Record 24 hour ETH burn, Market talk and more - The Daily Gwei Refuel #290 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the delegate refuel where recap the latest news in the ethereum ecosystem i'm your host anthony sosano and today's 11th of january 2022 all right everyone let's get into it so there's been a bit of debate i guess recently in the twitter sphere in the crypto twitter sphere and in the kind of like crypto ecosystem about whether we're actually in a bear market or not now it's kind of funny when you when you look at you know if we're in a bear market or not and trying to define this because traditionally there has been kind of like this four year cycle that crypto has taken where you'd have like a two you know two years of kind of like bear market period and then two years of bull market period and during this cycle it hasn't actually been like that at all

really i mean it's been a very very kind of like weird cycle where essentially we had what a year and a bit worth of a bull market starting in march 2020 up till may 2021 where eth went from like 80 to 4 400 and then we had like a what seemed like a blow off top right where it dumped back down to 1700 um you know and btc went from like uh what was it so i can't really remember now i think it was 60k to like uh back to to 30k or something like that and everyone thought okay well that was it that was the that was the bull market it's over it ended sooner than it normally does but yeah see you in two years and it didn't play out like that we went back up after that both bitcoin and eth hit all-time highs again like

bitcoin went to 69 a thousand eighth went to 900 but then we've come back off that again right bitcoins you know last night went below 40 000 again 8 went below 3 000. so people are just wondering you know what's what's going on and i i really i i mean i've said this before i said the other day when when i was talking about the markets that i think that uh it's very different these days there the crypto ecosystem is much bigger than it traditionally has been there's a lot more overlap between i guess traditional investors and just crypto native investors and you can see that with the correlations that we have with the stock market so i think that trying to look at history and say okay well you know the crypto markets have played out like this for so long this is how

they're going to play out in the future i don't think that that's going to be the case like we could be back at all-time high you know on 8th like next month that is a realistic possibility now don't get me wrong i don't think that's going to happen we're pretty much in i guess like bearish momentum right now i wouldn't say we're in a bear market but definitely bearish momentum and you know i've been doing a bit of [ __ ] posting on twitter like bear [ __ ] posting don't don't take that seriously that's just me like having some fun obviously i'm a permaball obviously i'm go i you know i it's impossible for me to be bearish for all the reasons i've outlined in the past but you know i put out this tweet yesterday where i said if this is your first bear

market i have two pieces of advice now this wasn't a [ __ ] post and maybe i shouldn't use the term bear market maybe i should have said if this is your first kind of like prolonged the down market or sideways market or or kind of like quiet market the the pieces of advice i have and and you know i've talked about this with you guys before but number one is don't leave right instead learn as much as you can and make calculated bets both financially and socially and what i mean by this is that during these kind of periods it's buying certain things or investing in certain things that are underpriced because the markets are just like uh underpricing them when the markets are quiet can be very profitable because it works both ways right in a bull market a lot of things get overpriced a lot of

things get way too hot and go way beyond where what they should be valued at and they come down similarly in kind of like bearish markets or bearish periods of markets things get severely underpriced and they uh they're at a bargain so to speak this happened in 2019 i think with eth where you know any time during 2019 you could have bought eighth between 100 and 300 and you could have even done that up until like mid-2020 and it wasn't just eth uh some popular examples are ave ave used to be known as eth land and they had the token lend its market cap sat at something like 10 million dollars during 2019 and they were still building and they hadn't launched uh their market or anything like that but that was still building uh and and kind of like making things that were

that people wanted to use and and kind of like that came out and then obviously the rba token i think even after it's come down from its all-time high pretty pretty heavily it's still worth 2.6 billion dollars so that's a 260x if you had invested back then and held till today of course and obviously there was the token conversion from len to ah there but you know you still made out i don't think there was much much more new tokens printed from that so you still made out with like a massive kind of gain there if you bought and just held the whole time now obviously most people don't buy it during those bearish periods and many people don't hold for that long either but if you're a long-term investor and you kind of like scoop that up you'd be doing very well like similar to all the

