Pectra on mainnet, EF changes and more - The Daily Gwei Refuel #839 - Ethereum Updates

Transcript

Hello everyone and welcome to another episode of Daily Refuel where I recap the latest news in the ecosystem. I'm your host Dan this 9th of May 2025. All right everyone, let's get into it. So it's been a whirlwind couple of weeks. I haven't done a refuel in another couple of weeks there. Unfortunately, I've been meaning to do one actually. I've been, you know, waking up every day being like, "Today I'm going to do one. Today I'm going to do one." Well, today I'm finally doing one. And I guess like some people will look at what happened with the price today and be like, "Ah, he's doing a refuel because price is up." And no, that's just like a happy coincidence. I ended up thinking, well, I'll do the refill after Peterra goes live because then I have even more to talk about rather than doing one before

Petra went live and then you guys have to wait like two weeks for my take on uh Pectra there. But I guess that's a great place to start. Uh and yeah, Pearra went live without any hiccups from what I could see. I think we had around 90% network participation when things went live and that quickly went back up to the n 99 plus% that we usually see on any given day. There didn't seem to be any bugs with any of the clients. uh seemed to go through yeah just really really smoothly which was really great to see. Obviously we had the test net drama with Pectra over the last couple of months that led to a bit of a loss in confidence I think in some people where they thought you know this doesn't look like other hard forks did. It looks a bit riskier. I know some people in the

daily gray community that mentioned that they were going to be offline during the fork. Their validators were going to be purposely offline during the fork cuz they didn't want to take the risk there. I mean that's your kind of prerogative to do that. You've got the power to do that there. I think that might be something that uh I guess like most of the network doesn't end up doing because it just like I think doesn't make much sense uh for the big providers to do it because I guess like they have a whole DevOps pipeline and they have customers that would probably be upset if their yield was lower than was expected even though they wouldn't be offline for very long. It just wouldn't be uh obviously something that their users would probably like. But on top of all of that, what I guess would be a bigger

issue is that if enough people were to go offline, you know, it could end up with finality not happening, right? Because we need 67% of the network online for finality to happen. But then if let's just say in the worst case scenario, uh most of the network is offline like under that 33% threshold, that means the whole network would go offline and that would be the first time ever that we see actual uh kind of downtime on the Ethereum network. But no, we're not Salana. We don't want to do that, right? So essentially uh the network participation as I said is back up to 99% and seeing it around 90% post fork is quite normal as well. Sometimes people's upgrades didn't go as planned.

You know they they mess something up on their end and they didn't join the fork but then they come back and join later so on and so forth. But anyway, as you guys know was also the largest upgrade in Ethereum's history. Bigger than any other upgrade in terms of the number of EIPs included. In terms of complexity, I would still say obviously the merge was more complex uh and was a bigger deal I think for Ethereum, but Peter had a lot of stuff included in it. And there's a great thread here that was put together by Bingy uh on the Ethereum Twitter account that you can go check out. I'll link it in the YouTube description below that goes through each of these things uh each of the EIPs that were included in Perra and what it means for you. As you guys know, my favorite EIP in Perra

is Max EB, which I'm going to discuss a little bit about uh in a sec. Uh but there was also the account abraction AIP, the doubling of the blob gas limit uh sorry the blob limit I should say from 3 to six uh and also fixing the uh issue with uh the gas limit where we can now go above a 36 million uh gas limit on mainet which I'm going to talk about as well there. But I just wanted to highlight this thread. You can go check it out uh for yourself. But uh next up here we have some Ethereum Foundation news. So I'm going to talk a little bit more about like the Petra stuff like Max EB and stuff later. I've got some tweets lined up for that. But there is uh some important Ethereum Foundation news which was actually published quite a while ago

now on the 29th of April. So this is 10 days ago or 11 days ago. That may not seem like a long time ago, but in crypto time it may as well be years ago. But this was talking about all the kind of I guess like changes that have happened within the EF recently over the last few months with regards to the EF board and management team and of course with Tomas and Shiae becoming the new co-executive directors there. So, if you didn't get a chance to see this or read this, I highly recommend doing so. Especially if you're someone who has been maybe even a living a little bit concerned about the Etheum Foundation in recent times and about the direction that they're that they're taking and the path that they've been on. I highly recommend going and checking this out. I'll link it in the

YouTube description below. It also uh kind of acted as a way to I guess usher in this next er era of Ethereum. As you guys know, there's been this whole debate around did Ethereum pivot, did it re prioritize things, so on and so forth. You guys know my view on this. I don't think there was any pivot. I think that we just re prioritize things, but the markets and I guess like the wider crypto ecosystem love a good narrative, right? They love a narrative to latch on to and the pivot narrative is just simply stronger than the rep prioritization narrative. And I totally understand that. If people want to call it a pivot, they can. So, I think on on that kind of like narrative note, what we have now is these three main objective that objectives that the Ethereum Foundation has kind of honed in

on for what the Ethereum road map looks like over the next few years. And those three objectives are scaling the Ethereum L1, scaling blobs, and approving improving the user experience. This is very similar to something that I said a few months ago and I tweeted out about where I said that we need to make all of Ethereum feel like one chain again and we need to scale Ethereum, right? Like that's what we're doing here. We're scaling Ethereum not just at the L2s with blobs, but also at the L1. And we're improving the user experience across the board, not just with uh uh unifying Ethereum, right? not just with like interoperability between the L2s and L1, but also things like account abstraction EIPs where essentially you get rid of the approve and swap stuff, right? Lowering block times, which improves the UX on Ethereum L1, like

stuff like that. That's that's all additive to this. So, I really do like this as I guess to bring back an old term here, Ethereum's north star over the next few years of what to focus on because there is a lot to focus on. And this I guess like maybe is missing one other thing I would say that we're focusing on and that's basically improving the L1. So scaling the L1 does improve it but there are many other improvements coming to the L1 that don't strictly have to do with just scaling such as single slot finality right or three slot finality that I mean can I guess be reasoned about to have like downstream effects on scaling because it gets coupled with other things like shorter slot times. But in terms of uh and it can also it also has an effect on UX as well because it would lead to

better interoperability between the different L2s but it's not strictly kind of falling into any of these buckets. So I would say that instead of just SC saying scaling Ethereum L1 we say scaling and improving Ethereum L1. So that covers both of those things there. But I guess that that's just me nitpicking there. But those are the three things that we're focusing on. Those are the things that I guess could be considered Ethereum's northstar over the next few years here. Um, and those are the things that I am personally very bullish about and personally think that uh are the the right things to focus on. But you can go give the Ethereum Foundation's Twitter thread a read for yourself. I'll link it in the YouTube description below. Now, moving on to the next thing I want to talk about. EF. So, as you guys know, EOF was dropped from

