Polygon SDK released, Carl Icahn likes ETH & more - The Daily Gwei Refuel #130 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the deadly way refuel where recap the latest news in the ethereum ecosystem i'm your host anthony sosano and today's the 27th of may 2021 all right everyone let's get into it so some big news uh i guess over the last 24 hours with regards to the crypto markets where carl icahn i think that's how you say his uh his last name here has mentioned that he wants to get up to 1.5 billion dollars in crypto exposure and he prefers ethereum now for those of you who don't know who carl is he's a billionaire a fund manager essentially um of a massive conglomerate he's uh i think he's pretty much considered a legendary investor one of those ones you hear about like ray dalio and all that sort of stuff there um but so this is i guess just another

person in a long line of i guess you could say you know money managers fund managers billionaires like that like like um dalio druckenmiller um uh and manga uh and then stuff like that but mung is actually uh a bearish on on crypto here but he's still listed there as someone who's opined on it but kyle seems very bullish and this is a quote uh directly from i guess like the video where he said with ethereum it's the underlying blockchain so ethereum has two things you can use it as a payment system and you can use it uh as a store of value where and then he says so ethereum bitcoin are different bitcoin to me is just a store of value so he thinks that if ethereum or ether is also a store of value here which i think is is really cool to see just like someone

outside of the ecosystem saying i mean we've all been saying it you know a lot of us think that it's gonna flip bitcoin but it's always good to see that uh you know people outside of the ecosystem uh such as carl and just traditional finance people kind of favor ethereum over bitcoin because at the end of the day you know i've said it a million times and you all know this but ethereum can do a lot more than bitcoin it's a lot more versatile it appeals to many more people so that's why i think we're seeing uh kind of like these uh these kind of like i guess maybe you can call them smarter or more kind of like intelligent fund managers uh kind of preferring ethereum over bitcoin i think um generally as i've said before ethereum has a much larger total addressable market than bitcoin

it is much easier for these finance types to get their head around i think like i think with bitcoin they can say can you can basically say okay well if you buy into the narrative that bitcoin's digital gold then that's fine you can understand that but if if i if you know if you want to stop a digital goal that's up to you but if you want to go further than that if you want to see how this technology can be um you know i can do more for like the existing financial system and things like that and kind of like make a better financial system and you know how the asset that powers that that kind of like new financial system can accrue this value then you look at ethereum and you look at eth there's there's really no other alternative here so really really cool to see that and this

was on bloomberg as well so obviously a very popular uh kind of um a program here that runs uh all the time and this was covered i think this was covered by a lot of different media i mean zero hedge is pretty big as well i know zero hedge get gets a lot of flack for different things but they have a very large reach last time i checked um and then uh yeah i mean uh sailor actually retweeted the video here michael saylor who's got a massive following as well obviously he's bitcoin only right now but i actually think even people like michael sailor are going to come around eventually and buy eth as well but yeah it'll be cool to watch that but just really cool to see more validation of ethereum and eth outside of the crypto ecosystem as well so taylor monahan put together a uh

thread on one five five nine today that i thought if i'm being honest i don't think this thread was done in good faith i don't think taylor has done enough research to be putting this thread together and basically i'm not gonna read to the whole thread you can check this out in the youtube description but what this thread boils down to is that she's saying 1559 does not deliver because she thinks that people have been promising that 1559 was going to lower gas fees now if you've been watching the refill for quite a while and reading my newsletters and you know just seeing me on twitter i have never said that 1559 would lower the gas fees personally and a lot of people that i know and i'm good friends with have never said this we've all um tried to push back on this because

there are some people saying this um and but those people from what i've seen are just either random people on twitter who don't you know are either misinformed or they don't really care to be informed um or there's maybe maybe maybe in the past there's been a couple of people in the ethereum ecosystem that have said this but from what i can tell like hardly anyone has been saying this so uh you know obviously taylor here is starting from the premise that one five five nine does not deliver because of this and then throughout the thread she seems to reason her way to this premise she seems to kind of like try and even convince herself of this and i just i didn't buy into this threat at all and she received a bunch of responses um a bunch of different tweets from different people here you can see in the

