability security and execution the monolithic chains being the ones that are trying to do everything at layer one things like solana for example right and eos and stuff like that um so in this post uh polynomial basically paints like a rosy i guess future for these monolithic chains if they kind of do uh things like you know turn into a roll up or kind of become like a roll up on and use ethereum as a security layer um or kind of like expand into a volidium even or a volition or a roll-up you know things like that or become a security and data availability layer

sort of what like ethereum with sharding is going to be or polygonal veil or celestia um become a security only layer uh like something very very similar to bitcoin except uh having the ability to i guess verify proofs and maybe even have cool data on the chain but then you are kind of like back to ethereum so maybe that's not even not even uh something worth doing but a few good ideas in here i definitely recommend giving the post to read it's only a five minute read but uh i mean you guys know paulie now is one of my new favorite people over the past few months just love all the the work that they're putting out and level the coverage that they're doing especially around this uh around i guess the narratives around monolithic chains versus modular chains and stuff like that uh but i i mean i i fall into this

camp as well where i believe that a lot of these l1s are going to go nowhere there's there's a handful of them that actually do have uh you know some some level of adoption organic adoption out there uh you know even if i think that they're totally kind of like centralized totally against what i want to see in this ecosystem there's no denying that some of them have have traction right now and obviously there's something like like solana for example has he's building out it's kind of like own ecosystem there uh you have avalanche as well seems to be getting contraction but the funny thing about avalanche is that all the traction's on their evm side chain essentially so they're really just like kind of like basically ethereum at this point but just like a uh on their own kind of like consensus mechanism with their own kind

of like community and stuff like that but it's just ironic that that that kind of like uh that's happened that way um and then you know you can go down the list and pick out any other projects i think the terra eco system is actually quite quite interesting um from like i i guess it's for me the terex system is more fintech than it is defy but the funny thing is that i think the terego system is basically the perfect candidate to be a roll-up or a volidium or volition on ethereum i don't think it needs to be its own layer one chain like it already is like way less decentralized than ethereum and um i'm pretty sure they're going to run into scalability bottlenecks as well so in my mind they're probably the top candidate in terms of in terms of these chains that

actually have traction that i would say would seriously consider becoming a roll-up or a volition or a validium and as i've said before they can still keep their native token they can keep the lunar token and all they're doing with it like their ust stablecoin can still exist everything can stay the same the really the thing that changes is that even the nodes can stay the same like there can still be nodes on there um instead of kind of coming to consensus they're just kind of i guess um being like a sequencer for example uh processing these transactions being like an execution node essentially that can all remain the same but instead of coming to consensus within yourself instead of using your own consensus mechanism you just default to securing yourself on ethereum you either store your data on ethereum or if that's too expensive you have data off chain

maybe you can even put that to as pauline said here you can be like a data availability chain uh for yourself right but still kind of like use ethereum to secure you uh via proofs and stuff like that so i would say that i i yeah i mean i i could see something like the terry eco system doing that um i'm not sure which other chains would do that there are definitely um ones out there that won't for example i don't think that solana will do that i don't think polkadot will do it i don't think avalanche will do it i don't think uh cosmos will do it i mean some of them kind of can't do it given the the kind of i guess like architecture of their networks it just becomes very very hard and not worth it for them um but yeah

i'm just scrolling down the list here i really don't see any other change that could do this and the funny thing is about these l1s really just just scrolling down the list there's only a few of them that actually like um that actually have any traction after all kind of like the marketing that's been going on with them all the rewards being paid out and i think in not even five years like i've given my five year thesis before but i think in even like one to two years a lot of these things are just going to be completely forgotten about because the layer tweaker system uh especially in the zero knowledge space with roll-ups and uh volitiums and volitions they're just so much better than any of this uh kind of i guess um any of these l1 like i mean i'm not gonna go on about it

again you guys know my opinion here and i'm not just bashing l1 because they're not ethereum i'm not trying to be an ethmaxy but like i bet on the tech like i'm a tech maximalist if if the better tech exists then the better tech's going to win and i think that the layer 2s are the best tech i mean the best tech in this ecosystem and i think that the modular blockchain kind of like thesis is the best one going forward so love to see how that plays out but as i said like maybe i'm wrong maybe i'm right i think tara will be one of the ones that actually seriously considers becoming um a validium volition or or roll up itself uh whereas i don't really think any of the other ecosystems will um maybe some of the other evm side chains might maybe i mean

