Spot ETH ETF update, Swell City Charter and more - The Daily Gwei Refuel #675 - Ethereum Updates

Transcript

hello everyone welcome to another episode of the daway refuel where cup the latest news in the etherum ecosystem I'm your host Anthony s and today the 20th of October 2023 all right everyone let's get into it so apologies for missing yesterday's episode everyone I mean you guys know it's a regular Occurrence at this point that I miss at least one episode a week these days but I'm back today and there's a bunch of stuff to get through so let's get right into it all right I guess the first updates are around ETFs and you guys are probably sick of hearing about ETFs by now but I think it is one of the main kind of talking points of crypto right now especially when it comes to the market side of things but today's news is not about the BTC ETFs it's actually about the eth spot ETFs so you can see

here that Invesco uh in partnership with Galaxy have filed for a spot eth ETF and this is the fifth currently active spot um e ETF filing and and you can see here that uh the list here that that James has shared of the uh I guess like institutions that have put forward an application to get a spot eth ETF there's Vanek Arc hash deex grayscale converting their trust to an ETF and Invesco Galaxy uh ethereum ETF here so you know it's kind of funny because I've been saying for a few months now that I've figured that we wouldn't get a spot e ETF until 2025 and then I told you guys that some of these ETF analysts that I follow think that it could happen as soon as two to three months after the

BTC spot ETF goes live which kind of is amazing to me to be honest if they're right there you know that that could mean that we get a eth ETF in like what if the if the BTC ETFs go live in in January let's just say that means we could get an eth spot ETF in like April or May or something like that or even earlier than that which is is really amazing to me considering the language that has been used against eth for a long time now from the SEC specifically Gary ginla but yeah I mean that you have the same organizations that have applied for BTC atfs applying for each spot ETFs now of course or spot e ETFs now of course Black Rock isn't on this list yet I think that'll be like the big mover right when Black Rock decides to I guess

um put forward an application for uh spot e ETF and I feel like they're going to do it I mean they're probably going to they might wait until their btc1 gets approved because then they'll be emboldened and they'll think okay well you know we got the btc1 approved we can get the eth one approved now but I think that'll really be when people start paying attention to like the spot eth ETF narrative right where they're like oh my God eth is actually going to get an ETF as well and of course you know we see we're seeing the effect of What's um on BTC of of the hype of the narrative and I've always told you guys for I mean I think I've said this for years now the narrative is more powerful than the reality because if you look at what BTC is doing lately pricewise I mean it just

hit 30k like I'm looking at the chart right now it's literally at like 30k um e lagging a bit behind but that makes sense because of the fact that the current narrative trade is BTC getting that spot ETF so the market does believe that it's getting that spot ETF and it's funny I said the other day after we saw that fake news from coin Telegraph that I actually think that we would go uh we would kind of I go back to 30k because I think a lot of people realized that were sidelined and realized that there's a lot of money waiting for the spot BTC ETF to go live which means that the narrative is fully taken over now the narrative is more powerful than the reality and this goes for literally every single asset guys like this doesn't just apply to BTC it doesn't

just apply to crypto it applies to every single asset in the world in my opinion anything that people speculate on the narrative is always more powerful than the reality and we see this play out in crypto across any number of different kind of coins and tokens especially in Bull markets where you see people come up with the craziest stories and narratives for I guess like justifying for why their coin is going to pump and then if it catches on the coin does pump but the thing is is that that's a short-term thing that's a bull market phenomenon in a bare Market these things get slaughtered because there's no more narratives to trade on really The Narrative juice is run out the money's run out so down you go because there's nothing holding up the the value of those things there's no fundamentals right so narratives are very very

powerful um when when things are going good but they they don't really get you out of I mean they don't save you when things are bad right what saves you when things are going bad or when the market turns into more of a bearish market is the fundamentals and that's why you see things like BTC and eth outperform pretty much everything uh in in the bare markets right and there might be one or two things that pump more than or pump during a bare Market that outperform Ethan BTC a little bit um but that again is like a narrative thing right there's always kind of a narrative trade to be had there so that's why I think that BTC has been pumping uh because of the The Narrative around the spot e spot BTC ETF and the funny thing is we it could pump all the way until the the um ETFs get

approved and then sell off right it be like a sell the news event that's what where sell the news comes from is where the the narrative and the hype gets ahead of of kind of like the market and then when the actual thing hits it it sells off and going coming back to my other point about like a spot eth ETF narrative I feel like that's just going to pick up steam uh as time goes on as well like as the BTC ETF narrative kind of subsides and people get bored of that one they'll latch onto the eth one and then as I said if Black Rock files for a spot e ETF which is really what kicked off this BTC ETF Bonanza to to begin with a few months ago if Black Rock was to file for a spot eth ETF then you could expect the exact same narrative