eight people that bought if you're eight that between 100 and 300 if you had held till even today you're doing pretty well for yourself and there's plenty of other examples out there and i think that this this stuff kind of keeps playing out like there's going to be plenty of tokens over the next few months i believe if we do stay bearish that get underpriced relative to kind of like their product market fit relative to the traction that they have and i think that if you leave the ecosystem and you don't pay attention you're missing out on kind of like potential investment opportunities by doing that now it's not just financially but it's socially as well if you want to be involved with crypto if you want to get a job in crypto when things are quiet it's probably the best time to do so

because you're competing with a lot less people and in addition to that uh the the teams building things are much building genuine long-term things are much easier to find than the short-termism and and kind of like the short-term projects that may be getting a lot of attention and hype but only because it's a bull market and their token went up for whatever reason but in reality their product actually doesn't have product market fit and they just fizzle out over time so that's that's kind of like what i mean by socially there but you know not just kind of like joining a project but also making a name for yourself if you want within the ecosystem things like that that's much easier to do when the markets are quiet right so yeah that's what i mean by by that kind of like first piece of advice there second

piece of advice and i've discussed this before with you guys is to survive aka don't blow yourself up with leverage or over trading i've seen a lot of people make a lot of money and lose it the hardest part of crypto investing is not making money it's keeping it and there's many ways to lose that money once you have it right like leverage is a popular one over trading um you know putting money into things that you shouldn't really like say you have like a big win then you think yourself oh i'm an awesome investor i'm going to go put money into this because this looks you know this looks like a good deal and then you basically uh i kind of like lose out because it wasn't a good deal right so i've seen a lot of people give their gains back or much of their gains back i've seen a lot

of people blow themselves up on leverage they don't survive and then that feeds into my first point whereas it becomes very hard not for them not to leave if you lose a lot of money you're probably gonna you know i mean especially if you're a first time kind of like crypto investor or someone that's kind of like uh it's your first time in crypto if you lose money you're just going to exit you're not even going to stick around you're like oh screw this this is this is this is annoying this is too hard i'm just going to i'm going to go do something else that is something that burns a lot of people it's something that i think people have to kind of like learn themselves you know the funny thing is like when i got into bitcoin in 2013 i was doing all the

same kind of like noob mistakes that everyone else was doing i was flowing for pump and dumps i was over trading i didn't use leverage because it was really hard to use leverage back then i don't even know if many exchanges offered it back then and obviously it wasn't any default anything like that so i didn't use didn't do leverage trading but i definitely over traded like crazy and the funny thing is there was really no no good projects back then besides bitcoin like the rest of the projects were kind of copycats or kind of like really early ideas that didn't really make much sense and there wasn't ethereum or anything like that so it was a very different time but the same principles applied there like i didn't survive like i lost a lot of the bitcoin that i had bought in 2013 by over

trading and then the bear market hit in 2014 and i sold my remaining bitcoin and didn't look back until 2017 with ethereum obviously that was that was a mistake there but that feeds into both of my points here you know don't leave i shouldn't have left back then i should have paid attention i should have uh you know paid attention to ethereum in the earlier days and and that that would have been you know obviously more profitable and would have uh uh uh been not not just more profitable but like more exciting too i think because i do regret missing out on the earliest days of ethereum even though i got it in 2017 which is considered early these days it didn't feel like i was early when i got in in 2017 and ether had already gone from i can't even remember i think it you know i had gone from 30

cents right ico price to when i first bought when i first bought my first eighth it was like 10 but i didn't buy much back then and then i think i bought a lot of um my 18 2017 at like 50 bucks or something like that and i felt like i was super late at that point right because you know i mean 30 cents to 50 that's that's a huge gain already for a lot of people in in a short amount of time of when from the ico to i think it was like three years or something like that from the ico to uh to when it hit 50 bucks or even less than three years at the api cr i should say so uh yeah i mean that just kind of like feeds into both of these points here and as i said before i don't think

