OP token launch, Building better apps and more - The Daily Gwei Refuel #376 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the delegate refuel where we cap the latest news in the ethereum ecosystem i'm your host anthony sosano and today's the first of june 2022 all right everyone let's get into it so the op token finally dropped over the last 24 hours uh obviously you've all heard of this by now so not not much to go through there i'm sure a lot of you have claimed your air drops at this stage you know maybe you're delegating them to to one of the kind of like governance delegates maybe you sold some or all of it maybe you traded it back to eth i don't know it's totally up to you what you do with your airdrop that's for sure i did have a few people kind of like asking me what to do with the airdrop and kind of like what my opinion was on

the op token value guys i'm never going to comment directly on a token except either like is the only token or coin that i make an exception for because i ha i have eight bags obviously but i don't plan to sell my eighth so i don't feel bad for uh kind of like i guess you could say shilling eath you know because i'm not going to be dumping on anyone so to speak and i'm not kind of like just talking my book so to speak i mean i am in a way but it's kind of different right plus it's kind of hard for me not to comment on eth since this whole channel revolves around ethereum underneath right um so in saying that i'm not going to comment on the token value also because i got a rather large airdrop and i also am the

investor in optimism as part of their series b so just wouldn't be responsible for me to do that so i'm not going to do that um but you know i i i commend you for trying to get me to to commit to something i'm not and look i don't think anyone knows where the price is going to go there's there's been a really a bunch of really great discussions in the discord channel so if you do want to give people's opinions on what the price is going to do whether you should hold it or not definitely you can have those conversations in the channel i'm never going to stop you guys from doing that um but i'm personally not going to to to kind of like answer you know much questions or questions around that and you guys know my general view on tokens right where i basically say that there's

a bunch of criteria that you that you need to look at when judging tokens um and you know that applies to every token so i i still got to um do that standalone video i spoke about where i go through my you know criteria of kind of like how i judge tokens and how i decide what's good to buy what's not good to buy and stuff like that like um but not maybe not kind of like talking about specific tokens but just talking from like a high level but anyway enough about the uh the token price the speculative side of things uh now that the op token is live i guess we could officially say that l2 summer has started i mean today is the first day of summer in the northern hemisphere uh i believe um uh depending where you are like it's kind of weird different

countries or different places in the world have like different start official start dates so to speak i've always just kind of like said okay well june july august is like um winter from where i am it's it's it's very cold here actually right now in melbourne it's freezing last night and it's funny that the um the top part of the world is uh is in summer but yeah northern kind of like hemisphere uh is starting in summer here on the first of june technically the op token launched on may 31st i guess um uh in kind of like the us and europe but uh for me it was the first of june so yeah l2 summer has kicked off i'm sure we're going to see more tokens come out relatively soon you know it's funny i used to say on the refuel that i thought optimism would be

one of the last teams to issue their token and they kind of like i mean honestly i think that they were positioned for that but then they just did a 180 uh all of a sudden and we're like no we're gonna be the first ones to do it right we're gonna be one of the first l2s or first out of the kind of like major ones to do it obviously polygon already has a token with matic right so that there's no token coming from from there it's already live um albert trim doesn't have one zeke sync doesn't have one starkey doesn't have one scroll doesn't have one you know i mean and there are some others like immutable and loop ring but if you're talking about the major kind of like generalized platforms none of them have it except optimism uh and kind of like

polygon right so we'll have to see how how that that kind of like shakes out over the coming months see which teams goes next and you know and kind of like how optimism uses the op token to incentivize growth as well i think if anything's going to push the other layer two platforms to do tokens faster than they otherwise would have it's seeing optimism uh have a lot of success with their token through incentives and things like that right so we're gonna have to see how that shakes out but if you wanna keep a track of the actual kind of like um airdrop so this is only the first airdrop that optimism has kind of like done as part of the op token distribution there will be ones going in the future but if you want to keep track of op airdrop one hill dobby has put

