StakeWise v3 announced, MetaMask portfolio & more - The Daily Gwei Refuel #458 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of The Daily gray refuel where he kept the latest news in ethereum ecosystem I'm your host Dan there is a Santa and has the 30th of September 2022. all right everyone let's get into it so we've got a nice little uh merge retrospective thread here from amarius who talks about I guess like what's happened in the almost two weeks since the merge so this is this was really cool so he says almost two weeks after the ethereum merge it's hard it's time to have a little retro hash rate right before the merge was 860 terahashes Etc hash rate went up by 100 terahashers each power has a hash rate of 50 terahashes and uh a raven went up by tent Terra hashes equivalent to 20 terahashes in ethash so less than 200 terahashes went to other proof of work

networks thus mining rigs doing 660 terahashes uh a second are shut off or 860 terahashes from the all-time high of 1.06 Peta hashes and which ultimately leads to a reduction of 76 or 81 from all-time high and this corresponds to a reduction in CO2 emissions of 13 600 80 tons every single day which is equivalent to two coal power plants this means crypto uses 16.264 terahashes less energy per year uh Global energy consumption is 14 000 uh I think mega mega tons per year so yes D3 emerge reduced Global energy consumption by 0.1 percent even if some of the miners switch to other networks

that's still in my mind like just boggling mind-boggling right the achievement that we've kind of gone with here with the move from proof of work to proof of stake and how much less energy the network is using it's it's actually still just incredible to me I'm still in disbelief about it and the Marist continues and says I suspect that over the next few weeks and months even more miners will shut off their rigs as profitability on the smaller proof of work coins is already negative for Energy prices that are greater than 0.05 dollars per kilowatt hour overall I'm pretty pleased with the merge and then last tweet here gets a little bit uh it gets me a little bit hyper he says and this is before the security improvements reduction of economies of scale for Block creators and the ability to Implement subcommittees to sharding

easily Shanghai is already being worked on which will enable withdrawals don't listen to my car and some other cool things if you don't get that reference Micah zoltu he's pretty active in the core development sphere or at least in the um the social sphere there and some Bitcoin maximalist took his comments from The Ether r d Discord posted it on Twitter and said look withdrawals aren't going to come for a long time because Micah was um I guess alluding to that but from what I can tell like I'm pretty sure withdrawals are going to come in like the first half of next year like that's my ballpark figure uh there is obviously very vocal signaling from the core devs because they want to get it done the community wants it done I'm not suspecting uh no I'm not expecting any kind of major delays from that six to 12

month timeline that we uh we kind of gave or I guess like the community kind of uh came to understand uh after the merge there so yeah just a cool little retrospective from Mario's focusing on the energy usage and the energy usage reduction which is just absolutely insane to to me so I'll link this right in the YouTube description if you want to rate it again but just thought I'd highlight that all right so speaking of proof of stake some absolutely massive news came out of stake wise today uh and they basically introduced stakewise V3 which is a major upgrade to the state stakewise protocol aiming to help a decentralize ethereum so obviously right now staking is uh I mean I wouldn't call it centralized but there's obviously a lot of centralization vectors too staking and uh there are big pools and things like

that so we need to change that and there's tons of stuff happening in the background and this and this is one of those which is stakewise V3 so in it's currently in development and the V3 upgrade will feature permissionless liquid staking for solo operators and this is the headline feature here permissionless liquid staking for solo operators that means that as a solo Staker you can permissionlessly stake with stakewise get a LSD token and this won't uh contribute to centralization around pools because it's still you're still staking as a solo operator so OS eth will be the liquid staking token uh with slashing protection built in and an Open Marketplace of mini pools called adults to choose who will host your validators so essentially stakewise is kind of becoming this I guess hybrid or

