More ETH ETFs, MetaMask snap and more - The Daily Gwei Refuel #656 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of The Daily Review where he kept the latest news in ethereum ecosystem I'm your host the Anthony and it's the 14th of September 2023. all right everyone let's get into it so apologies for missing yesterday's episode uh you know it's it's obviously something that I do from time to time I call it the daily rug fuel instead of the refuel because I rug an episode every now and again and unfortunately I have even uh worse news than that oh I guess like that's not news but I have some some kind of uh I guess like disappointing news next week next Wednesday Thursday and Friday there will be no refuel which means that the last refill will be Tuesday and then you'll have to wait almost an entire week for another refuel now of course you know what's going to happen during that week

there's going to be a lot of news and I'm not going to be able to cover it and I'm going to come back on the Monday uh the following week and I'm gonna do like a two-hour episode I just know what's gonna happen so look forward to that but yeah Wednesday Thursday and Friday next week there will be no refuel and there will also be no episode with Eric next Saturday I'll push that to the week after um just unfortunately I won't be able to do it for for for various different reasons there but yeah just giving you the warning now that next Wednesday Thursday and Friday will be no refuel but on that note let's start today's refuel so first up we have another uh kind of institution here filing for a spot if ETF so you can see here James has said that hashtax has filed for a

spot ethereum ETF joining Arc invest and 21 shares and Van X so this is the fourth one that has uh has filed for this spot ETF now this is a bit different to I guess like a pure spot ETF where you can see here James says this application follows essentially the same exact exact strategy as their proposal to allow uh their other um other ETF to hold spot Bitcoin will be a convo a combo of Futures and spots it'll be kind of like a hybrid where this ETF will hold um Futures as well as spot not sure what the kind of ratio will be there not sure exactly how these products even work to be honest the ETF world is very new to me still um and I'm following various accounts as I as I continue on that cover the ETFs uh but there was actually a really good

bankless episode with James I think it was like a month ago now and I only listened to it uh yesterday or the day before that you should go check out as well um because James has been really good at keeping on top of this stuff and he's got a wealth of knowledge about ETFs and Trad fire and about how all this stuff works you should definitely go check out that podcast up there but I guess this just continues the trend of uh ETF filings that we've seen it's funny because it's only been beat to seeing each so far it's going to be really interesting to see if any other ETFs are filed because for those who don't know grayscale has more than just the E3 and gptc uh trust products they have products for a lot of different Assets in that kind in that same

structure now of course they're probably going to want to convert all of them to proper ETFs but the chances of anything else getting an ETF I at this point pointing time he's really low I actually think even each chances of getting a spot ETF is relatively low for the foreseeable future maybe it happens in like 2025 or something I'd be very surprised if it happened next year BTC ETF in my mind is already locked in I think that's 100 happening um you know by next year the latest sort of thing but yeah I'm wondering what other assets would be filed for because if you look at the top assets in crypto right by market cap you go to you go to um coin Gecko and you look like the top 20 assets I mean after eth if you exclude stable coins it's B and B there is no

way b b is getting a spot uh a spot ETF or even maybe a Futures ETF because it's tied to binance and we all know that the US is uh regulatory apparatus is not a fan of binance at all the SSC has an active case against binance themselves so and there are criminal charges against binance 2 I believe as part of that case or at least kind of like um maybe not criminal charges but like accusations of of various activity there then after that you have xrp it's funny because like the you know Sac just lost the case uh against Ripple um about that and we all know about that right about xrp not being in security and all that stuff so are they going to approve an xrp ETF I doubt it right not anytime soon at least and then after that you

just have the long kind of tail you have um Ada which is cardano you have uh Dogecoin you have Solana Tron ton coin which is like the telegram coin polka dot uh polygon and so on and so forth right so in terms of candidates there's not many good candidates I would say there and as I said like I think that it's going to be a very long time before any assets except b2c and eth get an ETF and even when it comes to eat it's still going to be quite a while away I think but anyway you can go check out James's tweet about this for yourself and definitely check out that podcast James did with bankless as I said it is about a month old so you'll have to go digging through but you'll be able to find it there all right so the SEC has made another I