we're going into a long-term two-year bear market or anything like that you know a lot of people a lot of people will make the argument that we've been in a bear market since uh since may of 2021 and the and the all-time highs that we hit on bitcoin and 8th we're just kind of like anomalies i kind of get that argument but not really because we came back from a pretty brutal drop i mean eth went from 4 400 to 1700 then back to 4 900. i don't think you can call that a bear market you know the technical definition of a bear market and this is taken from the equities world is a sustained downtrend of like three months now i think i think three months it's either three or six months now i don't don't think that applies to to crypto uniformly because crypto's

such a different asset class but i think that for you to say that we're in a sustained bear market there has to be a downtrend for a sustained period of time it can't just be like it goes down then it goes sideways for a bit then it goes back up it needs to be sustained downtrend for for a while i believe and you know whether that's three months six months a year i'm not sure i would argue that it's got to be at least three months uh because it's just crypto moves fast but at the same time like crypto can go sideways for a while and loves doing that but i i think the sustained downtrend or sustain it's the same downtrend for three months is kind of like when you could call it like a bear market um and i think we're pretty much like almost there i i think what we

4900 was in like october or something like that no no i think it was in november i can't remember exactly so we're pretty much there but we'll we'll see you know who knows i'm not sure where we go from here i'm actually for the first time in a long time i'm not i'm kind of like neutral on the market like yes i'm a permaball but in like the short term to medium term i'm very neutral right now i don't have i don't think anyone has a good rate on where we're going i think the macro environment is too uncertain for people still so uh yeah it's just kind of like very hard to read that there but anyway i'm gonna move on from that to something that a lot of people have requested that i should talk about and i didn't speak about this yesterday so apologies for

this uh was this about arbitrary's sequencer outage is the second time it has happened i remember i talked about it the first time a few months ago and it was funny the first time it happened was the same time that the celina's network went offline so that was a bit poetic back then um but yeah paul used that i didn't cover this i didn't think it was kind of like relevant to color because i because it went down for the same reason um that it went kind of like down last time or at least the same kind of like thing happened so i figured it was redundant to to bring it up again but uh someone brought up a good comment in the in the um in the uh sorry a a good thing in the youtube comments where they basically said it was kind of double standards for

me to talk about solana going offline and not arbitrary i'm like okay i agree with that that's fair enough i wasn't trying to kind of like hide anything here but uh anyway enough on that i'm going to talk about it today quickly but essentially what happened well arbitrary sequencer went down again i think this was uh i don't know exactly how long it went down for maybe in their blog post they describe it i can't remember exactly um how long it went went down for it was it was at least a few hours um probably a bit longer than that but essentially what this meant was that you couldn't get any transactions in at layer two there were kind of like no uh no no blocks being bring being produced on there and everything like that and why did this happen while they have a

blog post here describing it but the core issue was a hardware failure in their main sequencer node and they have redundancy in place but apparently their backup sequencer um didn't work because there was a software upgrade in progress uh for their backup sequence so it's a bit of bad luck there of course um and obviously the network went offline because of that now why to go offline uh in addition to this is is also because it's the centralized sequencer right now it's only arbitrary running this if there were multiple sequences out there if there were multiple entities running these sequences then you could just use a different one you you know if you were using arbor trims and then which ones went offline you just use a different sequencer it's kind of similar to how you use different rpcs if one's overloaded or one goes offline right so

uh from from that kind of like perspective that would have helped the situation but you guys know that these layer two networks arbitrary optimism whatever it is very very early days training wheels on them super centralized right now i mean they've been clear about that i've been clear about that so you know that that's just kind of like what you have to deal with when this stuff happens and to be honest there's no guarantee this isn't going to happen again like i you know i wouldn't be surprised if i see if the sequencer goes offline uh again before they kind of like decentralize the sequencer out now do they want to decentralize a segment so of course they do like i i'm not even just arbitrary all of them want to do this all of them all of these kind of like teams don't want to be