at least uh more in line with the rocketpool model of things instead of being centralized which obviously is amazing like that's what we want to see here uh and they're doing it in a really really cool way now opal Network had a tweet Thread about this talking about how uh this has revolutionized liquid staking as stakewise V3 volts will enable individual stakers to Mint a liquid staking East token whilst taking their own eth and volts will use DVT or just to build a validated technology and protect ethereum and there's a long thread here from our opal Network that you should give a read but I've talked about uh DVT before and I've talked about how DVT can help a lot with decentralization concerns and I'm super excited that stakewise is actually uh I guess like uh just decided to implement

this as part of their V3 Network upgrade here so I'll link both of these threads you can go check them out in the YouTube description below but I think this coupled with withdrawals being enabled and then that coupled with just more competition coming online is is really going to alleviate a lot of those centralization concerns around around proof of stake now I know there's a lot of concerns around Mev extraction right now and how uh flashbots has I think 25 of um of total uh sorry a flashbot says 81 of the Mev boost uh relay kind of market share there and they're censoring tornado cash transactions right now and I think it's about 24 of the overall

Network or something like that so we're obviously having this concentration of of Builders and Tony here actually has some stats around there so Tony is an ethereum research I shared on Twitter some stats around Mev boost Builders market and Mev boosted block Market uh on this website is on his website here as well at the subdomain mov boost uh and you can go check this out I'll link it in the YouTube description but just more stats around this but I think that that right now is the main concern is this kind of like a centralization of Builders but the thing is is that we've expect did this for quite a while and this is why things like PBS and see our list have been in the works now PBS is akin to the way Mev boost operates today it's just that instead of it being like

an extra sidecar thing that gets implemented uh kind of extra protocol it becomes an in-protocol feature right and then we couple that with CR list which stands for censorship resistance lists in order to maximize the censorship resistance on ethereum and obviously there's other things that we can do to alleviate concerns around this by uh making uh I guess the shutterized beacon chain upgrade a reality which I've talked about in the past which is basically this notion of everything is private in the mempool you can't actually see what the transactions are and this would go for Mev transactions as well so public or private mentors everything is is private you can't actually see what those transactions are and you can only see what they are once they are actually mined into a block now obviously this doesn't help with

censorship at the attestation level of um valid editors attesting to blocks but it does help with that at the inclusion level which is what the main concern is I the the thing about the censorship attestation level if you start uh not uh kind of attesting to blocks you're basically just going to send your own validator offline and if the majority of the network stops doing not the majority if a large enough portion of the network uh starts doing that then they're going to off into their own chain and then social slashing will be enacted for those actors and the canonical chain will just continue on as normal so censoring at the adaptation level was actually like I mean it doesn't actually work for anyone it doesn't work at all it's it's basically a non-starter but at the inclusion level we're already seeing it happen right we're already seeing

people using the flashbots uh relay which currently senses uh tornado cash transactions and that means that if you want to get these uh if you want to get your 200 cash transactions in VIA that relay it's not going to happen it's just going to be dropped now of course that's not a major concern uh as well because like you'll still get your transaction included because there are plenty of builders that are still including those transactions but it's not ideal ethereum wants to be maximally censorship resistant and I I encourage people who are using the flashbots relay to use another relay another Mev boost relay that does not censor because you need to protect the network at the end of the day especially if you're a if you're a solo Staker and you're using flashbots uh as your um Mev boost relay um I'm not gonna not gonna be mean here

but I think it's really stupid to do that like already as a solo sticker you should probably have more of a connection to the network and more of a care about keeping it decentralized then secure because you are a solo sticker right you're not Outsourcing this to anyone else so I think that that comes with a responsibility as well to ensure that you're not using relayers if you're using Mev boost that sensor transactions now that's just my opinion you're not forced to do anything you don't want to do that's the beauty of it at the end of the day like no one's forcing you to do this no one's even forcing you to use an Mev boost relay but if you do actually if you are a solo Staker and you care about ethereum's uh decentralization it's it's credible neutrality it's censorship resistant properties then you

