Polygon Zero announced, Aztec Connect on testnet - The Daily Gwei Refuel #271 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the daily gray refuel worry cap the latest news in the ethereum ecosystem i'm your host anthony sosano and today's the 10th of december 2021 right everyone a lot to get through today as you can see from my twitter tabs so much happened i woke up and it was just a flurry of information that i had to kind of catch up on so first things first the latest network upgrade for ethereum arrow glacier went live today or yesterday depending on when you're listening to this um as i've mentioned before this network upgrade just pushed back the difficulty bomb to june 2022 didn't include any other kind of like erps besides that one there and the next network upgrade will be either the merge or that erp 4488 that kind of like making rollups cheaper network upgrade

there now i would say there's a much higher chance that it emerges next i'm still kind of sticking to my q2 estimate q2 2022 estimate there but we're gonna have to see you know we're gonna have to see how that kind of like shakes out there gonna have to see what the community wants more whether it's the merge or cheaper roll-ups i'm kind of torn i've said before that i actually really would love to see this kind of like 4488 go live even if it delays the merge by a couple of weeks i'm not too kind of like fast but i know other people are i know a lot of people think that we need to do the merge asap and if we fail to ship the merge probably even mid you know by mid next year it's it's going to be a kind of

like a really big deal and i agree with that for sure but i think we can do both i think we've got a good enough process in place and i think the core devs are good enough uh for us to be able to do both but we'll see we'll see how it shakes out we'll see what people want to do um but it's either one of those two that's going to be part of the next network upgrade there anyway moving on so this happened just after i recorded like yesterday's refuel so i didn't cover it yesterday but i will cover it today i did mention that uh ross albrecht was doing nfts raising money for prison reform um so the free ross dow that was spun up to kind of like you know raise a bunch of money and then bid on the dow actually won the auction for

ross's nft so they ended up raising over 2 800 eath in in just a week which is over 20 million at 12 million sorry and they won the auction with about half of what they had in the treasury which is pretty cool right um so they got a thread you know going over how it all happened the fact that people are going to get ross tokens to have governance over this sort of stuff and all the information's in this threat you can go check it out um but this is this is awesome i mean again it just shows the power of kind of like daos and of kind of like worldwide uh i guess coordination of both capital and kind of like uh social sorry financial capital and social capital to do something that's uh you know for the greater good i guess like the first one

was more speculative with the constitution down and that wasn't the first one i'm talking about like the first big one whereas with the free ross doubt it has like a a you know a more kind of like utilitarian mission behind it you can see here they actually list the three things that they're going to be focusing on as part of the free roster um obviously their vision is to free ross is the first thing um second thing is advanced prison reform and three share rosters work with the world and give everybody an opportunity to own it uh through kind of like the token and there's kind of like a bunch of multi-signers on here as well one well-known people in the um the community such as kobe you know everyone knows crypto cobain kobe from uh from up only uh you have uh uh cryptopathic he's

uh pretty big eighth ball you have james here from pleasaday and a bunch of others as well in this list here so definitely really cool to see this i think it's a great cause and awesome to see that they won the nft with over six million dollars and they've got a treasury now to do a bunch of other stuff which is really always really really cool so yeah awesome to see that uh from the free roster here all right so i think one of the biggest if not biggest announcements from the last 24 hours was polygon announcing that they have acquired yet another zk startup in a 400 million dollar deal so they bought or acquired uh mia protocol uh here i'm not to be confused with mirror protocol which is part of the terror ecosystem and i saw a few people kind of confusing that um but they've

acquired them and they've and have kick-started a team called polygon zero which is their third zk team they have the polygon hermes team polygon mayan and now polygon zero now uh polygon zero has a bit of different tech compared to hermes uh and maidan and of course nightfall as well which is kind of like their hybrid there so uh polygon zero is an a a kind of like a a ethereum compatible zk roll up but it's using a new not a newer form of cryptography but a different form of cryptography uh a different form of zero knowledge proofs uh called plonky 2 which is a recursive proof system that is and they listed here incredibly fast it does proofs or generates proofs on a laptop in 0.17 seconds guys i can't stress how much to