in saying that i expect things like the pos chain the polygon pos chain to transition or at least to kind of i guess like have people migrate from that to polygon hermes with their zkvm and stuff like that but more generally i um yeah i just think most of these l ones are doomed to fail uh i actually think all of them are doomed to fail except ethereum in the in the long long term but a lot of them can just keep themselves afloat if they manage to i guess like attract enough developers and enough kind of like community members but also have like enough of a vibrant ecosystem where people can make money on there that's the most important thing for a lot of these l1 is that they can pay out money to people uh uh fire via rewards or there's a lot of activity

happening there's a lot of speculative stuff happening on there and people can earn money i think that that is a staying power for these things but it's going to be interesting to see how long that that kind of like staying power lasts because it's not going to last forever um but we're just going to have to see how it plays out there but uh yeah so go away this blog post is very interesting and then another post that i came across on reddit that was actually shared by pauliner as well was this one from l2 intern on reddit called new vms in rollups with solidify ethereum's lead now what this kind of i guess uh post goes through is how anything your l1 can do in terms of like not being an evm or not having a different smart contracting language or being able to do something more than

what the evm can give you the l2s can do better i've spoken about starkware before how the dydx is not even built on the evm and not in built-in solidity it's built in cairo which is starkware's native language and it's built using their stocknet or stock os whatever they're kind of calling it these days i think it was stark os now they're just referring to it as kind of like uh a stark net and i think the stark x is like the tech it's dark and that's kind of like the generalization for for all the solutions there um but you don't you don't just stop there i mean arbitrary has their own virtual kind of machine called the avm yes it's very similar to the evm but it's still kind of their own thing uh zk sync and uh polygon hermes and scroll as well

are doing their zka vm stuff which i'm pretty sure like everyone's going to default to eventually uh and then yeah i mean as i mentioned like uh stock nets cairo virtual machine but basically what this post says is that like you're not limited to the evm at layer 2 at all just because you you want to be evm compatible that's fine because you want to get some some traction you want to be able to have devs just deploy their stuff there but you're not limited at all there's no technical limitation saying to you well you can only be an evm and you can only do stuff in solidity you can be you can build your entirely new vm from scratch and do whatever you want and you can also have a different language too you don't have to have solidity so i think it's really

important to recognize that when it comes to the layer tweaker system on ethereum that uh it's not limiting at all it actually opens up a massive design space for developers so definitely give this blog post a blog post i guess like reddit post a read it was very interesting and speaking of scaling channeling god's shared this uh this really great little um i guess flow chart here that i may have showed on the refill before it comes from loop ring that basically just breaks out the layer two ecosystem into a bunch of different kind of i guess uh places we you know we had state channels like raiden uh ryden and selah and then we had plasma which kind of like i guess is was the sister to optimistic roll-ups and then off that we have optimism and arbitrary then you have zk roll ups and

they're using different technology underneath graph 16 plonk and stock different cryptographic primitives that are being used and you can see which apps come off of that but it's all leading to zkavm which is like the holy grail right a zero uh sorry a zk roll up being able to be fully generalizable uh and you can kind of like run you know any app you want on there so that is the holy grail of scaling at the moment maybe we discover something better but like that's what everyone's kind of working to right now so i just thought this was a great visualization to kind of like see how that all plays out there uh so k'nex put out a great tweet thread over the weekend explaining the interoperability trilemma and how connects nxtp protocol fixes this so i'm not going to read this out of course but

i'm going to tell you to go read it there is a link in the youtube description of course um but it basically explains how k'nex works under the hood what makes them different to other bridging solutions out there and why they believe that they are the best one out there and i mean like as i've mentioned before disclosure i'm an investor in connext uh but i invested in them because i mean these guys have been doing this for quite a while now and uh they know what what's up when it comes to bridging when it comes to i guess like cross chain stuff cross l2 stuff and they're really building it from uh i guess like from first principles and they've built it from first principles here and thought about things in a really really great way to to be as trustless as possible so definitely go

check out this thread here uh speaking of bridges um salah put out this tweet where they said the sea bridge that they've got does not only save time and dollars exiting funds from optimism over others but it also saves costs the other way around so for example moving funds from ethereum or any other chain to optimism via seabridge is actually cheaper than using the native bridges which is cool like i mentioned this before on the refuel where i said these bridges are going to be cheaper than using the native quote-unquote official bridge that optimism or arbor trim or whatever other l2 has out there so definitely go check out uh you know seller network seabridge here if you're looking for for a bridge to use to get into albuquerque optimism as cheaply as possible uh and i mentioned before i wanted to