trade to play out on on eth of course and then I think by that point we're already going to be in like a pretty pretty uh I guess like heated bull market because I've said before that I think that once we break out of those crab ranges that Ethan BTC are in specifically BTC first because BTC always runs first at the start of the cycle literally it's been the case for pretty much every cycle in crypto um I mean BTC has had at least two more Cycles than eth because eth didn't exist but it's been the case for every single cycle BTC runs first then everything else goes along with it uh and that's why you that's what you're seeing playing out uh right now so if BTC breaks above its kind of like crab range there which I think is like 32k on BTC

right now and and then holds that and then continues kind of like following through with that and pumping through with that that to me is the signal of of the of the official start of the bull market I already think the bll market started like a a little while ago I think I mentioned that on the refuel but that to me signals the official start I guess and then from then only it's climbing that wall of worry uh for for next year but then as I said to you guys I still believe that we could be hitting alltime highs on BTC and eth by the second half of next year uh there but no promises of course but yeah it's just really positive to see that the uh that the SP these kind of issuers or I guess these applicants are wasting no time trying to get an eth spot ETF approved

as well and if it's going to happen next year instead of in 2025 specifically in like the first half of next year that would be really cool and really bullish but as I said you're going to see The Narrative of this pick up before any before it goes live just like you see you've seen with BTC so definitely something to keep in mind and definitely something to keep in mind when you're just I mean this isn't just for Traders it's also for investors because I think what happens to a lot of people is that they see things going up and then they're holding the thing that's not going up and they start getting fomo and they're like why is my thing not going up right well again it's all the narrative stuff it's all the it's all the Cycles the Market's working cycles and narratives and what ends up

happening is as I said BTC typically will run first out of a bare market and then the rest of the things will go uh and then obviously we'll get another bare Market once the bull market blows off but to time that to try and trade around that to try and kind of like beat the market so to speak in my experience having been around for this will be my fourth cycle it's it's not impossible but like you're so much better off just long-term investing from not just like a profit perspective or potential profit perspective but also from a mental health perspective because or I guess like mental stability perspective because like markets can really really screw with you especially if you are I guess attached to the technology and your bias towards the technology because

from what I can tell the best traders in crypto are the ones that don't give a about the technology all they care about is using crypto as a vehicle to stack more fear they couldn't care less about any crypto and that that makes them some good Traders because they can remove or detach themselves from the market whereas if you're a fundamental investor and you're into the tech you know if you're listening to the refuel I I'm I'm going to go go out in a limb and say the average refuel listener is definitely not someone who could detach themselves from the tech in order to be a good Trader maybe there's exceptions to that rule there but I know for me personally I could never be a Trader I have way too much bias towards ethereum you know eth and E the ethereum ecosystem I would just end up losing all

my money uh so yeah anyway enough about the the markets there but just figured I would highlight this uh that the spot e ETF expect that narrative to kind of pick up steam uh I guess like over time and yeah I'll keep you guys updated on how those applications go there all right coinbase has announced uh they uh have chosen Ireland to be their Hub in the EU so the EU MAA Hub here so I guess this is funny because uh I saw some kind of chatter about this and people saying uh coinbase is Making Waves in in the EU more so than the us because Mika is that regulation that I don't know if it's in place yet but that that's been proposed and and put and is going to be put in place in the EU for crypto and it just makes it a lot easier

for coinbase to expand and do things that they can't do in the US in the EU and we've already seen this happen with their kind of derivative exchange that us users can't access and that is run out of I think Bermuda um and that went live the other day and non us persons can can access that and trade with leverage but in the US yeah there's just been not not really much progress there and we know this story by now this isn't news to you guys but I also wanted to as a as a pivot point from this also kind of mention the fact that I I I did mention the other day that I think the real enemy of crypto is not Gary gendler it's his boss right Elizabeth Warren and I'm sure you've seen recently with this uh kind of Israel Israel and and Hamas

uh kind of conflict that's going on uh Elizabeth Warren is trying to blame crypto and trying to say that crypto is a main source of funding for Hamas right for terrorists and this is typical of politicians who are trying to attack something right they go for like the terrorism financing or they go for like the child explo exploitation stuff or drugs or whatever right the the things that kept the headlines and get people on side so to speak or the Casual Observer on side but if you actually dive into the details here which a lot of I guess um people have done and you've probably seen it on Twitter I think chain analysis did a did a blog post or a thread on this it shows that Hamas stopped accepting BTC for their financing quite a while ago and they've stopped using crypto all together

