Sharding updates, GridPlus Lattice1 back in stock - The Daily Gwei Refuel #473 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of The Daily way refuel where he kept the latest news in the ethereum ecosystem I'm your host ianis Asana and has the 24th of October 2022. alright everyone let's get into it so apologies for missing last Friday's episode unfortunately had a headache and wasn't really feeling up to doing a refuel so I figured I'd give it a Miss um Just for future reference whenever that happens I'll send a um a message out in the Discord channel in the announcements Channel there and I'll tag everyone so if you're anointing the Discord Channel yet be sure to join there even if you don't want to participate and just mute everything um it's just there so you you basically know when there's not going to be an episode it's a rare thing but it does happen from time to time but anyway that

means that this episode there's a lot to go through it's basically Friday Saturday uh Sunday um and a little bit of oh I mean a little bit of Monday right it's uh it's Monday night for me so let's uh start off with a tweet from Brian Armstrong so this follows all the drama that happened last week and a bit over the weekend as well around SBF from from FTX and bankman freed and how he's been pushing this new uh this new bill uh this new kind of regulatory bill in the US uh and yeah we all know the story behind that now Brian came out with his tweeting where he said worth stating for the record D5 should be protected in any legislation that seeks to regulate centralized exchanges and custodians uh thanks to these two senators here for trying to get this right so this is

Senator uh Debbie stabe now uh hopefully I said that right uh and Senator John boosman here uh so they are apparently uh from what I can tell from this tweet trying to make sure that this legislation does not adversely impact defy does not bring any kind of negative externalities to defy which is which is obviously very very cool um you know I think coinbase has a colored history a check a very colored history and also I think there's varied opinions around what coinbase is and isn't within the crypto ecosystem I think over the past couple years I've grown to appreciate coinbase a lot more than I had in the past they definitely do I think a lot for crypto particularly in the background that you may not be

privy to and I don't think anyone can deny that Brian Armstrong is actually in crypto for the crypto Mission he's not in crypto just to make money he's not a profit maximalist like someone like SPF he actually believes in the mission and I think coinbase's actions over the past couple years especially have definitely um have definitely kind of uh uh approved that now there has been some mishaps along the way there was that thing with that chain Analysis company I think that they bought out or something um and there were you know that that was caught doing dodgy things and stuff like that there were some mishaps along the way but overall I think coinbase has been doing a lot of amazing stuff for this ecosystem so it's great to have someone like Brian on board I mean obviously he's the code founder and CEO

of coinbase but just generally having him on board is a very good signal for our ecosystem because someone like Brian has a lot of connections outside of crypto right he has a lot of access outside of crypto and we want someone like him talking to politicians not someone like SPF um and I think it's a great point for him saying you know D5 should be protected from any legislation that seeks to regulate centralized exchanges and custodians because the whole point of Defy is for it to be decentralized self-custodial uh very different to the C5 model of of custodial and I've gone through this on on the refuel before I think a long time ago I explained this whole thing but just to rehash this here the main difference when it really comes down to it between D5 and C5 is custody

and the reason why C5 platforms and and you know in Trad five banks and financial institutions are regulated so heavily is because they custody the assets right so when you have a non-custodial system where for example a fully decentralized non-custodial system like uni swap then what are you regulating right like you don't need to regulate anything because the entire system is decentralized there's no Central controller anyone putting money in is doing so on their own volition and they have the control over what happens with that money in that platform they are obviously aware or they they should be aware that once they put their money into a liquidity pool that that that um those assets are going to be used and traded with other people but it's not going to be essentially a controlled

thing and at any time they can pull their assets out and obviously given the way uni swap works it's never going to be the same as when they put the assets in right there'll be an imbalance depending on the price of the assets and things like that uh as opposed to when they first put it in um but yeah it's it's done non-custodial there's no Central like Hayden Adams from unisop is not in control of those assets right whereas with C5 as soon as you put any money into any cfare platform they have total 100 control over your assets and we've seen the Fallout of this recently right with uh Celsius for example as a big name one where people couldn't withdraw their funds because those funds did not belong to you anymore they belong to you in you know maybe I guess like on some form of