how like big of a deal this is generating the proofs for zk kind of like roll ups and just zk stuff in general is the most expensive part and uh it takes a long time because of that it's expensive it you know it takes a while to do it even on beefy hardware but with plonky 2 apparently they're able to get 0.17 seconds to generate proofs which is as they say the fastest implementation available today of zk proves here and of course it's ethereum friendly can support ethereum transactions and it's practical to verify on ethereum l1 now um you know it's funny because polygon has so much going on right now it's actually crazy look at this uh they have like maidan zero hermes and nightfall as part as kind of like their roll ups that they're

doing and people kind of like are often confused they're like okay well um there's so much going on here like what what's the point of having all three like shouldn't they just have one well they're all targeting different things like i actually believe we're gonna live in a multi-role up world it's not going to be a winner take all it may be a winner take most where kind of like one platform in the long run gets a lot of a network effect but i don't think so i think demand for block space is infinite i think each technology has its strength and weak strengths and weaknesses they'll accrue different network effects because of that and i think what polygon strategy is is basically to position themselves to take advantage of anything so obviously they have the optimistic roll-up uh stuff happening with with nightfall with

hermes they have um they're doing zkvm work there as well uh with polygon midan they're doing starks and with polygon zero they're doing plonky two i think homemaze is using a different kind of like set of cryptography there i can't remember exactly what they're what they're using but i mean polygon strategy is really just to cover like cover all the bases which is i think an amazing strategy and obviously you guys might think i'm biased because i'm an advisor to polygon but i've said it for a very very long time now this is why or one of the major reasons why i joined as an advisor even though i knew that at the time they the polygon team didn't have any layer twos live yet they were had the polygon pos chain they had plasma which didn't really take off for a variety of reasons but i i kept

telling you guys like just what just wait just watch and see what they do watch watch and see what they do with with kind of like um zk tech and optimistic roll-ups and just roll-ups in general and not only that but also they have like polygon avail the sdk the pos chain still which is you know i mean still a good thing i guess it's not a quote-unquote true l2 but it still works for all intents and purposes and it works really well with cheaper transactions obviously at the that the um trade-off of lower decentralization and security of ethereum r1 but that is the short to medium term solution and then the long-term solution is obviously these zk and optimistic roll-up things here so yeah i guess congrats to the mere team for for getting uh acquired here i think that's the polygon for the

acquisition it's a huge deal 400 million dollars that's it's bigger than the hermes do i think the homes deal was 250 million or something like that um not i don't know if they uh announced what the my end deal was if they if they're kind of like if they um if they announced a number there but this is all coming out of their one billion dollar zk strategic fund that they are kind of like announced a while ago uh here so yeah really really cool to see that uh moving on another update from the polygon ecosystem there is uh the final phase of the governance process to get uni swap on the polygon pos chain is now live so you can go to this link here which i'll link in the youtube description um to vote if you hold uni tokens or if you're kind of

like delegating to someone encourage them to vote and if the vote passes the deployment is officially approved which means the union swap v3 will be approved it will be deployed to the polygon pos chain which is awesome i mean it's already on arbitrary and optimism it makes total sense for it to be on the poh chain like i i am surprised that even took this long but it's great to see that that kind of like proposal is moving along very very smoothly and it seems like it will pass here so yeah i guess like really really great to see that out of the polygon ecosystem moving on an update here from umbra cash which is a privacy preserving stealth payments on ethereum now uh there i have launched a polling on pos the polygon pos chain as well so with one transaction it's cost less than

a cent in fees you can you can be configured to receive stealth payments on the polygon network so uh you know this is in addition to them support to umbra supporting ethereum mainnet of course and i'm i'm sure they're going to be kind of like deploying to i guess like arbitrary optimism and stuff like that as well these sorts of things make sense because doing privacy is definitely more expensive uh gas-wise so on ethereum l1 i guess it kind of makes less sense uh because of the fact that it's so expensive and i'm going to talk about another privacy thing in a sec from aztec uh but yeah it makes a ton of sense for them to be on the pos chain and then also the evm other evm compatible kind of like layer twos like arbitrary and optimism so definitely go check out the announcement blog post

here i'll link it in the youtube description um and speaking of aztec i spoke about it before so you guys know aztec it is a pr a layer 2 privacy protocol you can kind of play around with it at zk dot money um they're using zk roll ups to i guess like your roll up technology to to kind of like bring privacy to layer two what they announced today is that aztec connect is which is the first private bridge for ethereum d5 is now live on test net so you can have up to a hundred times gas savings with fully private transactions by default so the way it works from from what i uh kind of like i understand it is that aztec allows you to basically do these um transactions at layer 2 and these private transactions at layer 2 and it