because it's just too easily traced back to them right and we all know this because Bitcoin doesn't have privacy and you can you can use mixes but then they're not you know they're not foolproof and they're not that great right um but the Bitcoin Network by default doesn't have privacy the ethereum network by default doesn't have privacy and tornado cash on ethereum is is probably not big enough uh to handle the kind of size that these groups want to move right so when you think about it like that uh and you look at the actual numbers I mean it doesn't match up with what Elizabeth Warren is saying the reality does not match up with her narrative right just going back to what I was saying before so I think that just further reinforces my point that the real enemy of crypto in the US uh

obviously you know Elizabeth Ren is a high ranking Democrat and she has other other others on side but she is the source of it from what I've seen I'm not going to put all the blame on her but she is a very big source of the anti- crypto rhetoric of the US government which is currently uh Democratic right in in the Senate and and the presidential kind of arm is democratic right now or so you know I don't know if that's going to change next year with the election I feel like next year's election is going to be I always hate the US election cycle right I mean I'm not even in the US and I have to hear about it all the time it's going to be a a mess right and I don't even know like at this point in time I have no idea

who's going to win like is it going to be the Republicans like the presidency I should say is it going to be the Democrats I would rather the Democrats lose for crypto because the Republicans are friendlier but that's kind of like the one issue voter stuff that people uh talk about um within crypto they're like you know what crypto's my livelihood I I I hope the the Republicans win because they're they're friendlier for crypto but then there's a whole host of other things that people vote on you know I think crypto is probably not a one isue vote for most people in the US so it's too hard to tell and I've got no read on on us politics to be honest and I I don't even like talking about it but I think it's relevant to the discussion around the US and their stance on crypto

and as I said I think Elizabeth Warren is definitely one of the main sources if not the main source of the anti- crypto rhetoric the fact that she's trying to link crypto to terrorist groups and that's and she's trying to push through legislation specifically tax related legislation using that reasoning trying to rush it through is gross to me and it's really sad that coinbase is caught in the crosshairs here because coinbase obviously is an amazing company but and they're a US Born company they're traded on the US Stock Exchange right as a as a public company but they have to go to other places to expand uh and they can't offer those same products in these other places than they that they can in the US right right or than they can in the US which is just insane to me but anyway

I'm going to leave that one at that uh yeah congrats to coinbase for uh I guess like expanding to Ireland here for their EU MAA Hub all right so I mentioned this tweet the other day from ginda around EIP 4844 and um The Blob style transactions and what they would take up in blocks well danrad uh had some had some kind of like extra points to add to gaj jinder's tweet here which I I just wanted to to read out so he said that gaj jinder's uh tweet thread was based on completely empty execution blocks except for the blob transaction so this makes the blobs equal zero K Sim unnaturally fast uh whereas in reality it would obviously be slower because there would be other things in the blocks um execution time of course matters uh as long as blobs

arrive within the time it takes for the execution layer to verify the block no actual delay in the importing would occur uh and the load star client has been uh has been one of the slower clients uh and particularly struggled with large blocks this analysis would probably look better with more popular clients because he ginda did this analysis on loadstar but loadstar is you know he always improving as a client and he's probably going to fix that by the time Hep 44 4844 goes live on the network yeah so just a bit of extra analysis done I'll link this in the YouTube description below for you to read fully um but i' I I basically covered the gist of it there but yeah I mean I I think again there's no kind of change on timeline for denune q1 seems you know most likely Jan Feb or

something like that uh testing's going well I think devet 10 is launching very soon um I haven't kept up to date with that I think there's some C dev's calls um and they mentioned Dev Net 10 I think this week uh or next week maybe uh so once that goes um and then they'll be scheduling the public test Nets girly comes first and then after that I'm not sure if it's going to be saoo H Sky uh girly first obviously because it's being deprecated by the end of the year and then seoan Hol sky and then main net so main net probably Jan Feb I think at this at this uh at this time I know I've been wrong on the timelines before I know I said November uh you know for over the last few months but as I said testing took longer than than it was

anticipated and there was a lot of bugs and stuff like that and obviously it's a major change EIP 4844 which is not the only EIP there are other eips uh coming in dencon U but because of that and because it's the end of the year and the holiday period it kind of got pushed out to Jan Feb there but I'll keep you guys updated on timelines around that all right so I had a few people ask me what swells road map looks like because I guess like swell has been talked about a bit on the refill lately with the initiatives that they're running like that zap initiative that I talked about the other day which by the way is not technically a vampire attack uh it's more so a way to restore the fair value ofwe which which is trading at a discount because there's no