Fusaka. So, it is no longer happening in Fusaka. I remember I think on the last refuel I said that I didn't think EOF was going to go into Fusaka. And the main reason I thought this was because of the fact that it just became controversial. And I've discussed this before in the past where I basically said that anything that becomes controversial is going to get dropped. That's like like the default stance of uh the community and the core developers when it comes to this sorts of stuff. But off the back of that, obviously there was a lot of discussions around the core dev process as well. If you've been following along with those discussions on Twitter in the ETH R&D discord channel, there was a lot of discussions around the fact that well, this didn't feel right. Right. like the EOF went through years worth of research

and development only to basically be killed at the the finish line essentially. That shouldn't be our process. So there has been a lot of kind of introspection here. Tim Bo has a really great post here all about this and all about kind of what it means to be part of the governance process in Ethereum. How we can actually reconfigure all core devs so that we don't get to that point. So essentially we don't we don't get to the point of spending all this time uh and on R&D on something that ultimately gets killed. And I think this is a really great read for people that are interested at all with Ethereum governance. I'll link it in the YouTube description below. But what I really wanted to point out was the one thing on here that I think that uh was was critically important will be

critically important going forward is selecting a focus and a headliner for a hard fork. As you guys know in in the past, there's always been like one EIP or maybe two EIPs that would stand out as like the headline EIP for the fork, right? So I think with obviously with Denkum, we had blobs. It was really the only EIP, but I mean there was a blob EIP, then there were other EIPs that kind of fed into that. Then we had withdrawals merge, uh, so on and so forth. With PRAA, we kind of had a headline, but we had like multiple headlines. I would say that the headline that most people focused on was the account abstraction EIP, but then you also had like the blob increase, and on top of that, you had uh Max EB, which is also quite popular, but they were

headliners for different reasons. So I think that it is critically important going forward to make sure that each fork has a headliner. Now obviously with Fusaka uh we have Pas as the headliner like EF was never the headliner of that even when it was included. It was always Pas and that's that's basically what we're doing now. We're doing Pas that hasn't been dropped. That's going to happen in Fusaka. Timelines not sure yet. We're still aiming for like that October Novemberish timeline uh for getting that live on the network. But that's the the kind of timeline there. And then the upgrade after that, Glamsterdam. I think the headliner for that right now is Fossil, but I don't know if that's going to change because there are other things that are kind of being worked on. There are other things that may be ready. Maybe PBS is the

headliner instead of Fossil. Or maybe we do even more blob scaling and that becomes the headliner. Or maybe we do something with the L1 uh kind of a gas limit again or with the slot times when we we we we do single slot finality, three slot finality, whatever it is, the headliner can change from that. But I think Tim's point here is that at least one fork in advance, we should be deciding on very early on what is going to be the focus and what is going to be the headliner for that fork. And I very much agree with that. So he's written a bit about this as well in this post here, which as I said, you can read for yourself. But I I think this is a really good timely post and it's really great that that to see these conversations happening because I know that a lot of

people were disillusioned by EF being uh excluded from Fusaka, not just core developers and researchers that worked on this for many years, but also the community feeling like the governance process wasn't respected. And I get that view. I totally do. I as you guys know on EOF, I've generally been quite neutral on it the whole time. I don't think I've changed my stance on that. um I I was happy for it to go in and I didn't really care if it didn't go in. Like that was my stance on it, right? But I think when it comes to the governance process of it, I would be lying if I didn't say it didn't concern me a little bit that about what happened here with the fact that things were worked on for years and then it just ultimately got killed at the end. I think we need to avoid that. But I also

think we need to avoid governance capture too. So, it's a tricky little line here kind of avoiding governance capture but also having a governance process in place that can avoid things like vetoing at the last minute, right? Or or kind of wasting dev resources, especially in the environment that we're in now where we can't afford to be wasting dev resources on these things. We can't afford to be working on things that don't ultimately make it into the network. Maybe we, you know, the 5% of the stuff that we work on doesn't make it in, but 95% of it should be stuff that actually makes it into to the network, especially once it moves into the development phase because as you guys know, you know, it's there's an R&D pipeline here, right? There's a pretty long research phase, then there's a development phase, and there's a testing

phase, and then there's a mainet phase. There's like a broad spectrum of kind of the categories there. Um, it it should be caught in the research phase whether we want to do this or not. It shouldn't be caught in the development phase and it definitely shouldn't be caught in the testing phase cuz EF was being tested, right? And it was being it had been considered for inclusion in Fusaka or slated for inclusion in Fusaka. So catch it at the research phase and stop it there. If you if we we decide we don't want it, don't go beyond that. Going beyond that leads to all sorts of negative outcomes as we've seen. That's kind of my view on it there. But you can go give this post a read for yourself. All right, moving on. So, as you guys know, L1 scaling is a main focus right now. And Tony had a really

great thread here on Twitter talking about the execution layer scaling roadmap. So, the execution layer is kind of what we say what we're talking about when we're talking about like scaling the L1. Uh, and I I guess like also the consensus layer can can fall into it as well because if you like shorten block times, you can you could consider that scaling for the L1. But really we're talking about things like the gas limit uh delayed execution history expiry and that's the stuff that Tony was was uh was kind of um talking about here. So the first thing is this continuous gas limit increase which is known as EIP7935. This was an EIP that Danrad put forward where he basically said and this is playing off an idea that I actually spoke about many months ago now where we should do a gas limit increase every so

often just automatically. We shouldn't just like have to um I guess get the community together every so often and say, "Okay, well, everyone raised their gas limits on their validators and this is the new limit." We should do it where it's it's automatic and it's continuous and then if something breaks, we can just revert back to the previous gas limit, right? And I I think that's a really great uh I guess path to go down. I think it's better than the current path. That's one that I've been advocating for for a long time if you guys will remember from from previous refuels. Uh but that's that one there. History expiry as part of EIP quadruple 4. I've spoken about this before. The first part of this goes live quite soon, I think. I I think May 1st was the original date that it was going to

happen, but I think cuz Spectra got pushed back. It's now going to be June 1st, so it's coming quite quickly where basically we're going to expire um uh history before the merge essentially. So making the the node sizes smaller to make up for the fact that we're increasing the gas limits. We're adding more blobs, which means we're adding more storage to nodes. We want to make sure that those node requirements don't kind of explode from from where we are today. delay delayed execution, block access list, and block level warming are all EIPs that are being worked on as well. I'm not going to bother explaining those right now because I'm still in the process of learning about these things and how they actually kind of uh lead to L1 scaling here, but there is additional context in this thread from Tony that you can check out for yourself as well.

