Metaverse talk, SushiSwap NFT platform and much more - The Daily Gwei Refuel #160 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the daily gray refuel where recap the latest news in the ethereum ecosystem i'm your host anthony sosano and today's the 8th of july 2021 all right everyone let's get into it so i did discuss yesterday that the london network upgrade the kind of hard fork that includes eip1559 will be most likely going live on august 4th well we now have a pretty uh pretty good idea and pretty much 100 um chance that it's going live on august 4th here at block number 12 million 965 uh you can see here this is the reason why because uh london was merged into all of the clients for mainnet and now there's an expected main net date as you can see here august 4th uh which is awesome i mean

what more can i say i've spoken about one five five nine uh ad nauseam on the uh on the refuel i'm not gonna rehash everything that i've said in the past but i just think that we're so close now a little less than a month to go uh i can't wait to see it go live on mainnet can't wait to see all the earth being burned but yeah i mean as i discussed it in depth yesterday i'm not going to go too in i'm not going to go in detail about it today just and i'm pretty sure you all would have seen you know the dates flying around anyway and you're probably well aware of this but i just wanted to kind of excuse me sorry give a quick shout out there uh and i just uh you know kind of like say how excited i

am but on that note as well uh one five five nine went live on rinkaby as you can see here so all three test nets have successfully upgraded to london uh uh obviously we've been following that on the refuel uh and ricky was the last one it's actually gonna go live on uh man what's the other test next name i forget um now there's another there's a fourth test net that i'll be going live on but that will happen after uh mainnet so we'll get made in it first which is which is awesome so main net next if everything goes well uh it'll be august 4th and i have no reason to believe you know it won't go well as i said it's already been merged um all the clients are going to upgrade and everything that london's going to go through and we're going to have this live on

mainnet which i'm super excited about on that note etherscan is now showing a really cool field here uh it shows the savings a user got from using one five five nine style transactions so you know after london goes through we're gonna have all these different fields on scan base feed tip and then also this one that says transaction fee savings now uh there's a lot of debate around will one five five nine actually lower transaction fees it's in my mind no like i don't think it's going to materially lower them but what it does is it smoothens out transactions which me which means that there'll be less overpayment so for end users the fee they'll they'll um they'll pay probably net pay less for fees by a little bit because of that reducing reduction in overpayment but

generally i think that the only way to reduce fees for end users is to scale at their throughput at higher layers like layer one as i've explained many times before is not going to service the world it's just not gonna happen on ethereum and any other chain that's claiming that it's gonna happen on their layer one while they're making massive decentralization trade-offs uh to achieve that so as i i mean i've discussed this before as well but still cool to see this uh i'm actually curious to see like how my transactions go because i am pretty like i play pretty hard and fast with my transactions on ethereum i i'm pretty impatient so i just basically put through a fast or rapid transaction every time i don't really wait for things even though you know these things aren't urgent i just want them done so i think with with one five five nine

it's really going to help me and save me a fair bit of money i was actually looking at the amount of gas fees that i had spent over the last year because i'm doing my taxes at the moment and it was a lot more than i thought it was you can actually go to etherscan export your transaction history on your address and it'll calculate the fee in usd at the time that you did it at the time of the eighth price so it won't say basically you know this is how much you spend on fees if if you take the current eth price it'll take it at what it was at the time of transaction and yeah i mean i spent a lot of eighth on fees during especially during day five summer i was uh doing very uh djen stuff during that time and i think because you know the market

was so hot you didn't really care if you were spending 100 transaction fee if you were making like way more than that so i'm just going to be curious to see how much i save now that i you know i won't be able to kind of do this or at least i i will be able to but i won't need to because there's a 95 chance that your transaction will make it into the next block if you just pay the base fee which is going to definitely um you know those kind of savings will be passed on to users but i think you know short term that might do something but medium to long term definitely the fees are just going to keep going up and they're going to get to a point where i mean they're already at the point where it's it's too expensive for most

users i think 10 way is even too expensive for most users if i'm being honest so i think that uh at this point in time we're just gonna scale violator two layer one as i've said will be a layer two kind of proof chain and and for whales to play in and for a lot of people that still want to use layer one because there's opportunities there and there's not you know we don't have a robust layer two ecosystem just yet i think that's what's gonna uh gonna play out there so david hoffman put out uh one of his new pieces today called eth the world's most capital efficient asset now this of course was published in bankless uh i think david i i don't know if he said it on twitter but he said i think he damned me and said uh you're going to