responsible and don't want to be the only ones running kind of a sequencer or validator on their layer two networks for a variety of different reasons uh this is one of them so yeah uh but as i said like the their sequencer went offline uh which means that you couldn't get any transactions in uh and people were kind of like stuck which is scary but because albatroom is a true layer two protocol you can always withdraw your funds to layer one now could you do that immediately no you would have to wait the seven days if you went through the albertum bridge but you could i believe in theory go through one of the fast bridges like hop or conex or something like that and bridge out uh near instantly but there are kind of nuances here because the way the arbitrary one network works uh at

least from my understanding is that there's a sequence around a validator and uh you know if the validator kind of like goes offline and blocks stopped kind of like being produced it becomes like very i guess like uh i don't know if i call it messy because you have things like d5 operating on there and oracle updates and and things that need to happen prices change and things fluctuate but i would say that uh yeah i mean if the validator went offline as well it'd be even harder to kind of like get your funds out but i think that because it's a true layer too you can always get your funds out using the official bridge but you'd have to wait seven days which obviously is not ideal right waiting seven days to get your funds out because i mean i'm not to say that arbitration

would go away forever but there is a chance that one of these layer 2 networks one day one day tries to rug pull or something like that or get shut down for whatever reason and that's why you have that layer one fallback now you know this always gets brought up as a positive that you have that layer one fallback and there were some comments around this because people were talking about this with celina they were like yeah i wonder if um you know the the eighth people are going to talk about this and and kind of like give arbitrary [ __ ] like they give solana [ __ ] about this and as i said the key difference is that salon is a layer one network arbitration is a layer two network so if solana goes offline everything built on top of it is effectively offline whereas with uh with

layer two if arbitrary goes offline then you know optimism dy dx and middle blacks they're all still online they're they're not affected by albert trims outage but if ethereum was to go offline well then of course everything built on top would go offline there and this goes back to my kind of like um uh what i've been saying i guess over the last few months about how layer ones need to be as decentralized and secure as possible if only for the sole purpose of liveness now i think liveness is the most important property of a layer one network because if the layer one network is uh goes offline or is compromised in some way or is kind of like attacked in some way literally everything else built on top is at the mercy of that that is really bad because

i've used this analogy plenty of times but if you're if you have a building and the the base of your building goes then the rest of your building is coming down with it right like it's just you you that's the most important thing that's why there's so much effort put into the you know the base of a building the kind of like infrastructure at the bottom because that needs to survive uh because that is holding up everything else same goes for the alaia one network it needs to stay online no matter the circumstance because everything else is built on top and especially for smart contract blockchains where you have defy and and kind of like smart oracle updates and price movements and stuff like that where if the network goes offline for 12 hours and each price move by like 10 once it comes back online the oracles

all have to update that and things can get really messy uh so that's another reason why liveness should be favored over anything else for a layer one network obviously that can happen at layer two as well but it's an isolated thing as i said if arbitrary goes offline it doesn't affect optimism it doesn't affect the other layer twos or anything like that it just affects them um and you know it can affect the bridges of course and i i've i've spoken about how how complex bridges are in the past and how messy that can get as well but i think that when you when you kind of like really break it down here the main difference for me between a layer one and a layer two going offline is that and then there was another kind of criticism that i wanted to i guess um uh

address here was around like being able to withdraw to layer one but the fees are so high that a lot of users probably won't be able to do that in the future and i actually think this is a valid criticism because if the fees for withdrawing your funds to layer one one day get to like a thousand dollars right and you've only got a few thousand dollars in in your in in kind of like this layer two network then that's a pretty big hit to take obviously it's bet you know if that laser network is permanently offline well then it's worth you paying that thousand dollars to get your other money out um because you still come out with with something at least but that shouldn't be the way it works now there are ways around this you can have kind of like public transportation networks