guess like uh enforcement action against an nft project so this time they went after Stoner cats so you remember Stoner cats as that project that Ashton kutcha and his wife Mila Kunis were promoting um I'm not sure how much involvement they had in it but they were very heavily promoting it um and I think vitalik actually had a um a kind of a video that he put up with Ashton Kutcher as well at one stage about it but yeah so what they've done the SEC here is they've charged um these the Stony cats to LLC company here with uh with um doing an unregistered sale of crypto asset Securities in the form of nfts now crypto asset Securities aren't a thing by the way guys but of course like a lot of these things end in

settlements and what happened with this uh this SEC action against uh Stoner cats is that the stoner cats raised eight million dollars and then they've got a one million dollar fine they have to pay they have to destroy all these Stoner cats nfts that they own and then I think that 1 million dollar fine or I guess like yeah we'll be converted into like a pool for investors to essentially be made whole or something like that I I I I I the details are kind of like a bit scarce here and there are kind of um different interpretations of it but from what I've seen it really just means that the stoner cats company profited seven million dollars from this right so on the one hand the SEC is saying well what you did was you know illegal uh yes you're not admitting fault or anything

like that but what you did was illegal it was an unregistered Securities offering uh pay the million dollar fine but then keep seven million dollars so how is this protecting anyone how is this dissuading anyone from doing this and this has been a constant thing with the SEC right where I mean the biggest and most high profile case of this is the block one lawsuit uh block one settlement I should say so those of you don't know block one and uh the developers or were the developers or creators of EOS and they were the ones who did the EOS Ico where they raised four billion dollars worth of eth and then I think it was a couple years later or something they got hit by the SEC for an unregistered Securities uh sale of of EOS tokens but they paid a 24 million fine so out of the four billion dollars

that they raised they only paid a 24 million fine and then they admitted no wrongdoing EOS is still freely tradable on on centralized exchanges and things like that and EOS didn't register as a security or anything so when I look at that as like the most egregious example and then all the long-tailed examples the SSC is not protecting anyone it like what the calculus here is that okay I'll do this sale of a token or an nft or whatever and maybe I'll get hit by the SEC for it because the SSC doesn't go after everyone doesn't catch everyone obviously but maybe I'll be hit by the SEC and then I'll just pay a fine right uh and then the fine will be less than the money that I've made so uh why wouldn't I do this sort of thing so it doesn't really dissuade anyone from

doing this in my eyes and on top of that as well like the SEC has gone after Stoner cats here whereas how many other icos or I guess like not icos nft sales has there been that are actual scams that are actually like egregious uh griffs scams where I don't believe Stoner cats was right um how many of those other things has there been and you know the cynic in me thinks that they went after Stoner cats because it was a headline where Ashton Kutcher celebrities attached to it right just like they did with the Kim Kardashian thing with ethereum Max or whatever it was some scam ethereum uh a fork whatever it was at the time um so when you look at the kind of uh I guess pattern here it really doesn't protect anyone it really doesn't dissuade the Bad actors or people from

from doing these sorts of things and also on top of that it doesn't make much sense I mean there was uh I think like Hester Hester Pierce yeah this is the screenshot that I've got in front of me Hester Pierce uh and and um another commissioner I don't know how to say his last name here I don't know maybe the the you is silent and it's Yeta uh but yeah they they dissented on this and they basically said that this is just stupid going after the nfts especially because in this in the settlement it was mentioned that the secondary sales are also factored into the sec's kind of enforcement action here but the secondary sales uh aren't you know they're not Securities I mean it's already been said by a judge that secondary sales of xrp is not a security

right it is not an investment contract so how can the secondary sales of nfts be that and then you can just um kind of extrapolate this out and you basically start thinking well okay secondary sales of nfts are considered to be Securities which I don't think they actually said that in the in this in the settlement but they seem to have implied it that means literally anything that you buy any collectible essentially that you buy and then resell could be considered a security because how many times have we all bought and resold different Collectibles whether they be trading cards or or anything else right so what are all of those things Securities as well uh no they're not and the judge ruled against this because there is no investment contract when you're selling on the secondary market right there you

