Record ETH ETF flows, Glamsterdam chat and more - The Daily Gwei Refuel #843 - Ethereum Updates

Transcript

Hello everyone, welcome to another episode of the great refuel where we recap the latest news in the Ethereum ecosystem. I'm your host Dant 21st of July 2025. All right everyone, let's get into it. So another very bullish week in the Ethereum ecosystem and it looks like this week will also be very bullish um from what I'm seeing and obviously the price action. And I mean, at the time of recording, ETH is about $3,800, which is a little bit weird to say considering that like 3 months ago, ETH was at $1,400, right? And everyone thought ETH was dead, Ethereum was dead. Everyone was making these just wild predictions about how uh, you know, the fall of the king ETH is a is a warning shot to everyone who doesn't innovate and so on and so forth. You know, I was going through a bunch of the bad kind of takes

today. I have I have a folder actually of them on my computer. I have all these bad takes that I've got saved. Um, and it's just ridiculous what some people were saying. So, yeah, fast forward like 3 months and we're at 3,800. Looks like we're going to hit all-time high, you know, sooner rather than later. And every week now there's just more and more bullish news uh coming out, you know, not just about ETH the asset, but also um Ethereum that Ethereum the technology too. And I think you know when it comes to the asset obviously most of the activity right now at least is around the treasury companies and I discussed this a little bit um with David Hoffman um was it last week on Banklist TV. I did a little kind of um guest spot there and we'll probably discuss it this week cuz I teased on

Twitter that I'm going to be having David on as a guest. So, I you know, you guys know I rarely do guest episodes on the Daily Guay, but I'm going to have him on. And honestly, it's just going to be like, it's going to be fun, I think, because we've been going at it in DMs for months now. Uh you guys probably know that, you know, we've been butting heads for for a little while now. And we basically figured that we're at the point where we're kind of comfortable doing that, you know, more openly, more publicly, so we can discuss things and people can kind of give their own takes on it and see where where we're both coming from. And I really want to kind of drill down with where David's coming from because obviously he has some quite out there takes on things. At least

that's what I think. Um and I want him to kind of justify them with me and I want to kind of um with him on that. So yeah, that that'll be I don't know when that'll be live. Probably end of the end of the week or something like that cuz we're recording in a couple days and then by the time I get it out and everything maybe maybe Friday. I'll commit to Friday. Maybe it'll become come come out earlier. Just depends. Um, but yeah, so I guess like with that all out of the way today, I'm not going to start talking with talking about the asset. I'm going to start talking about the tech because we need more tech talk because the assets just been everywhere. Like you guys know, I mean, even in my tweets, just feel like I'm talking too much about the asset, not enough about

the tech. And there's so much stuff happening in the in the Ethereum tech land. And I think at this point when it comes to talking about Ethereum upgrades, all of the conversations seem to have shifted firmly to Glamsterdam. So, Fusaka, I think they're aiming for November uh to to get it live. I saw some kind of discussions around this. So, November to get Fusaka live on the network, which is great because that'll be the first time in a long time we've had two Ethereum upgrades in the same year. That's that's a pretty crazy because we had, you know, Pectra obviously go live in April and to have Fusaka go live in November. Uh that's great because then we can say, okay, well then, uh in another 6 months from there, we'll have Glamsterdam live. So, maybe in like May or something, we'll have Glamsterdam live. But there's no

there's no uh window on that yet. But there is still a lot of discussion around Glamsterdam. And the reason why there's a lot of discussion, at least one of the main reasons is because it's coming up to the point where uh the core developers are going to choose or and and the community at large are going to choose the headliners for Glamsterdam. Now, I discussed this last week with that little tier kind of image tool creator, and I actually ended up finishing my tier tier list of different EIPs that I wanted to see in Glamsterdam. Uh and you can see it here. I've got it up on my screen. Basically, I think EPBS and Fossil should go in like and I talked about this last week about how they basically um you know fit together very nicely and can go in at on the same fork here. Uh reducing the kind

