SHIB madness, Ultra Scalable Ethereum and more - The Daily Gwei Refuel #240 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the daily gray refuel where recap the latest news in ethereum ecosystem i'm your host anthony sosano and today's the 28th of october 2021 all right everyone let's get into it so before we get into the news over the last 24 hours i just did want to give a shout out here that on saturday morning australian eastern standard time and friday evening kind of like us time here i'm going to be doing a uh kind of like show called agora tv in the olympus dao discord channel so if you click on the invite here which will be linked in the youtube description you can join the olympus discord channel um and kind of like get ready for that so we'll be talking about ethereum the merge layer twos and more so obviously i'll be taking questions from the audience as

well so if you're interested in asking me some questions there be sure to attend it i'm looking forward to this i always love doing these things love answering questions love educating of course so definitely go uh check this out it'll be linked in the youtube description all right i don't do these often um i've been doing a little bit of doing these a little bit more often than usual lately but i've got to talk about the markets a bit here because i have well there was some discussion in the discord channel today around like obviously shib the dog token going absolutely insane over the last few weeks i wrote about in the newsletter actually as well i think was yesterday or the day before where i basically said um you know this this sort of stuff's got kind of a net positive for eighth because it's like burning eighth right

now and it brings in new users and things like that but i guess like just the market dynamics of it i think people right now are worried you know last time this happened when one of these dog tokens went crazy was dogecoin right and that happened in may and then dogecoin kind of like obviously topped and dumped and then the rest of the market went with it a few weeks later and usually when you look at these things you look at these kind of like irrational pumps in in different markets you kind of think to yourself well um you know it just means that this is kind of like late stage stuff in a market cycle there's there's lots of retail investors coming in they're buying into this stuff just indiscriminately and it can't go up forever so inevitably the whole market's going to come down

i don't think that's going to happen obviously i don't have a crystal ball i don't know what's going to happen but i think right now is very very different to what happened back in may in may ethan btc had been in price discovery for a while like btc i can't remember i think it was november uh pretty sure it was november maybe even october um btc had bro broke past its old all-time high of 20 000 and had been pumping like crazy up to what was it 64k or something like that um and then it kind of like had been going a little bit sideways uh for i think um about a month maybe a month or two from there into into may and june and eth had also broken through its all-time high in january and had kind of like done gone into price discovery as

well all the way up to 4 400 and then obviously we had the big crash in the last six months it's been sideways uh that is very different to what's happened now ethan btc aren't in price discovery they've both kind of like gone to their old old all-time highs uh he touched it barely as you can see here on the chart 8th kind of like touched it at about 43.70 75 and btc kind of like went a bit past it up to like i think 67 68k because of the etf hype but but they came back down and they haven't been in price discovery for months at this point so we're not uh you know if you kind of like look at market cycles and look at how they've played out in the past we're not in the kind of like end stage of a cycle if btc and ether

had been going up for a while in price discovery and you know it was kind of like well we have to calm down at some point and these other things were pumping like the random dog tokens then they'd probably be caused for more concern but right now you know eth is sitting in this range between seems 4 000. and four thousand four hundred dollars or not even four thousand four hundred i say four thousand to four thousand three hundred kind of range it just keeps ping-ponging through this i mean this is only the hourly chart uh but you can kind of see we've been doing this since the 21st of october so it hasn't been that long it's been like uh you know what what's today the 28th it's been been been only a week since it's been doing this or if we if you go back here

and this is kind of the same thing but just generally i mean even back to the back to here it's kind of like been trending up but ping-ponging right but if we i mean i'll switch to the daily chart here oh that's a two-day chart especially the daily chart here so i can kind of like illustrate what i mean by this so when all these dog coins and stuff were pumping um during kind of like may or kind of it wasn't just like dogecoin was a bunch of other things as well um some some other silly tokens we had kind of come up and you can see on the screen here we've kind of broken through all-time high in january on 8th like you can see i'll just zoom in in january and then we've got we've gone up and up and up up up up into price