together a great dune analytics dashboard that you can kind of view here i'll link it in the youtube description for you to do so so far 112 million op has been claimed which is just over 50 54 of the airdrop has been claimed 95 000 addresses have claimed with uh uh kind of like um 40 000 sorry forty percent of the eligible ones doing it so you can see here kind of like what the what the claims look like here you know it's funny i wonder like how many people haven't claimed yet because they're waiting for kind of like the price to drop for tax reasons that's actually uh something to consider for people who live in countries where an air drop is considered income at time of claim or receipt because right now my like i haven't claimed my airdrop yet so my airdrop sitting in the contract still

that's technically not mine yet right the the tokens belong to the contract i guess i can claim them but i don't have them yet so i haven't incurred any kind of like um taxable events but if i was to claim it and it was to go to my wallet then immediately at the price that i claim it at say the op token price is 1.50 i would have to calculate how much tax i owe on the entire amount right how much income tax i owe on the entire amount and then cash out op to pay for that or cover it with some other way so the funny thing is for me personally i'm actually waiting waiting until july 1st to claim so july 1st is when the financial year resets for australia our financial year is july 1st june 30th um and that'll kind of like reset my income

and then i'll just claim then and and kind of uh i i guess like pay the pay whatever taxes owed from there rather than claiming now and you know if i claim now i have to pay basically half of it as tax 47 as as tax right which i don't want to do because i i personally want to hold the op tokens i want to delegate them to kind of like governance but i would have to probably sell a decent chunk of them to cover the tax bill so i think there's a lot of people in my position um maybe they're not gonna wait till july first but maybe they're gonna wait till the price drops more um before kind of like uh before before claiming in order to kind of like minimize their their tax obligations i'm not sure it depends where you are it depends how airdrops

are kind of um treated depending on the jurisdiction that you're in uh but yeah that might be a reason why there's still a lot of airdrop that haven't hasn't been claimed yet but we typically see this i mean with the ans airdrop i believe there was there was a bunch of tokens i remember exactly how much like what percentage it was maybe five or ten percent or something like that someone can correct me in the comments maybe but essentially that was kind of like not claimed and then it was just sent back to the treasury uh so the you know similar thing might happen to optimism here i doubt you're gonna get to 100 claims like this it just doesn't really happen like that right because i'm sure there's people who have who have um left the ecosystem because the bull market subsided who used maybe use optimism or

did one of the things that entitled them to an airdrop and they just aren't around to know that they have an airdrop right like how how sad is that like imagine you have an airdrop of even even if you only got like one of the smaller airdrops from op like 500 or a thousand op tokens right that's still worth like a decent sum of money to kind of like most people out there how sad is that you miss out on that if you kind of like left because you got bored of of crypto because you're only here for the bull market and this is what i mean by playing those long-term games guys and not leaving during kind of like bear markets is because there's still opportunity there's still plenty of opportunity out there i mean even things like nfts like i don't know if i i don't think i spoke

about this on the refuel but there was this goblin thing the other day there's goblin and ft and everyone thought it was really dumb and it was really dumb right but that pumped for some reason it's up to like i think it was like a free mint or like a very cheap mint now it's at like 6 8 per per goblin nft and this is not me kind of like endorsing that nft or time gonna go buy it or anything like that um but it's just me using an example of does it just because it's a bear market doesn't mean there's not opportunity and there's actually i would argue more opportunity in a bear market than a bull market in terms of like positioning yourself for long-term success uh and i've spoken about this plenty of times before but i want to keep on topic with the op stuff

here so definitely check out this dashboard um and i put out a tweet today where i said you know friendly reminder the op airdrop is going to generate a lot of fear revenue on the optimism network with the proceeds from this fear revenue later being donated to public goods which is turning d gens into regens now i want to show you guys a couple of charts that i should have gotten up before but i'm just going to get them up now bear with me so first chart we have here is basically what uh the daily transactions chart of the optimism network you can see massive spike right from people kind of like using uh the the kind of like network to claim their airdrop because you have to claim it on layer 2 and then also we have the amount of fear revenue that's been