cover this in in on the refuel because he i think he's a religious uh watcher of the refill and yes david i'm covering it of course i am i was going to cover it anyway because i love your writing i love the way you use different kind of um a lot of different analogies in your writing and for those of you who have read david hoffman's pieces before you'll know what i mean but essentially this piece focuses on exactly what's in the title that eth is the world's most capital efficient asset now david breaks this down to a bunch of different categories basically explaining what capital efficiency is and why it's kind of desirable here are going going down and explaining you know what you can do with your eth uh from obviously staking in d5 uh and you know with without eve d5 isn't just d or decentralized because

eth is pretty much the only decentralized asset on ethereum like 100 trustless uh there's no smart contract risk none of that sort of stuff uh and it's you know fully backed by the protocol itself there's no kind of admin keys or anything like that uh and then he goes on to down here i believe um kind of like what happened like a bit of a history of how we got to this capital efficient state with the birth of things like make a dao obviously uh compound uni swap all the the top defy apps and things like that uh and then he goes on to describe what it means to be good collateral and there's a bunch of different examples in here it's a fairly long chunky article i really really loved reading it it was very interesting uh definitely go check it out if you

haven't yet i'll link it in the youtube description of course um but generally i mean i'm sure most of you are already subscribed to bank list if you're not definitely go subscribe to them they put out so much good content it's actually insane how much content they put out and i think it's a really good kind of i guess um uh system i guess i guess you could call it like a sister kind of ecosystem to the daily way whereas on the daily guy i uh basically um i guess for more people that are like more involved in the ecosystem i definitely don't cater too much towards newbies but bankless does bankless does a lot of different guides and things like that and i don't want to show them too hard here but definitely i love my subscription to bankless i love kind of everything that i received from

them and i'm always learning something from them so definitely go check it out as well as this article from david so uh zappa now supports a balancer on polygons so if you are a balanced liquidity provider because on polygon because they recently did some uh liquidity mining campaigns that were pretty lucrative i i think uh you can now track this all on your kind of zapper dashboard which i think is really really cool uh what i like about zappa is that it i mean they're supporting not only polygon they're supporting optimism i'm sure they're going to support arbitrary but they're also supporting bsc now obviously i've been very very critical of bsc in the past but i think that zappa has users from every kind of ecosystem

and you know you shouldn't ignore your users just because they choose to use bsc and you know they're not using something that you are i guess like more aligned with so i think that i respect the team a lot for doing that as much as like i couldn't care for it and i i mean obviously like i'm not a fan of bsc we should still be allowing users to kind of use their tools that they like wherever they like at the end of the day and you know if it's easy to integrate with if it's if i mean bsc is pretty much very similar to to ethereum to integrate with because of that evm compatibility uh you know you should definitely do that but yeah it's still good to see them supporting other ecosystems like polygon and they're gonna support everything i mean i assume at this point they're

gonna support pretty much every layer one ecosystem as time goes on as they build out more robust kind of like ecosystems there's app is going to be there which i think is is really cool but if you're a liquidity provider on balancer on polygon you can check it all now in your zap by dashboard so marius from uh the go ethereum team here the geth team put out a really great concise tweet today where he says is it all he asks is it possible to run an archive node on bitcoin and then he says no because bitcoin has no archive node nodes always prune the utxo set now for those who don't know ethereum and bitcoin differ in a big way because ethereum has an account based model whereas bitcoin has a utxo based model for

its transactions so utx uh utxo is is uh not unique to bitcoin there are other i mean bitcoin come up with it obviously but there are other forks out there that use this like dogecoin and litecoin and all those sorts of things um whereas ethereum has an account model now with bitcoin like i don't know how closely a lot of you have looked at the blockchain with bitcoin but every time you do a transaction there's like new addresses uh um kind of generated and then the wallets it's up to the wallets to kind of collapse those all together so that you just have one main address um and like you can spend from all of those addresses but um with ethereum you only have one address it's not like a new address is created when you uh send if either or do whatever it's it's an account so it's one account

with one kind of public uh address and everything like that so those are the main differences between those but um back on topic here and you know marios goes on to say ethereum has a full node that's the same as bitcoin's full node and an archive node which is the full historical state lookup without having to recreate the state now this is another key difference between bitcoin and ethereum ethereum has a rich state whereas the state is basically the smart contract layout essentially right the evm all that good stuff all that kind of stuff there whereas bitcoin doesn't now this is exactly why ethereum is it's it's like more intensive to run an ethereum node where you have to run it on a solid state drive you can't run it on a hard drive and also that there's the concept of this archive node where