discovery way past the old all-time high all the way up to 4 400 ish here and then we came down obvious of a crash now what's happened over the last kind of like six months since then is that we've we've kind of like consolidated down here um a lot of people got to kind of like sell off if they wanted to here a lot of people got to buy in cheap 8 down here we went to 1700 after after being at 4 400. so a lot of people scooped up and then and then um at the late july early august we started going up again and then we've just gone back into another range here you can you can even kind of like say that we've been ranging or basically going sideways since like august essentially where we've gone up but we've come back down we've gone up

again and now we seem to be wanting to trend up more here but you can see like the stark difference between the two right like you had eighth pretty much in a bull market from like march 2020 like pretty much i mean mostly up only there were some some parts where it kind of like came down a little bit and kind of like went back up shortly after but it was basically like a huge bull market i mean from the bottom of march 2020 to where it topped out at 4 400 that was like a a almost a 5 000 in a gain we haven't gained anything from the last uh from the last all-time high high here but if you take from the bottom kind of like the local bottom here and go up here we've gained what a hundred and something percent 140 percent nowhere

near the same magnitude and i don't expect another five thousand percent gain from from from either anytime soon from that from that low that would be like a a massive amount of i mean that would be like a 50k plus obviously that's going to happen eventually um in the in the distant future but not now so from that point of view um you know not to kind of like get too into the weeds here i just don't think we're in the same stage of a market cycle now on to i guess like ship and why ship has gone up in value i mean look if you've been in this ecosystem for a while you'll know that retail investors i mean any new investor from to this space retailer otherwise find it very hard to discern between different things and a lot of them really just come for the money they just

want to gamble they just want to throw a few hundred dollars at things and they just want to kind of like hit a kind of like a lottery ticket and they just don't have kind of like any knowledge of the crypto ecosystem and they don't even care to learn now in shibb's case the total supply of ship is one quadrillion yes one quadrillion not trillion quadrillion which means its unit price is extremely low even at a 40 billion dollar market cap its units price is like 0.00008 i think it was um which is obviously not even nowhere near a cent um and people were kind of like meaning saying oh you know shib's gonna go to a dollar i mean if she went to a dollar its market cap um would be one quadrillion dollars but because half of the token supply has

actually been burned it would be like 500 trillion dollars still absolutely ridiculous right so from that point of view that's never happening but the thing is is that the narrative is there right the narrative of like oh my god like shib's going to go to a dollar let's keep buying it all these retail floods in it's really easily accessible on places like coinbase um it's also got like a lot of liquidity uh because of that as well it's it had like a mania around it because it's like a dog dog coin a lot of people who missed out on dogs you're like i'm not gonna miss out on the next dog coin so they buy shib it you know it's just like this classic retail new to crypto coin that people love to buy and of course it's not just them buying it it's the traders who see

all this demand coming in and look at the chart and like holy like i need to jump on this train and they actually did jump on it in a big way they sucked the value out of ethan btc over the last few days which is hilarious because it's kind of like this random dog coin is affecting the wider crypto markets and it's the same thing that happened with doge as well mind you so i think there's that aspect to it and there's also the kind of like uh meme aspect to it as well where you know dog dog memes in general like just dogs in general like very easy to mean very easy for people to relate to everyone loves dogs right or at least most people do this is very easy people to relate to so all that together kind of brings together like a shelling point for

people to speculate and they all speculated on this thing like i know people that put in like a hundred dollars into shib and was like oh if this goes to a dollar i'm gonna be able to retire and they actually truly believe that this wasn't like them memeing or joking they truly believe that they're truly like well you know bitcoin was worth nothing one to one day and now it's worth like sixty thousand dollars so you know shibs worth nothing right now so ship can easily go to a dollar it's just it it's it's the unit buys they don't understand market cap it's like very foreign to them and that's what kind of pushes this up so i you know i know people kind of like see this and they're like this is ridiculous this is stupid this makes the market look like i look like a joke but

really this is just the way humans have always been we've just made it really easy for them to access assets like this and to speculate like this if you think about just generally casinos and gambling it's a massive industry and that's exactly what this is they're not betting on a fund a fundamental tech they're not betting on a road map they're not betting on anything they're literally placing uh uh placing a monetary bet on something that i know is gambling that i know is essentially a lottery ticket and they're just doing it because they're like well i've only put 100 into it who cares if i lose 100 it's not a big deal um and that and you know you multiply that mentality by millions and millions of people that's a lot of money and then as i said you have like the the traders and the whales that