I'll link it in the YouTube description below for you to do so there. All right, moving on to a new dashboard that we have from the ETH Panda Ops team at the Ethereum Foundation here. So, this dashboard basically tracks the life cycle of a slot on Ethereum. So, as you guys know, Ethereum has slots. It's a 12-second slot time where essentially the blocks get built, blocks get relayed, blocks get proposed, gossiped, attested to, and accepted in the network. And you can actually see on this dashboard this entire process taking place from beginning to end. So, at the very beginning, you have builders. So, builders will compete amongst each other to create the most profitable block.

Then, they will relay this uh to the network essentially. So uh there are various different relays out there as you guys know uh there is uh the ultrasound money relay a useless relay agnostic blocks route so on and so forth then this will uh be passed to the proposer so the validator that's going to propose this block uh and then it'll be gossiped to uh to the rest of the network then it'll be attested on by part of the network and then once 66% of the slots attesters have voted for the block um it's unlikely to be reorged basically and then it'll be included in the chain and there it is basically in the chain and then from there you know within 13 minutes it'll be finalized and history card can't be reverted uh from there. Now the reason why this is a

really cool dashboard is because we haven't had this before. We haven't had this data before. We've had it kind of like in patchwork places where we know the block builders, we know the relays, we know the validators. Um but we haven't had a dashboard where it basically shows the entire life cycle of okay, who's building the block right now? Who was the top bid per builder? Well, in this current slot, the top build was Titan Builder. Then the relayer is uh the uh the ultrasound relay. Uh and then it obviously skipped to the next one, but the relayer is the ultrasound relay. And then in this new block, BeaverBuild won it, right? So you can see every so I should say every slot um it's changing. And then you can see uh who attested it to it and how how sorry who proposed it and who accepted

it and you can see which nodes are actually u participating from across the world. Now I should actually mention that this data is based on uh voluntary data. This is not a view of the whole network. This is actually probably a very small percentage of the network. It is based on data that people submit if they run sidecar software on their own uh kind of nodes. So you can run this software. You can download it from this website. I'll link it in the YouTube description below, but essentially it's like running me boost where it's Sidecar software that plugs into your setup and then it relays this data anonymously, I believe, back to the lab. uh and they put basically put these dashboards together which inform a lot of things uh in the research and development pipeline for Ethereum. So you can go check this out for yourself. I will link it in the

YouTube description below for you to do so. All right. So moving on, a lot of talk about the gas limit. So as you guys know, there is now a renewed push to increase the gas limit past 36 million all the way to 60 million. And we currently have this being tested on various test nets, but there are already people on mainet signaling for these. So currently there is 11,800 validators signaling for a increase to a $60 million uh $60 million to a $60 million gas limit here. Now this is around 1% of the network I think. So obviously not a substantial amount just yet but people are already signaling people are hungry for this and I would say that most of the validators will be updated to signal uh to a 60 million uh increase probably

once the core developers say it's safe to do so because as you guys know like most of the validators are managed by a bunch of big node operators you know Lido, Coinbase, Binance, Ether uh uh uh Rocketpool so on and so forth right so once I guess like the core developers say Okay, well, we did this on the test nets. It all looks fine. It all looks good. All right, let's go to 60 million. Maybe we don't go straight to 60 million. Maybe we go to like 45 or 50 or something like that. But I do expect this to happen quite quickly within the next like maybe month or two, something like that, right? Where we get to 60 million and then we can revisit it and see what you know how much further we can push it there. But if you want to keep track of this yourself, you can go

to gaslimit.pix. This is the website from Tony where he was tracking the gas limit signaling for uh 36 million and now he's tracking it up to 60 million which is really great to see here. So yeah, I'll link that in the YouTube description below for you to check out. Uh next up, there's a new dashboard that tracks all of the consolidations happening across the network thanks to Max EB. So as you guys know, Max EB is an EIP that went live. EIP 7251. It went live as part of PETRA. It allows you to have 248 ETH per validator as a maximum instead of 32 ETH per validator, which means you can now earn rewards up on on a validator with 448 ETH on it instead of just the 32 ETH on it. Well, anywhere from like 32 2048 because 32 is still

the minimum. So, you need 32 to spin up a validator, but then anything after 32 you'll be earning rewards on as long as is as long as it is staked on the validator there. Now, of course, that means that you can consolidate down your existing validators to a 2048 validator e ETH uh if you want or you can go less than that. So, this dashboard acts as a way to see who is actually uh consolidating their validators down. So, currently 0.1% of the network is doing that. So, not a lot right now, but I would say that most of these are probably like um solo stakers and solo validators because of the fact that um they want to essentially compound their stakeh really really quickly and increase their yield. So, they're doing it here. I do expect the bigger operators to be doing this, but probably

later once they've gone through their whole DevOps pipeline, they're going to take longer to do it. But then you can actually see what the effective balance is of uh of validators of uh no sorry how many validators and what they've actually increased to. So you can see here that not everyone is going to 2048 ETH for various different reasons obviously major reason for a lot of people would be they don't have 2048 ETH to put on a validator but there's also kind of these weird things where some validators or I think if I'm eyeing the chart right here a couple of thousand validators are at 1,024 ETH or less accumulated here. So or or 1152 ETH or less accumulated here. So that's interesting that not everyone's gone to 2048 ETH. And there's various different

reasons to do this. I think slashing risk and inactivity uh penalty um risk is probably the main reason why you would do this. But again like you can see the bulk of the accumulated validators so far have been less than a,28 E in terms of like consolidating down the validators here. Now, as I said, I suspect this is a lot of solo validators, a lot of smaller validators doing this because they want to be able to immediately begin autoco compounding their ETH stake instead of basically earning ETH and then that ETH sitting there until they've got another 30 to spin up another validator and just earning their rewards on it uh there.