talk a bit about dydx it is now the most liquid uh product a liquid exchange product their their diy dex layer 2 perpetual exchange in crypto more liquid than binance more liquid than ftx you can see here they had 37 million dollars worth of depths at 50 bips on their 8th perp whereas binance has only 16 million dollars of depth and ftx only 12 million dollars now this is crazy i mean this isn't just comparing this isn't comparing spot to perpetuals it's comparing perpetuals to perpetuals like you can see here purp and perp which means dydx is by far the most liquid perpetual exchange out there and this is just showing again the power of a extremely well-built exchange for starters and an extremely well-built decentralized exchange it doesn't rely

on kind of i guess um centralization like these other ones do because it's built on starkwear and also the power of a token of course like they put the token out there dewa dx exploded exploded in growth and the token went up in value too uh but i think that without the exchange being as good as it was the token wouldn't have counted for much to be honest i think you need both in a good token model and you also need an a good product and and i kind of answered this in the ama um that i did yesterday uh saturday which is uploaded on youtube uh if you want to go check that out i did at the very start the first question i answered was about kind of like token distributions and one thing i harped on about was the fact that you can't just

like use a token to bootstrap uh an ecosystem or bootstrap your product uh if your product's bad if the product is bad then no amount of token incentive is gonna make the product good so i think that's why diy decks you know they had a working product it's amazing it works just as advertised and now they have a token to bootstrap that growth and that's the proper way to do it it shouldn't be done the other way around where you have like a token that comes out first before your product is actually has product market fit and try to kind of force your way into that that's just not going to happen in my mind all right so polygon has announced that the switzerland national postal service has chosen their pos chain to launch swiss crypto stamps so uh they'll bridge the gap between physical stamps in the

digital cryptocurrency space cryptocurrency industry by introducing tradable digital stamps as nfts on the polygon pos chain i think this is pretty cool like to be honest i mean the more of these kind of old world institutions getting involved with crypto the better and i've mentioned how i think all of them are going to get involved at some point but i think thing this makes perfect sense to be on the pos chain you don't need ethereum security for um you know crypto stamps right like uh so just putting it on the kind of like less secure less decentralized pos chain so i guess side chain emit chain is like totally uh totally the right use case here and i think this is again what we're going to be seeing with the validiums and the vault and the evolutions that choose kind of like off chain data option um where you have kind

of like this less secure thing going on but it's it makes sense for the use case so i i definitely think that that um that's going to play out like that but yeah i'm still cool to see this from polygon here i'm coming up on time so i'm going to run through the rest of these quite quickly another kind of bridging protocol i came across over the weekend is mover network so crossland they call themselves a cross-layer communication protocol for the multi-l2 future and one of their kind of like founders put out a interesting screenshot where they said uh uh where they're kind of like i have an alpha leak here of how move is going to work so you can see the mover basically gives you available routes to go down between different chains you can see route number one goes from uh you

can go from kind of like rv on polygon to usdc on ethereum and it tells you what kind of like the fees are um and how long it's going to take and then you can see like on the second route and the third route and each one has different fees going from i guess like polygon to ethereum and and kind of like using different bridges and stuff like that and how many how much in fees it's going to cost you so you can see here that uh by using the native uh i guess polygon bridge at the top uh it's going to cost you barely basically nothing in fees um and it's only going to take 30 minutes but then you know you can get a faster kind of withdrawal if you go from through the any swap router or through hop and it's going to take

you 10 or 5 minutes but the fees are going to be a bit higher there so i think it's really cool that you can kind of like see or like compare it here on the on the fee side because i think that's what's going to dictate what bridges people use as well as speed of course but if you have to pay 50 in fees to get your funds in five minutes and it's free to get it in 30 minutes well you got you kind of do like a i guess um a cost a benefit analysis there like a lot most people will not need their funds you know quicker than 30 minutes to be honest like unless they're trying to ape into something well then they'll probably just pay the fee to get it quicker but i think you know 30 minute wait for for to bridge over