come in and you know ride the wave up and suck money out now do i expect shib to be have any long-term lasting value no i don't right uh i i really don't and may you know maybe they proved me wrong and they kind of like for some reason develop their own ecosystem and do some things i i heard people saying that oh they're gonna have a decentralized exchange all this other stuff i mean i don't know i don't i don't buy it right but but you know these things can persist um based on like memes and marketing and kind of like people just holding these things because they're like oh well and i only put 100 into it i'm just going to let it ride i don't really care you know maybe one day it'll be worth like a million dollars maybe worth zero whatever

and then there's all the stories of people who actually made a lot of money by buying ship like really really early on when it had like a less than a million dollar market cap and you know they made hundreds of millions of dollars but most people wouldn't have done that most people would have sold like even for like a five or a 10x from where they bought in so all that comes together to basically have this effect on on on the wider market so i guess to answer the person's questions today in the discord channel or the general sentiment i don't believe shib you know if it crashes really hard from here i don't believe it's going to tear the rest of the market down with it i actually believe that a lot of that money is going to find its way into eth and other assets because

um not so much probably the the retail money that went into it but more so the trader money they love rotating between things they're not just gonna go back to cash and be like well i'm gonna go to cash because uh i feel like the market's too hot right now it's not like ethan btc aren't hot they haven't been in price discovery for a long time so what people are gonna do is they're going to allocate to these things to basically rotate and ride the next wave up and this is exactly how markets work and that's why markets work in cycles over the short term long term like short to medium term the traders and kind of like um people chasing trends and momentum they kind of like rule the markets and you see that play out with pretty much every asset but over the long term it's the

investors that rule the markets they do the fundamental based investing they uh kind of like hold things for the long term and they kind of like set a price floor and keep bidding it up as time goes on but short to medium term forget it fundamentals don't play out on those time frames like as much as i'd love for them to do so they don't markets are way too inefficient especially the crypto market which is the most inefficient market in the world like there is no way to value any of this stuff really you can do naive valuations like pe ratios and you can do other valuations on on crypto assets like ethan and try to value it but it's it's it doesn't fit like for example doing a pe ratio on a deferred protocol well you miss a lot of context around that defy token because

yeah okay there's a there's there's um price to earnings is pe and price to sales but then you know does the protocol have like a locking mechanism like something like what curve has or like a bribing mechanism does uh it burn its own kind of like tokens like all that coming together you have to consider that and then you have to consider the premium for being a crypto asset the you know maybe it accrues some sort of monetary premium as well there's so much that goes into this sort of stuff i don't expect the crypto markets to have any kind of like widely agreed upon valuation framework for a very long time and i don't expect these kind of like meme pumps to stop for a very long time as well so that's just my general view there i'm gonna i'm gonna move on because i spent

about 10 minutes on this now but essentially yeah i don't expect um the market to go down from here i don't expect the bull market to to kind of like end i expect btc and eth to go back into price discovery relatively soon i think right now we're just trying to consolidate around here and you know whenever btc and eve consolidate other things tend to pump because people are chasing uh uh gains and chasing volatility but uh you know i think that that is kind of like coming to an end and btc and ether definitely gonna are gonna run probably in november december q4 is usually pretty good for btc and if q1 is especially good for eth but generally um i just don't think that we're going to nuke from here even if like if ship kind of like cools down and stops pumping

i really don't think that's going to affect the rest of the market in a negative way over like the next few weeks couple months maybe it does over a couple of days like the really short term is kind of like hard to tell but um i'm i'm expecting eth to kind of like go back into price discovery very very soon all right uh i'll actually on a related note um because of the shipmania uni swap today um had generated over 13 times more fee revenue than the entire bitcoin network and that means it generated almost 10 million dollars in fees now this isn't gas fees this is uh protocol fees or i guess fees that go to liquidity providers so every unisop trade um is is either a 0.3 percent or uh i mean there's three different fee tiers in v3 but i i think it's point