IOU or some form of contract or or some some terms you have with the exchange but in reality that you know that's not really worth much right and we look at uh something like mt gox there's been this whole process to make people uh kind of whole from that debacle it's been going on for a very long time now it's been like what AMT Goss collapsed in 2014 at 2022 and that still hasn't settled it has been eight years so far so even if you do get your money back eventually or get some of it back eventually it takes a long time right because it has to go through the entire legal process I mean it's it's a it's a mess right so instead of doing that instead of risking that for a little bit of yield like I never understood people

who would put their money on these centralized platforms put lots of money on there to get what five ten percent yield okay yeah that's a really great yield but what risk are you taking you're taking a hundred percent uh kind of total risk there 100 risk on your asset so if you put ten thousand dollars in and you're earning five ten percent a year right it's a year leave say you're earning ten percent a year cool you're you're like a thousand dollars and on on a ten thousand dollar um deposit that's awesome but you the risk is 100 of your your Capital right whereas obviously smart contracts aren't immune to this even if they're decentralized they can have bugs in them right they can be hacked and things like that but the risk in my mind is still lower than putting it in a C5 platform in terms of um and

it's not custodial risk right so you just got to weigh up the risk I always talk about risks but I think it always comes back to that but that is at the heart of why regulations uh exist for C5 and Trad fire is because of that custodial nature so in a non-custodial world what regulation and a decentralized world regulations would you even impose well you can't really impose much any that makes sense right because and that's why people are angry about these bills because a lot of it doesn't make sense as I explained last week there were Provisions in it originally or I don't know if they're still in it that would require every single trade that routes to unisop to be reported to some entity or something like that that doesn't make any sense right so because there's no one tracking that stuff I mean you're tracking it for

data analytics purposes but you're not trading or tracking it for anything else right there's no central body that tracks that there's no central body that does AML and kyc on uniswap because that just doesn't exist it doesn't make sense for it to exist right whereas with C5 obviously it does like you want to do care way so you want to know who's using your platform even though I'm I really think that uh kyc is is very um is very dangerous because it creates like a Honeypot of people's information but there are ways to do kyc that don't do that and we're progressing towards that with things like zero knowledge proofs as I've talked about before with the sismo project for example uh where you could have like a badge that basically proves who you say you are and then you you expose that badge to different

services to kyc uh like Bitcoin passports doing this as well there's a few Services doing this but it doesn't it means you don't give your data over to this massive kind of database that can be hacked and leaked and your information just gets shared everywhere I guess important point to to to uh to realize that but yeah anyway I'm going to leave that at that because there's a bunch of other things I want to get through but great to see Brian on our side uh here all right so there's actually a lot of core development updates to get through today which is awesome but I'm going to try and get through them as fast as I can so Tim baiko was uh in a little bit a little thread here and this thread date that this uh this week goes back to February of uh of this year where Trent

said just going to preempt everyone in six months dangshotting needs a different name that describes what it does come on people we can do this uh and then bantag replied actually like uh what is it a day ago saying people couldn't even uh invent a sticky name for nfts in three years it's hopeless but then Tim replies and says blobspace uh as the name as the meme for dank shotting and then he uh replied again to another person where he said the blobs will be dank once we only sample them rather than fully download each one which is referencing data availability sampling and then uh he goes you know this is the definition of full dank sharding relative to Erp 4844 now I wanna there's two things here I wanna focus on explaining the difference between Protank shutting full dank shining again using this the kind of

Meme and the meme itself so blob space is actually pretty funny because it you know block space already exists as a term we use it all the time everyone says it blob space basically references the space of of a block that is dedicated to blobs which is what Protank charting is right this blob type transaction where it expires after a month uh and then you you you have quite a cheaper uh core data storage for layer twos right you guys know this I've been to this a million times but in the context of of here of like the defining the difference between full dank sharding and Protank sharding well full dank sharding will have blobs but there will be uh sampling them rather than fully downloading each one which means that validators on the

network or people that want that data to verify it use what's called that availability sampling which from my understanding I'm hoping I'm getting getting this right because it gets quite technical here and this stuff is still like very much in research phase but uh what it means is that you can sample a portion of the data right like a portion of that and have guarantees I think I don't think the guarantee is 100 but it's like as close to 100 as you can get um that that data exists and why that's why it's called Data availability sampling because you're sampling a portion of the data to know if it's available and if you do that that means you can validate it you can attest to it you can do all the good stuff with it now that brings a much more scalable system because now it doesn't require