don't have an investment contract with your counterparty here and there's no expectation of profit and from the work that you're doing like if I sell a trading card to someone on eBay there is no reasonable expectation from them that I'm going to increase the value of that trading card for them right it's not an investment it's it will maybe they're using it as an investment themselves they're speculating on it but it's not an investment uh where I have the responsibility or I've promised to increase its value to uh to share profits stuff like that so that's all that's the how we test right that's that's being applied by the law but obviously uh in this case with with Stoner case they're like oh well I'm going to pay this million dollar fine I walk off with seven mil oh gee I cashed out there's no point fighting this in

court right um because obviously they've kind of I think that they failed anyway as a business as a project so they're like cut my losses out away we go so again no investors protected here in my eyes uh and not really anyone dissuaded from doing similar things like this uh but not just honest projects just scam projects to begin with right so anyway enough on that one you can go read The Descent for yourself I will link it in the YouTube description below for you to do so all right many of you will be aware that lodestar the one of the ethereum consensus layer clients was running an incentive program to run the load star software in order to win in a prize pool or sharing a prize pool of uh 25 000 usdc or US dollars here and you can see

the winners have been chosen so there's a list of 86 winning validators uh and you can go check and see if you're on there if you were enrolled in this but yeah they say here that the 25 000 usdc will be distributed uh uh today's kind of 86 winners um if they are the final winners because they always have to validate and make sure of everything there then you'll get that there so yeah I think this is really cool I think if you look at the amount of people using lodestar before the incentive program versus people using it now it obviously moved the needle uh load start I think is if I'm looking at the client diversity website here it is the least used client yeah it is it's at 1.17 market share on the consensus layer side of things but I believe it was the the most recent one

to come out as well and it is obviously the least well known but I think that 1.17 is definitely higher than before this incentive program started I don't have historical data here but uh just to just to illustrate the point here um but yeah hopefully people just keep using load stuff because it is a good client and uh you know they've been using it for the incentive program but really there's no reason to switch back if it's been running fine right which I think it has I don't think there's been a hiccup on it from from what I've seen um so so yeah congrats to the winners on that one uh and yeah I mean for those of you out there who are running other clients maybe you want to give lodestar a try all right so whole ski the new ethereum test net is launching tomorrow on

September 15th which is the merge anniversary how exciting is that already one year since the merge guys and I'm pretty sure the price of eth is like almost the same as it was uh one year ago today which is kind of funny because people will be like oh my God the price has done nothing uh and if I'm actually going to look at the chart here because I'm curious now uh so September 15th 2022 the price of eth was 1653 at time recording the price of either 1 622 so yeah pretty much the same price a year on there but that's okay we're not in uh we're not buying it we're not in a you know investing in for the the short term we're investing in it for the long term and obviously over the last year it has been a bear slash crab

market so no expectations there but yeah merge of anniversary tomorrow I'll talk more about that tomorrow but yeah the whole ski uh test net will be launching as well which will soon replace girly and actually uh clarified that girly I think is going to to be phased out towards end of the year so there'll be uh I guess like the rest of the year left for girly and then it's gone and you can see here on the timeline in front of me this is what it looks like here if you want to monitor the whole ski test net launch you can you can go to Whole ski or whole Sky dot Beacon chat chain dot i n i mean I'll link this in the YouTube description below the URL is a bit hard to say here um but yeah you can go view that there

and you can view the progress of it I mean I'm not expecting any issues here with this uh test net but this test net is exciting because it is launching with 1.5 million validators with which is just under I think two times the amount of validators we have on the beacon chain now actually we we actually have a lot more than that I mean I I I I I I always forget the number here but uh yeah we have almost 800 000 active validators and when the queue clears we'll have over 800 000 so yeah a little under double the amount of validators that we have on Main net will be running on on test net and they're doing this on purpose because they obviously want to see how the beacon chain handles uh double the amount of validators we have on on the main chain right now and of