three percent point one percent of 0.05 percent maybe i don't actually i don't actually know for sure there i've forgotten but every uni swap trade incurs a fee and that's where you're seeing kind of like the fees are crew here um and and of course ethereum um benefited from it too but ethereum had 67 million dollars worth of fees this is gas fees this isn't uh well i mean ethereum protocol fees are gas fees so this this is gas fees but you know if you're benefited from this as well that's an insane amount of fear revenue i mean even if you look at the amount of heat that was burned sixteen thousand two hundred and two eighth was burned over the last 24 hours which is 67 million dollars worth of eath that is gone forever like whenever i say burn some people ask is like is this gone

forever is this deleted like where's it gone it's gone it's completely removed it's never coming back unless okay i shouldn't say it's never coming back because the protocol is because if people wanted to they could band together and basically say let's uh let's um uh issue all this new eth that was burned um and then you know go on our merry way that's not going to happen right that's pretty much impossible but i don't like using the term like never going to happen like when bitcoin is say oh the 21 million cap is never going to be changed i mean it can be changed right this is all social consensus but outside of that yeah i mean this is a this is a lot of eighth in one day in the last 24 hours and you know the total eighth burned right now if i look over

at my ipad 655 000 each billions of dollars just burned so all as i said when i was talking about the ship stuff it's a net positive for ethereum because we're burning each at the same time these things aren't just like free riding on the ethereum network anymore they're paying their kind of like jews to all eath holders in burnt eath which i just think is is really really awesome um and on that note uh over the last 24 hours as well we burned more uh ethan was issued by both the proof-of-work a eth1 network and the proof-of-stake e-2 network this is the first time this has happened since live as well and this is ultrasound money so we had our first ultrasound day where issuance for the entire day was net negative inc

inclusive of proof of work issuance and proof of stake issuance which proven work issuance is about four point five percent right now yearly uh proof of stake i think is zero point six zero point seven percent i probably probably uh i think zero point six percent yearly um so obviously you get to five point one percent so we burned more than that uh over the last day which is absolutely amazing and obviously post merge we're only going to have to worry about the 0.6 maybe it's higher by the time the merge comes around let's say it's like 0.70.8 percent we're only going to have to worry about that and if we have the same kind like fear revenue which there's no reason why we shouldn't uh and you know unless the market like turns down completely we go into like a really brutal bear market uh is going to

be net deflationary every single day every day and by a wide kind of like amount as well so absolutely crazy there uh a lot of eth being burned and i just love seeing it i love knowing that like all this kind of stuff's going on in each layer one and kind of like thinking to myself well this is actually not good for ethereum yes i know the fees at layer one not neck good for end users but as i've mentioned before layer two is for end users um uh but like you know and the kind of like layer one is never really gonna get much cheaper so so yeah really really cool to see that uh we had our first ultrasound day so m stable a project that i'm still involved with i haven't spoken about in a little while i've been working on some

stuff behind the scenes but just a disclosure i'm an advisor and investor in m stable but their tbl has exploded recently so it has surpassed 150 million us dollars over the last few days which is 100 growth from last week um the musd supply now exceeds 118 million um save apy which is basically their yield generating mechanism for stable coins it continues to outperform the competition and the protocol fees are being used to buy back mta as well with more exciting things coming as i said they are working on some stuff in the background which i'm pretty excited about and you know m stable is basically i think it's considered right now a d5 1.0 protocol kind of quote unquote there but they've been grinding they've been building through kind of like the trail of disillusionment which which a lot of

d5 has gone through and they're coming out with some really cool products very soon they're coming out with some really cool things um pretty soon and i wrote about this in the delegate newsletter today around risk within d5 protocols and how there's a lot of d5 protocols that are newer that will offer you like these really high yields or or whatever but like they're really new and they're much riskier than the older ones because i mean it's newer code they've got newer mechanisms it could be exploited it could be exploited uh both sorry at the at the contract level or kind of like as an economic exploit so if you like for me if you know um a stable coin yield farming i do it through m stable uh because of the fact that it's like i mean obviously i want to support the team that i'm involved with but also