every validator to check everything uh to check the entire data it only requires a sample of it to be checked right um and and that's why with Protank charting it expires after a month because storing that for too long would put more requirements on full nodes sorry Hardware requirements on full nodes and we get less full nodes and it would compromise on the decentralization of ethereum well that's that's a lot there hopefully you can ingest it but I think if you were to look into this more the things to Google would be data availability sampling ethereum like just Google that term um and then obviously go to the eip4844.com website uh and then search dank shining as well and come up with the results those things will give you a better explainers I guess a more detailed explainers than what I can but

the reason why full dank shining is going to take a while is because of that data availability sampling thing which is quite uh yeah it's not an easy thing to do no one's kind of if you get it out so to speak but there are different implementation or different I guess like ideas of what implementations could look like but it's all trade-offs again I mean everything's trade-offs right but it's all trade-offs again and that's what we're kind of looking at so yeah you can go Google those terms to get more information about that next court of element update or at least the commentary on something here so massari put out a tweet about the ofax censorship and about the Mev boost uh blocks being censored and and ofak compliant validates and all that sorts of stuff where they said ethereum validators have increasingly chosen to

use ofat compliant relays the number of opaque complying validators has increased to 52 presenting incredible threat to ethereum's neutrality and sensitive resistance but then Tony here who's been who I've mentioned on the refill before he's been working on uh analytics throughout Mev quote tweeted this and said it's not the validators many validators using Mev boost will propose will propose an uncensored block as long as it outbreaks the sensored block this is important not to mix up and this is exactly what I've been talking about as well where I said that a relay is not a validator a relay is a block Builder it does not validate anything it sends the block the um the bundles and the blocks that sorry it sends the Vlogs that it builds to validators but it is not a validator and this was important in the context of

attestation level censorship because a relay cannot attest to blocks because it is not a validator right and to Tony's Point here where he says many validators using Mev boost would propose an uncensored block as long as it outbids the censor block at the end of the day guys the validators themselves the reason why they're using flashbots is because it's more profitable for them to use flashbots instead of one of the other relays most of them or if not all of them probably don't give a about censoring anything right they don't even care about the ofak sanctions but they're just going with what's most profitable and that's actually a double-edged sword they don't care about it in either sense they don't care if they're censoring or not censoring to them it doesn't make a difference All That Matters to them is the profit and that is what we're designing the I guess

um Mev sorry censorship resistant techniques 4 is those validate validators in general being profit Maximus we can't as I've said before we can't expect most validators to not be profit maximums I expect most to be that but it's on us to build better resilient systems better censorship resistance systems to live in that world because we don't live in the fully altruistic World we're 100 of stakers will only be will be happy with the um the block rewards uh and the proposal Awards and the sync committee rewards and the normal fear of a new no that's not going to happen especially when the yield can go up so much for and and potential rewards go up so much from Mev related stuff now how do we fix that well all the things I mentioned before PBS CR lists bringing

uh you know eliminating as much mov as possible all that sort of stuff goes a long way to fixing these issues of censorship but the point needs to be made a lot on this I think that validators themselves most of them or if not all of them do not give a about any of this right and at the same time the only reason why so many blocks are quote unquote send the oh fat compliant is because of that one relay because of flashbots without Flash without the flashbot's relay and if everyone was just using an uncensored Relay For example uh it would be zero percent the validators wouldn't be censoring on their own uh at least I I I I I think over 90 of them wouldn't be censoring on their own because we've already seen that in the US right or even the biggest

most regulated entities such as coinbase are not you you know are not censoring at the validator level like they've got their validators right they could be using Mev boost relays or not but at the validated level they're not censoring they're not censoring for inclusion and they're not censoring for attestation uh I mean inclusion's a bit harder to track but as far as we know they're not doing it I haven't seen any evidence of them doing this so really it just comes down to which parties want to censor or want to over comply in order to protect themselves and which ones don't but the fixia is not to ask that question at all not to even think about that the fix is to make it impossible for people to censor and or to make it extremely hard or unprofitable for that to happen and all those solutions that are being

