Protocol Fellowship, Client diversity and more - The Daily Gwei Refuel #596 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of The Daily gray refuel where we cut the latest news in ethereum ecosystem I'm your host Dan Denise designer and today's the 2nd of June 2023. all right everyone let's get into it so there's been a lot of talk lately about encouraging more people to stake at home or solo steak and I figured yesterday I was on Twitter and I was I was thinking of myself and this was actually pretty late my time it was 1 45 a.m technically today I guess and I I kind of put this tweet out with a bunch of resources around ethereum solo and home staking now the way I kind of look at solo and homestaking is that there is obviously doing it all yourself right getting the 32e speeding up your validator following the guys to do that and I link the guides in the Tweet here

but then you can go ahead and stake with rocker Paul in the future you'll be able to stake with a bunch of other services you can use things like dap node or avado in order to stake on your own as well so basically uh these doing this kind of stuff and solo staking is is definitely still very technically I guess hard um or difficult it is not something for the faint of heart but it's getting easier all the time and it's not something that I think that people should look at as impossible or look at as something that's scary look at it as a project look at it as a learning experience and there's plenty of guides out there and plenty of communities that are willing to help you and at the top I actually linked to the two most probably the most helpful communities in ethereum

when it comes to solo and homestaking both Eve Staker and the rockapole community and the fun thing about the uh the e-secure communities that they'll give you General staking help across anything basically it doesn't matter if it's solo staking or rocker pool and they'll even discuss with you you know staking with different service providers and centralized exchanges um and then you have the rockapole community which also does that General chat but obviously we'll be able to help you with rocker pool specific things probably more than the east ticket Community would but both of these together I mean you'll probably get your any question you have around ethereum staking answered by one of or if not both of these communities that's how good these communities are and I have personal experience here um I've been you know I've been uh a

kind of uh a part of these communities for a while now and they are staking experts and not just for solo and homesteaking but just staking in General on ethereum and then you have a bunch of other things so as as I mentioned some at ESAT staking guides as well as coin cashews staking guides both excellent I've used both of them myself a variety of times and I love them uh Remy Roy's eighth wizard software that I've mentioned on the refill bunch of times before I haven't used that yet but I've heard very very good things about that and it makes solo sticking easier um the ethereum.org staking page is also a great resource and as I mentioned dap node and avado as well and I I missed I probably missed things as well and people reply to my tweet with things that I missed that you can go check out

for yourself but yeah I'll just link this tweet in the YouTube description below for any prospective Solo or homesteakers out there they're interested in this you can go check it out as I said in the YouTube description it'll be linked all right so we get an update from stakewise so they said it is now a good time to discuss products that help decentralize ethereum certainly feel so so here's a short update on the status of stakewise V3 development and more from the development team tldr their stakewise is entering the final stretch so they had uh five key updates here so basically the rotation of withdrawal credentials for the pool validators has been completed the horcrux is no more and the docs will be updated accordingly the smart contracts for stakeways its

takeaways V3 have been completed and are being tested uh the remaining smart contract work is related to the custom Vault functionality requested by some of uh stakewise's partners and the migration of V2 to V3 front end and back-end work is ongoing for the rollout of the public test net as soon as possible node wise software has been further tested and refined and a liquidity program and ambassador program drafts have been prepared and are being discussed internally before public release so I think stakewise V3 is definitely going to be one of those big releases that really starts to or continues I guess like the the really great work that other providers like rockapool have done in decentralizing stake out on ethereum for players that don't have that 32 eth right because

that that as I mentioned before that Capital requirement to me is that biggest barrier to entry there and it's great to see that stakewise's V3 uh public test net is going live soon and they already have a liquidity and ambassador program that is uh that has been in the works and I'm assuming we'll go live around the same time that V3 volts go live on mainnet if not surely uh shortly after and this is the action that I was talking about yesterday when I went over my tweet about how the social layer itself is is not enough we need action and there is a lot of action happening you know I I think that not only did people uh not only do I think that people took my tweet a little bit the wrong way they took it to mean that I thought the social layer didn't matter