of block latency or kind of going from 12 second slots to 6C slots is awesome. Comes with a lot of benefits. But you know if I had to choose between that and Fossil and EPS, I would choose Fossil and EPSBS. And there is growing kind of understanding and consensus that you want to kind of do a slot shaping EIP like EPBS uh or a slot shaping upgrade like EPBS before we do reducing slot times. Um and doing them at the same time would just probably be too complex. And the reason why I want Fossil as well alongside EPBS or not just me but the the community and the and the core developers from what I've seen. Um I mean there's two reasons obviously uh as I said like it goes nicely with EPBS but secondly and probably more importantly

is that if we don't do Fossil in Glamsterdam then it gets pushed out to the upgrade after Glamsterdam and then maybe it doesn't even happen in that upgrade because maybe the core developers want to keep it relatively simple um and and not you know over complicate things and then they'll do the reducing this the the block latency and not Fossil so it gets pushed again. So I really do think uh that we need to get Fossil in sooner rather than later. So yeah, I'm all for it going into Glammsterdam there. And then there's a bunch of EI other EIPs here uh as well that I put lower on my tier list, but in terms of the top two, it's EPBS and Fossil. Now, Storm here, who works at Paradigm, had a really great little kind of Glamsterdam EIP comparison matrix. um and kind of comparing essentially uh

things like how difficult it is to implement on both the execution layer and the consensus layer, what it gives us in terms of bandwidth scaling, what it gives us with immediate in terms of immediate execution scaling, uh eventual execution scaling and transaction inclusion speed. Now you can see here that um when it comes to EPBS, you've in terms of implementation difficulty on the consensus layer, it it's pretty difficult to implement. Um it's it's a four here. I I don't I don't believe it touches the execution layer. So that's why it's at a one. So this is out of five. Bandwidth scaling gives us a lot.

Gives us 300% extra bandwidth scaling. Uh because of the fact that you've got 9 seconds to build the slot instead of 3 seconds now. Um and then uh that obviously translates to execution scaling as well. Um and I think that's just like an immediate thing. There's no uh I guess like execution scaling that comes later from that. So that's why that's 0%. But then there is a knock here or a negative that Storm says which is disputed. He does put in brackets this is disputed that the transaction inclusion speed goes down by 33% uh or or 33% slower because of the fact that you have now you know three times the the time in order to to shape a slot. So I don't know if that's really like I don't know enough about that to kind of

talk in in more detail about what that's actually saying here. But from my understanding, it's basically saying that because you've got 9 seconds instead of three seconds to to construct a a kind of slot here or to do like the block construction part, sorry, I should say of the slot here, um that means that uh your transaction is actually going to take uh longer because of that. That's my understanding. No expert here. Maybe I got that wrong. Um but essentially in the notes, you know, um Storm says the same thing. There's a longer window for block transmission uh and and block execution here. But then the other ones um and I probably I'm just going to focus on like EPBS Fossil and the slot times from this matrix. You guys can check out block access lists and delayed execution on your own. I'll link it in

the YouTube description below. But in terms of um and Fossil uh in terms of difficulty to implement, it's not too difficult. It's a two on the E side, three on the CL side. It doesn't give us any bandwidth or or scaling or execution scaling uh in term or immediate execution scaling. It does give us some eventual execution scaling but but essentially you know when it comes to what the purpose of this EIP is it's to make it so that sensitive transactions uh can be included a lot faster. As we know, there are still people uh validators um you know and and block builders and other entities that will censor tornado cash transactions on the network. And it's not just about tornado cash, it's about any kind of censorship on the network. With Fossil in place,