should be using a relay that does not censor and you shouldn't be censoring any on your own anyway and and the worst part about this censorship is that it's not even required as part of the sanctions as far as I know there has been no legal requirement from the US government for Block Builders to censor these transactions it really is just the lawyers of these companies telling them hey play on the safe side of things because the punishments are severe in the U.S so I completely understand that I understand the rock in a hard place these centralized companies that are running these relays find themselves in but at the end of the day like there has been no legal requirement and even if there was I mean it's still shitty right like I'm not saying that we should care about what each nation's legal requirement is at the end of the day

because ethereum is a Global Network it is not bound to any one nation state but the people that build on the network the people that I guess use the network are bound by those rules at the end of the day so I I can understand that but uh as stakers uh and you you should be using something that doesn't censor at least in my opinion um but yeah you can go check out all of these uh updates I'll link them all in the YouTube description below all right so we've got a major announcement out of metamask today they have brought uh out or announced something called portfolio dap which is an entirely new way to manage your tokens and nfts across multiple chains and multiple accounts so from First Impressions here there seems to be a competitor to zerion and Zappa and and and the bank as well kind of like those

portfolio views that we're used to within those tools when you can see a screenshot of it here uh I mean it's not very clear but basically that's my first impression of this but at the same time I mean Zappa and xeron have much more functionality than something like this I I think they've got a bunch of other things built in they've got doing a lot of other things around that but I think the metamask kind of looked at their wallet and was like okay the UI ux is pretty bad still uh it's obviously metamask is secure and reliable and people everyone still use it I mean I I still use it but the thing is is that people have been clamoring on for ages hey metamask can we have a a way to kind of view our portfolio or view our nfts or if you add D5 positions and all that

sorts of stuff and that has obviously become been filled in the past by zapper and zirion and and others such and other such portfolio trackers and I guess menomon saw that and was like okay let's bring this in-house so I mean I is I think this is live is this live today uh yeah it's it's live right now at portfolio.metamask.io and actually if I'm on the sasol.ether count I can go here and see what's what's up so I can connect my metamask uh connectsassel.eth and then I'll be able to see my profile pop up here if it wants to wants to work uh no I you know what these things they'll work the first time for me uh let me oh no no it's loading it is probably the first time I've connected it here so yeah I guess it's showing me my whole portfolio on sasol.eath across

all the various networks that have been selected here which are obviously all evm networks uh and you can kind of uh there's a watch list here and there's a settings uh and then you can see your nfts as well so it's it's very basic like it's not it's not to the extent of what zapper and zerion have but that's not to say that I guess metamask won't keep integrating more and more features and stuff like that so I expect that to happen too but just great to see more competition here and great to see metamask doing something like this because as I said it's been one of the main criticisms people have had of metamask in the past uh and it's great to see them uh produce something like this for end users and there's also a dark mode I've got light mode on there

there's a dark mode as well so very cool to see I'll link this in the YouTube description you can go check it out for yourself all right so meta announced today that everyone on Facebook and Instagram in the US can now connect their wallets and share their digital Collectibles so I believe you can connect your own ethereum wallet here um I think this was this this kind of like had already happened uh but in like a limited feature rollout here but essentially everyone in the US can now do this uh and there's been a rolling blog post here that I believe I've covered in the past but it lets you connect from a bunch of different wallets such as metamask and rainbow and I think a coinbase wallet as well and a bunch of other ones uh as I'm not in the US I don't think this will work for me so I'm

not going to show you a live demo of it or anything but this is is pretty big that I guess like Instagram and Facebook is still going down this road still embracing this stuff I know Mark Zuckerberg's I guess like vision for meta used to be a metaverse company and there's been a lot of heavy criticism about that and a lot of it is not unwarranted just given the fact that the metaverse is still a very undefined thing I think I think the best example of a metaverse that we have really over the last 20 years has been MMOs at the end of the day right like I've been playing um World of Warcraft uh classic lately because the new expansion pack came out or I shouldn't say new expansion pack because the classic is just a re-release um but I've been playing that and as I'm playing it