which is not what I was saying of course but I think they also took it to to to mean that I didn't think that any action was being done done but that's that's not true there's plenty of stuff being done I think I just wanted to make sure that we do as much as possible we continue to hit on that and we continue to hit on it from every single different direction and one other thing that I didn't mention yesterday about that generally is that I understand why people don't like it when you say certain things out loud that everyone's kind of thinking but you put it to the back of your mind because it doesn't it feel good to think about it when it comes to uh someone telling you or me telling people that the social layer isn't enough we need to be doing more

you know it's all you know it's fine to go go ahead and and say that um such and such is bad or such and such uh should should uh basically change or we you know what we want this to to get better but I think the reason why people get so upset about it is because they feel powerless and obviously this doesn't just apply to crypto anytime you feel powerless in your life you're going to get upset about it when someone tells you that you actually um should feel powerless because of such and such reason but the thing is is that while individuals uh often powerless and not just within crypto but in in real life a collective has a lot of power and a collective that forms around the same shared beliefs and values has so much power has more power than pretty much

anything else that I can think of when it comes to to human coordination now we've seen this play out time and time again within uh within crypto specifically obviously when we see things like just ethereum generally keeps succeeding keep executing on its roadmap that is human coordination going right that is the core developers and researchers and Community uh members and other stakeholders all uh coordinating together or building together to make this great product right to make this great Network that we know as ethereum same is true for coordinating around decentralizing ethereum staking right um and there's been a lot of community work here done obviously from rockapool from the eats taking Community as I mentioned before and a bunch of other

satellite communities around that now what what needs to be done I think going forward is that these communities really need to start pushing on on certain things and start coordinating better in order to take down or maybe not take down but like take market share away from from the more centralized players which as I said I think is happening but I I think we could be doing more here so it's great to see that stakewise already has a liquidity program an ambassador program in the works here because that's exactly what is needed now speaking of of that I also I wanted to mention something that rockable has been doing lately that uh Jasper shared here so he basically shared uh we basically started off this tweet by saying who will decentralize ethereum it will be whales Dows institutions Etc and uh Jasper has

called on the Aragon project to stake their 100 million dollar treasury Beyond just Lido the risk adjusted return is highest when Diversified with rocker pool uh Rock uh R8 and better for ethereum now there is a forum post here from Aragon basically stating that they want to stake their eighth I think the original proposal was to stake it all with Lido but I think they're open to staking you know some with rocker pool or I guess like doing a 75-25 split I think I read where 75 would go with Lido 25 will go with rocket pool and then rebalancing that over time I think there was an argument put forward that the reason that why they want to go with Lido is because later is the biggest uh user of the Aragon product and I get that you obviously want to support the

users of your own product but again going with with Lido at this stage especially with such a large treasury is risky uh it is not just risky from a a DEC decentralization perspective or centralizedation perspective but also risky from the fact that it's it's so big and if something goes wrong obviously there could be a bigger penalty there uh for that but I'm glad to say that that Aragon is open to doing that split there now in saying that this is the kind of stuff again is what I was talking about where this is the action that I want to see I want to see community members you know team members anyone just going out there talking to the people especially the whales and the Diaz and institutions and saying to them hey you know come stake with this

solution or calm steak with our solution over later or over coinbase or binance or any of the big existing solutions for such and such reason because obviously when the treasuries are this big you can't just say to them uh oh you need to stake with this solution because uh lighter has too much market share I don't think that's going to be enough to convince people to stake with uh whatever other service over over Lido right or over a dominant service so you need to basically lay out the arguments for them and lay it out in a post which is exactly what Jasper's done here you can see his screenshot of what he did he laid it out he's got a nice table here showing showing what's going on uh and can kind of convince the Aragon community in this case to stake with or

stake at least a portion with rocket poor not go just all in on Lido so I want to see obviously more of this happening across the ecosystem and I think that people understand this I think that there's more and more work being done all the time and it just goes to show that uh the community is ready to do this sorts of stuff they're ready to reach out it just requires the action to do it and the funny thing is I actually just saw a tweet before that I haven't got here uh that Celsius has actually begun restaking the eat that they withdrew and they're not restaking uh most of it I believe with Lido so it seems that they've staked a lot of it as part of their own staking pool and they've gone uh with figment as well so that's a lot of eighth that has actually