will tap into d5 at layer one so this is what i'm talking about in terms of kind of the composability between layer one and layer two and also i guess kind of like layer two to layer two but what the bridge contract does in in with aztec here is that it takes the aggregated funds that are deposited into it cause the relevant functions from a d5 protocol and then proceeds from the interac from that interaction are returned to the roll-up contract so in plain english the roll-up is acting like a user aggregator which i mean roll-ups technically do this they just act as like transaction and computational kind of like user aggregators but in this sense um aztecs kind of like roll up oh sorry bridge contract is aggregating all these funds together allowing users to to kind of like do stuff at layer one um

sorry on layer one from layer two and then bringing it all back and you can have like private transactions because of this absolutely awesome tech here like guys i mean i've been talking about privacy for a very long time now and how important it is and as i just mentioned umbra with their stealth payments is live on the pos chain um and if you're a mainnet aztec is now live on test net with this feature and i'm sure it's going to come to mainnet much kind of like sooner as well and they actually uh gave a um comparison between costs as well so if you were to do this on layer one uh for a for a basic unisop trade for example it would cost you 55 and you would get zero privacy if you do this on aztec network and uh it costs you know aztec network it's

private like fully private and it costs 7.50 which is an 86 gas reduction with the privacy of course now some of you may be thinking you know 7.50 is still pretty expensive for a swap but you have to remember that one this is the first iteration of that technology two this is fully private privacy as i mentioned before costs more to do it's just a heavier and more gas intensive thing to do um and and and three uh the roll-up kind of like costs are going to come down over time as part of i guess like the ethereum l1 scaling too like erp 4488 and sharding and all that sort of stuff so the fact that they've been able to get it down to this cost for fully private uni swap trade is absolutely awesome i love it love what they're doing here definitely go check out the

kind of like full thread here for a description and uh you know join the discord channel you can go kind of like play around with everything here as well so arbitrary announced today that they have partnered up with a chain link and they're using their their kind of like fss technology uh to minimize mav on arbitrary and to decentralize their sequencer so they're working with the chain link team of course to do this uh so you can see here there's the update from chain link itself um and they're kind of like um detail in this blog post how arbitram is using uh chain links technology or fair sequencing services uh to kind of like uh decentralize their sequencer and make uh their arbitrary chain mav resistance so you can i mean this is a pretty

healthy blog post here it kind of like goes through it there's pretty graphics as well it'll kind of like walk you through it all so definitely go check that out um i i am not kind of an expert on what chain links doing with fsscr i do know they have kind of like vra which is a verifiable delay function which is essentially a way to kind of like have true randomness and by having true randomness you can create things that are mev resistant i think maybe the fss has something to do with this someone's going to correct me i'm sure um but yeah it's great to see two powerhouses within the ethereum ecosystem working together to tackle mav but also to tackle decentralized sequencing because i said to you guys before all the sequences are centralized right now for these l2s we need to decentralize them out there's two ways

to kind of like do that you rely on altruism or you kind of like partner with infrastructure providers like chain link to do it um and or you issue a token and then get people to run it and kind of like earn tokens so yeah both of those things are going to happen um but yeah great to see this first one kicking off already here so optimism have put out a thread today detailing all the projects that have launched on optimistic ethereum uh since they went to evm equivalents a few there's about a month ago now and they did the ovm 2.0 upgrade so you can see all the projects here from uh uh sorry from uh polynetwork which is uh o3 swap here you have deforest uh connects i don't know why these tweets are unavailable uh synapse protocol uh we piggy there's a bunch of

projects here like more projects going live as time goes on so just a great thread to go through them uh definitely check this out it'll be linked in the youtube description below and i'm getting going a bit fast today guys but there's so much to get there i'm only halfway through here so i want to get through it all um robbie ferguson from the immutable team i just realized i've pretty much talked only about layer 2 stuff so far except the free ross and the and the um glacier thing which is cool because layer 2 stuff is awesome but anyway robbie ferguson one of the co-founders of immutable uh tweeted out today that over the last 40 days the number of projects actively building on immutables test net has quadrupled so this doesn't include any of the individual deals um just the frictionless stripe like platform that