obviously more people a lot of people are playing it right now because it's a new release uh and there's people everywhere and I'm interacting with them playing with them doing all this sorts of stuff I'm like this is the metaverse like I'm playing as a character that I created it's it's uh my characters are tauren right it's not a human um and it's playing as like this death knight class that has all these abilities and everything it's not me like I I am my kind of like touring character in the game while I'm playing the game to everyone else like I'm not Anthony cesano I'm not Sasso I'm not like so you know I'm not an ethereum influencer to anyone on that game in that metaverse in the World of Warcraft metaverse I am my whatever character I'm playing at the time and people know me

as that I know me as my character name obviously so I think that that and not just World of Warcraft but MMOs generally are the best example of a metaverse that we've had I think that once we get to a point where we have like a lot I guess like a an MMO that's lasting that's popular in virtual reality that takes it to the next level and obviously Facebook is very important or better he's very involved with virtual reality headsets because they bought out Oculus a while ago and they've got the uh the Oculus Rift headsets and and other similar headsets as well they've been releasing so I think that they're right about the metaverse but maybe wrong on the implementation side so far because right now like we don't know how it's going to shape up when uh within the nft ecosystem either it's kind of

like a thousand experiments being run in parallel to see what sticks but I think there will be something here I I do think so I just think that uh it's going to take longer than probably we would like and as I said there are already meta verses out there that prove out the use case but what it's going to like look like with nfts virtual reality all that sorts of stuff I guess we're seeing the early I guess examples of that as time goes on here uh but yeah anyway you can go check out this blog post CR Link in the YouTube description below all right so Warner Music Group has announced a collaboration with openc today to do a think music nfts uh so music nfts is another thing that's come under a lot of scrutiny I know there's a few people on Twitter that I follow that

are really really into them one of them is Cooper Turley he's uh he's been a good friend of mine for a little while and he's really into music nfts uh and now I want a music group is slowing their weight behind it which is one of the biggest uh I guess music groups in the world and teaming up with openc2 I guess do things around uh a music nfts here so I guess a big vote of confidence obviously Warner Music Group sees something here who knows if it's gonna work who knows if it's going to be popular if it's going to actually have a lasting value if people are going to care we're gonna have to see it's the same thing with what I was just talking about where we're going to run all these experiments we're going to see what people care about what they don't care

about uh and then uh I guess like that'll become uh the the standard going forward as well so you can check out this blog post to read all about their announcement uh today all right uh this yeah okay there we go it loaded so uh anurag from uh polygon here today I put out a thread talking about how polygon is really just a bunch of startups within a startup and he lists out all the things that they're working on right now so or just some of the stuff that they're working on right now such as uh ZK VM through Hermes which is an evm OP code base to KVM a really fast zero knowledge crypto prover that can prove any evm transaction with polygon zero a new ZK VM that will power that will have parallelization and privacy built in which is Maiden a new Z

AVM roll-up sequencer node a roll-up SDK built with this node which will also support validiums and Sovereign Roll-Ups a brand new data availability layout targeted for Sovereign Roll-Ups and bolidiums a decentralized roll-up sequencer Hub to service any roll-up evm parallelization account abstraction a ZK based Global ID system a generic message passing a mechanism between chains based on ZK uh and uh I guess yeah that's that's most of the stuff that is listed out here it really is insane how much polygon has going on right now and like across many different verticals too and they've really taken the ethereum scaling I guess road map to heart and working on it in various different ways like not just roll-offs but other layer 2 constructions such as validiums uh and

they're also doing things like Sovereign Roll-Ups and app specific things and they have their SDK and I spoke about stacker Network yesterday about how they have their SDK as well and someone asked in the comments like how is this different I guess in polygon already doing this and it's a good point but I think polygons SDK at least right now is more of a white glove service where essentially polygon will work with the teams to spin up these things uh at least as it exists right now whereas stacker network is meant is trying to be a more generalized do-it-yourself kind of solution there which which obviously makes a lot of sense um but still I mean it's good always good to have more than one of these things out in the wild but I just wanted to yeah highlight this thread because it just it really does amaze me how much