been reshuffled I did talk about the great reshuffling a lot obviously leading up to withdrawals and some people have said that it didn't play out but it is playing out it's just that it's going to take a longer time to play out as I've talked about relentlessly at this point but just the fact that obviously uh Celsius sorry just the fact that Celsius withdrew a large portion of eth from Lido which wasn't staked yet mind you but it was going to be staked with lighter it was it was in the buffer right there was 400 and something thousand each in the buffer that was going to be uh staked with lighter which would have obviously increased Lido's market share significantly has actually been reshuffled out and gone elsewhere now which is extremely positive right I I love that that's happened and that's not the only reshuffle that we've seen

happening and the reshuffling didn't just have to come from I think uh people withdrawing from from other services and going to sorry withdrawing from like Lido crack on or coinbase and going somewhere else it can also happen from people that weren't sticking to begin with just not sticking with the dominant service and going somewhere else and I know that that might be might be stretching the definition of a reshuffling um and probably it is right but I that's how I viewed it too so it's good to keep in mind as I said it's a longer term thing it is playing out I do think that we can uh take market share away from the dominant players especially with all these other Solutions going online I think stakewise V3 is going to be very big I'm going to be doing my best there

I um I'm going to be setting up my own Vault and you know streaming from the rooftops for people to come stake with me or stick with my Vault uh and I'm also not going to be taking any money from it I if I do charge a fee on it it's going to uh public goods funding it's going probably to the protocol right uh and I'm doing that because I don't want to be seen as Shilling their staking pool just so I can earn money from it no I'm doing it so that people stake with uh you know my My Vault or another V3 volt for example instead of going with a dominant provider so that's kind of the action that I'm trying to take or at least one of the actions that I'm trying to take there but anyway you can go read the uh post on Aragon's

forum for yourself I'll link it in the YouTube description below all right one last rocker pull update here is that rocketpool announced that they are coming to a ZK sync error you'll soon be able to liquid stake your eath on ZK sync Arab by simply holding R8 in your wallet just like on maina and other l2s R8 will continue to accrue staking rewards automatically so very cool to see that rocketpool is Now supported by ZK sync error here uh that the arrow network has been growing quite nicely and it has a bunch of Integrations across the crypto ecosystem right now and it's obviously ZK sync's main product and obviously it's a layer two so the costs are lower so this is the kind of stuff that we want to see happening as well because it just opens up rocker pool staking to more and more

participants uh and you know yes they're not becoming node operators themselves but the man for Ari leads to demand for node operators to you know sorry leads to demand for people to spin up nerd operators which increases rocker pools market share uh and then it just is a very nice feedback loop from there so great to see that rocketpool is uh coming to ZK sync area here you can check out this little thread and uh blog post which I'll link in the YouTube description below all right so swell network has announced that they are now offering a zero percent fees which means you get to keep all of your staking rewards if you stake with swell now this is something that I've been talking about for a little while on I I I've been talking about

ways that different staking providers can actually take market share away from the bigger providers one of those ways is dropping their fees to zero now this is obviously not going to be a permanent thing but by dropping their fees to zero it definitely encourages a lot of people to about to uh one reshuffle out of certain Solutions can go with swell and and two encourage people to go with swell to begin with and not go with other Solutions and the really cool thing about this is that someone could actually sell their St eth right now right um and then uh basically buy uh sorry and then stake that eat with swell and immediately get access to those zero percent fees now obviously uh there is a deposit queue right now with uh with ethereum staking depending on how you stake with uh soil and other providers