generated now this doesn't update very often so i don't think this is completely accurate but optimism has generated at least 270 000 worth of fair revenue today and um all the profits so that's not uh so so all the profit that goes from basically the fee revenue here so it's not gonna be 270 000 it's whatever the profit portion of that is is actually going to uh public goods funding so basically we have a lot of public goods uh funding coming through here and then also another thing that i wanted to kind of highlight was on ultrasound money uh the ultrasound dot money website here optimism is actually in the top five uh bonus for today so you can see here over the last 24 hours optimism uh the ovm canonical transaction chain which is basically the smart contract where the

optimism network posts its batches to from l2 has burned 113 eighth and the optimism l2 gateway which is the bridge contract in and out of optimism has burned 68 so in total if you kind of like calculate them together and put it at 178 or something like that or 180 we should put them at number third as a kind of today's burners which is very very cool to see uh and then you've also got like the ovm state commitment chain down here as well so another 48 which would push them even up to number three like even above uni swap if you can kind of like count all of the uh optimism-related traffic here and you could even say that some of the unisop traffic was influenced by optimism too because of people trading the token right and the reason why i wanted to point this out was because there's been

a bad narrative going around recently that l2s are parasitic to ethereum l1 and don't kind of like add value to eth and i mean you guys know that that's a silly narrative but for those of you may not be aware of why all the l2s have to pay ethereum for security and they pay aetherium in eth and most of that eighth gets burned as part of the way the trend aip1559 works on ethereum so like how can it be parasitic if it's literally adding value directly back to each okay there's no way around it the only way that these l2s cannot add value to even b parasitic is if they settle somewhere else like if there's an l2 on another chain then obviously it's not settling on ethereum it's not paying gas phase and ethereum it becomes parasitic but if an l2 yeah

you know an l2 is living on ethereum he's posting its transaction proofs and it's kind of like cool data and batches whatever else right 2l2 2l1 ethereum then it has to pay eve in gas there's no way around that and there will never be array around that unless we change the rules in the future which i i doubt the community would agree to do that um you know they're not parasitic they're actually very very uh nice and very very very additive as well and on that note uh i should kind of like point out this tweet from david miehaul here who said that optimism was responsible for 1.6 percent of all fee renew paid on ethereum over the last 24 hours now i know this network activity is kind of like um not going to be the norm for optimism for a while because obviously there's a

big spike due to the token launching but you can just imagine when the this kind of activity is the norm and we get even more activity on these networks once uh they kind of like grow once we have better applications things like that on the network itself they're good as i said before like it's going to take a while but eventually layer one block space would just be used up by layer twos and again it's not parasitic because they're paying for layer one block space in eighth and eighth is being burned so i think you know it's really cool to kind of like see that it's really cool to see it playing out as we kind of like envisioned it would um and i love the fact that uh kind of like um we have like clear evidence of this to show people now uh rather than

kind of like just saying it because at the end of the day it doesn't matter if you say something and it's true people i think you know a lot of people think they like to you know see it with their own eyes sort of thing so yeah it's great to see this here and you can visit this website as well if you want l2 fees dot info l1 fees i'll link it in youtube description and um and last up here on optimism side there was a bit of drama around how they did the launch here so basically uh they kind of like did a little thread of like what happened and and kind of like why the i guess like the airdrop launch was a bit i don't know if i'd call it buggy but a bit like um uh what's the word i'm looking for it

didn't run as ideally as we would want it to and paulie and i had a bunch of great questions that they asked here saying you know why was the announcement not ready in time you have known for months the number of participants and the expected load based on previous airdrops why do you seem surprised why was the public rpc not upgraded well in advance a postmortem is essential now jing from the uh optimism team here the one of the co-founders responded to pony and said you know you're right we focused on hardening the sequence side because that's where our anxiety was on that our optimus killed it and the sequencer processed 274 000 transactions without a hitch however we vastly underestimated the rpc load we saw 10 000 requests a second our mistake was planning to for average case claim volume and not worst case but we don't