polygon has going on you guys know I'm an advisor to polygon so obviously you can take that for the how you will um but just just generally I think credit is due uh where it's due at the end of the day and I think that polygon has more than proven to the ecosystem that they can execute and deliver as well I mean this isn't even mentioning their business development team which I talk about all the time so I'm not going to get into that now uh but I'll link this thread in the YouTube description below if you want to go and give it a read all right so a new integration was announced today from Aztec which they're integrating uh or I guess like they're introducing a erc4626 bridge so erc4626 is I guess like the yield uh ERC standard so they say you know it's a

template for the creation of tokenized vaults that represent Shield shares of a single underlying token so why would you do this tokenized vaults are useful they represent shares in an underlying yield bearing Vault examples include are there a tokens compound C tokens and I uh yearn y tokens so obviously we need standardization here which is where 4626 comes in uh and then Aztec has introduced this bridge that they're calling the one bridge to rule them all and allows people to issue and redeem shares of erc4626 volt after that vault is listed in the contract but there are a few minor gotchas The Vault has to be listed in the bridge contract before use and the Vault share and asset tokens and have to be registered on the rollout processor but overall Integrations will no longer

require their own Standalone Bridge contract so big upgrade here on the UI ux side for Aztec when it comes to their Integrations here which is awesome uh 4626 has been getting a bit of noise I think I've spoken about it before uh within the ecosystem I think I spoke about it maybe a couple months ago or something I remember M stable was actually looking at this as well um but uh yeah very very cool to to see this integrated with Aztec which is as you guys know the Privacy roll up we always need more of that all right I missed this a couple days ago but uh Stark scan was announced which is a Next Generation stock net block explorer that the community deserves as they say so uh and then they list out 10 reasons to use uh Stark scan in your dapps so I believe it's live

today yes Stark a scan man that's a mouthful dot Co here and you can see it's a block Explorer for the stock net ecosystem see it's tracking things like blocks transactions contracts all that sort of stuff there very very cool to see this I mean this looks awesome honestly like uh it's really Snappy I mean you can see me playing around with it yeah it doesn't there's no lag really you can see all the relevant information that loads very very quickly you can I guess Deep dive into it and see everything or similar things that you might see on etherscan uh but yeah this is this is awesome so I just wanted to highlight this for you guys to go check out uh because obviously the stock net ecosystem continues to grow and we want to have a window into its growth overall and be

able to explore all of the things going on under the hood all right so speaking of stock where their Stockbridge Regenesis plan is here and it's smooth Regenesis will follow Cairo 1.0 making Stark net contract simpler and safer so the Regenesis will be seamless for users simple for developers no downtime involved and shape with the help of the Stark net community so the tldr is here so they've shared the detailed plan for the Regenesis which is shaped by extended discussions with the stock net Community uh Regenesis will follow the release of cairo1 users should be prepared to update their wallet during the transition phase and developers are required to Port their contracts over so it's mostly seamless for end users they just need to update their wallets for developers a bit more involved they need

to put their contracts over but again not too heavy of a lift there so if you want to read the details about this Regenesis you can go check this out or check this blog post out which I'll link in the YouTube description for you below all right so speaking of metaverses before hash flow has introduced us to their hash verse today which is a story driven gamified Dao where you will shape the future of hash Flow by staking tokens completing quests and earning rewards at hashflow.com verse so uh there's a thread here going over exactly what this is and how they're developing this and how they're developing their down model but this is really cool because it reminds me of what um element Finance did as well they're kind of like gamified their um decentralization or their Dow uh

gamified their their token issuance here and you can see on this page you know enter the hash verse shape the future with through governance through quests uh earn you know this is starting to look like a an MMO right now which is cool because it's kind of talking about what I spoke about before how MMOs really have been the the one true metaverse at this point in time uh but this isn't live just yet just kind of like they just introduced it here where you'll be able to uh I guess um stake tokens participate in the Dow and they've detailed it in the uh Twitter thread here uh and the native token I believe cash flow has announced their native token uh in in the past which is hft uh so when asking when token uh the Dow requires hft to operate so they're announcing that the hft token will grow