instead of it being a delayed inclusion of up to, you know, let's say a minute at worst case, you're you know, very high chance that you'll get your transaction included within one slot. So within 12 seconds or two slots at 24 seconds there. So that's obviously why we want Fossil. Now, in terms of um the six-cond slot times, that doesn't affect the execution layer. So, there's no implementation difficulty there. It's just a one. It's a five on the consensus layer side of things. As I mentioned before, this is a very complex thing to to introduce into the network. It touches everything. Like I know it may seem simple. Oh, we can go from 12 seconds to 6 seconds slot times and then we get like double the execution and inclusion speed and all all the other good stuff that comes with that. Yeah,

sure. Like that's all great, but it is complex because of the fact that it touches the entire consensus layer uh kind of uh protocol side of things and things can easily go wrong if there's not, you know, vigorous testing done um and and you know we're not we don't count for edge cases, stuff like that. So that's why that's got a high um difficulty there. But and it also there's a small hit to bandwidth scaling obviously because of the fact that it's now basically um means that the slots happen in 6 seconds instead of 12 seconds. So essentially you've got less time for a slot as a validator here. Um and then execution scaling you get immediate 50% because of the fact that same gas limit with half the slot times 50% increase in um in uh in scaling there. Uh and then uh there's notes here

from from Storm that says what you know what are the main benefits of this? Well obviously the main benefit is user experience. You get faster inclusion times on layer 1 Ethereum, better interoperability for things like layer 2s and and such like that. um reduced MEV as well because of the fact that things happen faster so there's more less time to extract the MEV uh and and so on and so forth. So yeah, that that's all there. There's also an accompanying thread here from Storm that you can go check out. I'll link it in the YouTube description below. But yeah, the conversation has firmly moved towards um uh towards Glamsterdam. Now I don't think that there's much conversations happening around Faka because we kind of know what that's going to be about.

headline up here dash few other things going in uh such as fixing blob pricing uh and so on and so forth from there you can go visit the forecast website to actually check that out which is linked here actually um you can and and on the forecast website there was an upgrade and that's why I've got the the tab here that you can now check the client team's perspective on each of the headliners so you can actually click there and it'll take you to the blog post that they've put together justifying why they think um you know something should be a headliner for glam Amsterdam. I think most of the client devs have picked EPBS and Fossil alongside each other here.

Um, which is which is obviously great to see cuz that's what I wanted as well. Um, but yeah, you can go check that out for yourself uh as well there. And you can create your own tier list too, guys. Like just as I said last time, you can create your own kind of EIP Glamsterdam, sorry, Amsterdam EIP tier list. It's on the forecast website there as well. All right. So, in talking about uh the Ethereum kind of gas limit, uh it's going up, guys. Like, it's finally going up, right? We um I I remember we originally were going to try and go to 60 million, but then core developers said maybe 60 million isn't like safe just yet. So, let's try 45 million first. Well, we're pretty much there.

So, you can see here, Batal tweeted out that um almost exactly 50% of stake is voting to increase the L1 gas limit to 45 million. And the gas limit is starting to increase with it now 37.3 million. And you can actually see on gas limit.pix. I'll bring up the website here what this looks like. Pretty much at 50% uh you know signaling for over 50 uh sorry for over 45 million here. Um which is which is great to see. And I actually went on Ether Scan before and I saw some 38 million plus blocks. So yeah, we're getting up there and eventually you know we we'll climb up to 45 million and we'll have scaled the network again from that 36 million to 45 million. And then obviously next up is an increase to 60 million which I I think I don't know if it's going to

happen before or after Faka. I would like it to happen before because it means that we won't get another gas limit increase until November and I would like it to happen you know before then at least it's not too far away. I mean like we're in we're almost in August. It is kind of funny saying that because I didn't realize like how fast this year has already gone but we're almost in August. So it's not that far away but hey I would love to see 60 million before then if we could you know. Um, but we'll see if it's safe to do that. Uh, and then I don't know if we're going to see 100 million by the end of the year. I think there was originally like people saying that we should get to 100 million end of year, but I think that if you look at the way

things have gone, maybe with Fusaka going live, the core devs will be like, "Okay, we can go to 100 million now." And maybe we'll still get 100 million by the end of the year. We'll have to see. That would be a pretty crazy kind of increase, though, because from where we're at now at 45 million. If we do get to 100 million by the end of the year, that's more than a double kind of increase there. Um and and you know we we started at 36 million or we started at 30 million really then went to 36 4500 and then next year I think the target is 300 million. So that would be a 10x from where we started guys in just a couple of years. So we'll see you know we'll see what happens there. But yeah the gas limit is going up right now.