threads um she received the response from giorgios which is one of the people that have been doing deep research on this along with hazu you can go to his uh profile on twitter and kind of see his response here or you can just head into the the quote tweets it'll be there as well to see it um but just generally i want to get something straight about one five five nine so um there was also another claim that taylor made here or at least alluded to was that she thinks one five five nine was was pushed through because it's just really good for number go up right and i i really hate this this argument i really hate this kind of line of debate here because it immediately says that just because something makes the value of eth go up or has the potential to

means it's bad i think that that is a really really poor framing and i think that the eight you know eth going up in values is very healthy in general not just because people make money but it's just healthy for the entire ecosystem and i've gone through for the reasons why before in both my newsletter on the refuel so i won't kind of like rehash that here but that's kind of like the premise that i think she starts from i think she just thinks that uh 1559 was created to pump eth right if i'm you know just putting it bluntly and i think that she she thinks that people were selling it as a way to reduce gas fees just as a way to kind of push 1559 in uh to to do that fee burning i i think this is this couldn't be further from the truth i think that what

she's getting i mean even if this is an honest faith argument here what she's getting mixed up with is that one five five nine does not and will not lower fees in any material way it was not designed to do that what one five five nine does though is greatly improve the user experience when it comes to fees and i've gone through this before but essentially the biggest user experience boost that one five five nine will bring will be the fact that you will no longer have to in at least 99 of cases you will no longer have to speed up your transaction anymore if you if you kind of like put a transaction through and you're paying what's called the base fee which will be automatically calculated by your wallets once that happens you are guaranteed pretty much almost all the time to get

into the next block because of that unless it's you know periods of really really high congestion like we saw the other day when gas spiked up to 2000 gray the the the um the kind of mechanism flips back to what's called a tip so the tip will actually be paid on on top of that if you want to get like a priority transaction in but under normal circumstances under normal operation of the ethereum network like it is right now where gas speeds are down to about 30 grain right now for rapid transactions um you would be paying that and getting your transaction in the next block you would not have to be there wouldn't be this very variable kind of like fees going on where you pay 30 and then it spikes up to 40 and then you have to wait you know a few

blocks and then you know sometimes it might even just stay at 40 and you'll end up having to wait like much longer than you thought you would um with one five five nine that problem pretty much goes away um which is obviously a massive kind of user experience boost here because think about how many people especially newer people are doing transactions and then then they get stuck and they try to unstick a transaction and metamask only allows you to do this once where you click speed up transaction you can't do this a second time which i don't know why they don't allow you to do this again but essentially to do it again you have to basically be an advanced user where you have to go into metamask change the nonce manually to replace that sped up transaction again in order to get your kind of transaction

through and you have to do all this fancy stuff that um you know newer people won't won't uh you know know how to do and and kind of like shouldn't be expected to do so from that point of view one five five nine is great and there's a bunch of other reasons why it's great i mean it it helps uh somewhat with mev as well but it also makes it so that with mev it becomes less toxic because that mev uh kind of like uh revenue that the kind of fees being paid will actually go to to uh burning because if you think about it right now and i've explained this before how with flashbots right now the uh the fees aren't actually being paid on the ethereum kind of public mempool they're being paid as bribes to miners essentially but with one five five nine

those miners will still have to pay eth to the network and still have to burn eth as part of that base fee um even if they're going through flush bots going through a dark pullers instead of like the public mempool so that's really cool it also gives a better gas estimation as i explained which means it's really easy for smart contract developers and especially layer twos to kind of like time their transactions a lot better and be able to know you know when they're gonna get their transactions in and things like that and you know that is obviously a huge boost to them too so uh and then obviously the fee burning is is great but that is not the main point of this and it has never been the main point of this 1559 was uh introduced as a user experience uh boost here