waste mistakes retro public goods funding i mean retrospective uh uh incoming so the retrospective like a postmortem is incoming that said i'm proud of how all the optimists handled the utter insanity of the last week um so on that note where they where we're talking about rpcs here uh i put out a tweet where i said ah so i see we're comparing rpc rpc issues with chains completely going offline likely the same thing ct has the collective intelligence of a goldfish so i've explained what our pcs are before but just a refresher here an rpc is basically a node that you kind of like connect to a piece of infrastructure that you connect to in order to relay your transactions on ethereum you can do it through infuria or alchemy on optimism you have the kind of like official um

i guess like optimism rpc uh and then i think there are a couple others that may support optimism i think inferior may support it but anyway what ended up happening is that the rpc got overloaded and it's very hard to get transactions through when that happens and this this actually has happened on polygon before the polygon post chain for those of you who have experienced it there but this is not um you know this is not um uh akin to the chain going offline or the kind of like chain slowing down or having degraded performance because the chain worked fine as jing said the sequencer itself processed all the transactions just fine if you could get them in so if you were for instance running your own rpc on for optimism on your own kind of like uh computer and talking to that and relaying your transactions via that they

would have gotten processed it's just that people use the public rpc and and that meant that kind of like it was overloaded and uh people couldn't get their transactions in but the network itself ran fine which is cool because it was a good stress test for the network so just kind of wanted to highlight that one there but i think that's going to be it on the optimism front i think yes there's a related kind of thing that i wanted to talk about um related to optimism but that was it for optimism uh kind of like for today so hopefully you guys had fun it was nice it was a nice little thing to wake up to in the morning today i look forward to the other l2s doing their tokens as well so as i said i put out this tweet on a related note to optimism but i said as

an ecosystem we need to be building better and more sustainable applications that people actually want to use and actually get both social and monetary value out of none of the protocol level stuff like scaling matters if we don't create the ongoing demand to use it now there's a couple of things that i want to focus on with this tweet firstly is that there's only a handful of applications that i would say have have um achieved kind of like a sustainable moat or a sustainable kind of like um product market fit within crypto today off the top off the top of my head or within ethereum today off the top of my head i can think of three uni swap ens and stable coins now you might think it's weird that i'm calling stable coins an application but i consider them to be

one because it's like they they they deliver so much value to the ecosystem now what i mean by sustainable is that they're not we need these applications to not be uh on either extreme during market cycles so for example there are certain apps that get like a lot of use for maybe a couple of months in a bull market then they get basically zero use in a bear market that's the that's the extreme right the zero to 100 is the spectrum some and and during those kind of like a couple months in a bull market an app will be at 100 and they'll be flying they'll think they've got product market fit they'll think that everything's amazing and then they'll be at zero during the bear market whereas something like a uni swap or an ens or a stable coins while they do benefit obviously and they do

better during bull markets it's not a zero or 100 thing for them it's more like uh you know maybe in bull markets they do 70 80 90 maybe not 100 right because 100 would mean that they kind of like have this massive spike all of a sudden and then kind of like go to uh drop drop down from there and then maybe they drop to 40 or 50 during a bear market so to speak but it's never zero or 100 for them right it's always kind of like a nuanced in the middle you know they're still growing they still got traction and they're still going to be there the next time the market heats up as well and they're still going to be there in a really big way so i think those three at the top of my head but you know most of

the stuff in this ecosystem is it does not fall into that category at all now because of that all of this extra capacity that we have coming online over the next 12 to 18 months whether it be the layer twos themselves adding extra capacity or layer one uh upgrades like dank shot a proto dang sharding they're going i think like this time next year or maybe a bit later than that within the next 12 to 18 months i'm gonna make the bold prediction that we're actually going to have more uh ethereum decentralized block space and i call it a theorem block space because if it's a true roll up a true layer two it's considered ethereum block space in my mind um if we're going to have so much of it coupled with proto dank sharding that i don't think we're going to have enough