All right. So as I said last week was like a really big week for ETH specifically. uh you know, Ether as an asset for for the most part, but also the the kind of like Ethereum network as well, but also crypto at large. So, I guess the biggest piece of news or one of the biggest pieces of news was that Black Rockck finally filed for staking for its ETH ETF. So, this has been coming for quite a while, I think. Uh you know, a lot of people have asked why Black Rockck hadn't done this yet. Well, I'm not sure why they hadn't done this yet, but they've done it now, and it, you know, we don't know when it's going to get approved just yet, but it seems like it's going to get approved sooner rather than later. When it comes to staking, generally, we're already at

all-time high ETH staked, and you can actually see that here on the u on Hildobby's E2 staking dashboard. We're at 36 million ETH staked. I believe there's 350,000 ETH entering and 350,000 ETH leaving right now. So we're on balance um right now where even you know if we accounting for the entry and exits there we're at about 36.1 million ETH staked 1.1 million validators which you know I I'm hoping to see come down more over time thanks due to max EB but as I've discussed before the a lot of the large operators aren't going to consolidate their validators down for a little while due to various different reasons. So yeah we'll just obviously wait on that. Um it's good to see that a lot of this stake uh isn't just going to Lido because Lido is down to about 25%

market share now down from 33% um when everyone was kind of like talking about you know needing them needing to get down and you can see here that uh the staking kind of ecosystem is pretty distributed right now which is which is great to see as well but yeah 36.1 million E staked which is about 30% of the ETH supply staked now of course Black Rockck filing for this this E staking ETH ETF bring up the discussion again around two main points here. One, are we actually going to cap staking? Like, are we going to maybe not change the issuance curve, but are we going to cap staking? Are we going to say, okay, well, only 50 million ETH can be staked, then after that it becomes a roundroin thing where if more ETH is staked, um, essentially it kind of like does a

roundroin between the validators or between the the ETH that is staked. Um, and then you it means that like some percentage of the year you wouldn't be earning any ETH because you're kind of like rotated out or do we just have a hard cap on that? I don't like the idea of a hard staking cap. I like the idea of a round robin. That's fine because if you still want to stake, you can. Um, but as it currently stands, um, all ETH could be staked in if it wants to be staked, but the max annual issuance if all ETH is staked is only 1.51%, guys. So that's really, really low. That's basically nothing. Like I've said this before, I I really don't get people's obsession with the issuance rate. Um I think that we should be way more obsessed with the demand side of things

and we've seen like what this kind of means over the last couple months with all these treasury companies and the ETFs buying the ETH. The amount of ETH that they're buying is just crazy compared to the amount of supply that's actually being kind of printed here. And then of course you've also got the um uh the the other side of things where you've got the burn as well. like yes, it's not as high as it once was, but it's still contributing here. So, but we're going to have to see um what happens there as well. Uh and I think the second thing I wanted to mention is also where are these ETFs going to stake? You know, who are they going to stake with? Are they going to do it in-house? Are they going to do it with a third party? We're not sure yet. I don't

think there's actually been kind of any discussions around this. Now, my view on this, and I think I've mentioned this before, and what makes the most sense to me, is for these uh I guess like um you know, Black Rockck, Fidelity, whoever else has a staked ETH ETF, for them to do it inhouse because if you do it via a third party, say you do it via Coinbase for example, they already custody their ETH with Coinbase. As far as I know, Black Rockck does this, I think Fidelity does, you know, they already do that because they have to do that and they, as far as I know, they already they they pay a custody fee. um their fee is obviously going to be, you know, way less than the fee that they're making off their ETF, but yeah, they pay they probably pay a custody fee there. But