course I said to you guys that there is a discussion to add an AI pay to limit the validator growth on ethereum I believe today or tomorrow there's the all core Dev call that will decide whether that makes it into Den or not I've already given my opinion on that so I'm not going to rehash that that here uh but yeah you can go give uh this uh a watch if you want tomorrow uh whole ski.beacon chain I'll link it in the YouTube description below uh for you to do so all right so speaking of running ethereum infrastructure and full nodes and validators uh ethereum on arm tweeted out that they just got a Geth node fully synced on an arm 64 129 board the Nano pc-t6 which is one of the lowest power boards you can buy and they sync to get in about 13 hours with the

new uh a kind of update that I talked about the other day so they say here get up and running in 13 hours what did you guys do and they added Peter the the team lead at gethia as you can see the full specs of what they actually run this on so they ran it on a nano PC T6 with 16 gig of RAM with a two terabyte SSD uh Geth version 1.13 with a lighthouse as the client sync time of 13 hours and eight minutes and a DB size or a database size of uh just under 800 gigabytes now compare this to I think the sync time that they had previously I think this basically cut the same time in half I think the previous thing time was around 24 hours on this same machine using Geth you know the same spec machine using guests so basically cut

sync time in almost half here which is a huge achievement honestly I mean the the the faster that a chain can sync that a new kind of like um sorry new instance of a full node can be spun up and synced the better uh for decentralization for distribution for getting more people to run full nodes and running out on such a cheap bot I mean this is this is getting crazy now guys like at 129 board running as I said these specs below here with just a two terabyte SSD which is probably the you know in some cases more expensive than the actual board uh is crazy we're getting to the point now where I I mean running four nodes is obviously something that we want to bring the cost down as much as possible but then in the future we're going to have like clients that can connect to

these full nodes as well so we're going to have such an awesome decentralized ecosystem where people are running light clients light nodes um and they're also running uh there's a lot of people running full nodes as well and just low powered hardware and uh I've talked about things like operation solo sticker from ether dot Phi um and and obviously a bunch of other things like dap node and little boxes you can buy but that's just the cost of that's just going to keep coming down over time and people are going to be able to run this infrastructure at home uh you know just tucked away in a closet even I mean it doesn't even generate that much heat so you can just tuck it away there forget about it only need to only need to think about it when you put you know you need to update it and stuff

like that maybe check on it from time to time to make sure it's still running uh you know it's still running all well well and good but yeah I just I love how easy it is to run an ethereum full node and the fact that it's getting easier is even better so yeah you can go check out this tweet we'll link it in the YouTube description below for you to do so all right revoke dot cash has a new feature out today so if you go to the revoke.cash website you can actually see this feature in action and I'll go to it on my screen for you guys so they've got a new feature where which basically outlines uh what your wallet looks like what your wallet Health looks like now I've already connected sasol.eath so I'm going to this section here for you to

see what it looks like so essentially they show you a breakdown of all of the different kind of contracts that you have approved tokens to now uh once this loads I mean it's a bit slow to load right now you can actually see all the tokens that over the lifetime of my address all the contracts I should say over the lifetime of the sasol.heath address that I have approved uh tokens and nfts for and actually gives you a summary at the top of the total approvals so mine has 116 approvals with the total value at risk being nine dollars plus the nfts now of course uh I don't really do much of stuff on sasol.heath and I make sure that I have a lot of a good wallet hygiene on there and a lot of these stuff that's been approved I mean I don't hold I don't

hold these tokens anymore right and if I did that would definitely go and unapprove these things but it also gives you a wallet Health score so mine's currently bad because of this because I have so many things that that I haven't unapproved but the way I see it is that it's going to cost me gas to like revoke the approvals on all of this and if I don't have these tokens uh in my wallet and I and I don't plan to have these tokens in my wallet then it's pointless but in saying that you should definitely go connect your wallet to this and check it all out because uh you probably have things approved on not no obviously not your public wallet I mean I'm only showing you sassa.ether because it's my public wallet but all your other wallets that you should definitely revoke uh to

protect yourself from any future kind of like exploits and things like that so yeah you can go check this out for yourself we'll Link in the YouTube description below but this is a great new feature from the revoker.cash team here all right so we have an update on optimism as fault proof or fraud proof system so the op Labs Twitter account said here this summer which is I guess the Northern Hemisphere some are significant progress has been made on the op Stack's first fault proof system and we are making preparations to test the system on op Gurley and they say yeah we're really proud of the system's design how it leverages the strengths of the op stack and the opportunities it will create for the community to contribute to the collective so yeah it seems like the fraud proof or fault proof system for the op stack will be on