and you can go back and read early posts from eric connor one of the co-authors um and and kind of like early thinking around one five five nine from vitalik like all the way back and i think 2016 he started writing about um changing the uh the kind of like gas fee mechanism on ethereum so yeah i don't know i just i didn't think this thread was was done in good faith it felt like a bit of a rant to me it felt like you know taylor was just upset because uh people were selling this as something that would just pump eth which yes of course a lot of the focus has been on one five five nine burning eth but i think that's just because if we're being honest with ourselves like let's let's just stop lying here most people are in this ecosystem

to make money at the end of the day right and even if they even if they're in this ecosystem to make money they can still want to make money but also care about the technology you can care about both things but it's just much easier to say things like well one five five nine is going to burn eighth let's talk about that as the as the talking point then it is to try and explain to people why it's a massive user experience boost because most people don't even care about that like it's just the reality of it really i mean you're kidding yourself if you think that that most people are in this ecosystem for more than money i mean i i've had to come to terms with that over the years and realize that yeah okay you know people are in this and to make

money and that's fine i'm not saying it's a bad thing but i'm saying that people who think that there's a lot of people in in this ecosystem um just for the tech and they think that they should be 100 focused on tech um that's just not the reality of the situation and you always have to stick with the reality you can't just make up your own kind of like echo chamber or your own kind of reality and say okay well this is how i think reality should be so this is what i'm going to argue against it doesn't make much sense to me so hopefully that clears up a bit about five 1559 and how um you know in my view at least that has never been sold as a solution to the fee problem the only way we're going to materially reduce fees for end

users is by scaling at layer two as i've said many many times in the past layer one is always going to be expensive it's not going to be cheap because it's just the way it is because the cheaper kind of like use cases get priced out by the more expensive ones because the more expensive ones are more profitable think about the arbitrage transactions that take up a lot of the gas fees they are profitable for people who do this but most users do not do arbitrage transactions most users do not do mav most users do not do liquidations and things like that so those kind of um transactions will always take up the majority which means that if we want to keep ethereum decentralized and secure we need to move to layer two and that's gonna happen that's happening very very very soon um and you know i mean

i've got a few things about layer two to talk about in a sec but you know this is all happening much quicker than people think it is and i think that focusing on one five five nine and bashing it because you think that it was uh sold as a way to reduce fees is the wrong way to go about it because in my view it was never ever done like that it never even started like that uh but anyway i'll leave it at that for now uh definitely go you know read this through for yourself see what you think but i hope that answers your uh you know people's questions around this because i got p pinged a fair few times i didn't want to put together a thread or anything like that because um you know whenever i do threads these days i always get like tons of people

replying to it and i have to it forks off and i try to reply to everyone and then i get lost in it so i figured i'll just do it on the refuel where you know the people who actually care for an answer will be so hopefully that answers um you know everyone that was kind of like bugging me to answer this today and speaking of one five five nine if you are uh you know interested in kind of like diving deeper into it and diving deeper into how it's gonna work with different different kind of wallets and and you know the technical details of it there's a cheat sheet that uh trent van epps um and tim biker have made here that basically explains it all they explain exactly how it's going to work down to the technical details and there's a lot in here

um and i mean you know obviously you don't have to read this if you're not very technical but it basically explains how it all works how it's expected to work in different wallets how different wallets can kind of integrate this and you know how the legacy transactions will also work and how the activation process is going to work within london as well so definitely go check this one out so speaking of scalability solutions polygon announced yesterday that they have released their sdk or software development kit the official polygon sdk here which is a very important milestone to polygon becoming more than just the polygon pos chain and the matic plasma chain as i've discussed before polygon is a suite of scalability solutions they want to do everything from