withdrawal for swell right now withdrawals are going live early next year for swell um but in terms of a road map so I'll put out this tweet where they actually went through what's on the horizon for swell so if you wanted to know what was on the horizon you can go check this out but the three main uh Focus areas or I guess like there's more than three but um the first one is swell nomics so implement M menting curve style vote escr and gauge flywheel systems within the swell ecosystem for when the swell token goes live enabling withdrawals as I mentioned um decentralized Innovation with things like DVT uh and uh expanding the LST fire ecosystem so obviously deepening Integrations for the SW e token across defi um and liquid reaking Primitives as well so they're conducting research and

development there so you can go check out this foreign post and this tweet I'll link it in the YouTube description below it's got a bunch of details as I said around swell and they're going to be looking like over the next maybe I guess year I guess you could say 6 to 12 months or something like that but yeah I'm excited to see how that goes there and you guys know I'm an investor in in swell um I I I just have to disclose that as usual but I think that if you look at um I I I I I don't know if rated. network uh tracks swell I don't think they do but I mean obviously swell is just one of many protocols that is working to get lios dominance down down but you can see here lios dominance is actually still coming down so it's at

31.8 % now which is really really great to see um and obviously there's not really much people entering staking right now or or exiting but the thing is is that when they do enter where are they going and now they have a lot more options than just Lio uh to go to uh and also I should mention that Lido's uh uh additional node operators are now online so they now have 36 node operators instead of 31 so you know people love to bash on Lio and and and I I think I've been one in the past who have taken a more taken a more nuanced view here the fact that they've just onboarded a bunch of more node operators is actually good for not only Lio but good for ethereum as well because now there is 36 independent node operators instead of 31 obviously Rocka poool still re Reigns

Supreme here with the thousands of independent node operators that rockol has I mean it's not even close right but I think that we should be applauding any kind of efforts to decentralize and I guess like take power away from the center uh and that's exactly what what Lio is doing here oh and I just noticed that uh raid. Network updated their coinbase percentage share as well remember I I covered this the other day about how they were under counting coinbase at around 9% and the the true Count is at 14.2% here you know it's funny because there's this constant debate I guess among the Comm Community about what's worse coinbase or lato right so is it worse that coinbase has 14.2% versus Lidos 31.8% market share I I don't really have a strong opinion either way

on this I think you can make Arguments for both sides but what I will say is that when it comes to the compar between these two coinbase as an entity right is one entity they have complete and total control over those 14.2% uh of the of the validators of of the network share that they have all of their validators are completely owned and controlled by the coinbase entity not by anyone else yes there may be some legal uh I guess like Arrangements in place with uh providers that they use such as aluvial which is an Institutional grade staking provider and and others out there that guarantees that coinbase actually doesn't really uh I mean they have they have control over the validators but they don't technically own it I don't know if that that exists but it's safe to assume that

coinbase obviously has total control over those validators now when you look at and compare that to lato lato is not one entity right there's 36 node operators the Lio entity is really the governance entity that sits on top of those node operators but when you look at it like this uh and I've explained this before and I talked about this with Eric on our last podcast the 36 node operators uh they they operate independently right the validators are independent there is no one lier entity at the top that can control what the node operators do they could technically not not even technically they could put social pressure on the Node operators to do certain things but they can't actually Force the node operators um you know unilaterally to do things that they want to do and and they in this kind of instance is L governance right which

again isn't one entity either but I mean it's not very decentralized right there is like three or four addresses that basically control it uh which you know we don't even know if they're the same person they're probably under the same umbrella whether whether it's the team or or VC's right um but when that's the argument that people make it's like coin okay would you rather coinbase at you know 14% or lighter at 31% uh and honestly I think neither are good I would like to see I would not like to see any centralized exchange above 10% and this is another reason why I have an issue with that 22% number that people are pushing around because not all entities are created equal here like for example if solo stakers were at 22% of of market share and if rocker pool was at 22% % market share and Rocka poool

was was fully decentralized maybe the odal had been dissolved right then that would be much much much much much better than coinbase or Lio being at 22% right um or or coinbase and binance and Kraken being at 22% so I think that you can't just put like a I guess like a static number on it you actually have to look at what the service is uh and I think you know solo if solo staking was like 100% of the network I I don't even think that would be a bad thing to be honest um but it also depends on what that looks like what's the distribution you know how many actual solo stakers are there how many node operators are there things like that but yeah I I think that when thinking through these things and when looking at this you can't look at them as if they're equal because to me