So, yeah, you can go check out this dashboard for yourself or link it in the YouTube description below, but it's going to be a really great way to keep track of how just how many validators are going to consolidate down. I do expect that over the next few months we're going to see a pretty substantial consolidation down here. It doesn't really make much sense not to consolidate honestly. Uh it you you save money by consolidating and you also help the network as well. So yeah, I expect to see that uh happening there. Now speaking of consolidating down and max EB, the Pier 2 team and Labyrus team have put together a really nice tool that you can use to essentially consolidate down your own validators if you would like to. Now there are different tools uh that you can use to do this. This is one tool that I know

that these guys have been working on for a little while. It is not a paid for tool or anything like that. It is a complete public good where essentially you can connect your wallet and then consolidate down your validators uh here in in a nice easy to use tool. So you can see here you've got the consolidate uh uh function. You've got a deposit function. So you can deposit more ETH to your existing validators and you got an unstake function here as well. Now I've connected with Sassle. I don't actually have any solos validators on Sassle except through Rockerpool. So this is for just you know solo validators that you run yourself um from my understanding here. Um but I was actually given a sneak peek of this a couple of months ago. So it's great to see that this is finally live with Max

EB here and you can go kind of use this for yourself if you are a solo validator. Um I put my uh I trust in this like I I I I think this is definitely a tool that you can use. I don't think there's um there's a risk here in using this. It's not a scam or anything like that. You do need to be careful here. I would stress that you are careful with what tools you you use and make sure you're at the right URL, but I know these guys personally that have built this. I've met them in real life. Pieru in particular have been around for a long time in the Ethereum staking space. Labris have been around for a long time as well. You probably know Labris from their MEV boost website that they've been um that they've built uh where essentially they were tracking

the different um relays and how and and whether they were censoring different kind of transactions, stuff like that. Uh but yeah, go check this out. link in the YouTube description below for you to do so. They've also got a charts dashboard here as well, so you can kind of see um some stats around it too to I guess complement this uh this other dashboard that I just showed you guys there. All right, so speaking of the I guess like transaction bundling pipeline that I spoke about before with that dashboard from the lab, as you guys know, there are builders, right, that build blocks. Now, in terms of like how many builders there are, there's not that many. There's like five that account for almost 100% of the blocks on Ethereum. Now, if I actually remember

the website, I could bring it up here and show you this, but I don't remember the website that I used to use to track this in terms of like um Ethereum builder share. Maybe I can quickly Google it here. If you hear me typing on my keyboard, it's cuz I'm trying to trying to Google the website here. Um but I think there was a website actually. Maybe I can bring up this one. Yeah, raider.network actually has a pretty good dashboard here. This wasn't the one I was thinking of, but it has a pretty good dashboard here. You can actually see that it's even worse than what I was just saying. It's actually like almost 80% of the blocks are built by two builders, Titan Builder and BeaverBuild, and the top five build pretty much 100% of the blocks. Now, why is this an issue? Well, it's not really

an issue for anything other than censorship resistance. Because when you think about it, if these are the ones building the blocks and getting their blocks included in the network, these these entities, well, then what happens is that they can censor certain transactions. And we've seen this play out with the Tonic Cash sanctions, but they don't have to just censor things that they've told to censor. They can censor anything they want. So, we're addressing this through various different ways. One of the biggest ways obviously is Fossil um which is the inclusion list EIP which should be going live with Glamsterdam I believe next year um to increase censorship resistance uh where essentially even if like one builder was building all the blocks and and trying to censor they couldn't because the validators were enforcing censorship resistance here.

But what we can do as well and going beyond this is that we can actually have an open builder network. So this is what builderet is trying to do. So builderet is something that's being built by um I believe by flashbots and a few other teams here. And essentially what they're trying to do is make the builder market on Ethereum much more transparent, much more open and essentially do what they did for me generally with me boost uh uh with with this builderet thing. So, you can actually see on rated uh network's dashboard that builderet is already here. It's the third largest builder right now at 8.7 uh%. And the reason why I'm bringing this up today is because BeaverBuild, which is the second largest builder on the network with 30% market share, announced that they're going to

be shutting down their centralized builder and building only through builderet. So, that's really awesome that they're doing that, right? Like that means that essentially Builderet is going to go straight up to what 40% basically market share here. And if Titan Builder agrees to this as well, we're going to pretty much have Builderet almost at the top. And because Builderet isn't just one entity, it's made up of many different entities. It doesn't even matter if Builderet went to 100%. Because it's like um it's basically like ME Boost where on the network, no one uses any MEV sidecar software except ME Boost, right? And MEV boost has 95% penetration on the network. But it doesn't matter because me boost is made up of many many different entities. And it also is optional software. It's not enshrined in

the protocol. Which means that even if me boost was to uh not work or basically shut down or something, you could still uh uh I guess like propose your own blocks as a validator. You can still self build and propose. Sorry, I should say build your own blocks. Not you can always propose your own blocks. build your own blocks and and that, you know, is is the fallback mechanism there for for the network. So, it's really cool to see that on the builder side of things, we're getting even more decentralized here, which means that coupled with Fossil, we're going to have such strong censorship resistance that it's going to be pretty much impossible to censor transactions on Ethereum. It already is impossible to censor transactions on Ethereum, I should say, because you basically have to get 100% of validators to censor you. But again, it's all about

minimizing the censorship on the network. it's a censorship resistant network and also um if you do have censorship on the network where essentially you can say like with the tornado cache sanctions what happened was that you had censorship but like you could still get your transaction included in like five blocks or five slots I should say but that doesn't work for most things like it works for tornado cache because they're not time-sensitive transactions but for like a unis swap trade for example or for like a dex trade for example that's not good enough you need to get that in one slot so that's why we encourage things like builderet that's why we want to do things like fossil So that it's really hard to censor and it's really hard to delay um inclusion and and I guess like that's the whole overall goal there. But

anyway, I'm really glad to see that. Hope Titan Build is the next one to sign sign up. Maybe they already have. I don't know. Maybe I missed it. But yeah, we're going to see the builder kind of market share shift pretty substantially, I think, over the next few months there. All right, so this is a bit of a bullish rant, I guess, about the gold rush that we're seeing within crypto right now. Now, it's not a literal gold rush like some people can say, well, there's a gold rush because BTC is doing quite well and there's like a digital gold rush, so on and so forth. And that's not what I'm talking about here. What I'm talking about in particular is the gold rush for stable coins and for tokenization or tokenized real world assets. And why is this a gold rush?