you may not be earning rewards straight away here uh but those zero percent fees are definitely very enticing and I believe swell is also teasing its uh its token right now too which is obviously getting more people to stake with them because they want to farm the token so that's an incentive there I think they have over 30 million tvl and they didn't launch that long ago uh so just yeah absolutely amazing to see that um they're growing and great to see that they're actually offering these zero percent fees now so if you're interested in checking them out you can go to app.swellnetwork.io do keep in mind that swell is very new right there is increase smart contract risk because of that so just be comfortable with just be aware of that and make sure you're comfortable with that before sticking with them

um you know this goes back to what I what I was saying when I first started talking about rockapool I actually waited quite a while before I started promoting rocketpool because of not just the smart contract risk but other other risks surrounding and I didn't want to funnel people into something that I believed was not up to the standard that uh that up to my standard essentially and not to say that swell you know can't get there but as I said it is right now very I guess new which means increased smart contract risk and stuff like that not to say that you're going to lose any money or that there's going to be a bug or anything like that but you always need to look at this sorts of stuff when it's a new contract and evaluate the risk associated with that and I should

also disclose that I am an investor in swell as well here uh but again I'm not Shilling them just because I'm an investor I am covering them because as I've said plenty of times on the refuel I want to encourage people to stake with these other providers and I want to uh send kudos to the providers that are actually doing these growth tactics such as lowering their fees to zero percent for a limited time obviously it's not going to last forever but for a limited time and also doing other things like liquidity incentives because that's what's needed the economic incentives is what's needed to take market share away from the bigger players and to prevent more stake going into the bigger players uh Pockets so yeah you can go check this out we'll link it in the YouTube description below all right so each taker has published a

execution client diversity blog post and they started off this tweet by saying call to action node operators should diversify their execution clients away from a majority Geth setup in the current super majority execution execution client environment there's there's a significant monetary risk for operators running only gif so you can read about this here in this blog post and this is something that I've talked about a lot recently so I'm not going to I'm going to talk about it again because I'm going to be rehashing a lot of points but the key uh Point here is that the recommended execution clients to use other than Geth and never mind and Basu and that's what I've been suggesting uh for a while now I haven't suggested um Aragon or ra for nimbus-81 uh in the in terms of uh wrath and Nimbus Dash eth1 here

um they're very new like extremely new and still in development I don't even know if you could run them on on mainnet right now uh in any kind of like good capacity and obviously you don't want to be running it as part of a staking setup and Eragon uh they are a bit volatile as a client I believe so if you're looking for something that is uh relatively stable compared to Geth is a great client is getting better all the time well never mind and Basu are definitely the uh the the best alternatives to Geth and I've been preaching this for for a long time now so anyway if you you're interested in changing your client from Geth to something else recommend nevermind and Basu also recommend reading this blog post it is great I I read it and everything that I was

reading on here I was like wow they actually hit on all the important points they explained why it's a risk for there to be a super majority client they explained kind of like how bugs can form here why client diversity is important all that good stuff there uh so yeah kudos to the east taker community and in particular the authors on your screen here for the work that they've done uh you should definitely go check this out I'll link the blog post in the YouTube description below all right the fourth cohort of the ethereum protocol Fellowship is now here if you're interested in ethereum core development and want to become ready to be a contributor don't miss the application process so yeah the applications are now open for the fourth cohort uh which you can submit your application here at this link which I'll

link in the YouTube description below doing it be making sure to do it before June 16th now I've talked about the protocol Fellowship since since it began basically and how it's been seemingly an amazing success to get more and more core devs and researchers involved in the uh core protocol development of ethereum as I said you can apply here in the blog post and there's more details in the blog post TR but yeah if you're someone who is at all interested in helping the ethereum protocol uh continue to to get better and better and helping ethereum continue to execute on that core protocol roadmap then there is no better way to get started in core protocol development and research than with the protocol Fellowship which is obviously run by the ethereum foundation

here you're going to be able to get in contact and get mentorship from existing Court developers and researchers you're going to be able to uh basically be at the medal of the of the core protocol basically the bare metal and work on that all that sorts of stuff and I honestly couldn't think of anything cooler to work on if I was a developer than this so yeah I'll link this in the YouTube description below for you to check out but as I said applications are open now but be sure to get them in before June 16th all right so Jesse here has shared a tweet go uh about and he started off by saying it's not zero knowledge or optimistic roll up it's both we just opened a request for product to build a ZK validity prover for the op stack and thereby for base