Queen base having 14% um you know I I I I don't like that I want them below 10% I don't want any centralized exchange above 10% I don't want any centralized service above 10% because Lio is kind of in the Middle where it's like not decentralized but it's not centralized it's like a pseudo kind of I I don't even I wouldn't even call it pseudo centralized it's like in the middle right because it has a different design where there is those distinct note operators where whereas with coinbase it's just them with binance is just them with Kraken it's just them um and with obviously Rocka it's it's it's very very different there's thousands of note operators so and this goes back to what I've always said is where the number one thing that matters the most with ethereum staking is nde operator distribution regardless of what umbrella they fall under uh the

more distributed and the more independent node operators are the healthier the ethereum network is uh overall there but anyway going to continue here I'm already 22 minutes in I haven't even gotten through half of what we have today so this is going to be a longer episode than usual and then you guys also have tomorrow's episode with Eric to look forward to we talked all about the um the new unop front end fee and just fees within Defi and we talked a lot about public goods funding and and e559 how that falls into it so yeah you guys are spoiled for Content but anyway moving on so uh this is a new update from Igan lay so Igan L has announced something called the Igan ler research Fellowship which is a research team where they said that the IG lay research team currently has bandwidth to

work with five fellows deeply on a topic that they care about uh and interest us us being the igen layer team here so if you are interested in working with the Igan layer research team you can go and apply here I'll link this in the YouTube description below for you for you to check out but yeah this is probably very similar to I guess the core protocol Fellowship that I mentioned a few months ago that people kind of applied to and and got involved with and I would say this is probably uh yeah probably on par with the core protocol stuff because with with the reaking ecosystem it's brand new you're going to be working on bleeding edge research and development topics it's going to be very tightly coupled with the ethereum protocol itself and I'm sure you're going to have a lot of fun doing it so yeah you can go

apply here the applications are open till October 27th so about a week from today I'll link this in the YouTube description for you to check out and there's a bunch of info in these blog post as well for you to check out there right speaking of reaking uh I basically was quoted in a few times in this new article from coint talking all about ethereum reaking it was penned by Max parasol here um and yeah I mean there's a bunch of comments from me in there but the article overall is really solid so if you're interested interested in learning about reaking generally um and igen layer definitely go check this out I'll link it in the YouTube description below probably the things that I said aren't going to be new to to you guys to be honest but there are quotes from other people in there that and and

obviously Max has written a bunch of of stuff as well that you should definitely read um but it goes over the things like you know why you know what are the potential risks of reaking what are the stantial rewards and and and and those sorts of things so yeah highly recommend giving this a read I'll link it in the YouTube description below but the piece concludes with what I've always said is that you know if ethereum can't handle reaking um as a thing then ethereum has not been designed correctly I've always said that guys like I think that's been like my motto for for a while now with anything when it comes to ethereum is that if the ethereum protocol can't handle it then it needs to be fixed to handle it so to speak right because it's been designed incorrectly uh that's always been my kind of view there but

anyway we'll link this in the YouTube description below you can go check it out all right so just a quick shout out here to AR so Mark zal here who is part of the AR Dow said uh tweeted out saying staking diversity is important and we proposed the current batch of a DA treasury Alis acquisition to proceed with a 100% rocker poool eth uh integration or I guess like allocation and 0% St eth allocation so very cool to see that uh R governance is taking this seriously and not going with lato for their next batch here of of of capital allocation here so they're going with 100% r e and you know I I think I've said this before where I where I said that I think a Bigg reason why a lot of not just DS but like people generally

staked with Lio to begin with was because St was really liquid it was really the only kind of like option for bigger players to get involved with but you know R has been around for a while now and is's definitely just a big of a player as as St is but then you also have others out there so maybe they want to be as Diversified as possible so maybe the next time a the AAL allocates funds to staking they go with like swell eth or they go with Diva eth or they go with uh whatever else eth out there another LST instead of going with with arth and because obviously we want to see the love shared and and I don't think they're going to be going with st anymore to be honest because that wouldn't make much sense since L's market share is so so big already but

yeah just just just really cool to see this because I think that when you look at Dows um and and look at the money that they have and where they're allocating it to they are definitely going to be the ones that move the needle in a big way because they have a lot of I guess like funds that they can put towards different solutions and with avod going towards Rocka pool eth instead of St e year it actually moves the needle in a really big way so yeah kudos to them for doing this um great to see it all right so you can contribute to a new trusted setup ceremony if you're interested so this is for the ZK ma ACI or minimal anti collusion infrastructure uh uh kind of trusted setup so ceremony here the deadline is October 24th so you got 4 days to do this you can go to