you basically do a full historical kind of like state lookup and you process the state uh from genesis to today and that is very chunky i mean i'm pretty sure it's at almost 10 terabytes or something but probably come down uh because of turbo geth or aragon they'll be doing some good work here but in a theorem full node that doesn't do this it doesn't do a full historical state lookup uh it's basically a a prune node um it's still the same as bitcoin's full node so uh whenever you see someone on twitter talking about this and saying oh well you know a theorem full node is not equivalent to a bitcoin full node it you have to do an archive node to be equivalent that's not true and ethereum full node is is has all the information you need to reconstruct an archive note if you

wanted to and it also verifies everything uh is correct on on the chain just as a bitcoin full node would so just wanted to kind of explain that there there's a section on ether that explains this in more detail if you want to check that out you can go to docs.ethub.um.com sorry and check it out there uh and you know there's a full node section there and there's a lot of good articles linked in there as well to explain the difference between the two so levex from sushi swap has teased a new nft platform coming to sushi swap uh it's basically posted on the forum here uh there's a bunch of different kind of i guess uh screenshots and and details about this and i mean this is pretty detailed yeah i'm not gonna read out the whole thing you

can obviously obviously check this out it'll be linked in the youtube description but essentially this is the uh this is the the details it's gonna have an immersive gallery and 3d metaverse it's going to have a social token uh on chain and off chain exchange bidding strategies royalties distribution fractional ownership and multi-chain support so this is gonna fall under the sushi swap umbrella uh i think this is really cool i mean nfts the metaverse social tokens all this sort of stuff is is heating up right like i mean when you really think about it uh we're only just scratching the surface here and i've been talking about this a lot uh up until this point i've talked about actually infinity a lot i've talked about uh just blockchain gaming in general a lot and social tokens is something that i don't think i've touched on too much

which i'm going to touch on actually with the thing that i talk about next but generally uh but you're going to see the metaverse heat up i don't know if you saw this a few weeks ago but epic games actually announced that they're going to be investing billions of dollars into the metaverse and i think a lot of people actually look at the the term metaverse and like okay what does this mean and i don't think there's one kind of like definition for it but the the um the way i kind of like come to look at it and the way i would define it is that the metaverse covers like a broad set of um i guess like uh digital first experiences i guess that might be the the uh i guess um proper way to put it because to me metaverse is just an umbrella term

for nfts social tokens new ways of publishing new ways of creating content uh gaming you know blockchain based gaming and things like that and uh also virtual reality and augmented reality fall into that uh so you know virtual worlds and stuff like that so if you believe and if and if you think that the future in the future and then going into the future it's going to be a basically we're going to have this massive virtual world something like ready player one then uh and then we have this all these interconnected kind of video games and we can buy and sell assets on all these open marketplaces and things like that then that is what the metaverse is and you know and then social tokens come into it because you're going to have people having their own kind of tokens and doing their own kind of things with

dows and i mean even daos could fall under uh the metaverse metaverse stuff there and obviously a lot of this stuff is going to be built on ethereum and ethereum will be kind of like a substrate that that it all gets kind of deployed to as well which is really really cool and i think it's just awesome that sushi swap is getting ahead of this and kind of deploying something here i think that they're uniquely positioned to deploy this sort of stuff as well because they have a really great um art team so to create really really awesome nfts and to do kind of like gallery experiences i think they have a really awesome ecosystem and community they definitely uh have um the builders that can do this they have they already have like a road map and release plan here uh and they uh uh they will they will

also be kind of like funding this out of i guess like the sushi um treasury as well so they've got the money to fund this too which i think is awesome so if you haven't checked this out yet definitely do so it'll be linked in the youtube description for you to check out but uh yeah i'm just really excited for this sort of stuff and you know in terms of timelines of where the metaverse is going to go and like how it's going to come to fruition and are we going to be using it in our day-to-day lives i think it's still a while away i actually think this even feeds into things like i don't know if you guys remember but there was this thing called google glass where you would wear these kind of glasses and they'd be they'd have like a little camera in them or like a little

screen sorry in them and it would be like a heads up display essentially where you would see all this relevant information and you'd walk around and you could have like text messages pop up and you know whatever you want to have popping up and things like that and then you could do things like augmented reality where you look through the glasses and you see like a whole new world and you know there's been lots of media that has covered this from video games to movies to shows and everything like that and google glass was just a prototype it was the first attempt at this but obviously it didn't go anywhere and it failed and now there's rumors that apple glass is coming out too i actually think that that is the future like as as cringy and as maybe a little bit nerdy as it looked