it's it's much safer because of the fact that it's using battle tested protocols um to generate the yields um and i know they're not doing any kind of like degen stuff to kind of juice the yields they're just doing it in a very kind of like pragmatic way so definitely check out check them out if you've got some stable coins lying idle and you want to generate some some safe yield on them i i definitely uh recommend m stable as i said though i'm heavily involved with it with their ecosystem as being an advisor and investor but that's because i love the product that they're building so ryan berkman's had a really great thread today about kind of like i guess uh be sorry i should say uh what's the term i'm looking for kind of advising caution around bad eth-staking providers so he

basically says here beware bad eats taking providers after the merge each stakers are entitled to block rewards tips and mev however it seems that some providers may be planning to keep a hundred percent of the chips at mev for themselves which if true is some trad fly what's a good provider question mark and then he goes into the thread and goes through this i highly suggest reading this thread but essentially and and what's very important to realize about this is that as i've said before once the merge happens all the unburnt fear revenue which is the tips so um there's obviously the base fee and then the tips as part of erp1559 all the unburnt fear revenue s tips block rewards and mev are going to be going to stakers but if you're staking with a service provider that isn't kind of like um taking in

those that mav and those tips and passing them on to you as a staker or like staking with them then that is really bad and it doesn't really it doesn't really make any sense that's really bad for the end user and you should not be staking with that that provider um and if and at the same time though there was a good comment here from uh from from roman who said you know it's a free market providers with higher yield will get all the stakes and i mean i agree with that as well where essentially if it gets called out publicly that one of the staking server providers or multiple of them are not paying out the kind of like tips and mav to their um kind of like to their users that are staking with them someone else is going to just eat that steak

especially because um you know after the merge like a few months after the merch there'll be withdrawals enabled people will just be able to fluidly kind of like move their stake uh from one provider to another while you know in that case they're going to lose business so i i think that there may be some that do this maybe the more hostile kind of like providers maybe the ones that think that their users aren't going to notice this because to be honest i actually think like there's going to be a lot of people staking that just don't pay much attention they're just going to buy aethers like a risk-free internet bond sort of thing if it kind of like goes into the trad fi system but still as a community we should call this out we should kind of like pay attention to it and we should make sure that

people are aware that they're entitled to not only the block rewards but the unburnt fear of new aka tips or and also the mev so go read this thread it was really great it kind of explains it in more detail for you so gipta gupta here from uh sushi swap put out a tweet thread about how the cream finance kind of like hack or exploit happen so for those of you who don't know cream finance was exploited yesterday for over a hundred million dollars worth of uh with funds um this is i think this is like the second or third exploit for cream they really have not had a good shake of it uh the last few months and this is kind of like what i wrote about in my newsletter today where i basically said there's a reason why um

more of the kind of like eth ogs only use the battle tested and long-standing protocols like maker uni swap compound a curve stuff like that because these newer default protocols are much much riskier and they oh and and also you just don't know uh kind of like um not only if they've got a bug in it but like how good the team is and how like how good the team is catching these sorts of things or developing these sorts of things so from that point of view um you know this this hack is obviously crappy for people who are using cream but at the same time like we really need to do a better job of kind of like telling users well you know these protocols are newer they're they're kind of like not as big um they definitely uh are an easier target than

than kind of like some of the older protocols out there yes you may be able to generate some more yield or some kind of like more gains but you're kind of like paying for that in much more increased risk risk i should say so in this thread mudit basically uh goes through you know how the exploit happened it actually happened like i'll link this through in the youtube description you can go check it out but basically what happened is that there was a massive uh i guess like flash loan i think it was a flashlight of up to a billion dollars that that kind of like was was used to do all of this to exploit 100 million out of curve and you can read all about it here um but you know really it's just insane kind of like what what what kind of happens here

with these kind of like exploits where essentially to exploit something like this and to do something like this um especially i i from my understanding the bug was present in the code for quite a while you need to be really really smart and you need to be kind of like as smart as the people building it or even smarter than that and you need to be able to kind of like test this and and make sure that your expert is going to go through and then do it and then also be sure that you can get away with the money as well so i mean i i as i said i read about this in in the newsletter today but essentially we need to do such a better job of warning users about this because no code is 100 bug free it will never be