testnet relatively shortly and then hopefully we get a main net not too long I mean that implementation not too long long after that because that is definitely the biggest piece of I wouldn't call it fud but like criticism that the optimism ecosystem suffers from and for good reason right like at the end of the day right now uh without fault proofs you can't call any op stack chains a a roll-up right and you probably can't even call them a layer 2 or an L2 I know I've been calling them that in the past just for ease of kind of communicating this stuff to you but right now um you know it's not technically any of that but once these foolproof system is in it becomes that and advances to the next stage as out of the stages that are listed out on l2beat.com and then I'm sure eventually

they'll open this up to permissionless uh kind of like um fraud-proving and fault proofing which is which is always uh uh very welcome as well here uh but yeah I just wanted to keep you guys updated on that and just and to tell you guys that it is close it is closer than it has probably ever been at this stage which is nice to see so great little update here from the op Labs team all right a few polygon updates to get through today so they've announced today that the polygon a 2.0 implementation kicks off with the release of three polygon Improvement proposals or Pips now just should disclose here that you guys know I'm an advisor to polygon just wanted to disclose that and get that out there there but I think this is a massive and exciting upgrade for the polygon ecosystem I mean you know I've

gone through the polygon 2.0 roadmap before so I'm not going to rehash that here but these three Pips basically include the one two converts uh uh Matic to pole so obviously change the Matic token to the new poll token uh the poll will become poll token will become the native gas token for the POS chain and will become the native staking token for the POS chain and they will also launch the staking layout uh for the uh poll token to be used across any of the different polygon uh chains here so this is just the I guess like the first kind of Step here they've got other steps obviously they want to convert the POS chain to a validium which may even become a full roll up eventually we'll see how that shakes out as well and then obviously a lot of stuff around

governance too that they're trying to do they're actually revamping their whole governance process but yeah exciting times in the polygon ecosystem uh and as I said there wasn't just this news there were some other big news actually uh that where the block here announced that um the estar network is launching a ZK AVM ethereum uh layer 2 powered by polygons technology and then sandip actually uh expanded on this basically saying that a star is taking advantage of the polygon at chain development kit or cdk to build this but also he uh I noted I believe or he brought to my attention that a star network is apparently the a leading is a leading blockchain of Japan and is part of the polkadot ecosystem so essentially this is a star basically saying well you know

we're in the polka dot ecosystem but we want to move to the ethereum ecosystem and we want to build a layer 2 using polygons technology uh on ethereum so this goes back to my long-held thesis and I think I've held this for two to three years at this point that every everything would come home to ethereum and another thing that I haven't actually got up here is a tweet that I saw today I actually shared this in the daily way Discord Channel I'll bring it up for you guys um uh here because I want I really want to illustrate something to you about uh this thesis that I've had uh because it's related to this uh so so dapline who you guys know as a core Devitt lodestar has I gave a presentation on gnosis chain as an L2 and I've said before that I believe that if you know

any chain was to convert to an L2 gnosis chain is definitely up there as one of the top candidates here so really this whole trend of just like things coming home to ethereum right and and basically coming home and converting themselves to an L2 and and us getting more l2s being spun up than l1s as I said a long held thesis of mine that last two to three years at least uh where I said that I believed once the L2 infrastructure was there uh for people to build their own l2s obviously with OP stack and the polygon cdk and arbitrims are stack as well and I mean pretty much every L2 team has one now uh people will opt to build an L2 instead of an L1 and that's exactly what we are seeing here we're seeing the conversions and we're seeing people spin up l2s I went over the other

day I think it was last week or the week before all the op stack chains coming online now if you enumerate those against the new l1s we've already beating the new L1 so that l1s are thinking of a past I think of the past now think about the most high profile layer ones out there apdos sui and say I think are the most high profile new L ones I should say that have come out in the last kind of like you know 12 to 18 months and been announced uh I pretty sure like all of them are struggling and struggling hard to really gain adoption to gain developer activity to gain any kind of attention on them and I actually know that there is a A team out there I think um I don't know this for sure but I I've heard a few things that there is