allows anyone to build plus trade nfts on ethereum uh this is awesome because as i've said to you guys once you like on these l2s once you open it up give devs the tools they need to kind of like play around with it get rid of the white list you have just a cambrian explosion of people and teams and whoever else building on top of you and they don't need to talk to you as a kind of like core team to do it like with arbitrary for example because they don't have a white list no one even has to tell arbitrary what they're doing they can just deploy it it's the same as ethereum l1 right where you don't have to go tell vitalik or the ethereum foundation hey i'm deploying this to the chain like it wouldn't even make sense to tell them because why would they even

care um you can just do it and you don't have to tell anyone that's the same with arbitrary optimism still has their white list but i'm sure they'll remove that sooner you know rather than later uh and then immutable is in the same kind of like boat as arbitrary where anyone can kind of deploy their nfts or to kind of like the platform and they don't necessarily need to contact the core team but of course in the early days they probably more likely will because they might run into bugs and things like that but just generally they don't need to do it which i think is the goal like the layer twos really the way i kind of like view the layer twos is that they should be exactly like ethereum l1 in terms of uh being able to deploy whatever you want on there being

as decentralized as possible being as secure as possible obviously inheriting ethereum security and decentralization um being kind of like open permissionless censorship resistant all that good stuff but they should do it at a fraction of the cost that's their only goal guys like i and they should be able to be you know i i i should say there's there's one more major goal they should be able to experiment a lot more than ethereum l1 like i've said before these l2's will be able to experiment with different kind of like governance modes they'll be able to experiment with different um smart contract languages virtual machines all that good stuff there but at the core of it at the very core of it their kind of like main goal is just to make it make the ethereum experience cheaper right much cheaper than what it is today so

great to see that out of immutable here uh next up in the layer 2 news is allyra has announced that their token launch on optimism will be going live on december 14th so i know a few of you have been talking about this in the discord channel so i just wanted to give a quick shout out here uh they've got a liquidity mining programs being spun up and they also have community rewards that they announced that i covered on the refuel so if you're eligible for that you'll be getting your tokens on december 14th here so cross protocol has added support from bridging from optimism to l1 ethereum so optimism users can now uh benefit from what what across is saying is the web phrase fastest cheapest and most secure bridge to return assets to l1 ethereum so just another bridge i've talked about across before like plenty of times at

this point and i remember saying that i thought across was really cool because they were innovating on the at the kind of like bridge level here but great to see them support another layer 2 network in optimism and speaking of bridges hot protocol also announced that they've reduced their fees for their ethereum's optimism transfers by 30 by leveraging the ovm 2.0 upgrade so it's now cheaper to send funds to optimism using hop than the native bridge and you often get positive slippage on top that's awesome and what this means in plain english is that optimism obviously has their native bridge but you which you can send funds to um and and and kind of like we've all used that probably at this stage but hop is actually cheaper than that obviously there's a trade-off here right it's a different kind of like thing going on

hop is like cross-chain exchange whereas the official kind of like optimism bridge is just built directly into the l2 it is you know that's probably the safest way to bridge in but if you're concerned about costs obviously because layer 1 bridging costs are quite expensive you can use hop here and it's now 30 percent cheaper to do so which is a pretty big improvement right like uh i know it may seem small but 30 percent really i mean if you if if it cost you kind of like 100 before just as an example um reducing it by 30 means it costs you oh man i'm going to script the math here aren't i uh let's just say it cost you 70 or something like that i i think it's i think it might be less than that or maybe i'm maybe no maybe not maybe i'm

just uh i'm just second guessing myself on the math there but um yeah i was never really good at math guys but um it's it's still a pretty big reduction right so any kind of like extra juice we can get out of uh of kind of like these efficiency improvements here the better all right uh last up here i think in the l2 news is this a website called zk rollups.xyz from joel kite here now i think i may have seen this before but maybe you mentioned it on the refuel but i've forgotten about it until now but zkrollups.xyz is basically a kind of a a directory for the zk roll up ecosystem that lists all the live apps and technologies so you can see here you know obviously zk sync stock where polygon

loop ring and then all the apps and and things like that are here as well so zk swap argent uh you know power swap git coin all the ones that integrated so this is a directory if you want to go check out what you can do using zk tech today uh this website's for you i'll link it in the youtube description so a huge bit of news out of coinbase and compound today so starting today coinbase is allowing customers to earn interest on their die powered by the compound protocol so this is kind of like the d5 mullet or like the ethereum model i think it's called the d5 mark that the bankless guys call call it uh playing out where it's defy in the back and kind of like c5 in the front because obviously coinbase is c5 centralized finance but they're offering their users