standalone chains to layer 2 chains and you can see here that basically what they're going for with this release where is it down here this is a public beta release and this supports an initial uh set of modules with uh with uh standalone chains being the only one right now and those standalone chains are like the polygon pos chain but in the future they will be supporting uh layer twos of course so you're all your favorite roll-ups and things like that um more more consensus algorithms so not just proof-of-stake but i'm sure they'll be able to do uh proof-of-work and and you know the different flavors of proof-of-stake and any other ones that people can come up with there's going to be inter-chain and bridging modules as well so better bridges you know obviously the bridge has been a big point of contention for polygon

because of the fact that they've got a multi-sig on their bridge a plug-in system for developers to plug into and enterprise modules as well so this is really really cool um you know this is obviously built for developers it's not built for for regular users but the fact of the matter is the developers are the ones who build the apps for the regular users right so this is the tools that they need to do that and to keep doing that and i'm really really happy to see polygon kind of leading the charge here because i really do think that people think that polygon is literally just the pos chain and that's it where it's going to be a suite of scalability solutions um and you know if you know and and as i said before i've been personally you know pushing the polygon team saying

you know when when rollups are out there and they're ready and they've been battle tested i would love to see the polygon pos chain transition to a roll-up solution um you know still using the i guess staking that they have today and the validators that they have today but instead of it being um secured by i guess like its own consensus mechanism and by those validators it basically just becomes secured by ethereum uh and it's not that you know i'm not sure on the technical details of how this this swapping out would work i'm pretty sure it is definitely possible um but if it leads to too much disruption it might not be possible but i don't think so and in saying that like the way the polygon pos chain exists today it already kind of relies on ethereum for a lot of its functionality as i've

discussed before the staking logic lives on ethereum the slashing logic the um you know commits itself to ethereum and stuff like that so essentially um you know changing to a roll-up would mean that instead of the security being reliant on the validators and reliant on the bridge it would just simply be reliant on the ethereum l1 uh kind of like the system there and obviously that would make everyone really happy so i'm looking forward to that but i think that this stk just generally allows people to build their own app chains and things like that and their own standalone chains and their own l2s or whatever while uh tapping into polygons kind of entire ecosystem here which is obviously very friendly with ethereum so the way i view kind of like polygon and and like the polygon ecosystem in general is

more like a polka dot killer right like you know those on interoperability chains who are trying to do this like percolating cosmos i view polygon as that um and that's kind of like another reason why i'm supporting it is because you know if you want to have like this app chain ecosystem then you should definitely have it um be obviously ethereum align but also be secured by ethereum eventually as well so really really cool to see this if you're a developer listening in here i highly recommend going and checking out the sdk it'll be linked in the youtube district description um as usual so speaking of scaling solutions here hayden adams uh tweeted out today that the unisop community has uh kind of like put together a snapshot vote um basically saying they want unisop v3 to be deployed to arbitram which obviously i've been talking about

a lot lately i think what is it one day now yeah about one day until they go live with the developer main net um and there was a massive vote here with 40 million over 40 million uni tokens put towards this vote and i actually discussed this yesterday that there was a proposal to do this and i was saying how hard it is to actually get the votes necessary but people came together and did it um i think this was spearheaded by dc investor um and a few other people on here but that was really cool to see and the coolest bit is that hayden actually tweeted out he said and said assuming that this snapshot vote passes uh they intend to support the that they being the unisop team intend to support the community by deploying the v3 smart contracts to arbitrary albatroom and they have already begun work on

interface support and planning the deployment this is really really cool because as a lot of you will know unisop announced a long time ago that they would be uh deploying to optimism now people thought oh okay does this mean that uni stop is only going to deploy to optimism are they only optimism maximalist right are they going to deploy to any of the other scalability solutions and it turns out they are they are deploying to arbitrary i would love to see them even deployed to to to everything else right like i would love to see them on polygon i really would um but like it's good that they're not just sticking with optimism here and going with arbitrary as well because it signals that they're not being you know layered to maximalist and i actually kind of wrote about this in my newsletter today where i said that the