100 bug free ever even if you have like a million audits even if you have um uh uh what's called um what's the what's the term i'm looking for right now um oh okay i'll think of the term um there's basically something that you can do that ensures that the code would run as you've programmed it which doesn't account for bugs if you've programmed a bug into your code well then it's running as you've programmed it so that doesn't even kind of like account for that and there's a term for it it's just i i can't think of the term right now but essentially you cannot go into these things and think that they're going to be foolproof and think that they're never going to get exploited or hacked they may want you know they may never it may never happen to them but you can never be sure and that's just

with all software crypto or otherwise um and from that point of view we need to do a much better job of kind of like warning users about this and you know i always talk about risk a lot on both the refuel and discord channel because like for me personally like i'm not going to put 100 of my portfolio into some new kind of like djing yield farm because i know there's like high chance of it being exploited or a high chance of it being a scam or a rug now that's not to say that you you can't do you can't put money into it but don't put your whole portfolio into it like throw it through throw a small portion into it if you want to kind of like gamble and kind of like yolo as they say into it but don't don't put in like a large amount like that's

just crazy right uh but you know even still like there are legit d5 protocols out there that you shouldn't be putting a large amount of money into either uh you know especially the newer ones because you just don't know and you know cream for all intensive purposes what is a legit defy protocol but they're a newer protocol they uh definitely have been kind of like exploited before they seem to kind of like have a lapse in their security practices if kind of like this bug uh kind of like snuck through but as i said like uh there's no 100 foolproof way to protect against these sorts of things so yeah just something to be cautious of but you can go read this uh tweet it'll be linked in the youtube description below so vv i think that's how you say it uh has announced today that disney is going

to be doing nfts using their platform now vv is actually built on immutable x which is using starquest technology which is a valydium uh secured by ethereum so disney is doing nfts on ethereum that is the headline right there which i mean i spoke about this yesterday i've spoken about it countless times on the refuel nfts are the biggest onboarding vehicle ever for crypto and i'm really really happy that ethereum has you know they're scaling solutions now that people that these kind of like teams can tap into because really when it comes to nfts no one cares about decentralization and security for 99 of nfts i want decentralization and security for my punk i don't want it for some random nft that i apped into hoping to flip it like

no one cares about that at all the high value nft is fine it can live on layer one ethereum all well and good but most nfts people just want to have it and just want to be able to kind of like play around with it they don't even care that it's centralized or at least like not as decentralized and secure so that's where some of these kind of like uh solutions come in like a validium uh from from that immutable x runs on which basically gives you a kind of like trade-off where they store the data off chain but they put the proofs on chain so you get more you get better security than like a pure kind of like side chain or something like that but you do have a security trade-off and you're not getting like the full kind of like security and

decentralization of a roll-up so from that point of view um i think this is fine and i mean the fact that these kind of like massive companies are building on ethereum and users will actually probably never know that it's on ethereum because not only are they probably maybe not even going to know that it's built on immutable x they're going through the front end which is vv so they may know about vv and be like okay well i know this platform this is the one that i interact with but they've got no idea that um what's powering it is mutable x and they have no idea that what's powering a beautiful x is starkware and they have no idea what's powering star queries ethereum and that is the magic that is how we scale ethereum to the world as i've said countless times before most people

should never ever ever have to worry about ethereum um if they want to get involved with that and interest and be interested in it that's fine but most people should never have to worry about the underlying architecture because there's all these things built on top that abstract that away and that's how you onboard kind of like the mass amount of users and that is mass adoption so yeah i mean i've explained that stuff before i'm running out of time here so i want to move through the rest of this stuff um hype has launched with their guided launch and they've kind of launched this thing called an alpha race featuring 13 different nft series so uh some of these kind of like nft series include crypto punks bought apes cool cats crypto toads you know all the ones you've heard of before but essentially what this launch does

is it basically allows you to set up your profile on here and participate in a competition to uh sorry once you set up your profile by picking an nft and picking a squad and adding law to your nfts that's participating in the competition where you earn points for doing this um so i mean the competition only lasts for 72 hours and it's already been 24 i believe so you've got another 48 from now probably even less by the time you've watched this but uh as i said yeah you pick your nft as your profile picture pick the nfts to be in your squad so if you own nfts from these collections you can pick them to be on your squad and then add law to your nfts to earn these points which i think is really cool i mean this is just another way to