demand to fill it all so the fees for end users at layer 2 are going to absolutely collapse like they're going to be so cheap that people are going to wonder why they ever they have a doubted ethereum scaling to begin with now that actually presents a bit of a challenge the challenger presents is okay how do we build more sustainable applications how do we fill this new block space that we have and i think there's a few different ways we can do it one is that layer twos are going to uh they're gonna um uh what's what i'm looking for they're gonna open up a bunch of new design space for applications so things that can't be done on layer one will be able to be done on layer two so that's that's a big thing actually that's actually actually what probably the biggest thing that's gonna happen with

that extra block space that's available in that not just the block space but the kind of like extra way uh the the new ways to develop applications on layer two that you can't do on layer one especially around the um non-evm ecosystems like stocknet for example right so that's the first thing second thing is they're gonna enable kind of like not just uh new applications but new types of applications so what i mean by that is that there's been applications that have been tried on layer 1 ethereum before such as decentralized social media that just don't work due to scalability on layer 2 they they kind of like will work because they get more scalability there and then from there it just becomes okay do people actually want to use those applications you know here's all the scale we don't need to worry about scale

anymore it's cheap to use or even free to use but do people actually want to use it i think they will if it's good enough right if it actually adds enough as i said social and monetary value to them it can add only one thing like people don't use twitter and a lot of people don't use twitter and facebook and instagram and expect any money terry value out of it yes there are people that use it like for example on instagram you can be like an influencer or something and make money that way but the majority of people do not use it as a way to make money but right now in crypto the majority of people use it to make money and yes crypto is obviously heavily financialized but at the same time there are many many more non-financial applications that we can build that uh that we can kind of

like um sorry that will be able to be built because of layer twos and i think the last thing is that we need to stop doing this kind of like game of do liquidity mining ponzifi the app for a few months and let's you know let's get a lot of growth really quickly and then have to pay for that over the count over the kind of like the course of the next few years because we basically borrowed from the future for that growth that trend needs to reverse uh or just kind of like completely stop or at least slow down for us to get more sustainable applications so those would be like the three major things that i'm kind of looking at but yeah i think within the next 12 to 18 months we're gonna have more block space than we know what to do with and you could argue we

already have that today in terms of optimism and arbitrary have more capacity than we're using uh just as examples there but but the thing is is that they're so expensive because they are relatively expensive right because layer one is still expensive for them but once we have proto dank sharing in place and layer two's uh uh cost for layer one are negligible then we're gonna have like sub cent transaction fees potentially on some of these layer twos especially with their own upgrades like um compression and things like that uh well call data compression that's what i'm looking for um that you know people aren't gonna know what to do with the extra block space so i'm super excited for that actually i think it's going to be really cool to see it kind of flip from having too much demand not enough block space to having too much

block space and not enough demand we're going to have to see how that goes and it depends on market conditions at the time as well like if the market's like super bullish in another 12 to 18 months then maybe we'll fill that capacity in the short term but i'm more about like the long term sustainable ecosystems i don't want to see just short-termism but i mean i don't think we anyone can stop that from happening there's always going to be those boom and busts but i i hope that we can build more sustainable applications going forward all right uh another thing that i tweeted out today was got to do with uh mining so i said there will be an insane influx of gpus hitting the secondary market after the merge is completed uh i think this may lead to a double whammy positive narrative narrative change from

gamers specifically they may stop hating ethereum since there's now proof of stake and they'll also love the cheap gpus so basically uh gpus right now are being used like a lot of them are being used to mine ethereum because of that there's there was a gpu shortage for a very long time and gpu prices skyrocketed i bought one when uh there was they were kind of like a really high in price i actually had to buy one because my one died i bought a 3080 ti from nvidia it cost me three and a half thousand australian dollars that same graphics card today is 2100 i think and this is before this influx comes from the crypt from the ethereum miners once the merge is completed here so and gamers hated crypto because of this like they