ethereum community is very good at rejecting maximalism even though people will say ethmaxes or whatever to people who are very involved with ethereum and i'm called that as well i don't think that's true i think that's just people kind of like using an easy label for to kind of like discredit someone but i think in general the ethereum community just rejects maximalism in general it it wants to be open to as many people as possible if and actually this is going to lead me into something i want to talk about a tweet from martin here but essentially ethereum lends itself um to to basically being open to as many people as possible and to the world in general and and to not kind of like rejecting all these kind of things from all these uh different people because uh they think that the i guess the the sum of parts is greater

than um you know the whole sort of so to speak whereas obviously bitcoin is think that you know bitcoin maximalists think that bitcoin should just be um you know the the only one chain that exists bitcoin should just be the thing that everyone builds on i don't think that uh that is true at all obviously and i don't think any of the ethereums think it's true and i don't think ethereums think that ethereum should be the only one holy system i think what ethereum's believe is that a uh their approach blockchain blockchain should be programmable but they should also be as decentralized as possible and that's why you see a lot of um ethereums and maybe you want to call them eth maxies kind of fighting against these other chains like like all these alternative layer 1 chains because pretty much all of them sacrifice

decentralization to achieve some semblance of scale but yeah they just centralize it at the end of the day and you know they've their culture their values centers around that and does not really lend itself to what the ethereum community wants to see whereas um you know these layer two solutions and even you know things like polygon and stuff does do and that's why i think that hayden is embracing things like arbitrary instead of just being a maximalist for optimism but as he says in his third tweet here uh he says that the team remains excited for optimism and will continue their work there as well and then he's fought in his fourth tweet he says layer two solutions will unlock enormous ux benefits with fast finality and low transaction fees uh but he also cautions the community to take things slowly this is all still

experimental technology and needs battle testing uh before it can achieve the economic activity of layer one and i agree with him here as much as i hype layer twos up pretty much all of them haven't received as much battle testing as they should yet and obviously we haven't had arbitrary or optimism go live yet so it remains to be seen how they fare there but still very very very cool here and i think that it's really cool that hayden isn't a maximalist and he's act like an optimism maximalist and the uni top team aren't as well and are open to deploying things if the community wants them which is really really cool to see and speaking of arbitrary they announced yesterday that they have partnered with alchemy uh platform here uh uh to to give albert trim developers access to the alchemy developer platform now for those who don't know

alchemy is essentially i mean there are a whole bunch of things but like their core product i think uh it's probably still their core product is basically what infuriate gives you which is essentially like node infrastructure to run your different deployments on and to basically tap into to kind of like uh be able to service different users so it's really good to see that they're supporting arbitram's layer 2 network here um and you know i think uh this is kind of like similar to how i was talking about the infrastructure from block explorers as well needing to be ready i think arbitram i mean i'm just going to assume that arbitrary is going to hopefully have an ether scan implementation just like optimism does because avatar's current block explorer definitely leaves much to be desired i mean i think it's it's been very frustrating i've spoken to

actually i spoke to mariana conte who's been playing with arbitram lately and he said the the the entire kind of like i think is really really awesome like the entire developer experiment experience is awesome the only thing that's letting it down is the block explorer right now so i'm just assuming that they're going to have an either scan like block exp block explorer experience up hoping that sooner rather than later but we'll see how that goes there so alchemist uh queen which is a a project here um building a bunch of different tools they released what's called mist x which is uh the world's first flash decks powered by a flashbots so essentially i guess what this does is uh if i open up the blog post here it essentially uh makes it so that flashbots is available to everyone to use for front

running protection um and the no success no fee transactions are the the the thing of the thing of a the past uh here so they say there is no concept of reverts on missed x your transactions will either successful be successful with no front running or you pay nothing which is really really cool here so uh this is cool because the i think the team that's working on uh kind of like part of the alchemist ecosystem is also working as part of flashbacks here so they understand this intimately they understand what makes it work and what you know kind of like um how it's being used and things like that um and then basically this gives you gasless swaps as well because it's going through flashbots uh you can basically uh not have to pay ethereum gas fees but definitely uh you'll be i i think you're