worked on are working towards that goal so yeah that's uh enough on that one I've spoken about that a lot lately and next up we have some updates of the ultrasound money website so Alex here who works on the ultrasound money website put out a tweet saying whatever number of iterations you think we make on widgets before we release them it's more new version of ultrasound money is now live so you reorder of the widgets on the website streaks updated for new deflationary block methodology and added time frames for gas widgets so it's been pretty exciting to be on ultrasound money website lately because of those higher gas prices leading to a almost deflationary eth since merge so we got to I think point plus 0.01 since merge and you can see it's come down a lot

right here over the last 30 days I believe we're still net deflation here which is very cool uh and the supply chain I mean this is insane we've only issued net issued you know including the burn 2100 East since the merge which happened 39 days ago under proof of work that would have been 400 166 000 eth guys like that's just absolutely insane and you know I've said it before and I'll say it again this is going to play out eventually in the price like I I'm not going to guarantee that obviously but I strongly believe it will and there's no guarantees but you know it all logically makes sense to me anyway let's check out some of these updates so one of the updates is this thing here where you can actually uh have a um a a variable time frame here on the ultrasound barrier so the

ultrasound barrier as you guys know is that barrier that the gas price needs to be at for eth to be deflationary per for us to be burning more Ethan we're issuing per uh per slot yeah per block and you can actually change the time frame up here so I can go to 30 to add seven days and then I can go to 30 days and one day and whatever and you can see it on my screen so everything in Orange is ultrasound everything in blue is not ultrasound so over the last 30 days it's been pretty good and look how high we went uh like on the uh above the ultrasound barrier and we don't go very much below it which is very very cool I mean we're at 11 gray right now the barrier is 15.4 gray I mean that's not very low and that I mean and we're still

burning heat even if we're under that barrier which I think is is obviously very important as well but yeah guys like this website ultrasound money has become just such an amazing resource I mean I remember when we were tracking these sorts of things uh all these sorts of things like it's not just the burn but it's got everything to do with um with eth as an asset it's uh issuance comparing it to different things I remember this was all completely scattered around then we got the ultrasound money meme then Justin Drake said like let's build the website and got a team together and they built it and they've got the bat signal I mean it really has come such a an amazingly long way uh and I I love this website I visit it like probably every day at this point because I like uh keeping um track of

the supply chain since merge I want to see this get to like zero percent since merge uh because I just think that would be a cool Milestone uh but yeah anyway uh kudos to to uh to the ultrasound Money Team for putting out these updates are very cool to see that uh next up here is a great thread which I'm not going to read but you can go read uh from Proto Lambda discussing the blob terminology that I was talking about before but he doesn't just discuss that he goes through a whole history of sharding on ethereum now for those of you who don't know the history this is the thread to read honestly I haven't learned some stuff from this and I know the history so you should go give this thread a read I'll link it in the YouTube description below but I highly

recommend it definitely if you want to learn the history of sharding um and uh speaking of our Mev sensitive resistance all that good stuff there marry us from the guest team put together a blog post on ethereum's biggest issue that no one's talking about with regards to Mev PBS like clients private or and private order flow this is a short blog post but I definitely recommend giving it a read to get further context around Mev and censorship resistance and how this difference was differences between public auto flow and private order flow and how that affects all of that I'll link this in YouTube description below for you to give a read uh Barnaby here from the robust incentives group at the ethereum foundation announced that uh on the 21st so three days ago now the

launch of rig open problems which is uh abbreviated as rops a collection of problem prompts that they're looking to solve with anyone who wants to tackle them so they being the robust incentive group uh the prompts come with some questions to answer but could lead to more open-ended Explorations and you can check out this resource here for some of the questions and if you want to get involved here this is a pretty good place to I guess be and get involved with if you're interested in ethereum research problems and some of the deepest problems some of the deepest research within ethereum so I definitely recommend checking this out if that sounds like something you want to uh you want to do I'll link this in the YouTube description below for you to check out all right we have an update here from the rated.network website so they've