Well, we've seen a lot of stuff around stable coins recently. Stable coins are crypto's biggest product market fit. Have been for quite a while. We see major fintech players like Stripe getting involved with this, like PayPal getting involved, like Visa getting involved, and we're seeing stable coin legislation finally making headway in the US. It hasn't been passed just yet, hasn't been wrote into law just yet, but it is making headway in the US. So, we know stable coins obviously massive deal, but on top of that, another massive deal is tokenized real world assets, right? The tokenization of every asset you can think of. Now, where is that going to happen? That's an open question right now for a lot of people, but in my mind, I don't think it's really an open question. I think it's like a a kind of foregone conclusion

that's going to happen on Ethereum. Ethereum is already a center of most stable coins. Ethereum is already a center of the vast majority of tokenized assets. And if we're talking about tokenized real world assets, there are two broad categories here. There's the tokenization as an IOU. So essentially you tokenize a stock and you put the token on chain but the ultimate settlement layer for that stock is still in the real world where essentially the token only represents an IOU on that just like how stable coins work today where essentially if you have USDC it is an IOU representation of USD in a bank account that circle controls right but there's another broad category which I'm more excited about is the natural issuing of onchain stocks for example So

this kind of blurs the line because it's no longer like tokenizing real world asset. It's just a that is the asset right there is no other settlement layer for it. It is ultimately settled on chain. Everything is done on chain. All the legal stuff everything it's all done on chain. That is the next frontier. And again where is that going to happen? I think it's going to happen on Ethereum because of the fact that Ethereum has the best most reliable chain for this to happen on. It has the most liquidity has the biggest economy. It has the things that uh it has the stable coins already right. It has the things that people want to plug into. So, I really do think that this gold rush is going to lead to a huge amount of adoption for crypto generally for onchain crypto as well, but also for Ethereum and mostly for

Ethereum to be honest. And how do you get exposure to all of this? Well, as we guys as we know guys, the ticker is ETH, right? That's how you get broad exposure. But this is a really good kind of narrative that I think a lot of the traditional finance macro institutional players can kind of latch on to and can use as justification for allocating to ETH because as you guys know BTC is the only asset that has crossed into that world so far as a as as a digital gold as a store of value right it's crossed into that world it seems to have a big institutional bid via ETFs and other places it is considered a macro asset in the broad scheme of things right now whereas ETH is still in this kind of like middle ground of graduating from being a crypto asset only to a macro

asset. And I've talked about this before in terms of like that kind of barbell where you have like the tech crypto asset on one side, store value macro asset on another side, and in the middle you have things attempting to graduate. I think ETH is the last asset that's going to graduate. To be honest, I don't think there's anything other than Ethan BTC that even come close to the standards that are needed to graduate to a store of value macro institutional grade asset. Um, it's not going to be Soul. It's not going to be XRP. It's not going to be ADA. It's not going to be anything else, guys. I really don't think any of those assets are good assets at all. They're all very, very poor assets. And I don't care about recent price performance or anything like that. That's not what makes an

asset or not the main thing that makes an asset a a a kind of like strong macro institutional asset. There are so many other things that go into that. So I think that ETH is currently on the barbell there. They're on the in maybe in the middle maybe maybe shifting a bit to the macro institutional side right now. But if we really want ETH to succeed, if we really want ETH to be worth trillions of dollars, we need to get ETH as close as possible to that that side. And then eventually hopefully and that's what a lot of us are working towards especially players like Etherealize making ETH basically at the on the same standing as BTC and I used an analogy today actually about this where I said that right now most of the traditional finance kind of macro

institutional investors what they're doing is that they're placing these assets into an arena let's say and right now BTC is in an arena on its own there's no one in that arena with BTC whereas ETH seems to be in their arena arena with all the other crypto assets still, right? Especially the altar one assets and it seems to be fighting in there to break out of that arena. So, you could see you could say that that arena is like the rookie arena and the arena that BTC in is in is the champions arena. So, we should be doing everything we can to get ETH out of the rookie arena. Like, it's been a long time now.

ETH is such an amazing asset. We need to get ETH out of that arena. And I think we will. I I truly do believe we will. But then ETH and BTC I believe will be the only ones that make it to the Champions Arena. I think every other asset is going to be stuck in the rookie arena. And I think that is fine. I think that's okay. I think these other assets, they are pretty much optimized to be tech stocks essentially or to be like tech crypto essentially. Whereas Ethereum is is both really. I mean Ethereum is tech crypto but also it is a store of value money kind of like institutional grade crypto as well. So, I think that as long as we can get ETH into that arena alongside BTC and then stand toe-to-toe with BTC and then one day flip BTC, which I still believe in,

by the way, guys, I still think it's going to happen one day. If we can get ETH to that point, I think that everything else falls into place quite nicely. And I do think that stable coins and tokenization of of real world assets and tokenized assets generally is a huge part of that story. And I'm very encouraged to see that Ethereum still continues to lead there and ETH continues to be at the heart of that onchain economy uh as well. All right, moving on to something else that I found interesting was this tweet from Honey Aru where they ran through a few different points around I guess like that are downstream of scaling L1 and L2 and how this all kind of affects ETH as an asset and the tokconomics. Now, you can go give this a read for yourself. I'll link in the YouTube description below. But one point

that I want to hit on is point number three. Now this is the one that resonated with me most and this is the one that I don't think many people have articulated in the past. So Honeyu said here as Ethereum scales and gas prices become lower the willingness to pay a demand premium increases. For example, if normal gas prices are 1 cent, a user will be much more willing to pay 100% demand premium at 2 cents at times of higher congestion than they would pre-scaling, such as going from $5 to $10. the lower the prices get, the more price insensitive people become to congestion pricing. I'd never seen it really put like this before, even though it's intuitively makes sense, right? And I think I've talked about this in the past where I said that most users uh that we have today of of onchain

products, they're not really fee sensitive past a certain point. So, you could say that like maybe once the fees start becoming maybe 10 cents or more, that's where things start getting quite fee sensitive. But I think below that for most users, it then they're not very sensitive to that, right? And especially when you're going from like 1 cent to two cent. But if you think about this in percentage terms, it's the same increase. $5 to $10 is 100% increase. 1 cent to 2 cent is 100% increase, right? So even though it's the same percentage increase, because we're looking at it in dollar terms, not in percentage terms here, for an everyday paying user, it's going to be a lot different. So that alone is reason enough to scale where we can bring down the individual fees right

to I mean on the L2s they're already at this point and this was my argument about the bringing the L2 fees down as well but if we can bring the L1 fees down too essentially it it doesn't I I struggle to use the term like induced demand here but what it does do is it kind of like rearchitects the demand from the fact that okay well we have like let's just say we have uh a set number of transactions and they're doing a transaction at $5 each. Um, and that's how we get high fee revenue. Two, well, instead we're going to have like a lot of transactions on the network, but they're going to be paying less. Leads to a better user experience, but can potentially lead to the same, if not more, in fair revenue. And that's what we've been doing at the L2s. It's what

we're going to be doing at the L1's. And that's a good way to think about it there. But then, as I said, Honeyu had a lot of other points here. There's actually four other points that you should go, sorry, five other points that you should go check out. Uh, yeah, five other points you go should go check out. I'll link in the YouTube description below, but I'm already way over time here, so I don't want to go through everyone. Uh, but yeah, you can go check out that app for yourself. All right, so uh, another big piece of news over the last two weeks was that Bass finally reached stage one decentralization. You know, shout out to all the haters out there that thought that Bass was never going to go to stage one. They're at stage one. And now four of the five top layer 2s on Ethereum are