ceremony. P.D to get involved here uh it is more involved than the kcg ceremony I think you do have to uh uh play around the command line and run some code and stuff like that so yeah I'm not going to run through how to do that on the um on the refill but yeah I just wanted to shout this out if anyone that was interested you can go check this out I'll link it in the YouTube description below for you to do so all right so a big announcement out of polygon over the last couple of days that I'm actually directly involved with so polygon has announced the new protocol Council which will be responsible for stting the polygon protocol towards polygon 2.0 now this council is made up of a bunch of various individuals from across the crypto

ecosystem not just the ethereum ecosystem which is which is great to see of course but uh you know Ys truly is involved in this so I am one of the signers it's basically I mean I don't want to water down what this protocol council is but I mean it's a it's a multisig where we're all on the multisig and we're charged with making sure and reviewing all of the changes that are going towards getting polygon 2.0 over the line and obviously signing um and and signing transactions and signing upgrades and stuff like that in order to make sure that uh that things get delivered and doing it in a I guess more decentralized way than it would be done by just the polygon team uh being in control of it so and this is just a temporary thing by the way the protocol council is not meant to last forever

it's just meant to get polygon 2.0 up and running and then once that's going they can decentralize out the governance to madic or pole token holders so so yeah but in the meantime they obviously needed a a trusted indep and bunch of independent people to to handle this and to to kind of like Steward this along so you can check out the full list of people that are involved in this I'll link it in the YouTube description but besides me I mean some of the names you'll recognize uh Justin Drake of course Zack xbt that was actually a surprise to me because Zack xbt as I said is like he's not in ethereum or in Bitcoin or or in in crypto so to speak I guess like he he's he's he's someone who obviously we all know as calling out scammers you know doing investigations

and a really respected Community member so it's and I I don't think I've seen him part of these sorts of things before so it's it's just great to see him on here because he has built himself up a really great reputation within the within the community here but then you can see the other people from other entities like Victor bunan from coinbase so from from exchange there Zachy here from suia Finance is part of the cosmos ecosystem so as I said not in e ecosystem and then a bunch of others here I'm not going to I'm not going to to name them all you can check them out I'll I'll I'll link it in the YouTube description below but also worth noting there's only two people from polygon Labs on on the signer so most of the signers the vast majority are not are not directly involved with polygon you

guys know I'm an adviser to polygon but I'm not directly involved with polygon I'm not on the the the kind of like payroll I'm not an employee or anything like that of of polygon Labs I should say uh there so yeah very cool to see this and you can actually go read this blog post here I should say very cool to see this now live because it has been in the works for a little bit but you can go see the blog post here about uh what it's actually entailing and and what the what power the protocol Council will actually have and then you can also see what principles were used for member selection as well uh and all of the members kind of various bios here uh as well so yeah I'll link this in the YouTube description below for you to check out and I will actually note that

um the the regular changes require a seven of 13 signus so it's a seven of 13 kind of um multisig there uh where um and there is a 10day time lock so it requires seven of us out of the 13 of us to sign and then there is a 10-day time lock on that for regular changes but and then emergency changes require 10 of the 13 people and there's no time lock so I think that's actually a pretty good way of doing things because obviously time locks are critically important to make sure that people have time to review the changes but in the event of an emergency there's no point having a time lock because it's an emergency right and we've actually seen in the past how a time lock on things that that are emergencies is actually not a a good way to do it because then what ends up

happening is that you can't address the the emergency in a timely manner so the fact that the emergency changes while requiring more signers have no time lock is a good trade-off there because it does require almost all of the signers to to actually agree to it and to sign here uh which I thought was a was a was a happy middle ground there but anyway I'll link this in the YouTube description and you can go check it out for yourself all right so a new website for the retroactive public goods funding initiative from Up optimism is now live so this is at retrop gf.com so on this website you'll be able to explore the I guess like retroactive public goods funding rounds previous rounds so round one and round two are here to see the results of the round and to see who was I guess like a a beneficiary of the

funds uh such as the education beneficiaries infrastructure one tooling and utilities uh and so on and so forth you can click through to them and you can actually see and made it links to exactly what they are here and this is great because it actually was buried in blog before seeing all the different rounds and all the different results here so the fact that there's now a website for it uh is really really uh great and it's like a centralized repository for for all of this year so yeah crudos to the team for putting this together uh you can go check this out for yourself I'll link it in the YouTube description below or you can go to Retro pf.com all right so cow swap has an update today uh which with a funny little video here which I'll let you watch I'll link it in the YouTube description below but