light on November 7th 2022. actually I missed that before I don't know how I missed that and that that was just news to me so yeah that's going to to be going live and if you want the full details of all of this you can go read the blog post here uh which is not a short not a long read it's only about three minutes I think this is cool as I said I want to see more exp I've said this plenty of times in the refill I want to see more experimentation with Dows with token issuance models with getting the community more involved not just giving tokens to the community to an airdrop and being like hey guys here's some tokens Vote or don't vote or dump them or don't dump them totally up to you no I mean we need better models here like we need to align incentives

better yeah and I think that's what hash flow is trying to do with hashverse all right last up here a very very interesting tweet from David Hoffman today that got me thinking so he said eight hours of eat issuance burned inside of 40 blocks it's easier to burn ether than it is to issue it now I've been talking about this a lot on the refuel over the past couple of weeks especially in a post-emerge world about how we're not deflationary all the time because gas fees aren't over that ultrasound barrier of around 15 way all the time but the thing is is that because we're issuing such low amount of eth in proof of stake it doesn't take much to wipe out that issuance right it doesn't really and and the thing is as as David Hoffman outlines here eight

hours of that issuance was burned inside of 40 blocks because gas fees spiked so you can do some really fun math around this you can say okay well if gas prices were at 100 way for 24 hours right what would the burn be and how much uh proof of stake issuance would that offset well if eight hours of eat issuance was burned inside of 40 blocks we can do some naive math yeah so 40 blocks times 12 seconds you've got 480 seconds here in minutes right or I should do in hours actually make my math easily here so that's just 0.13 hours right 0.13 hours um in you know at 100 way burned eight hours of eat issuance that's that's crazy could you imagine 100 way for the

whole 24 hours there right like I mean I I've stuffed up the math yeah because doing math live on on on this video is is quite difficult but if you extrapolate that out to the total amount of blocks that it issued each day which I can actually do because you can just do a naive uh thing here I'm just gonna do it quickly here uh eight six times uh oh man I am failing right now times 12 so 7 200 blocks per day in proof of stake because each block is 12 seconds so if we'd had 100 weight 7 200 blocks we would be destroying a lot more than eight hours of issuance I mean you can just divide it by 40 here uh 180 so you if I'm doing my math right here 180

times 8 hours you get 60 days if I'm doing my math right I hope I am I don't know for sure maybe you guys can correct me a hundred way for 24 hours would wipe out 60 days of proof of stake issuance via the burn I hope by Matthew's right there it sounds insane off the top of my head I am going to check that after after this episode but the point is the real Point here is is that like our issuance is so so low within proof of stake that any like demand or any kind of spiking fees is going to remove a lot of uh that I guess um that issuance uh and and the thing is it'll make up for the periods of time where we're below that ultrasound barrier so that's why it

doesn't make sense to measure things day to day if to cause deflationary day to day it makes sense to call it deflationary from a longer periods of time such as months or years or even just since Genesis sorry since the implementation of erp155 nine so I'm going to do some math on this maybe I'll post my results in the daily Discord Channel but I think that it's worth thinking about it's worth realizing that um the burn is very strong it can offset a lot of that issuance that we have on the proof of stake uh and someone actually asked me the other day in the Discord Channel like why is uh a deflationary eat desirable and we had a bit of discussion about that you can go Google uh Google you can go search and Discord channel for the discussion there but the tldr is basically that it in

theory makes each more valuable a more valuable it makes the network more secure and at the end of the day ethereum has to earn its deflationary properties because it is still Perpetual issuance going to stakers there's still inflation but petrol inflation going to stakers it's just that we're offsetting that via Network demand so it's not a heath is not a deflationary currency by default it is only deflationary because of the burn at certain periods of time and over certain time intervals so it's worth keeping that in mind as well but I think on that note that's going to be it for today so thank everyone for listening and watching be sure to subscribe to the the channel if you haven't yet give it a thumbs up subscribe to newsletter join the Disco Channel and I'll catch you all next week thanks everyone