still paying uh other fees as well as i say yeah this does not mean misdex is entirely fearless rather the fees are reduced and taking into consideration as a portion of the value within the cryptocurrencies being traded within ethereum um ether token or token to eat and things like that they give a few examples here i mean i highly suggest going and reading this blog post it's pretty detailed flashbot is obviously i mean flashbots in mev is obviously a really hot topic lately i'm sure you a lot of you would have listened to the bankless podcast the other day with a with a bunch of people talking about uh this sort of stuff as well um but i think it's very it's worth paying attention to these tools that are coming out like there's another one called counter swap which you know allows you to kind of i guess um avoid

front running and avoid sandwich attacks as well but mist x is another one and taking a different approach here so definitely go check this out if you haven't already so a really really good tweet from martin koppelman here from gnosis where he was basically quote tweeting um pompiah who said bitcoin is versus the world and then martin says ethereum for the world which i think just really encapsulates i guess like the difference in cultures here because really when you think about it bitcoiners are fighting the world like a lot of them think that they need to be very defensive because the world is their enemy and they should basically fire everyone who doesn't believe in bitcoin and who doesn't kind of think that bitcoin is anything special and and you know what and they kind of

view those people as enemies whereas the ethereum and ethereum culture is more about building things for the entire world to enjoy and not viewing the world as an enemy but viewing the world with something that that needs that that can be improved so take d5 for example the d5 builders entire ecosystem they believe that finance can be greatly improved i don't think that we believe that banks and central finance centralized finance is the enemies all that they're doing is they're just a symptom of a wider problem and that being centralization in in the financial system i don't think um there's many people out there who prefer centralization in the system and i think those that do i wouldn't even call them the enemy i would call them just like a i guess like a barrier that needs to be broken down um so yeah within d5 on

ethereum what we're trying to do is just basically make it so that uh we so that everyone can have access to these financial services you know non-custodially in a decentralized fashion and then on top of that you've got other things happening on ethereum right with nfts we think that you know there should be kind of like everything should be tokenized and and and people should be able to enjoy their kind of collectibles in any which way they want um then there's dows of course we believe that organizations should be uh global should be worldwide organizations should be done differently and more efficiently using dows instead of using these kind of like i guess existing uh traditional centralized systems that i definitely think is more of a fight than maybe defy is because i think power structures of you know hierarchies and and kind of like

uh different governments and nation states are much harder to tear down than uh something like uh existing financial system is because as i've said before um on the refuel i think that centralized companies are going to tap into the decentralized finance rails and offer these to their customers and their clients i think that's actually fine um and obviously there's going to be regulations at some point but i think that trying to regulate d5 is going to be very hard it's going to be trying it's going to be like trying to regulate on the internet you can to some extent but there are still ways around every band that you put in place because it's an open and kind of like uh you know decentralized platform to an extent the internet itself maybe not like in terms of like the apps centralizing power but if you think about it the reason why

no government or nation state has ever been able to shut down peer-to-peer file sharing is because it is impossible you can do things like dns blocks you can block websites you can do all sorts of stuff like that but you can't stop people from sharing uh things around the world because at the end of the day they're sharing it on some mutual infrastructure that doesn't favor any one person now now in saying that you know china has their great firewall um you know that they've got set up where they monitor everything and they block certain things they don't like but you can still get around that because there's vpns and stuff like that um and there's you know there's still ways to kind of get around that but at the same time you know if you try to do that in uh you know the the kind of like

i guess like western world especially in the us there's always a lot of pushback on that like i remember net neutrality for on the internet was uh was a thing where they were trying to kind of repeal that but there's a lot of pushback and given that uh you know obviously the us is a democracy uh it just didn't go through because uh it had to be voted on by you know a bunch of different people um within congress and things like that i won't get into the politics there but that really that's really what we're kind of like doing here with ethereum we're not trying to fight the world we're not trying to kind of like um you know uh view the world as our enemy we're trying to improve the world as much as possible with the tools that we have available to