at stage one. And this is an old screenshot actually from 8 days ago. If I bring up L2B today, it'll still be the same picture here in terms of like the the top L2s, but I want to look at the um the the TVL as well. So, you can see here that the top L2s today are base, arbitrum one, opainet, uni chain, and zk sync error. This is in terms of uh I guess like top as measured by um total value secured or I guess like TVL if you would like there. Now, base is number one at 13 bill uh.8 billion. Arbitum is number two at 12.4 billion. But if you add all of this up, and I said it in my tweet here, all these stage one at layer 2, so the top four account for 75% of the total value secured by all layer 2s,

seems people do care about security when it comes to layer 2 after all, right? And what's been interesting to see is how quickly uni chain is actually ascended here. You can see that uni chain is number four with a billion dollars of TVL already. And a lot of this is incentivized by tokens, but so is a lot of the other L2s, right? So I I don't think like that's a knock on them at all. I think that's just like playing the game. But you can actually see here that that three of the top five L2s are all based on the OP stack. Base OP mainet and uni chain. Arbitum one obviously on their own stack and ZK sync on their own stack here. But it's it's been interesting to see like the difference um and the different kind of like changing uh I guess like ranking

that's been happening here. whereas base and arbitral one have remained one and two but anything below that seems to be yeah yeah yeah seems to be changing uh every every few weeks now because the competition is is very fierce that's for sure it's cutthroat there's more L2s coming online there's more you know bigger L2s like uh sorry the the high performant ones like Mega Ethan Rise going to be online at some point in the future as well but yeah just great to see that we're moving towards away from stage zero towards stage two I can't wait until these are stage two guys like imagine the top five L2s at stage two that would be such a huge win for the Ethereum ecosystem. It would kill so much of the FUD out there. It's just really great to see that. Uh so yeah, I figured that was worth shouting that out

uh there. All right, speaking of Uni Chain, this really caught my eye because it actually gave me a flashback to many years ago. I was talking about this, but I'll explain what this is first before I go reminiscing about the good old days. So, Uni Chain is going to be building its blocks inside a TE, which is a trusted execution environment, which unlocks ME protection, verifiable priority ordering, and support for revert protection, which pushes towards faster, more decentralized infrastructure built for DeFi. So, the ultimate goal here is to essentially do like private DeFi, right? and essentially uh do it so that it's so private that you get me protection because inside the TE uh there is no way

to kind of like do things like sandwich attacks at least from my understanding there's no way to do like bad kind of me things that you can do on a public chain right on a chain where everything's public now the reason why I was reminiscing was because I actually spoke about this a really long time ago I remember it would have to be like three four maybe 5 years ago and I was talking about in the context of unis swap back on the back of something that Justin Drake said where he said sometime in the future we're going to be able to use ZK or related technology in order to do fully private orders of AMM trades uh like like UNISOP for example where you get complete ME protection. The fact that this was talked about so long ago but is now a reality is something that

just really caught my eye and I thought was really really cool because this is the future guys. This is how um this is how L1's actually lose a lot of their fear revenue as well because when you think about it and I've talked about this at length on the refill before and in the Daily Discord channel. You think about where the L1's are getting their revenue from. It's mostly from MEV. Well, okay, let's fast forward like a few years. If ME is mostly eliminated, if MEV uh protection is the norm, if everything is like private, then how is ME going to be a value driver for L1 fee revenue? Because the only reason why uh the L1 free revenue gets bit up so much on and this is true for Ethereum, this is true for a Salana is because there's contention for state. And what that

means is essentially you have a bunch of different players trying to out bid each other to extract the most me. So if that goes away then where does the L1 get its sphere revenue from? Well, the only other way it gets it sphere revenue is from uh I guess like for in Ethereum's case it goes beyond just execution fees. It goes to blobs as well. DA, right? But on the execution side of things, it's really just like normal user fees. It it's not me anymore. It's just like normal fees that users are paying in order to get the transaction included. And these fees are going to trend quite low as well over over time. So in that world, and this is why I've argued, and it's funny how I can get from like private order orders within unis swap or within uni chain to uh store of value,

but this is how I get there. in that world where the L1 fevenues compress from that side of things and L1's don't really generate much fear revenue um you know uh I guess like over the longer term then how does an L1 asset actually get to being worth hundreds of billions trillions tens of trillions well it needs to be a money needs to be a store of value and that's why for a very long time now I have been saying that ETH will and always will and forever will get most of its value from being a store of value money. If it is not that, then its value will go down. And I think we've actually seen that play out over the last year where essentially the meme that ETH was a store of value in a money took a huge hit for various different

reasons. And then people started valuing ETH based on a DCF model based on its fear revenue. And that's why you saw ETH go down a lot. I think one of the major reasons is because people saw the fear revenue going down and they're like, "Oh no, fear revenue is going down. I'm going to sell my ETH." Right? So because of that, that's why ETH went down. That's why he went down so much. I believe I I strongly believe that that's the reason. Now, I think that we've passed that at this point. I think that a lot of people have realized that we need to stop talking about fear revenue for L1's, especially for Ethereum. We need to start talking a lot more about the store of value money use case and how ETH is a programmable store of value for the onchain economy. And I'm really

glad to see that because of the fact that I've been talking about that for so long. I've been trying to convince people of that for so long. And finally, finally, I feel like people are actually listening. But all it took was uh the ETH price to go down a lot and the ETH BTC ratio to go down a lot sadly, which has led to a lot of other crap as well. People just listen to me to begin with, we wouldn't be in this position. But hey, I understand, you know, we go through hard times, create strong men, right? Strong men create good times, so on and so forth. You guys probably know the meme there. But back to the original topic here. Really cool to see that Uni Chan is pioneering this year. I'm really interested to see how this takes shape over the next few years. What other

products and apps adopt this? What other chains adopt this? I think this is going to become the standard because of the fact that it does offer all these different protections. And it is also better for the chains and the apps themselves because it means that their users aren't getting fleeced. It means that their users will keep coming back to them there. But you can go check out this for yourself. I'll link in the YouTube description below for you to do so. All right. All right. So, I'm going to get a little bit ranty here uh because I saw something announced uh when was this on May 1st and I actually knew about this before it was announced.