on layer one that allow you to do batch withdrawals and kind of like split the gas costs among a bunch of different users which i'm sure the infrastructure is going to get built out for that but uh yeah i thought that was a valid criticism because we're pushing everyone to go to layer two but if any of those late and then at the same time we're also telling them that oh you know it's okay if the layer two goes offline you'll always be able to get your funds back to layer one but then we're telling people what layer one's always gonna be super expensive and it's only going to get more expensive every time you see how these things don't kind of reconcile with each other so i totally get that but i do think there are ways to rectify this i do think there are ways around this and

i do think that when we have things like sharding in place and eip4488 that's going to make things um much better and much cheaper as well at least in the medium term maybe not the long long term but in the medium term say like for a few years definitely going to help there but yeah valid criticisms but good to see that arbitrary handled this kind of nicely they've got the network back up and running i'm sure they are talking about decentralizing the sequencer i'm sure all their all these layer twos are because i mean as i said there are a variety of reasons to do so but this is a major one another one is obviously you want to decentralize the protocol another one is regulatory reasons you definitely want uh uh want to make it so that you can't be targeted by regulators very

easily uh and you know with decentralizing these things come to comes tokens as well so i'm sure there's a lot of discussions going on around this for a variety of different reasons but yeah anyway that's my coverage of arbitrary's outage there uh sorry i didn't cover it yesterday but uh as i said there are a few things i want uh that that needed to be addressed there glad you guys brought it up in in the future if you want me to discuss anything that i think i've missed um just uh ping me and discord i i'm much more kind of like responsive there a lot of the times i don't actually read the youtube comments but yesterday i saw like a few people commenting it so i was like okay well obviously a few people kind of like wanted me to cover this but definitely just ping me in discord i'm

very active on there you can join the channel links in the youtube description below but anyway moving on from that to this tweet from ultrasound money so we have a new eighth burn record for the last 24 hours with eighteen thousand eighth burned now this is crazy but not unexpected considering that nfts went crazy again i think this was due to the looks rare airdrop where essentially there's an airdrop for a new marketplace that's competing with openc called it looks rare and they have a token called looks you could claim the token but they claim the token you need to list an nft for sale and then you could fund the token by doing kind of like nft sales so there's a lot of wash trading going on so obviously you know this uses a lot of gas and there's a lot of people kind of um speculating on this

sort of stuff so you have a lot of eth being burned so again as i've always said to you guys like ethereum benefits no matter what's going on because you know sometimes d5 will have its own bull market and if tables will have their own bull market dow social tokens will have their own bull market where an eighth may be quiet but eth still benefits and this is kind of like a longer term thing you know have people say to me before oh you know each is is only three thousand dollars even though we've burned so much eighth what gives and i think people are overestimated the impact that the burn was going to have on the price in the short term and they're underestimating the long term impact long term the impact is going to be very pronounced especially coupled with the merge because of the fact that

whenever there is a demand spike for ethan i've discussed this before there's just not going to be much supply left for people to buy and that's going to cause the price to go up faster than it otherwise would have that's at least my belief anyway so we'll see how that plays out but yeah cool to see another burn record here for the last 24 hours so polygon uh announced today or presented today something called plonky ii which they're calling the world's fastest zk scaling technology built by polygon zero which is their obviously their recent acquisition of mir protocol which became polygon zero what is plonky 2 it's a recursive snark that is 100 times faster than existing alternatives and natively compatible with ethereum now there's a thread on why they think this is exciting and obviously i've talked about this before uh when polygon

zero was announced but essentially they can do recursive proofs on ethereum within 0.17 seconds which is incredibly fast uh all the kind of like smartest people i know in the zk community are super excited about this uh they think it's it's a pretty pretty great achievement they're cautious about what this would look like in production of course but yeah this is an obviously kind of like huge achievement here and all of them compatible working to kind of like scale ethereum and everything like that so there's a blog post here introducing plonky to if you want to go read this for more details uh but great to see kind of like polygon continue on their mission to i guess like bring more zk stuff to the market i'm not just to the market but like kind of like out of the the research phase and into like the um the