absolutely hated it and then the second point is that they hate crypto or hate ethereum and because it's proof of work uh and because it's like bad for the environment or they believe it's bad for the environment right so that's those are the two things that are going to change the game is going to have really cheap gpus to pick up on the secondary market and they're also going to be going to um or some of them at least will know that it's because ethereum transition to proof of staking is no longer bad for the environment so i'm looking forward to that i really really am i think it's going to be a great narrative shift outside of crypto obviously narratives within crypto are a different kind of like ball game good ball game but outside of crypto i think it's going to be a very very positive

shift so i'm looking forward to that and there's a bunch of great discussions in the replies as well here if you want to check them out probably now brought up the fact that some of these gpus can be used for um zk proving and i've discussed this before they can but i don't think there's going to be enough demand to absorb most of these gpus by the time the merge happens like the merge is happening in august or september guys like that we're not even close to uh being able uh having a kind of like l2 want to decentralize it's uh it's proving like it's dk proving right so it will happen eventually but i don't think there's going to be anywhere near enough demand to soak up all the the gpus that are going to be hitting the market due to kind of like mining i'm going by

the wayside here so very much looking forward to kind of like seeing uh the i guess like the the fallout from this all right so uh swell network put together a little tweet thread today and they started by saying liquid staking is the talk of the town lately and will become more popular after the eath to merge existing solutions have paved the way for liquid staking and have proven to be robust but what's left to be desire but what's left to be desired here's our staking 2.0 manifesto with nine reasons to use swell network for liquid eat staking now i've discussed swell i think a couple times on the refill before disclosure i'm an investor and advisor to swell just want to get that out there i don't know if i've said that on the refuel before but yeah just getting that out there but the reason i

bring them up is because i've talked a lot about lido dominance recently and about how i believe one of the the core pillars of you know peeling people off lighter and reducing laddos dominance or at least pausing it for the time being until withdrawals are enabled and then we can work on reducing it is more competition we obviously have rocker pool and they have their own issues that they're working through because they have those minimums that they need to that they need to kind of like um uh bring down and there are a bunch of other things going on there and i obviously promote rocketpool a bunch on here as well but there's also i've talked about stakewise before there is um swell network and there's a bunch of others out there and there's all these liquid staking providers they're going to work to take dominance away from line

and that's what we want so that's why i was like yeah okay i'd love to be an investor advisor in swell because i want to kind of like support them i want to help them um a major reason being to take away from from lido's market share um and and i'm trying to become a rocket pool kind of like odl member i definitely want to get a kind of like a node up eventually as well kind of like with rocket pool to support them as much as i can uh and and stake wise as well i mean i just mentioning them i think that i'm able to support them uh just just through that that kind of like front i don't hold any stake wise tokens or anything like that uh but but yeah so i'm trying to just basically take that dominance away or at

least make it a healthier kind of like staking ecosystem i've talked about it a lot um on the refuel before but uh but yeah definitely go give this uh thread from swell network a read you may want to stay with them when they're live instead of um instead of lydo or or or rockapool whoever else it's up to you to decide who you want to go with i'm not going to tell you who to go with guys like i'm just going to put out the solutions i'm going to highlight the ones that i think are worthwhile to look into and then you can make decisions for yourself but i will say one thing though i know lido is very tempting right now to kind of like stake with because they have big liquidity pools and things like that even though the peg is off the

liquidity pool is still big they make it very easy to kind of like stay with them but i would suggest sticking with one of the others like this is this is you know i think of this like i think about client diversity it's not that lido is a bad service right they're a good service like i mean they wouldn't have so much easter egg with them if they weren't a good service just like it's not like prism is a bad client right but the thing is is that if you care about the health of the beacon chain if you care about the health of the overall ethereum ecosystem then i think as being a good beacon chain citizen or a good ethereum citizen it's your duty to make sure and to be aware of the fact that staking with lido at this point in time is