This is an effort called Ethereum R1. So, this is what uh they're trying to position as a neutral rollup built on Ethereum. So, there's going to be no token for this rollup, no private sales, no governance cult, just Ethereum values, public funding, and community control. Now, I want to start by saying I love the mission here, guys. Like this is totally the mission. This is awesome. Like I love everything about this. I love the fact that there's not going to be a token. I love the fact that like they don't want to take VC money or anything like that. You know, we don't want to have governance or anything like that or a governance cult as they call it here. I love all of that. But I think that if you're going to say if you're going to say that Ethereum has been too ideological in the past and not

pragmatic enough, this is probably the prime example because even though this would be an awesome roll up to have. The problem with this is that a roll up or a layer 2 is only as successful as its ecosystem. How are you going to build an ecosystem on something like this is my first question here. And I I don't want to bash this or be bearish on this, but that was kind of like my first question. If you're trying to build an ecosystem from the ground up based on just like getting a community together, building it like how Ethereum was built from from day one, um that's that's all well and good, but even in in Ethereum's case, they had funding, right? They had money.

They did a token sale. They sold ETH. They raised money. You can't do this without money. And okay, they they say they're going to take donations. It's like, okay, cool. But like, donations aren't going to get you anywhere because most people aren't going to donate to you. Anyone who does donate to you, it's not going to be very much. Um, you know, there there are plenty of examples of this already within the ecosystem. And the reason why VCs fund things is because they're getting a token out of it. And they're happy to throw a lot of money at things because they're getting a token out of it. And I know there's a lot of negatives to that, but there's also a lot of positives. So the positives are you have all this money to build your ecosystem with, right? You have all these connections that you can

leverage to build your ecosystem with, but when you take that away, you basically start from zero and you're relying on community goodwill to build something and it's just really hard to get something built taking that approach here. So while I really love the effort here with Ethereum R1, I really want to support this because phological reasons I really align with this. I just think that we've been shown time and time again that these things don't succeed pretty much all the time because of the fact that you need money, you need coordination, you need a kind of like centralized body at the start building this stuff out. You can see it from the fact that base is the biggest L2, right?

They've got the funding and power of Coinbase behind them. Arbitum one, they raised VC money. They've got ARB tokens that they've used to incentivize different things. They've got connections through all their VCs and other other things going on there. They're able to afford to get the infrastructure built for it. For example, uh one of the biggest things that an L2 needs is oracles, right? Like when you first spin up your L2, you need an oracle on there. Chain link alone, it's not cheap to get chain link integration done. It's very expensive. So just to pay for that, you need oracles. Like that's that's critical, guys. Without oracles, you don't have a chain basically. So just to get that integration done cost a lot of money.

So, I I I think I I I I'm trying to like be a lot more pragmatic these days about these things. Um and and while I as I said, I support an effort like this, I just think that it's just not going to happen without substantial funding. It can't be donation driven. It can't like imagine like even if you get like $10 million of of donations. Sure, $10 million is is a is a lot of money. Um and but like in terms of getting that donated, that's a lot of money, guys. Like to be able to raise $10 million through just donations alone is super hard. Like very very very hard. Okay.

But $10 million is barely enough to to get something like this off the ground. You need hundreds of millions of dollars if not billions of dollars at this point in order to grow an ecosystem to compete with the existing ones. Because by starting with no money and relying on donations and trying to compete with base, arbitrum 1, the OP stack, ZK sync, all the other L2s out there like Mega Ethan, Rise and stuff like that, right? Being able to compete with those is just an stupidly hard uphill battle because you're just already putting yourself at a disadvantage by not having the money.

So, that was my main kind of like I guess issue with this effort and why I kind of feel like it's not really going to go anywhere because they're going to have a really hard time growing their ecosystem. And I know maybe this is like a brutal truth and I don't want to on anyone's work here. I don't want to put anyone down here, but it's just really hard to do this stuff. And it being hard shouldn't dissuade people from trying, but I think that there comes a point where you need to basically face the fact that without money, you're not getting anything done. Simple as that. All right. Now, now that I've ranced about that and and and been a bit too negative about that, what I do want to say is that I really do love the mission here. I love the fact that

they're trying to make a community built rollup to offset the I guess VC roll-ups that we have today. It's really really cool. It's something that I I think that uh has a lot of potential if done right. And I really like that they're using uh technology that is uh that is open source like the surge stack from Nethermind using code from Tao um and and kind of like kicking back uh uh funds to the Tao DAO until 2030 through a base fee. So through the fees that are paid on the network here. I really love all of that. I love the the kind of mission uh behind this. But I I feel like uh you know in in doing this uh the effort would be probably better spent maybe improving the other roll-ups that already exist with with this technology and maybe getting involved with their

governance and trying to change it for the better right and things like that. And then through through that maybe you know earning money through that and being able to uh to fund Ethereum R1 via the money earned through that way could be a more pragmatic approach here. At least that's my my thoughts on this but you guys should go check this out for yourself, judge it for yourself. Um, but it was funny because I actually already saw some governance drama from this this project the other day. I can't remember exactly what it was. I think had I think it had something to do with Tao and and using their technology and and and and and stuff like that. But yeah, regardless of that, really cool idea, really cool initiative. Give it very low chances of success given that like you can't rely on donations for funding.

It's just not going to work. Uh, this has been tried a lot for something like this. Like there are certain things that you can rely on donations for. Don't get me wrong, but for something like this, you can't. I don't think you can. This is like for all intents and purposes, this is a new chain, right? You need so much money cuz you're not only competing with the L2s, you're competing with the other L1's as well. It's just I I don't know. I just don't see it happening without a lot of money, a substantial amount of money. It is what it is. Unfortunately, that's the kind of place we're in, but that's the world we live in. That's how business works. Just business business at the end of the day. But I figured it was worth uh kind of covering that there for you guys. All right, so Infinex made a

pretty big announcement in Dubai. I think like was this a week and a half ago. They've introduced something called Infinex Connect, which is essentially their spin on an app store for crypto essentially. So, this is going to be a one-stop shop for a bunch of different apps on the inter in Infinex interface where essentially you can interact with these different apps and you can do different things like uh like Swedge they're calling it which is basically swap and bridge in one transaction. So, essentially bridge between different chains and swap different assets between different chains. But then you'll also be able to uh do things like uh have uh I guess uh funds on Ethereum L1 and then be able to I guess like switch those funds into a ver on an L2 somewhere, right? So I've talked a lot about