and have already met with multiple teams who are heads down making it happen so I remember saying this quite a while ago now and I've said a bunch of times on the refuel since I since I first said it obviously but I remember saying that there is no reason at all why optimistic Roll-Ups can't become validity Ops or can't use a ZK validity prover instead of fraud proofs as part of their stack and it was never zero knowledge or optimistic roll up it was both it was whatever was best for the needs of that project and it has always been like this since the the earliest roll-up days when this basically when this debate began um and I I think that things like this happening it just just prove that that's

bit playing out as as I guess like I spoke about and a lot of other people spoke about which is just really really great to see so as Jesse says here they've already met with multiple teams that are building this out and want to make it happen this would be huge because it would mean that anything building with OP stack could just plug and plug into a z capability prover instead of doing fraud proofs um and and basically become a I guess ZK roll-up or if we're literally roll up here now it does depend on the implementation obviously uh different implementations will have different outcomes here and right now optimism and the op stack doesn't have a working fraud prover at all I believe the only optimistic roll-up that has that right now uh well I guess fuel V1 probably has it I think from memory but the only one

with economic activity on it that has it is obviously arbitrine one but they're all like the thing is is that if it turns out that uh fraud proving like optimistic roll up fraud proving is just strictly inferior to a validity proofs and validity proving then from you know not just the safety perspective or security perspective also a cost perspective then I believe that optimistic Roll-Ups will just all convert into zero knowledge robs or validity Roll-Ups and uh and any optimistic Roll-Ups that are that currently or that that will continue to exist will be ones that are uh are kind of um uh needed to exist as an optimistic roll-up or a happy existing as an optimistic well-up instead of a ZK or a validity roll-up now in saying that

it's going to be interesting to see what direction each project goes in uh it's I'm actually super interested to see how bass ends up developing like I I know it's going to launch pretty pretty muted from a tech perspective it's going to be very centralized it's probably not going to have as a ZK approval or validity prover up and running or anything like that but I want to see how they progress I want to see if they uh are able to remain at the Forefront of roll-up uh kind of innovation and progression or if they become more of a more of a follower where they essentially work alongside the optimism team uh to obviously improve the op stack which then has Downstream or improvements for for ice itself rather than splintering off on their own and just improving bass without improving the rest of the

ecosystem which I don't think is actually going to be able to happen anyway because they're building on op stack and that's the whole point I mean I mean that's the major reason why the op stack is a thing is so that there is a common standard that all the teams building on it can build together on can innovate on can improve on together and then uh the longer term plan is for all these uh These Chains built using the op stack to collect to connect to something called a super chain now the jury is still out on whether the super chain is going to be something that actually works or something people get value out of or something that's um that actually brings uh value to the ecosystem but I think it's going to be a very cool experiment nonetheless so anyway you can go check out this request for a product

yourself I'll link it in the YouTube description below uh and one more thing about uh uh about optimism so they announced today something called the uh op stack mods so uh basically what this is and they said in this tweet thread here op stack mods are a trend we have noticed emerging in response to the modularity of the op stack by spotlighting interesting mods we want to help create creative builders get feedback to improve their mods and Inspire other builders to create their own uh mods and mods and they say here a case in point Celestia has built an OP stack mod that makes the data availability layer of the op stack more modular separating it from the ordering layout which means that the op stack can law can use other data availability

layers like Celestia instead of just using ethereum and it doesn't have to be just Celestia obviously it can be probably any data available to they are but this is very cool I mean the op stack is actually going like full uh I guess like executing fully on this modular framework right and basically becoming one of if not the most modular Frameworks for building crypto economic or crypto applications generally which is just like very very cool and very differentiated to what other ecosystems are doing and as I've said before each of these layer 2 projects are kind of carving out their own Niche and I'm very curious to see which ones actually uh succeed long term which ones people actually resonate with because it may