production phase which i'm sure is coming sooner rather than later but yeah great to see this from them definitely go give the blog post a read so i came across this great thread from john wang today about layer 2 tokens and they're tokenomics this is actually quite a long thread there's a lot of good ideas in here i'm not going to read the thread obviously i highly recommend going giving it a read he actually goes over a lot here in this thread it was a lot more than i thought i kept reading through it i'm like wow he this guy's thought of everything so i really thought it was a great thought it has a bunch of links to other threads you should read as well but the gist of it was basically discussing you know what l2 tokens are going to look like how

they're actually going to do the token what the token should actually be used for uh what the value capture is you know can it be used in governance what the distribution looks like it covers a lot of things so if i was to suggest kind of like anything to read on l2 tokens and the tokenomics i would actually say that this is probably the the one of the best things you can read right now so definitely go check this out it's i remember how many tweets it is i think it's like 64 tweets or something like that uh if i remember correctly let me just go here to show more replies here no 60 66 tweets here so uh it's well worth the read um and it's got a lot of links to different kind of like things you can dive in deeper so if you have

like a spare couple of hours to read this thread and then dive into all the links that he's kind of shared here it's definitely well worth your time especially because i i expect a lot of these l2s to do airdrops so if you're not farming these tokens yet it might be worthwhile and there may be some alpha in this thread of how to effectively farm these things so another bridge protocol that i came across today or a cross roll-up protocol that i came across today uh called orbiter finance is now live so they've launched each transfers of with a limit of 0.2 and supports a transfer between mainnet or ethereum mainnet arbitrom and zk sync um so this is really cool i mean another just another kind of like bridged live here obviously very new so if you're going to use this be aware of

that but essentially you can see here the time to go from arbitrary to zk sync is less than a minute with a 3.80 transaction uh cost in each or 3.90 in usdc and then they've got other examples here zk synced to arbitram less than a minute main net the zk sync two minutes zk sync to at two minutes now if any of you have tried to withdraw from even like zk sync it's a lot slower than two minutes it takes several hours arbitrary obviously takes seven days uh along with optimism of course um and it's probably going to be more expensive because you have to go through the native bridge so this not only is cheaper but this is also um a much faster so really really cool to see another kind of like cross a roll up layer to bridge and to the arena

here but as i said this is very new so use at your own risk and make sure that you kind of like uh uh use it with smaller amounts first and they've kind of limited it to 0.2 but you know 0.0.28 but 0.28 depending on kind of like how much if you have can be a large amount so definitely don't you know all your funds into this and they don't have that it doesn't look like they have a token yet so they may have a token in the future i'm sure people are going to be trying to farm that but uh yeah anyway really really cool to see this from uh from orbiter finance here so another project i came across today that's launching on starknet soon uh is called zorro protocol and they just launched their landing page and white paper so what xero protocol is building

themselves as is a proof of personal protocol for democratic dow voting quadratic funding and more so as i said this is going to run on stock net this is really cool it's they're building themselves as web 3 citizenship basically a way to kind of like have a proper on-chain identity while while kind of like preserving your privacy there is a bunch of projects kind of like tackling this obviously we have pop-ups uh which are pretty popular with people we have um i think humanity dow or something like proof of humanity or i can't remember exactly the name there there's a couple other ones out there but but cool to say this is actually going to be natively on layer 2 so on stark nets and i'm curious to see how they do this are they going to be using zk technologies similar to what sismo is using

similar to what uh signing with ethereum wants to do as well just to kind of preserve user privacy and things like that and build on chain identity while doing so at the end of the day but i'm i'm curious to see if they launch in other l2s as well like i'm i'm actually most interested to see and i'm not sure if it was on the whitepaper because i haven't read the white paper yet i'm most interested to see how this is actually going to work across chain or cross roll up or across l2 like is it portable i'm sure it is but like what what are the costs going to be is it just going to be signing with walls is there going to be no on chain transactions all that sort of stuff you know we're going to have to see but i'm going to read the white paper later