Infinex in the past. You guys know I'm bullish on this and I bought um a bunch of the patron NFTts here, but essentially uh what they're trying to do is create a pretty like, you know, centralized interface where you've got all your favorite apps on there. you can kind of install them into your own interface uh and then use them as you see fit and use it as like your command center for your onchain experience here. So, really cool to see this. The first wave is coming in May 2025, so any day now. And you can go check this out for yourself. I'll link it in the YouTube description below uh for you to do so. All right, last up. So, I figured it was worth talking a little bit about this because it was something that happened in the Dead Discord channel over the last few days, but it's

something that's been happening for a while here. And this is about not just my personal burnout with the ecosystem and why I guess like the refuel has been a lot less frequent than it has in the past, but just like the general direction that the ecosystem and industry has taken over the last year especially. You guys know my thoughts on this generally that I think that the ecosystem and the industry is just in a really kind of shitty place uh you know values-wise. I think that there are just still too many scammers and grifters out there. There seems to be a pretty big divide between crypto natives and like the trady kind of people involved with crypto and the in and the institutional people involved with crypto. But on a personal level, it's become very difficult to be involved with this

ecosystem for a number of different reasons. And I said in a tweet reply to someone who tagged me uh in a tweet here that, you know, I feel there is no rescuing me at this point. I am but a jaded old soldier slowly fading into the background. But I appreciate the sentiment of trying to kind of like get me out of what may seem like a hole that I that I'm in for for people out there. But I don't think I'm I'm in a hole. I don't think I'm in like a kind of place where like I'm permanently burnt out or anything like that. I think where I'm in is like a transitory period from like the golden days, the golden era, the you know golden ideological kind of like we're going to change the world days that were I guess you could say 2017 to

2022 for me to like the 2022 plus period which has been a pretty substantial change in I think you know the ecosystem at large and also myself personally especially as I as I get older as well like I'm in my 30s now I'm turning 33 in July I'm planning to have kids like relatively soon as well. So, my life's going to be going through some pretty substantial changes over the next, I guess, like couple of years or so as well. And and because of that, I kind of think to myself, well, you know, where do I want to be in this ecosystem? Where what do I want to do with my life? Do I want to be as involved as I have been?

Do I still want to be in the public eye? Do I still want to be getting into arguments all the time with people and debating people? Do I do I still want to be like spreading the truth and spreading facts to people that don't seem to care? Right? And it seems like a lot of people just don't care about the truth anymore, which has hurt me the most as an educator because I've always tried to strive for the truth. I've always tried to find the truth. I've always tried to check my own biases on things. But, you know, the people that acted as my rocks throughout the kind of like 2018 to 2021 period in Ethereum, such as like David Hoffman, Ryan Shan Adams, DC investor, Eric Connor, Antiproynthesis, so on and so forth. A lot of those people are either burnt out or have just changed a lot. You know, if

if you've spent any time in the Daily Gracis discord channel uh over the last couple of weeks, you'll know that me and David Hoffman have been going back and forth a lot about things and and basically debating a lot of things. And I have no qualms with people disagreeing with me on things. But the problem is is that I feel like David is no longer aligned with me on a lot of stuff in this ecosystem as he once was back when, as I said, there was that period there where these people acted as my rocks through that period. We all came up in the industry together. We all kind of had fun together. You know, Eric uh Connor I did ETHUB with, right? who was my my my co-founder of ETH up there. We did a podcast for a long time together.

I tried to revive it a few times there. Um, and he's still bullish on Ethereum and ETH, but he's also kind of cut back his involvement a lot over the last couple of years uh with it. He seems very focused on AI these days, and good on him. He's found another passion for himself. But you can see the kind of trend here that a lot of the people that were my rocks for a very long time kind of aren't there anymore. So, I feel like a soldier on the battlefield surrounded by enemies. Like, it just it's very hard to do this on my own. So, I don't want to be mopy about this. I don't want to say that I'm not bullish on Ethereum and ETH. I certainly am. I've never been more bullish on Ethereum and ETH. And I still hold all my ETH. I haven't

capitulated or anything like that. Don't believe everything you read on the internet. I think people said that I sold all my ETH or something like that. No, I didn't, guys. Like, I still got my ETH. I'm still staking, still loving it. Um, but the problem becomes, as I said, it's like on a personal level of like how much longer do I want to be involved in this ecosystem, especially in the capacity that I've been involved in the past. And uh that's something that I'm still struggling with today. I don't have an answer for today. Still going to keep doing the refuel. I did mention in the dead discord channel today that maybe today was going to be the last refuel I ever did. It's not like I I can't give this up, guys. Like even yesterday I I kind of was in a bad place

yesterday and I was on my bike ride. I'm like, "Yep, that's it. I'm out. I'm quitting. This is it. I'm so done with this Like I can't be bothered with it anymore. I'm moving on. I'm going to do something else with my life." And then I got home and I kind of like ate lunch and I just I stood on it for a little bit and I'm like like I don't actually mean that. I don't want to quit this industry. I love Ethereum. I love doing the refuel, but there needs to be a balance, I think, is is the key thing here. So, I think in terms of like the refules going forward, it's going to be the same thing as the past few months where I'm going to do them when I feel like doing them. I'm not going to force myself to do it for the sake of sticking

to some schedule or anything like that. But at the same time, uh you know, we'll see how things go. You know, as you guys know, like narratives and and kind of sentiment tends to follow price in crypto. And obviously today was a lot better for Ethereum than other days because ETH went up a lot. But I'm trying not to let that blind me to the wider issues that I see in the ecosystem. I'm not going to spend uh you know today being like, "Oh well, all of Ethereum's issues are fixed because ETH went up a lot." No, that's not the that's not that's not the the truth there. And all the bad narratives around Ethereum are going to go away because ETH went up. No, I don't think so. I think that, you know, if we're looking at narratives and what they're based on and they're b a lot of them are based on

price, ETH has a bad day in price. Everyone's going to go straight back to spreading all this FUD and bad narratives around Ethereum. That's just stuff that we have to deal with uh there obviously as an ecosystem. But for me personally, yeah, I'm at the the point in my life where I'd love to be able to do more. I actually really would love to take the Daily Way further than than than what it is. I'd love to get back to like a 3-day a week cadence of refuels. I'd love to do guest interviews. I'd love to actually make the Daily Way into like a full-blown Ethereum media organization. I would absolutely love to do that and maybe 5-year-old younger me would would do that, but I don't have the energy to do that. I don't have the drive in me to do that anymore. I

definitely am not going to be able to do that if I have kids, right? So, I think from that perspective, I'm happy still doing what I'm doing. I appreciate all of you for tuning in still and and supporting me. I appreciate all the kind words you send towards me. It really means a lot to me. But yeah, I just I'm I'm I'm spent, guys. I'm spent. Going to try and find that balance. Not going to bore you guys anymore on that stuff there. But just figured it was worth highlighting because there has been a lot of discussion in the Delhi Discord channel about this over the past few weeks. Uh and I figured it was worth kind of relaying my thoughts there. But on that note, 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 it a thumbs up newslet. Join the Discord channel. And I'll catch you all next time. Thanks everyone.