from polygons to ethereum is probably fine for most people all right so will from element finance uh put out a great tweet over the weekend where he said you know here's how to get eight and eight to nine percent apy on eth get st eth which is uh lido staked eth deposit it on ker for curve st and gain three percent apy on trading fees then go and lock in a 5.75 fixed rate on element finance for curve st compounding the three percent apy in step two and enjoy a reward of around eight point seven five five percent on your eighth higher if the three percent maintains this is pretty cool because you're both staking ether and earning kind of like the apy from from curve while also locking in a fixed rate on element finance which i've just

discussed before is kind of like this fixed in variable yield market um this is obviously more risky than just like straight staking your wreath but you're getting extra apy because of that like if you just straight stake your eighth right now i think it's like 5.5 percent or something like that um apr yeah and it's non-compounding this is compounding like that's the difference between apr and apy by the way apy is a compounding um kind of like uh i guess interest or kind of like yield whereas apr is non-compounding so with obviously with staking it's non-compounding because your rewards to to put them into uh to restake them you have to manually withdraw and do that but you you can't do that right now because there's no kind of like way back like you can't withdraw from the beacon chain right now

so that's why with this you basically get the you know staked ether and then kind of like compound it through through curve and element finance but you're taking on way more smart contract risk here and way more kind of like it's like risk in general taking on the risk of lido of curve on of element finance so just you know keep that in mind maybe the extra risk is worth it for you for kind of like liquid you know a more liquid kind of yield on your eighth and three percent more yield than what staking's going to give you right now like vanilla staking uh so yeah i figured i'd just point that out for you guys there's a bit of an alpha leak there in case you missed it um i saw this new project pop up over the weekend called context which is a

new service that makes it easy to see what's happening on web 3 and it's in beta right now so if you go to this their website you can actually like connect your wallet to it but you can also kind of i guess scroll through their their feed and see what people are i guess buying within the web three space what nfts they're buying what they're doing in the nft space if uh kind of like what um what social kind of clubs they're getting involved in like uh like friends with benefits and stuff like that uh it's a pretty cool tool i suggest going and checking it out i'm not gonna open it here because i'm running out of time but uh definitely a cool tool i think for the web three space um and i guess like speaking of dows uh there was this project that i guess i

don't know if they exited stealth was the first time i come across it called utopia uh labs and they're launching this product called utopia uh i don't know if it's live just yet it might be live but basically uh what utopia plans to be is an all-in-one solution for dao so they described themselves as described themselves as the modern system for managing contributor payments expenses and more for your dow built right on top of gnosis so they're leveraging the gnosis safe i i believe to to do this but you can kind of like see i guess like a use case here of um they're basically trying to build the modern hr system for automating everything for their dow uh for your dowel i think there's a few other apps that have done this in the past but i think with utopia they're probably

trying to do it in a decentralized way but you can see uh in this interface here they've got like the dow that you're managing you can see like the salaries of different people you can see the you know the outbound impending payments and and what payments are due and stuff like that the members you know all the usual kind of like hr and pay pay payment things you're kind of like uh like you're used to seeing and stuff like that so um yeah really cool to see i guess like another project tackling this uh i think they also raised the rounds uh or at least they announced their investors here so they have a bunch of investors uh actually quite quite a few here um i'm not gonna name them all but yeah you can you can see them all on screen here but if you wanna learn more about this

project i'll link this in the youtube description of course for you to go check out all right and finally david mihal has said that he's updated his open orgs.info website uh which for those who don't know is a website that tracks kind of like doubt treasuries uh and there's a healthy amount of updates here so basically uh it now he kind of like splits out the dao's treasury into what's liquid where versus what's investing with uni swap most of their treasury is still vesting over time uh so you can see here like 10 or 11 billion of it is investing sorry six point uh uh 6.5 billion dollars of it is vesting and then 4.4 billion dollars is has invested at this point in time for a total of about 11

billion dollars and then you can see here that he's also uh broken down what's in these dows like what assets there are in these days you can see here olympus dow has their slp tokens so their liquidity provider tokens as their biggest holding they have died they have uni fracks and then a bunch of other tokens after that uh bitcoin has gtc and a bunch of akita tokens the dog tokens that they've got there and some eth as well and yeah i mean you can just keep going down the list here yam has dpi usdc uh sushi all that sort of stuff so yeah i mean this is a great website for tracking all things down so definitely go check this out if you haven't already but on that note i'm gonna 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 that video a thumbs up subscribe to the newsletter join the discord channel and i'll catch you all tomorrow thanks everyone