a team or teams out there that want to build a layer 2 Network on ethereum based on the Move programming language which is what Aptos uses and then Suey and say I mean the layer n network that I talked about the other days but he's pretty much replacing them because I think that it's either Suey or say I can't remember exactly which one it is wanted to build like a highly performant defy infrastructure but we're going to be doing that with layer twos and layer n which is a project building layer twos on ethereum using eigenlayer as a dead availability layer so all of this is just coming home to ethereum with you know teams like polygon leading the charge here making it easy for people to build their own ZK EVMS on ethereum uh and this is exactly the thesis that I've had for a very long time around l2s and

it's just really really great to see it all play out so as I said it all comes home to ethereum guys there's no doubt in my mind that we're going to see an explosion of layer twos uh as as time goes on here but on that note as well if I'm talking about an explosion of layer twos this is actually a perfect segue into uh some into a tweet that Stephen goldfeder put out who is uh one of the co-founders at offchan Labs he pulled out a tweet asking you know how many Roll-Ups will there be and he has an analogy here which I thought was pretty useful so it's quite a long tweet but I'll I'll read it out he said I don't know but a helpful analogy that I found is TV channels clearly having all TV shows on a single Channel won't work

there's just too much programming but equally clearly it wouldn't make sense for every TV show to have its own channel we'd end up with channels that had no programming for most of the day and each one would have to find its own advertisers Distributors Etc and discovery of new programs would be a nightmare the system we have today is a natural one channels are Loosely organized by genres if you like cartoons you can watch the Cartoon Network if you like nature you can watch the National Geographic Channel and it's not always an exact science cartoons about nature could go either way I Envision a similar World emerging for blockchains each app won't have its own network but like-minded apps that appeal to Common users will form their own networks we're already seeing this with defy and gaming but I imagine that many more verticals will emerge over time and it makes sense

the network can be tailored to those apps and users will be able to easily engage with and discover similar apps with no friction so will we ultimately have a dozen networks I think so we have millions I think not how many exactly will we have only time will tell now of course this is something that I've been beating the drum about for a while as well where I said to you guys that I don't think there's going to be that many of these generalized l2s the ones that kind of like uh have a lot of stuff on them and there will be a long tail of app chains but I've also said that like most of those app chains will not succeed most of those AB chains will fail and there really will only be a select few that will that will succeed in in my mind

um but on top of this uh John here put out an extension of of Steven's tweet where he said in this analogy channels equals only one show can run at a time which is second sequential execution streaming platforms can run any show whenever viewers want which is parallel execution at first we needed many channels but now we're Consolidated into a handful of relevant platforms parallel VMS May consolidate and that's exactly what happened right how many l ones do we have explode and we've just Consolidated over time right I mean all these l1s really most of them didn't get any usage but the ones that did it drained out of that it came home to ethereum and we've Consolidated there same is true with the l2s we're having a proliferation of those but that's going to consolidate over time for various different reasons and I think as Stephen

has said here as John has said as I have said in the past we are going to consolidate around you know not just a handful of these super successful generalized L2 networks generalized roll-up networks that service most users and can be as I said in tropical and and all that good stuff there and there'll be a long tail of app chains and maybe even generalized kind of l2s as well but if you're looking 10 years out and you're looking at kind of like what's been the most successful it's definitely going to be that world in my eyes I mean I I don't think it's like 100 certainty but I do think that it's highly likely that that's the world we're going to live in not just based on this TV channel analogy but just based on the fact that at the end of the day

attention is scarce guys at the end of the day things consolidate for ease of use for user experience for discoverability all that stuff there and you know as Steven said here imagine if you had a channel per show it you know there are thousands tens of thousands of different shows and programs in in the world I mean potentially hundreds of thousands I don't know how many there are now imagine trying to have to sort through all of that without a way to consolidate it would be a nightmare and as Stephen said here most of the time there wouldn't be anything on those channels anyway because they're you know you cannot I mean you'd probably just rerun the same thing over and over again it'd just be really boring and it wouldn't appeal to anyone and no one would really watch it so having these kind of things segmented into different