us today and the tools that we're going to build in the future so yeah just something to keep in mind there i guess like how i and a lot of ethereums like me view ethereum and you know bitcoin is definitely have a more adversarial mindset here which i don't know if it's a good or bad thing i just think it's very different and i just think it's not something that uh that i think that i would kind of like subscribe to so there is now over five million eighth in the eth2 deposit contract here which is really really cool to see now the reason why i brought this up today is because i'm actually i've actually been monitoring default pulse lately and seeing that eth in d5 has been going down over the past uh i guess like month or so um and the thing is uh this doesn't

track eth2 this only tracks things like uh lido finance and i think some of the uh the kind of like uh tokenized eth2 but most of the ethernet e3 is not tracked by default default pulse so you can see here that you know it locked peaked at about 11 million now we're down to 9.4 million so we've lost about 1.6 million here but at the same time we've had a lot of eth going to eth2 so you know i assume some of this eight is going into eth2 i assume some of it kind of was was taken out because obviously the price went down as well so people kind of closed their leverage out um and you know they they kind of like withdrew their collateral from these platforms and maybe they just went to cold storage or maybe they just went to eth2 um the reason why i think they went to

eth2 is because a lot of the um stablecoin yields right now have actually come down a lot because of the leverage in the system going down like the only reason you have high stable coin yields is because there's demand to borrow stable coins which obviously comes from people wanting to leverage up so once that once that demand starts going down the yields start going down and then people don't want to kind of borrow stable coins anymore and if they were using kind of like eth to uh as collateral to borrow their stable coins well you know that's that's kind of what happens there so i think a lot of ether has gone into ethiopia and i think it's 5.1 million eth right now and you know the funny thing is actually anecdotally i have experience with myself because i was like using my eighth to

to kind of like borrow stable coins and farm with them but then as the stable coin yields foul i was like well you know is it even worth it anymore should i just send my eighth some more of my eighth into eighth two and kind of get that seven percent apy right now and just stack eighth with it right instead of like kind of yield farming with all of it and that's what i've done i took some more i've taken some more eighth out of it um and i'm gonna spin up some more validators uh on eth2 and then uh it keeps i will keep a stable coin farm going uh for a little bit as well and i do have some other farms that i'm doing but i think that you know eth2 like uh staking is just very attractive right now in general and it's gonna be even

more attractive once the merge happens because those fees that aren't being burned will be going to stakers as well so the apy is gonna spike up there but i think even if it settles at around five percent i mean i'm very happy to get five percent on my ether yeah because i do believe it's going to keep going up over the long term so why not just keep stacking eth right if i and obviously i you know you have to pay taxes on all this sort of stuff because because it's classed as income um but other than that like i just want to keep stacking the eth up you know after taxes and just keep restaking it as i go as well so yeah looking forward to doing that but yeah just some thoughts around i guess like ethan the a2 deposit contract and and

eth locked and d5 going down here as well um and i think you know you can see like where it's come out of like it seems rv has lost about 14 of each in the last 24 hours um but but yeah they peaked at 1.1 mil 1.2 million they're down to about 850 000 here so about 350 000 out of rv um and if i look at some of the other ones here there may have been some protocols that lost a lot recently as well um you know urine finance being a yield kind of aggregated here uh integral has lost a lot but this is only the last 24 hours i wonder if they're tracking kind of like fey protocol here i don't know because faye was like a big thing that had a lot of ethernet and over time that may have gotten withdrawn as well here

um but then yeah anyway i'm going to cover more of this in the deadly great data pump which i actually have a video for that due in the next few days so that'll be on the channel and i'll cover in depth about like the data for the whole of the whole month of may so definitely look forward to that but i'm going to leave you at that for today everyone so thank you again for listening and watching be sure to subscribe to the youtube 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