a super easy way to get a very nice die yield uh through kind of like their um their coinbase up here so you can see a little kind of like gif animation and it's all powered by compound in the background which is obviously a defy app this is super super awesome because you can see here the ap apy for die in october fluctuated between 2.8 and 5.3 percent i know that may seem relatively low but this is kind of like just a compound rate like this is not kind of like putting it into convex or putting it into yearn or whatever to to kind of get a better yield there and and obviously taking on a bit more risk this is just a kind of like a vanilla comp yield and guys like this yield is much better than um what you can get in a traditional

bank account like i'm pretty sure the high yield account in the us right now is 0.4 percent so even if you just go to the lower end here of 2.8 that is a massive improvement that's like a 7x improvement over uh you know traditional bank with yeah probably a little bit more risk because you're putting it into a d5 protocol but i think that coinbase would still offer some sort of protections here and take on and best at brunt of some of the risk but this is really really cool so it's this is available in over 70 countries including the uk germany and spain i don't think yeah it's not available for customers in the united states because uh gary genslaw from the sec is protecting you guys sorry i don't know if it's available in australia we can't even sell using coinbase so our uh

securities commission is protecting us even harder than you guys or something um but uh still good for those people in the supported countries here but unfortunately not available for us customers but i mean you know the funny thing is is that like the d5 doesn't discriminate based on kind of like countries because the pro the smart contracts can't i know with dydx they don't let us users kind of use the protocol but you can get around that with a vpn it's not hard um but like compound for example and unisop and things like that they don't kind of like enforce geographic restrictions on the actual smart contract level or anything like that so you can just go i mean you can just go get these apis no matter where you are if you're just using d5

directly and that's kind of like the beauty of it but if you want something just like super simple to earn a yield on your die you can use coinbase obviously but i think pretty much all of you or most of you listening to this are probably not going to use something like this because you're more involved and you probably don't even want to hold dollars like honestly i know that i'm saying these yields much better than the tradify system but like for me like the way i look at it if you had kind of like had stable coins at the start of this year say you had like 10 000 with a stable coins at the start of this year and then you put them into a stable coin farm let's say you average it out and you you've earned like a healthy 10 on that right for the whole

year okay you earned a thousand dollars for the whole year on that 10k it's low risk and everything like that you just put it in a nice low risk farm uh probably something like m stable that offers you kind of like a 10 yield there but then i look at kind of like if you had put that ten thousand dollars into eth instead you would have been much better off because eighth was what like seven hundred dollars at the start of the year or something like that um and and it went up to you know even at current prices if we take the current price of 4100 um it went up kind of like four or five x there probably more than that i again i'm i'm screwing up the math here guys um but it just went up a lot more but obviously you're taking on more risk

because you're holding a volatile asset but uh like i just personally don't want to hold much fiat on my balance sheet i want to hold lots of crypto because lots of eighth and specifically because it's just a much better kind of like risk reward here that's why i think this isn't going to appeal to us kind of like degens it's definitely going to appeal to the normies though this or their bank account it's it's a no-brainer really it's a no-brainer i think for most people so really really cool to see this a bunch of other stuff to get through so uh clinton the ceo of slingshot today announced that they have raised a 15 million dollar series a led by a rivet capital with participation from framework ventures k5 global shrug capital the chainsmokers chainsmokers the dj's electric capital and uh who's

this austin rieff who is um the ceo of morningbrew and a few others now for those of you who have been listening to the refill for a while you know all about slingshot because i'm a seed investor and i've talked about them before on the on the on the show here but they're a kind of decentralized exchange aggregator platform that's live on the polygon pos chain and on arbitram right now with optimism coming soon as well so congrats to them on the race here i'm super excited to see them kind of like kicking goals they actually evolved out of dex.ag for any of the people that um that remember this this was this kind of like spun out of the d5 pulse ecosystem um and it became like a fully fledged app in slingshot and they're just yeah they're growing i mean you can see their