actually detrimental to the network just like using prism whenever the super majority was detrimental to client diversity on the beacon chain same goes for using geth right like on the execution layer side you should be using nethermind or baisu or you know instead of geth not because geth is bad but but just because they have too much dominance on the execution layer side for client diversity and you should be thinking about the health of the beacon chain and things like that as well so definitely give this thread from spoiler networker read i'll link it in the youtube description all right so speaking of client diversity coinbase cloud put together a thread here about how they're working on client diversity and this is basically an update uh so they talked about it on february 23rd this is an update coming about three march april may of three and

a little bit months later which is which is cool to see you can read this thread uh and kind of like give it a give a um it gives a breakdown of what they've been working on i've highlighted how coinbase was able to reduce their prism usage substantially after the client diversity push was uh was done which is really cool to see but we actually have uh stats right from kind of like coinbase themselves here where they say coinbase retail now has 65 of its validators on non-prism clients so they have 30 only 35 prism clients that's awesome and most of their clients are on lighthouse and prism right now and i think they're doing even more work in the background in order to support further client diversity so coinbase is being a good beacon chain citizen they were at like 90 95 prison usage then there was that push and then

they understood the risks of running a majority a super majority client they understood that they need to kind of reduce that in order to help the um ecosystem and help the beacon chain and and maintain kind of like um the security here and the health of the beacon chain and they did it which is really really cool to see so i mean i a big kudos to coinbase here for doing this uh and definitely check out this thread i'll link it in the youtube description for you to do so all right uh last couple of things here so i put out another tweet today where i said the shift in narrative over the last few months from ethereum will never transition to proof of stake to people arguing that proof of stake is just like the existing banking system is hilarious the haters will always move the gold

process this is typically a sign that they have no real arguments so this is quite funny right people always say this in the non-kind of like ethereum bitcoin maximalist camp they always try to kind of like say that proof of stake is just like the existing banking system or it's rich get richer or it's plutocracy or there's on-chain governance some people say that and i was like no ethereum doesn't have on-chain governance but before that before that you know that's happened in the last few months before that there was this major narrative that ethereum would never transition to proof-of-stake because it kept getting quote-unquote delayed right it took forever and to be fair it did but the thing is is that they can't say this anymore like the the smarter ones and

some of these people aren't actually dumb they're just kind of like blinded by bias but you know the smarter ones have realized that okay the ethereum merge is actually happening ethereum is actually going to finally transition to proof of stake so what else can we say to kind of like discredit this and one of the narratives as i pointed out is them kind of like comparing it to the existing banking system saying it's plutocratic saying the rich get richer saying all these other kind of like shitty narratives and as i said if people are always moving the goal post to try and kind of like highlight weaknesses in something then it's typically a sign that they have no real arguments that they can put forward no real debates no real anything and that just is the kind of like the short short sign to me that they've got no

idea what they're talking about and they're just speaking from like a buyer's position here and to be fair it happens with everything not just proof of stake but yeah i just kind of like wanted to highlight that for you guys as you're wading through public opinion on things like it's just it's always funny whenever i see these sorts of things because you can obviously tell they haven't done their research they're just speaking from position of bias and just speaking purely out of kind of like hate for something right which which doesn't lend itself to very good arguments at all all right last up here we have d5 saver that's now live on arbitrary and optimism so defi saver is available on optimistic graphs with support for rv uh uh li-fi or leafy protocol uh and their regular partners xerox alchemy and tenderly so you can read the

full announcement blog post here and the kind of like thread here i've talked about d5 saver plenty of times before on the refuel basically it's an advanced d5 management tool so essentially allows you to kind of manage your different positions across different default apps from one interface yeah one of the kind of like top features that they have is a way to kind of like save yourself from liquidation so have like automation that basically saves your position from being liquidated which i think is a really really great feature especially if you're someone who's like a peak dj and you really want to play with leverage well maybe check something like d5 saver out to potentially save your positions in adverse market environments but yeah i'll link this in the youtube description for you to check out but i think that's going to be it for today so

thank everyone for listening and watching be sure to subscribe to the channel if you haven't yet give that video a thumbs up subscribe to the newsletter join the discord channel and i'll catch you all tomorrow thanks everyone