now on Cal swap you can actually not only trade uh gasless but you can approve tokens gasless as well so for those of you who have used cop before you know that uh all of the trades that you do on there are gasless because the gas fee is actually built into the trade itself now uh the same is true for token approvals so essentially what happens is that the token approval and trade it just becomes one transaction essentially and you will sign that as you normally do on on cow Swap and then the uh gas fee for the approval and the swap are handled as part of the order there and this just makes the experience even more more seamless than it already is honestly guys I don't think I'm exaggerating at this point when I say that cow swap is my favorite decks right

now I I use it so much it is just so good I never feel like I'm getting a bad deal I always feel like I'm I'm in control of of what I'm doing on there I always feel safe on there I always feel like I'm going to be protected against me and more often than not I get like a really really really good price on my on my trade that is better than the competitors out there and also cow swap is part of like the nosis family or was spun out of nosis and as you guys know nosis has been a really great contributor to the ethereum ecosystem for quite a while now so I like supporting them because of that there and I'm not paid to say any of this I don't hold any cow swap tokens or anything like that um but when it comes

to decentralized a decentralized exchange experience especially for for me who doesn't do uh you know I don't do frequent trades but one people but I usually do Market trades and things like that and you can do other you can do limit orders and teop stuff on cop as well but for me when I when I look to go and get the best execution on the the swap that I want to do I always go to cow swap first it's become my default and even more so now that uniso is charging a fee for their front end I mean I can't use unop using the the using the contracts directly I could use some other interfaces out there but cop is actually just one of those interfaces because the liquidity providers in the background will Source the liquidity from anywhere basically um the only drawback of Cal swap is that I don't

know if it's live on on any l2s yet but the l2s that I've tried it on I think optimism and AR uh it doesn't actually work on yet I'm sure that they're going to put it live on there eventually um but yeah on Main net it works flawlessly so on ethereum Main that it works works flawlessly so yeah just cool to see them integrate this because again as I said this just makes the uh Pro I guess like the swapping process just that much more smoother because you get to approve and swap in one transaction gasless and just built into your order and you get like a smooth trade experience there so you can go check this out for yourself we'll link it in the YouTube description below for you to do so all right so gitcoin grants round nine will be going live on November 15th

until the 29th so not round nine Round 19 round nine was quite a while ago now so yeah I mean again this is just gitcoin grants doing its thing where you can fund your favorite projects and it'll get matched by various funds I don't know what the matching amount is yet but I think the last round was like a million dollars or something like that and in a bare Market that's obviously really really great to see there but um yeah I mean this is still about 3 weeks away from from today so definitely time to get some funds under your belt in order to to donate on on gitcoin Grant and you know the way the Market's going maybe you guys are making money finally maybe people are finally making some money from the the crab market here but regardless of that you don't actually

have to donate much because of those matching funds it's obviously the quadratic matching that goes on where you could donate a dollar per project and maybe only donate up to 10 projects or something like that and it'll be matched and your donation goes a lot longer a lot longer than a lot more further than just that $1 that you've donated there so yeah just keep in mind the dates mark your calendars November 15th to the 29th for gitcoin Grants Round 19 all right so I just wanted to highlight This Thread from cryptocurrency jobs this is a really really great thread all about what the current crypto web3 job market looks like right now uh and honestly the key insight for me even though the whole thread's good and you should go read it I'll link it in the YouTube description below the key insight for me was what

they said here they say um generally the folks that transition uh back to web to from web web 3 are doing so because they can't find work in web 3 right now they just aren't enough opportunities and many hope to return When the market picks up so I think the jobs Market is the last kind of Market to feel the effects of the crab SL bear because what ends up happening is that you have the public market you know go down right and and dump then you have the private markets dump which is on like a six-month lag and then you have these teams that have gotten funded and and and and and continuing to kind of burn through their funding um not want to let go of employees not want to cut stuff not want to stop hiring because that I

mean from an Optics perspective it doesn't look good for them and also they don't want to put people out of a job as well right and they want to hold on to the good staff that they have of course um so that all typically has a 6 to 12 month lag and we're there right now right if you want if you say the bare Market started November 2022 uh it's 12 months since then right uh oh sorry not the B didn't start in November 2022 it uh the the um the the bottom was November 2022 but the bare Market started at what the beginning of of 2022 or like 24 months into that right now um but I think this started a few months ago where the opportunities dried up there were lots of layoffs happening stuff like that so yeah 6 12 months after the not the public market dump but

the private Market um I guess valuations coming down and stuff like that it basically puts us where we are today um but yeah that that key insight there saying that people aren't going back to web 2 because they don't like web 3 they just can't find the right opportunities for themselves right now now of course when things heat up again these people are come going to come roaring back and hopefully they're going to be able to find roles for within teams that now have more money to play around with have been able to raise new funding and get these smart and good people to build within web 3 rather than uh within web 2 of course because that's what we want to do we want the we want to brain drain web 2 uh into web 3 here but anyway you can go check out this whole thread for