growth stats here over 2 billion dollars of trade volume a million trades and 100k plus unique wallets uh so far that have interacted with the protocol so great to see that congrats to the team on the raise so fl the flyer product the flexible leverage index product has landed on poly the polygon pos chain so it's the same kind of i guess like as the fly products on ethereum l1 but obviously with near a zero gas fee so the eth 2x fly um is now on uh kind of the polygon pos train here built on top of set protocol which has been deployed to the pos train and rv and you can see sets announcement here um that the you know the the the kind of like supporting the polygon pos chain too which is

awesome to see as you guys know i'm an advisor to set i used to work there um full time as marketing manager there great to see them shipping and kicking goals i want to see them everywhere like i'd love to see set on like optimism and arbitrary and all these kind of like other places and i'd love to see index call up there as well uh because i think that shipping products for as i mentioned yesterday index co-op strong suit is shipping product and uh they need to keep doing more of that i believe because that's how they stay ahead of the pack so m stable has introduced a thing called the emissions controller today so what the emissions controller does is it moves the weekly distribution of mta uh liquidity mining emissions uh on chain determining the distribution of mta to

volts and other recipient contracts via votes on dials by mta stakers so it's obviously all controlled by governance and you can kind of like see that governance is going to have the power to control kind of like the emissions um and you can kind of like see here mta stakers will vote for the distribution of mta rewards to designated recipient contracts and the objective of the emissions controller is to further decentralize m stable and hand over control to the mta token uh over the m stable ecosystem this is really really cool i mean as you guys know i've been an advisor to an investor with m stable for a very long time i mentioned before how they've got some really great safe stable coin yields going on but i think that this makes a lot of sense because the mta liquidity mining emissions has been going on for a

while it's kind of like out there to try and to try and kind of like distribute the tokens to a nice set of people but also mta being kind of like a stable coin yield aggregator i mean not really but that's like one of the products that they have uh they definitely want to be able to uh i kind of compete with these these other mechanisms that use things to bribe like you know all about the crv and cvx bribes and stuff like that that are going on in order to get the most out of uh the yield that they're getting from curve uh i think that's what you know people the mta stakers can do as well is that they can kind of like vote and say okay let's put more nta rewards on this pool so we can brought you know and let's buy out more

of this so we can get more of um of the yields from curve and stuff like that so cool to see this launched by m stable today so david mihal has a new information site out called moneyprinter.info so if you go here you're able to see how much each of the kind of like protocols are paying to grow as david puts it here but essentially this is their issuance rate so you can see at the top i mean ethereum's actually uh paying 4.07 issuance right now which is 55 million dollars a day of issuance which okay okay i'm going to take a step back here because i'm going to paint another bullish picture for you guys you know how i always talk about the merge and i always talk about that 80 to 90 percent issue introduction this is

exactly what i'm talking about now this doesn't show net issuance we are way less than this if you account for eip1559 we're about fifty percent or even more than that less than this so you can discount this to uh you know two percent issuance right effective issuance rate with the burn which means you know new daily issuance if you if you net it out would be about 22.5 million dollars a day here that's still a lot of aid for the market to absorb now do your 80 to 90 issue introduction with the merge keep the burn in place and you have negative issuance you have negative issuance in each which means you have negative issuance in dollar which means daily issuance uh drops to the bottom of this list guys like it the the literally the rock bottom it goes from the top

which it is right now issuing the most of any protocol um to the bottom right and if you kind of like net netted out of course it would already be um probably like second bitcoin would still be first which is pretty funny when you think about it um that ethereum is kind of like more deflationary than bitcoin right now because of one five five nine but then with the merge it just it just becomes like even more uh and you can see here other networks like solana i mean this is the um issuance rate that they're paying to stake is which is 7.27 which is currently 18 million dollars a day celina is paying a lot of money for this like it's it's crazy how much they're paying in in issuance and i don't know what their issuance schedule is but i don't think they have

a reduced reduction issuance i think they have a burn mechanism but for them to get to the same level of kind of like money that's being burned um that's being burned on ethereum it would take a very long time to do that polka dot as well i mean they have an eight percent issuance rate which is pretty high almost 10 million dollars uh because it's obviously measured in their native token um and you know i actually looked at the dot chart the other day especially against eth it is not doing too hot and i think these things do play into that guys i think these extra issuance i think early investors i think people just kind of like seeing different ecosystems not delivering on what they promised is putting a lot of downward pressure there like ethereum is eating 55 million dollars of new issuance a day netted out