turn out that uh the the niches that they're carving are just not valuable to people and people are happy with the existing infrastructure and happy with just things being evm and happy with solidity and all that but we won't know until we try so you can go give a read of this blog post around the op stack mods I'll link it in the YouTube description below for you to do so all right so this was a timely announcement from Circle given all the recent debates around uh bridges in the roll-up space so Circle has announced that it is launching usdc natively on arbitrim on June 8th so why this is a big deal is because the usdc you're currently using on arbitrim1 for example uh is bridged from ethereum layer one

right so it's essentially issued on each layer one and then you're given uh I guess IOU on arbitrim1 whereas when you are using natively issued usdc on arbitrim1 it is part of the arbitrine one network and then it can be bridged to ethereum so it's kind of like flips it from my understanding at least it flips it so that the IOU is actually on ethereum because it's been natively issued on arbitrim1 to begin with now does this mean that it doesn't inherit I guess ethereum's security Properties or all the stuff that people have said in the past it's nuanced right because essentially what happens is that even though you have natively issued assets on the Roll-Ups themselves they still

need a settlement layer liquidity layer a pass through layer like a bridging interoperability layer in order to communicate with the outside world and what better layer than ethereum for that so even though it's natively issued on on arbitrim1 it's still going to be bridged through ethereum to these other layer twos and maybe to other layer ones and uh and ultimately obviously the source of truth will be on arbitrine one but then Armature one is being powered by by ethereum it's settling to ethereum so it all works together in in kind of like a a symbiotic relationship a harmonistic relationship but where the issue becomes and this is where the bridge debate comes is that what happens when there is uh given that usdc is centralized what

happens when Circle says well okay we're going to freeze the usdc uh associated with this address on arbitrine one and then all the bridged usdc uh uh sorry that then there is kind of like a a gap right there's kind of like a a hole there where there is some bridged IOU usdc somewhere that has been frozen on the uh on the kind of like arbitrine one chain and then uh there is kind of like a hole there so it's interesting to see what would happen in that scenario but that's when it comes to centralized assets for decentralized assets it basically Falls back to I would assume the roll up itself because the roll up itself would dictate what happens to that since it is natively issued on on

the roll-up so whether that be the governance of the roll-up or this or if it's a centralized roll up the controllers of that so it becomes a bit murky from there but very interesting debates going on right now I think in the ecosystem around that around Bridges around Roll-Ups stuff like that around you know the potential for forking away from things uh but I'm gonna let those debates play out without weighing too much uh weighing in too much on them but you can go check out circle's announcement for yourself I'll link it in the YouTube description below all right so the Kakarot ZK evm which I've talked about before on the refuel has announced today a pre-seed round which with participation from stockware and Lambda class uh and from Angels like vitalik buterin so I don't think they've

announced a dollar value here of of what they raised but I guess the congrats to them on the raise there but what does the Kakarot ZK VM is is obviously it's an evm implemented uh in Cairo so it leverages stock proofs for provable transactions and blocks ensuring transparency and security security and thanks to validity proofs Kakarot can inherit security from ethereum L1 while enabling a lower cost so this isn't just your run-of-the-mill ZK VM this is one that's being built Based On A Star Quest technology and being implemented in Cairo here which is very exciting and it's what they're calling a type 2.5 ZK AVM and what's funny about this is that I remember the stockware ecosystem being a bit hesitant to promote or to build uh

or to really get on board with the ZK VM train but it seems they've changed their tune here which is awesome because I think there are a bunch of great builders in the stockware ecosystem and for them to use their talents to build a ZK VM for stockware implemented using stockwest technology is definitely a big positive for the ecosystem so as I said congrats to them on the race I'm interested to see where this goes from here all right so this is just crazy so I was looking at uh the uh I guess like entry queue again for ethereum staking today and I mean for those of you who don't know it has just been up only since withdrawals and right now it's freaking crazy I have been watching this all night it is at 88 000 the entry queue I