i guess show off your nfts and kind of like be more involved in like the cultural aspect of it and i mean adding law to your your nft your own personal kind of like story to your nft is like kind of the whole thing right that's like adding kind of like a cultural aspect to it and it's kind of like putting your own spin on things which i think is is really really cool so definitely go check this out if you haven't already um and i should have talked about this before when i was talking about the sushi swap kind of um uh uh sushi swap sorry the the cream are kind of like uh like exploit but basically cyrus unesco put out a great tweet here where he said the daps that he's willing to put more than 50 of his total net worth into in no particular

order consists of maker ave compound curve and unisop this exact same list for me as i mentioned yesterday maker is pretty much the only place one of the only places that i trust a large amount of my eat in um besides putting it into staking i have put it into rv before i would put it into compound curve and unisop as well i'd be i'd feel safe with but maker is where it stays a lot of the time because i do a lot of um a lot of loans against myself on maker for various different reasons but these are the blue chips i know their tokens haven't performed really well but in terms of the security of these apps and kind of like the battle testedness of these apps i mean they're unmatched essentially they've been around for a very long time they're built by world-class teams

they have a lot of audits yes i know i said that audits aren't a way to kind of like fool proof of system but from memory iv2 had five audits from top tier firms make a multi-cloud rule die had a lot of order its compound as well curb and uni-swap and that's not to say none of these have suffered exploits before um two of these compounds suffered that comp token minting exploit uh the other day which obviously didn't affect kind of like the compound user funds but it affected kind of like the comp token and obviously the value of that and maker during the kind of like covert crash in march 2020 became under collateralized but they came back from that because they have an inbuilt insurance mechanism where they basically mint mkr and sell that into the market to cover the shortfall um i think curve has may have had a bug

before that got fixed but as far as i know uni swap across v1 v2 and v3 has never had a bug um and rv as well i'd have to double check on that but if i i think so so that's that's really cool but yeah i mean i agree with cyrus here that these are the apps that i would put you know more than 50 of my net worth into and feel comfortable with it um but still i mean i you know i feel comfortable with it to an extent i'd still be kind of like jittery about it and be like you know there is a risk here but i'm doing it for some particular reason so that's kind of like how i think about it all right couple of shout outs here so david hoffman put together a really great blog post uh in bank list today

called ultra scalable ethereum now this post is basically all about modular blockchains and kind of like monolithic blockchains and how ethereum is scaling david and ryan also did a video on the bankless youtube which we should which you should check out covering this as well and a couple of weeks ago david and i did a stream about modular blockchains and obviously i've written a lot about this too but i think this blog post gives uh the best kind of like concise and i guess a put-together uh uh summary i guess you could say of what's an ultra-scalable ethereum looks like of you know what the the challenges ethereum is kind of dealing with with the blockchain trial mr how we invert the blockchain blockchain trilemma with modular blockchains um how they compare

to monolithic ones how ethereum scaling via rollups all that good stuff i mean go read this i'm obviously not going to read this on the refill but go give this a read it was really great i mean i always love reading david's writing he's a very great writer he's actually the inspiration for a lot of my writing um within the daily way um and he references a lot of polynomials work of course you know everyone's favorite favorite modular blockchain evangelist so yeah i highly recommend giving this a read i'll link it in the youtube description for you to do so and finally i wanted to give a quick shout out that git coin is looking for a product manager to work on their mission of building and funding digital public goods if you live and breathe crypto believe crypto can be used for good can

turn ambiguity into clarity are organized detail oriented and and have product skills dm a wiki here which i'll link this in the youtube description um to inquire and and apply there i mean i could couldn't think of a better team to be working for than get coin or a better dow i should say because they've got the dow now so definitely go check them out if you're uh you know have experience in product management or even if you don't if that's something you want to kind of like get your start in you should definitely reach out to owaki here as i said all the links in the youtube description but i think i'm going to end it there for today so thank you everyone for listening and watching be sure to subscribe to the channel if you haven't yet give that video a thumbs up

subscribe to the newsletter join the discord channel and i'll catch you all tomorrow thanks everyone