then on top of that, if they do decide to stake that ETH through Coinbase, they're Coinbase is also going to ask for a fee on top of that as well. So in traditionally, ETFs, they all have very low fees. So it's not like you need to um get lots of AUM to make lots of fees from it. So you really don't want anything eating into that. So, by doing it inhouse, uh you don't uh you can pay like a group of people, maybe a few even a few million dollars a year or something like that at most. I mean, probably way less than that to run the operation uh of staking the ETH. The ETH could still be custodied with Coinbase, for example. But to actually do the staking of of ETH, running the validators, all that sorts of stuff, honestly, you don't even need like a

team. Like, you you could probably get away with like two people doing this. Like, it's not a hard thing to do. Um and and and I think that uh you know it doesn't matter if you're a small or large operation. You know maybe two or three people pay them uh you know let's say you pay them a handsome amount. Maybe it cost you1 to $2 million a year between those you know three people or something like that because you want to obviously pay them a lot because they have specialized knowledge and it depends where they are in the world. Probably going to be in the US right so depends where they are there so on and so forth. I don't know what the the kind of salaries are for this, but that's probably going to be a lot cheaper than giving Coinbase a percentage, you know,

bas a basis point percentage of of your staked ETH rewards there. Um, which is eating into what the customers can get as well, eating into your profits. So, probably not a good idea there. So, I'm hoping they do it inhouse because of the fact that uh it also further um decentralizes out the ETH stake here. Uh, and it means that we don't just give like all the stake to Coinbase or something like that. Not that not there's anything wrong with Coinbase but obviously in terms of decentralization probably better for them to do it in-house uh there. Now the second biggest piece of news uh I think from the week uh which was you know bullish for Ethereum but also bullish crypto generally is that both the clarity and genius acts were passed. Now, the reason why this is bullish, just like from a

really high level, is that we're getting legislation, actual legislation passed and um potentially signed into law very soon that will be very difficult to reverse in the future. Because, as I said before, it's all well and good that the Trump Trump administration is really friendly towards crypto and done a bunch of things, but unless there's actual legislation put forward and and signed into law, it can all be very quickly reversed if the uh you know, and a different administration gets back in. Obviously, the Democrats seem to be still pretty anti-crypto. If they were to get back in, they could reverse all of this positive stuff. So, it's great that we're seeing that stuff going from that perspective, but also because it's just sorely needed, you know. Um, uh, these acts cover things like stable coins, for example, and how to regulate those and and what you can and can't do

as a stable coin issuer. Um, and also putting in regulations that you have to be like one to one backed or else you can't actually operate in the US at all. Right? So just all these different guardrails and protections around stable coins around DeFi generally around onchain products and around um how different companies can get involved what they can and can't do so on and so forth. So the reason why this is obviously specifically bullish for Ethereum because Ethereum has by far the largest DeFi ecosystem and by far the u you know the most amount of stable coins uh on on the network as well here. So, and and the thing is is that obviously this applies to the existing stable coins like USDC which is homegrown in the US, USDT, which is like I mean I it doesn't even have you know a country

that that it calls home but it's obviously very dominant. But there's going to be other stable coins that come online guys. Like the banks aren't just going to sit back and let Circle or Tether take all of their profits. They're going to do their own stable coins. So this allows them to do that. Yes, it's not cipher punk, but hey, stable coins have a huge product market fit. um they bring a lot of value to a lot of people. So, uh who are we to to to kind of like judge from that angle? If you want a truly decentralized asset, you have ETH. Just use ETH. I know ETH is not like a stable coin. Like it's not comparable, but that's the trade-off, right? Like if you want something that's stable, like a US dollar peg stable coin, then uh the the the decentralized ones, I mean, there are some