looked at this what an hour and 30 minutes ago it was at 78 000. so there are big deposits going in right now um I haven't uh traced down exactly where these big deposits are coming from I did mention earlier that Celsius is a big depositor right now I believe I saw some going in from Kraken funny enough maybe Gary genslow is taking some of his eighth with Kraken oh wait no sorry he can't do that because Kraken can't offer staking to us persons anyway enough of that joke um so this is crazy numbers here but there was a tweet from ultrasound money today that said that 2.5 million atheist queuing to secure ethereum that's 4.7 billion dollars on top of 36 billion dollars already staking so that means that there is 40 billion dollars that will be uh not not that that once the

queue clears there will be over 40 billion dollars of eth at stake and I believe that's not even uh 20 of all ethereum are circulating oh sorry of the circulating each Supply now just to put this in context and to to show you how big of a deal this is every other layer one uh token uh uh or I guess like every other layer one Associated token market cap whatever you want to call it um if you go down the list of coin gecko is smaller than 40 billion the next biggest layer one and I'm not talking about Bitcoin I'm talking about the the uh the smart contract layer ones right um ethereum is at what 227 billion dollar market cap with 40 billion of

that staking the next closest some people will argue is BNB at 50 billion but I don't consider BNB to be a layer 1 token BNB to me is like a pseudo equity for binance yes they have binance Smart chain but that's just part of the the binance family I think that BNB accrues most of its value because of Finance not because of BSC but if you want to include that yes it's still more than the current value of each staked but not for long right but then you have xrp which I mean it's xrp right but that's only at 27 billion then after that you have cardano it's only at 13.2 billion so or it I mean the amount of dollar value of each stake is almost four times as big as the entire market cap of

cardano right of the the next biggest kind of I guess uh smart contract competitor to ethereum and then you keep going down the list you have Solana at 8.4 billion so e the stake is already four times higher and that's just the ether stake here so just to give you a context around just how big ethereum is and just how much more valuable eth is as an asset as compared to these other platforms out there and that is not by accident guys that is not um uh that didn't happen overnight that is years and years worth of of uh of a kind of like tweaking eth and meaning eath into being this very valuable asset that I I kind of ranted about yesterday a bit and especially when it comes to things like the eth BTC ratio and why that's been been steady and going up during a bear

Market uh and all those kind of under the surface reasons why I'm bullish on Eve uh that all plays into it and that is what's caused this this just massive gap between ethereum and its closest competitors just an absolutely massive Gap right guys so very cool to see that uh and yeah I mean it just seems like people are going to keep staking eth uh at this at this rate it seems like all it's going to be staked by uh in in the next few years but I don't think it'll get to that obviously it will slow down but it's blown me away it honestly has blown away my expectations of how much eth would be stake and how many how big the um the deposit queue would be and we're almost at 100 000 validators waiting which would put it at what like almost I believe two months of a queue

which is just absolutely insane to me that the queue is that big but anyway I digress on that point uh I think that's a lot of things to talk about uh for today but just the one last shout out I wanted to to give here is that I recorded a podcast episode with Eric Connor my old uh podcast co-host on Into The Ether we recorded that today and it was an absolute Banger guys I am not kidding when I say this was some of the most fun I've ever had on a podcast it was so bullish Eric and I you know just got right back into the swing of things we're bouncing off each other it was so much fun for both of us and I can't wait for you guys to listen to it and that's going to be going live tomorrow so tomorrow being Saturday it'll be going

live around the same time that I put the refuels live and I hope you enjoy it uh enjoy consuming it as much as I enjoyed creating it and it will hopefully become a semi-regular thing maybe once every two weeks once every four weeks um we're gonna try to to do a regular Cadence there because Eric just brings such a different and fresh perspective that uh I think is really healthy for people to listen to because I have my opinions you guys listen to me every day you know that I I have my opinions and you probably can recite them back to me at this point but Eric has a lot of interesting things to say uh as well that's for sure so catch that one tomorrow but I hope you enjoyed today's episode so thank everyone for listening and watching be sure to subscribe to the

channel if you haven't yet give it a thumbs up subscribe to newsletter join the Disco Channel and I'll catch you all tomorrow thanks everyone