22.5 million but it's still going up over time it's it because of the fact that people want it like it's a it's an in-demand asset right um whereas bitcoin i mean big one is kind of like not doing too hard i mean ethan is gaining on bitcoin i know against usd and bitcoin are basically uh kind of like dancing around each other right now but um i think there's a reason uh this is this is a major reason why these are performing and then you can see there's a bunch of others here like osmosis which is a um an amm protocol uh built using the cosmos sdk they're paying 123 issuance rate right now i guess for liquidity mining uh convex at 53 cardano has a 2 insurance rate but they're still paying two and a half million uh dollars uh a kind of like daily issuance here and

then you make your way down the list dogecoin still has 3.7 percent uh and then yeah there's a bunch of other apps here so great little site from david but the thing is with this side is it requires a lot of context because with curve for example you have the issuance rate but then you have the issuance rate net of how much crv is being locked up forever to um into the kind of governance contracts into the dow i should say um which is actually a lot and then you then as i said with ethereum you need to net out the burn then there's all the esoteric stuff like locked tokens and tokens that haven't moved in a really long time and and kind of like stuff like that um and then same goes for a lot of these other protocols too that and and then

you've got to account for like liquidity mining yeah it's just i mean it's a good kind of like surface level website but i i did mention to david that i'd love to see more context especially for ethereum around the burn and you can just put that context in this box here and then kind of like say okay this is the net issuance rather than what uh rather than just having it like this because it misses a lot of the very very important context but still a really really cool site from david here all right last couple updates i know i've gone over time so i missed this yesterday block owner owner's waitlist is now live and they also announced a fundraise so this is a kind of a aussie based project they've raised 6.4 million dollars to do what they say is bring defy to the masses now

this is uh this project has been founded by former synthetics uh oops uh synthetic co-founder i believe or someone who who worked at synthetics here jordan montazi um and also charlie karaboga here uh caribougo sorry um is part of this as well so they're both the block owner founders um as i said before about kind of like the d5 mullet this is defined mallet as well where essentially uh they're trying to kind of like be an interface that sits on top of the d5 protocols and offer yield to to normies really at the end of the day right like uh you you definitely um as i said targeting normies with these sort of kind of products not us dj's who can just do it on our own but this is what's required for mass adoption like i think

people are deluding themselves if they think that most people in the world are going to do what we do when we kind of like djing in d5 self-custody's amazing most people don't want to do it guys like seriously most people don't trust themselves to do it which is fine so giving them these options where they can lose a more centralized service but still access the wonderful world of defy i think is the better path forward so really really awesome to see this product um and you can sign up to their waitlist at blockowner.com.au alright last up is a new website from frontier here so if you kind of like seeing the video you can kind of like see frontier is the front seat to crypto and d5 as they call themselves uh you can create a wallet and buy crypto with them with them here and you can kind of

uh store them and receive crypto i mean i just really like the website it looks really really cool to me um but essentially uh this is kind of like another normally friendly kind of thing that's going on here with a wallet and everything like that um i think i've spoken about them before but again this is what we need for mass adoption this is kind of like i guess an argent competitor i would say um they support you know obviously other networks and and um and ethereum layer twos as well uh but i think like uh it also works with other worlds so you can you can actually connect with your other wallets like argent and and kind of like i'm token and gnosis and stuff like that as well so yeah if you haven't checked out uh frontier definitely uh be sure to do so

because it looks like another cool kind of like wallet um that you can play around with but you know in saying that i sometimes kind of like think how many wallets do we need because i mean i only use kind of like i don't even use mobile wallets really because i'm on my desktop all the time but most of the time i'm using kind of like metamask with you know obviously a hardware wallet pass through whether that be my ledger or my lattice um but like for a mobile wallet i don't really do much on my mobile wallet and if i did right now i'd probably pick argent because i'm used to it uh especially with their layer two integrations going live but frontier looks like a a pretty cool kind of like um another option there rainbow wall it's also really really cool coin baseball

it's actually pretty decent but i just don't use them enough to kind of i guess have a favorite yet but still if you do if you're into your mobile wallets definitely go give frontier a kind of like look here but i think on that one on that note that's going to be it for today so thank you everyone for listening and watching be sure to subscribe to the channel if you haven't yet give the video a thumbs up subscribe to the newsletter join the discord channel and i'll catch you all next week thanks everyone