later or tomorrow probably at this point um but yeah i suggest you do the same i'll link i'll link this in the youtube description for you to check out so euler has announced their bug bounty program so this is a 1 million bug bounty program in partnership with immune fi as part of their 10 million dollar insurance partnership with sherlock financiers so you can check out the announcement in this blog post if you are a kind of like developer white hat uh kind of like hacker and you want to find bugs in euler's contracts uh definitely give this a look because you could win a million dollars or win i guess you could earn a million dollars so you can see here that uh it's based on threat level of course so if there is a critical bug that you find you get up to

a million dollars if it's high 25 000 medium 5 000 low a thousand so if you can find a critical bug i'm i'm sure that means kind of like lots of user funds and stuff like that in their contracts you could be up for a million dollars i could be up to up for grabs for you so definitely go check this out if that falls into your purview you know the funny thing is oil is not the only one with bug bounty programs like this and i'm sure you guys have seen some of the payouts for things like this if you're i mean i know it's not an easy job to do this but if you're like a really good developer and you think that you can spot bugs going through these bug bounty programs finding bugs in things and kind of submitting them and could be a very very

lucrative way to make money now the funny thing is is that if you're that good that you can spot critical bugs in contracts uh in smart contracts and you're that good at solidity you're probably this is where kind of like uh it becomes a bit of a funny game you're probably even better off building mev bots because mov is a very specialized field just as kind of like bug bug hunting is a very specialized field but both of them are pretty lucrative and pretty profitable if you could do both at the same time you're laughing but i think that uh when it comes to i guess um uh uh building a you know an mev bot or kind of like doing mev on chain and bug bounty programs i'd be interested to see what the overlap is like in terms of like if there's a venn diagram of that i don't

know how easy that would be to track down because i know a lot of the people doing mav are pretty private uh the mvv races researchers are public but a lot of the people actually doing in the on-chain mev are very private they don't want to reveal who they are or their secrets um and you know a lot of bug bounty kind of like hunters are like that as well i mean even the famous samsung um or sam cz sun uh i don't know how public he is i haven't dug um deep into kind of like who he is but essentially he works with paradigm and his picture on their website is still his kind of like anime profile picture and i've never seen like a picture of him like of his real identity or anything like that so these people kind of like tend to stay private but i'd

still like to see like kind of like what the overlap is between people who hunt for bugs in smart contracts and people who do mav on chain as well all right finally here we have uh open that just launched their squeath product so this is now live on the ethereum mainnet i love saying that word squeeze right it's just like such a funny and such a such an interesting uh word to say but essentially squeeze as far as i can understand is an options i kind of like products here so you can go and check out the dap at squeeze.open.co uh yeah so and this is basically what squeak is a long squeak or e to the power of two gives you a leveraged position with unlimited upside protected downside and no liquidations compared to

a two times leveraged position you make more when eat goes up and lose less when eth goes down excluding funding eg if eth goes up five times squeeze goes up 25 x you pay a funding rate for this position entered the position by purchasing an ese 20 token so basically a leveraged kind of i guess bet on ethiop leveraging uh a aic 20 token of course things like that uh i think this is really cool but at the same time i think you guys need to be very careful with these products as i've said before leverage and options products if you don't know what you're doing with them they'll wreck you they'll wreck you good they'll wreck you real good so i suggest learning more about this um reading the documentation before purchasing this product and kind of like talking maybe talking to some people

about what the worst case scenarios are here like you know they make it sound really good and obviously the description here not to say that they're misleading anyone with their description but you always should know what the downsides are of these positions like it works both ways right so if eighth goes down what's your potential loss from that because it's an amplified loss due to the kind of i guess like leveraged position you're taking on in in kind of like this position here so definitely uh i kind of read more information about that i'm sure it's in the faq or something like that on on their website i think this fkq actually would link to some documentation maybe it's not loading oh there we go yeah okay there's a whole complete overview of squeak here so definitely go check this out as well before purchasing one of these products

i i highly recommend that but i think 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 tomorrow thanks everyone