genres made a lot of sense here just like how we're going to probably see things segmented in the roll-up space into like defy and gaming and and various different things out there especially because these things also require different levels of security as well the gaming doesn't require the same security guarantees as D5 so gaming could be like validiums whereas D5 needs to be full Roll-Ups because you want that extra security there so all this stuff kind of compounds on each other and consolidates within each other to form uh the best layer 2 kind of ecosystem that we can have all right so a major announcement out of metamask today so they've launched metamask snaps into open Beta this is the first step towards metamask's journey to create a fully permissionless ecosystem with metamask so what are metamask well it's basically a way for

anyone to build their own kind of functionality into metamar so as a permissionless kind of ecosystem Here and Now what this means today is that metamask have launched with a bunch of of of of snaps that they've that they've built um that their metamask team has built that allows for things like I believe uh having a Bitcoin wallet as part of metamask which is which is pretty pretty interesting right being able to use metamask as a Bitcoin wallet but also being able to use metamask as pretty much anything while people just need to build a um a snap form so it's like basically an extension or an add-on to metamask that anyone can build in a permissionless way which I've talked about before I mean I talked about this when it first kind of came out here um but yeah this is this is really cool

I think that you can see here there's different categories that snaps fall into such as you know notifications interoperability transaction insights all that good stuff there I mean I'm not going to go over these two in two in depth you can read this for yourself I'll link it in the YouTube description below but great to see metamask actually making some kind of bigger moves here and improving the wallet because as you guys know metamask is very slow to move generally uh when it comes to upgrading things uh and uh and and kind of like improving things but when they do they seem to do it with a splash you can go check this out for yourself I'll link it in the YouTube description below for you to do so all right speaking of wallets I came across this tweet today from know nothing Labs who have built an account

abstraction wallet that lets users sign transactions with face ID eliminating the need for seed phrases and private Keys you can check out the demo and no seed phrases.xyz I think I was saying just the other day that this is the future of wallets right guys where I said that you could basically use your iPhone's inbuilt face ID in order to create a wallet and sign transactions which is pretty in insane that it's already here to me I I mean I I think I I knew the technology already existed but the fact that we already have something that you can kind of play around with right now at this website is really cool so if I go register a new account I don't think this is going to work no it's going to ask me for Windows hello which I don't have set up on my um

on my PC here but if you do that from a um an iPhone it's going to bring up face ID and then face ID is going to create you a new wallet and then you're going to be able to sign transactions using face ID there's no seed phrases involved here this is entirely secured by face ID which is secured by app secure Enclave which you can see here they kind of discussed this year about how this all works and they also discuss how they're using um ZK proofs as well in ZK technology in the background here so yeah one of the coolest things I've seen lately in the wallet space for sure and you should definitely go check out this tweet thread which it explains it in more detail link it in the YouTube description below but I think I'm out of time for today's episode but yeah that

was a pretty bullish episode in my mind especially from the tech perspective I know prices are still kind of whatever meh but who cares right like how bullish is all this Tech stuff that's happening how much Innovation is happening not just in the L2 space but in the wallet space guys we're in the Golden Age of ethereum right now and we have been for quite a while in my opinion and I think a lot of this stuff is going to become much more apparent once we get obviously a bull market when new users come in and they're gonna be using all these different products and they're going to get a lot of value out of them and even things like friend Tech which I haven't mentioned in a while and people wrote off a bit for dead is still getting a lot of usage a lot of Engagement I think

they had like um you know 8 000 at of addresses uh daily active addresses or something like that so and that's built on an L2 of course so all and that's built using different wallet infrastructure too so all this is coming together I mean you can see the pieces of the puzzle finally coming together after many years of being built and I really do think that we are in the Golden Age and we're going to be in this age for quite a while I think the next few years at least are going to be a wild ride for ethereum adoption uh from every different front you can think of there but anyway turned on that bullish note for today uh 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 newsletter join the Discord

Channel and I'll catch you all tomorrow thanks everyone