um in the original iteration as google glass i think if anyone's going to work it out it's going to be apple and they're going to make it look good and they're gonna make people want it i i really i mean i wouldn't say i'm an apple maximalist or anything like that but i think apple has a pretty good way of of designing these products to make people want them like i didn't want a smartwatch until i got an apple watch and now i wear my apple watch all the time um and you know i have an iphone all this sort of stuff but i think generally uh you know if they can make it work if they can create like a really cool uh augmented reality based kind of smart glasses i guess you can call them uh i think you know the metaverse could

get a big boost from that because people are going to want to be able to do things in augmented reality they're going to want uh technology even more deeply ingrained in their lives so the metavest naturally fits into that uh so yeah i'll leave it at that for now i did want to kind of talk about social tokens actually and uh one of the leading uh projects in this space is friends with benefits or fwb today they announced uh season three of kind of their rollout here called creative cooperation now for those who don't know how friends with benefits works there is they they kind of like do seasons where they allow new people into the kind of ecosystem into the dao uh based on like an invite kind of schedule where people join and help out in various different ways uh so they're launching another season

for this uh season three where uh you know they're doing a bunch of different things here um i think that the details of it uh they've got like a recap here i can't remember if they if they had oh yeah the details of the focus here so basically um uh there's there's gonna be uh different focuses here from editorial to treasury to membership to product and they have different team leads assigned to this and stuff like that so there's a lot going on there um and you know i mean i've i've been a part of the friends of benefits community for a little while i sometimes look the discord channel and i know some of the people there they're doing a lot of really cool stuff i reckon and you know this isn't to say go buy the token or anything like that i mean

you can if you want to i'm not going to tell you to do that or not but i think that it's funny because i was actually talking to a friend about this just before and they were asking me like are you gonna do like a daily grade token i'm like no i don't think so i don't really see a point to it uh and then they were kind of saying and then i was saying like i don't i don't feel like monetizing any of the daily gray stuff and then they said an interesting thing where they were like well you know you don't issue i mean the the money side of the token is like the least interesting thing uh and then uh you know they were kind of talking about how uh comparing it's like bankless down like how a token just acts as like a

really cool way to coordinate people and get people kind of on board and as part of a dow and i'm like okay well yeah that makes sense i mean i've been kind of following this sort of stuff for a while and i've definitely seen this play out with different projects um but that's not to say that i'm going to be doing a delegate token um or like a dow or anything like that i don't have any plans to and i don't really want to um but it was just interesting getting this kind of other perspective where it doesn't have to be about money at all really it just has to be about a way to coordinate a community around certain things uh whether that be kind of like uh different products and stuff like that within the community or basically having them you know if it was in the daily web

community having different people do different things to add value to the ecosystem so i totally get that but at the same time i you know i only want to you know if i was to ever do one like you know maybe there's a slim chance that i do a token one day i don't think so i mean i don't have any plans to but it would have to make sense it would have to add a lot of value to the ecosystem but again i don't really plan to do anything like that i don't i'm pretty happy with where the delegate ecosystem is today but i don't blame anyone for doing it i'm actually paying attention to what bankless is doing with their dow and seeing how that how that goes and kind of like what success they have there but i just don't think something like the delegate needs

um needs anything like that uh and on that note i've actually been thinking about while i'm on this little tangent here i've actually been thinking about different things that i can do with the daily way and i was thinking of i posted this in the discord channel but i was thinking of making a book uh of the first 300 newsletter pieces of the daily grain um newsletter and basically uh putting it all together doing like some really cool stuff with it making some nfts getting some custom art done and having like a collectible limited print edition book that the community could kind of like purchase if they wanted to and support all the work that i do and stuff like that and and kind of get your hands on cool nfts now if this sounds like the beacon book that i've been talking about lately it

it it is like very much inspired by that i have been so totally inspired by the work that trent van ness has put into that book he has put in over 400 hours into that um and into getting all the researchers on board and interviewing them all and getting all their kind of thoughts down and handling the the nft stuff the printing all that sort of stuff i mean i am just like so inspired and i really would love to do something like that for the daily grey so that's kind of like how i view things i want to try these weird and wacky new ways of kind of like getting the community involved with stuff rather than just a straight token and a dowel i think there's a lot more stuff that can be done that is maybe web 3 specific or like ethereum specific that will be