yourself it's got a bunch of great insights in it I'll link it in the YouTube description below for you to do so right finally here I've got a new bull market tip for all of you guys that maybe I should have spoken about at the start of the episode because I realized I spent 10 minutes at the start of the episode going on a bit of a bullish rant um I didn't expect me me to do that at the start of the episode but this bull market Pro tip that I put out today which is number six of my Pro tips I said in the heart of the bull market it'll be very tempting to fall into the up only or super cycle trap where you begin to believe there won't be another bare Market when you start to fall into this trap it is probably the best time

to start taking profits as the bull market is more than likely coming to an end in the near future there will always be another bare Market in crypto just like there will always be another bull market all markets are cyclical and will continue to be as long as humans are involved I mean I'm preaching to the choir here I think I've spoken about this a bunch of times on the re hill before but guys please for the sake of everything do not fall into this trap I've fallen into this trap before it is not a good trap to fall into because you do convince yourself and you do believe that things are just going to go up forever and why this is bad is because it prevents you from taking profits it stops you from taking the the massive profits that you may have and it makes

you a bag holder as we we we like to refer to them within the crypto industry this happened to me in 2017 it happened to me in 2013 as well but happened to me in 2017 not necessarily with eth to be honest I bought my eth pretty pretty cheaply uh back then but it happened with other things there was one thing that I bought uh Aon it was called some interoperability layer one that was all the rage back then I that down like 95% in 2018 and then I sold it I was still I think slightly up against eth because eth went down like 90 what is it 4% or something like that eth got just as Slaughter and I had bought a on at like a lower e price or something like that so it was up in eth but guys the reason I held it is because I kind of fell into

this thing of ah you know uh at the beginning of 2018 I was like oh okay we were just blowing off for now we'll come back soon right the you know it's not going to be that long of a bare Market obviously I severely underestimated the market and how long the bare Market would last um and Aon never came back by the way so I became a bag holder and there were other things as well but that was like the quintessential example here and that's because I fell into this trap I saved myself from falling into this trap in 2021 I still kind of fell into it a little bit where I held some things that I maybe I should have sold back then because I got a little bit of attached to them but I feel like at this point in time I'm not attached to

anything except my eighth and you guys know I'm not planning to sell my eth anyway um but I I just really implore you this isn't investing advice this is just general kind of like I guess common sense at this point for me and it should be common sense for everyone there is no such thing as an up only Market there is no such thing as a super cycle every single Market crypto or otherwise is cyclical it will have good times it will have bad times your job as an investor is to buy in The Bad Times by not and not just any asset by assets that you you believe and have a really I guess like a relevant thesis around that will do well in the good times and then take profits in the good times your job isn't to sit on an asset forever and I mean as

I said like I'm not selling my eth I'm basically sitting my eth forever but that's because I have other assets that I've sold in the past and that's also because I have other assets that I'm going to sell this time so it's not like I'm holding every asset that I have it is you always need to take profits at at a point especially when you're up massively I mean I know people who are up like 100x on things and they didn't take profits like what the hell are you waiting for at that point you're up 100x if you put in 10 grand you're you're up 100x to a million you just made a million do what what are you waiting for and you know what they're waiting for they're waiting for $2 million they're waiting for $3 million because they convinced themselves that it's going to

go up only and if they sell now they're going to miss out and you know what who cares who cares if it goes from a million to 2 million and you missed out because you sold at a million you still made a million dollar or almost a million I mean 10 grand your principal right you still made almost a million dollar like who gives a right you basically drisk massively and took profits and and now you can just sit comfortably and this goes back to what I was saying saying it earlier in the episode where I said that your um it's much better for your mental health to take profits it's much better for your mental health not to be a Trader and on top of all of this as well um when you think about kind of I guess like uh making money and taking profits in in

the markets here uh you you also have to take profits uh uh on your own kind of like Cadence no one can tell you when to take profits no one can tell you when to uh essentially um sell or or buy or anything like that you have to make up your own decisions there because at the end of the day you're control of what you do and you have to be conscious of that as well there but yeah I'm going to stop the rant there cuz I'm at 42 minutes yeah longer refuel than than usual as I as I said before but I think on that note that's going to be it for today as I said you got tomorrow's episode with Eric Conor to look forward to the new drive-through episode talking about a bunch of different stuff around ethereum so yeah you can go check that

one out tomorrow but on that note that's it for today so thank you 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 join the Disco Channel and I'll catch you all next week thanks everyone