basically overhauled their entire website from what I can see if I go to the uh the page here yeah so they've overhauled the entire website here on raider.network which I've shown before which basically tracks all the different staking services and stats around them and it looks much better now I think I love the the the the um the view here you can see here uh the staking entities such as Lido coinbase Kraken binance and then you can see the network penetration uh the consensus client distribution so it's looking pretty healthy there right and then you can also see block space distribution which is really cool so you can see which uh which um relays are they're talking to and if you know how much vanilla blocks there they're proposing so let's take Lido for example you can

see here 47 of lados blocks are going through flashbots right uh block space is distributed through flashbots whereas 35 is vanilla blocks which means they're just vanilla validators and then you have a few you more relays here as well like blocks route manifold block native and Eden and then as I said before uh coinbase isn't actually using any Mev boost relay uh right now as far as we can tell and that's that this kind of like vanilla blocks at 100 here under coinbase so that's what I was um talking about before where I said we can't be certain that uh coinbase isn't censoring uh anything on their end with their validators but we can be certain that they're not actually pushing anything through uh any censoring Mev relays at least right now that could be in the

future whereas other exchanges are such or other you know exchanges that are running staking services such as Kraken and binance ah so kraken's 43 flashbots uh Binet is 52 but uh Kraken has over half of their blocks going through vanilla blocks and binance at about 43 but anyway uh you should go check out this resource it's really great uh this is just one thing that they're tracking they're also tracking the uh things like uh deposit addresses here so you can see uh which deposit addresses are the the leading ones and their Network penetration and consensus client distribution and block space distribution and then you and then there'll be more stuff here that's being teased on the left that's grayed out right now uh to track or uh to track a bunch of different things around the

ethereum beacon chain so definitely go check that out and check out the blog post uh for uh more detailed explanation of that all right that's all for core Dev updates on to some uh onto a layer 2 update from arbitrim so arbitrim announced that binance us now supports deposits and withdrawals from the arbitrim1 network this is really cool because the US users can't actually use a vanilla binance uh they barred them quite a while ago but they also spun up binance us because uh you know they obviously don't want to lose that market share so now if you are an arbitrim1 user and you want to be able to bridge in and out of it without going through ethereum layer 1 or through a mainnet you can now do that with the binance US exchange so very cool to see this

congrats to arbitrimp on Landing this it's going to lead to more growth for arbitrim I bet all right so if you've been waiting for a while for the grid plus lattice ones to come back in stock well they've been fully restocked it's restocked and now you can go get one at gridplus.io now for those of you don't know what the lattice one is it is a hardware wallet but it's not your usual Hardware wall it is the best hardware wallet in the game and no I am not paid to say that the reason why it is the best is because the amount of security that I've packed into this thing is absolutely insane it I mean Ledger is like a small little device which is fine right I mean I I've used Ledger in the past it's totally fine there's nothing wrong with that but

the grid plus lattice one goes to the next level it definitely uh gives you much more to play with it's got this concept of a safe card where you can have these cards which act as like a backup and act as a way to to uh kind of like uh uh not just back up or like use different grid pluses with that card uh use different ladder spawns with that card I should say uh it's also got uh it's also a much bigger device with a full-fledged screen here full-fledged touch screen but you can see uh it shows things like the entire detailed serum transaction so there's no need for you to Blind sign like you do on a ledger device because you've only got that small screen there and so many other features here that I would be talking about this for ages if I kept going on

about it and I've already chilled enough here so I'm not going to continue but yeah if you are looking for a lattice one you should definitely go check it out they're now restocked you can now add them to the cart buy it do all that good stuff I'll leave a link in the YouTube description for you to do so all right so Johnny from element Finance is uh Ed teased over the weekend what they're currently focusing on so they're focusing on something called hyperdrive with a real name of that pending uh Council protocol which is governance 3.0 for element finance and decentralized front end uh a decentralized front end and that's a code name pending so there's a brief explanation of what what each of these things are in this thread uh which I'll link in the YouTube description below of course but essentially uh what hyperdrive is is