interesting to do but anyway on that note uh if you want to follow along with the social token ecosystem and learn more about it i think friends with benefits is your best bet so i'll link this in the youtube description you can you can go check it out of course and you can go see what they're all about and maybe possibly join the discord channel and see kind of what they're up to and how you can get involved all right so finally thinking about or at least talking about the metaverse i wanted to point out that the index cop actually has this product called the metaverse index so the metaverse index basically consists of a bunch of different metaverse related tokens that you can kind of check out um and that you can get exposure to by i guess uh let me let me go to this here by um

buying the metaverse index now this is built on set protocol the assets in there as you can see come from a wide range of different projects like you got sand mana from decentraland um eng from the engine project axx obviously from x infinity then you have a few different ones like audio from audience which is a decentralized music streaming platform uh you have nftx which is an nft uh you know index platform and there's a bunch of other ones like wearables nft marketplace uh there's i mean there's a lot of tokens in here um but if you wanted to get broad exposure to what we consider the metaverse like whale is a social token for example then uh i think the metaverse index is probably your best bet um because it's very i mean i know it's like you can see here like it's it's

definitely gone down but it's been going up lately as more people clue into the metaverse but i guess like if you wanted to speculate on the metaverse stuff it's very hard to pick something uh that would be a big winner like even picking something like axs was was hard i think a lot of people formed into that in you know at this point i'm not saying if it's a good or bad buy at this point but i think that there's a lot of kind of like uh people trend following this sort of stuff because it's very hard to know what's going to succeed and a lot of these tokens don't make too much sense right like who knows where these tokens are going to go in the future if they're going to be necessary all that sort of stuff so yeah i mean the metaverse index will

just give you kind of like broad exposure to the ecosystem um and it's from the index cops you can trust that it's uh it's you know it's it's going to get rebalanced and everything like that it's going to be stewarded correctly um and you know they have a bunch of other products like the d5 pulse index the flexible leveraged index uh tokens as well that i've spoken about lots of times in the past but i just think it's cool to say that they already had this set up as well i mean this was launched a while ago uh back in in april of 2021 so it's been a few months now but i think more people are paying attention to it because of the fact that more people are paying attention to the metaverse in a general here so yeah if you uh haven't checked it out

yet be sure to do so it'll of course be linked in the youtube description um but one last thing i wanted to talk about maybe i'm going off on a little bit of a tangent here but i've got a little bit of time left i see so i definitely wanted to talk about this was kind of like where a lot of this kind of stuff is in the adoption cycle now i i said the other day that i don't think the super cycle references prices but reference is adoption and if you're looking at a lot of this stuff like the metaverse like d5 like dows like web 3 and you're thinking that oh my god it's it's you know it seems like it's everywhere right now it seems like it's very big i've said it many many times before it's still so early it's still so messy like if if d5

if you if you consider d5 to be a little bit mainstream medev the metaverse is so so far behind that it's not even funny i would think that the metaverse is like at the very very very beginning stages of where it needs to be there is so much experimentation that needs to happen there is so much kind of um i guess like working through different things that need to happen so many platforms need to get built so much infrastructure we're just not there yet in terms of like anywhere near a place where you could have like your parents or your grandma kind of using it i know in any way and i think even people you know even younger people there's a lot of them that won't care to use this stuff because it's just super super speculative and a lot of it's not ready yet so i just

wanted to reiterate the fact that if you want to get involved with stuff that is like really early but he's still on the bleeding edge which means there's going to be a lot of messy stuff going on with it then i think that the metaverse stuff is probably the best place to go to and that includes social tokens and i mean nfts are kind of like i mean nfcs are pretty i wouldn't call them mainstream but they're very they're getting close right they're getting close to like being like in the the public psyche but um the other parts of the metaverse like social tokens uh dows i think are still pretty pretty small uh web3 in general you know decentralized uh whatever of the web 2 stuff that's the place to be especially if you're not interested in d5 because a lot of these stuff doesn't really have

anything to do with financial products yes they kind of kind of like mix with one another and you can have like overlaps between them but generally uh they are they're kind of like standalone they're standing their own ecosystem and it's more about human coordination and i guess like entertainment than it is about uh financial kind of applications and what we can build and like how much we can dj into something and stuff like that there is those elements of course as part of every community but it's it's i i i believe it's like less so than something like defy so yeah definitely get involved in those communities if you're looking for a home and you're interested in that sort of stuff but i think i'm gonna wrap it up there for today uh 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