decentralized ones out there, but generally they're quite small. uh because the centralized ones can just scale a lot more. But that again is uh the trade-off there. Uh third thing here, we had a bunch of these ETH treasury companies buying a lot more ETH. So So Shar Link Gaming bought I mean I said here 18,711 ETH, but they bought so much more than that. I think this was just on July 18th, but for the week they bought like 70,000 ETH, I think, for the week. And they also announced plans to raise an additional $5 billion to buy more ETH with, guys. Crazy. Um uh another Bitcoin mining company uh BTCT, which is their their ticker, has has pivoted from Bitcoin mining to ETH staking and and going to

become an ETH treasury company. Uh Gamesquare has raised another $70 million to buy ETH with. Uh Tom Lee's Bitine um now holds over 300,000 ETH, which is a billion worth of ETH. So they went from $250 million to a billion. And Tom Lee also said that he wants to own 5% of the ETH supply, which is crazy because like he has 0.25% 25% right now and you know he's in the race against all these other treasury companies to buy ETH to try to get the 5% of the ETH supply is going to be very very difficult is going to send the price like astronomically high if he tries to do that because all these other companies are also in competition with him. I'm sure Joseph Luben is not going to slow down with Sharp Link. I'm sure there's going to be more and more of

these companies coming online. So yeah, it's just it's very bullish, right guys? Um and then uh some key Ethereum figures from entities like the Enterprise Ethereum Alliance or EA and Etherealize and I think uh chain link representatives as well had met with the SEC crypto task force to educate them about Ethereum which is very cool to see as well. So yeah, bunch of really bullish things happened on that front there. Now um in terms of the ETFs, now this is another thing that I figured I would bring up because the ETH ETFs had their biggest week in history by far last week. The total flows for the week were $2.1 billion. That made the ETFs or or just Black Rockck's ETH ETF number five in flows for all ETFs in the US

over the past week. All ETFs, guys, not just crypto ETFs, all ETFs. And um and IBIT, which is uh Black Rockck's uh BTC ETF was number one. So just crazy numbers here, guys. But yeah, Black Rockck's ETF number five across all ETFs uh ETH ETF. That's uh crazy there. But in terms of like the totals, as I said, $2.1 billion of of ETH was purchased this week via the ETH ETFs. And now the price at 3,800 is above the price that it launched at. So I believe that I mentioned this last time, but the price that the ETH ETFs launched at back in um July of 2024, so a year ago now, was 3500. And since then, it's only been over 3500 briefly when we went to 4K,

but then most of the time it's been under that, but now we're above that again. So essentially all of the ETF tickers are now above the uh original price and above I think 4K is when they're above their all-time high price. So what do you think that's going to do to inflows guys? Like I know what it's going to do. I'm sure you guys know as well, but it's just another thing to be really uh really bullish about there. Now in terms of what this looks like from the supply demand angle, I put a tweet out where I said the net new ETH issued during last week and I was just counting Monday to Friday here. I wasn't counting the weekend. So from Monday to Friday last week, we issued 11,572 ETH, you know, give or take. Uh, and this was net issue. So this includes the

burn, which is about $41 million. Then the net inflows into the ETH ETFs for the last week or just for those five trading days was 672,000 ETH or $2.2 billion. Which means the ETH ETFs bought four 58 times more ETH than was net issued by the network during the week. And that's just the ETH ETFs. not including the treasury companies there and obviously all of the other net ETH buying that was going on given that there seems to be a lot of FOMO around ETH right now and this is why earlier I said let's stop kind of talking about the issuance even at the max issuance which we'll never get to but even at the max issuance max annual issuance of 1.51% guys that is nothing compared to