that it's a code name for their new amm research featuring no terms for LPS just set and forget it profitable LPN without perverse incentives ability to short slash long fixed rates and the greatest SDK ever the council protocol self-explanatory it's the new governance framework and a decentralized front end again it's self-explanatory but as Johnny says yeah we're in the earliest development stages of a new type of decentralized front end that can provide a rich user experience without a back-end server the plan is to give this to the community so we can all work to improve it together in more details soon so a lot of really cool things being cooked up at element Finance I'll link the thread in the YouTube description for you to check out below and now moving on to an update from empiric so they just published a new educational guide explaining smart

contract events on starknet and how to leverage them to trustlessly verify uh empiric's data feed so for those of you who don't know uh emperic is trying to bring decentralized and composable data to the stock net ecosystem in plain terms that means things like oracles right they're building oracles to get outside external data bring it into a stark net ecosystem for default projects to take advantage of uh and and yeah they're they're a newer protocol uh they're definitely building a lot of really cool stuff and you should definitely check out their educational guide explaining things here more probably on the developer side of things but if you're interested in this sort of stuff you can check it out I'll link it in the YouTube description below next up here we have a thread from Seb uh from zapify so Seb said Zappa will be

taking more and more of a social spin with time partially inspired by firecast star wanted to share my thoughts on how I think web3 social will look like and of course I'll link this thread for you to check out I wanted to make a few comments about this so I got access to farcasta over the weekend it's basically an ethereum based decentralized alternative to Twitter it works really well like I've only put one like cast I think they call them casts out um on there so far just said hello world but there is a pretty vibrant ecosystem on there already it is still invite only so I guess like that's why the picosystem is pretty vibrant and and pretty chill because it's not just like a free-for-all but I think that between far car star and lens and a bunch of other things that are being worked on in

the in the decentralized social media space I think we're actually going to get to a point where we get something that can actually compete with Twitter I've said it before and I'll say it again the the power of Twitter is the network right the network the social graph but what happens when we collapse that to the point where the social graph can be taken with you anywhere to any front end to any service like you don't have to lose your social graph if you change services I think that's incredibly powerful now obviously is there going to be your top interoperability between far caster and lens I don't know maybe there will be maybe they won't be but if it's all based on an ethereum wallet for example an ethereum address then the services themselves don't have to do anything else they can just pull data from and

pull the social graph from the ethereum address and store that all on on chain right and then the user can Port that between different social experiences whether that be a forecaster or a lens or even a zapper right for example so I think we're going to get to a point I've been skeptical of decentralized social media in the past but I'm starting to see it come together I definitely am I'm starting to see more people get excited about it too which is always good and as I said those switching costs are the main barrier to entry but once we are in those out and once we make it so that people are I guess incentivized to switch it's a better experience I think we're going to get there I I do think so I I had more faith than ever that we're going to get there than I've ever had

before that we're going to get there but still going to be a while away obviously we still need to scale and things like that and to make something fully fully decentralized there would need to be a dowel attached all that sort of stuff right uh it's not going to happen anytime soon but I'm seeing the Pieces come together that's for sure but yeah definitely give seb's threat a thread a read here I'll link it in the YouTube description below oh and finally here we have something from socket today so they've been oh not today a couple days ago they've introduced something called socketscan.io which is the first multi-chain explorer that for those of you who those of you who don't know what socket is it's basically a platform to power truly multi-chain apps so they have a bridge protocol uh sorry they have a protocol which Aggregates all the

bridges uh from things like a cross bridge to hyphen bridge to hop bridge to sell all the bridges right they aggregate that and now using the socket Explorer you can you can basically explore all of these Bridge transactions by searching the transaction so as it says here track all your Bridge transactions across ethereum B and B chain polygon Avalanche nurses chain Phantom optimism arbitrine and Aurora and any future networks that socket decides to uh to support yeah so very cool to see this I think this is obviously going to be very good for users a lot of users uh tend to kind of go into supports of the telegram but like you know where's my money I don't know where it's gone because I can't actually see it once it's in the bridge they haven't got visibility over it well this is going towards uh fixing that or at

least rectifying that and preventing a lot of those you know where's my money questions ending up in the in a Discord channel so so yeah but anyway I think that's it so got through it all in 30 minutes I lost my voice almost there uh but kind of um uh just uh fires of information but as usual everything's Linked In the YouTube description for you to go check out but that's going to be it for today 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 the newsletter to join the Discord Channel and I'll catch you all tomorrow thanks everyone [Music]