the amount of demand we now have for ETH as an asset that is completely offset completely offset and I you know I also put a tweet out I don't know if I've got it up Uh yeah, I I put a tweet out where I said that the total net ETH issuance since the merge has been 388,000 ETH. The ETH ETFs bought 406,000 ETH in just 2 days last week. So all of the net issued ETH again, including the burn and more since the merge was bought in the in two days worth of ETH ETF flows last week. And now you throw in the ETH treasuries and the ETH supply shock is real. And then I I followed this up by saying for those who aren't aware, the merge was almost 3 years ago now on se September 15th, 2022. So we erased we erased 3 years worth of net issuance

factoring in the BM in 2 days of ETF inflows, guys. If you were to include the treasury purchases in that, we would have done it in one day. So again, the issuance side of things is irrelevant because the issuance is so low. Like it's just it's so incredibly low, guys. It means nothing in the in the grand scheme of how much buying pressure there is. And again, I reiterate the point that this issuance is going to stakers. It is not going to miners who sell. It is not going directly to the market. It is going to stakers. The only portion of that that you can guarantee is eventually sold is the tax portion, which you could say, let's just say it's a flat, you know, 30%, right? So, you could say a flat 30% has to be sold for taxes. It's probably less than that, but

let's just say it's a flat 30% if you want to be really conservative. And then the rest of it, we don't know. We don't know what happens. Maybe it'll get reststed. I mean, I'm sure a lot of it will. You know, some of it will get sold, but it doesn't get sold all at once. There's different periods of when it's getting s. So, yeah, just just a crazy amount of stuff going on here, guys, that is very conductive, obviously, to a higher uh ETH price there. But, yeah, just some insane stat insane stats for you guys there. Last thing I wanted to talk about was this new report that the OEL collective wrote which uh was titled um Ethereum's trill trillion dollar catalyst, ETH as a productive treasury asset. So again, another one of these really good reports that cover Ethereum as a network and ETH

as an asset asset specifically. This is the third one that I've seen recently. There was obviously the one from Etherealize um the ETH digital oil one. There was one from Electric Capital which was all about how stable coins are going to drive demand for ETH. And now there's one here from uh the OEL collective uh which is all about how ETH is a productive treasury asset because OEL collective is responsible for building um uh uh staking infrastructure uh namely uh staking infrastructure that enables you to do things with distributed validators uh squad staking all that good stuff there. So you can go check out this report. I'll link it in the YouTube description below for you to do so. But I think that's going to be it for today. A nice short and sweet one.

There will be another episode of the daily gray this week. It won't be a refill. Of course, as I said at the start, it's going to be one with David Hoffman. I think it's going to be spicy, guys. Like, I actually do because I've said it in the Discord channel. I'm not going to sit there and just be agreeable. I'm not going to make it so that David is comfortable. I'm going to make him uncomfortable. I'm going to make him defend his positions with everything that he's got because he has pretty strong positions on things. And I hope he does the same to me. I have strong position positions on things, too. Um, but it's not going to be like a little kind of sugarcoated kind of babying each other thing. No, we're going to go pretty hard at it. And I've already kind of told him this. I want to

discuss this, you know, um without obviously getting mean at each other, but I I really want to get at the heart of all of this because he he mentioned the other day to me actually, and he won't mind me saying this cuz he said it publicly on Twitter, but he mentioned the other day to me, he's like, "It's all well and good that the ETH price is going up, uh but there is still obviously things with Ethereum that we need to improve." And I was like, "That's fine." Like, I totally agree with that. But then I I stopped myself from saying this to him, but I I basically kind of wanted him to tell me what those were. Like what's wrong with Ethereum according to David? Like what do we have to fix? What does he think is not getting enough focus, not getting enough attention? Uh but I figured I

would wait until the episode to do that because I want him to tell me what he thinks's wrong. And then I want to, you know, kind of go go at him and say, "Okay, well, here's why I agree with you or disagree with you." And then I think that's going to lead to a really productive conversation that people can get a lot of value out of. So look forward to that at the end of the week. But I think on that note, that's going to be it for 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 Discord channel, and I'll catch you all next time. Thanks everyone.