Ultra sound money, Arbitrum update and more - The Daily Gwei Refuel #162 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the daily gray review where i recap the latest news in the ethereum ecosystem i'm your host anthony sosano and today's the 12th of july 2021 all right everyone let's get into it so i hosted the fifth daily way ama in the discord channel on a saturday in case you missed it i did upload a recording of it to youtube if you haven't checked that out yet you can check it out on the channel of course it was really fun i love doing these amas they they happen every two weeks on on a saturday so you know even if you can't attend it i do record it and everything and if you want to ask questions um and you know you can't attend you can post questions in the ama series channel anytime between you know now and when i

do the ama and they'll get answered on the ama but yeah you can watch the uh the one from the saturday just passed here i'll leave a link to it in the youtube description or you can just go to the channel and it'll be there under the ama playlist so there's a new really cool new website actually that i saw over the weekend called ultrasound.money now this is basically a countdown to eip1559's activation as you can see here there's 23 days to go at time of recording um the fork block is obviously this block here current block and remaining blocks to go and then it's got um the amount of people that have uh the bat signal in their um in their twitter name so you know the uh the ultrasound symbol uh

ultrasound money symbol symbol there's over 1564 of us right now which is really cool um i mean you know it's funny how this meme started this ultrasound money mimi it was started by justin drake and i wrote more about this in the delight newsletter today if you want to go check that out but it was started by justin drake who's an ethereum foundation researcher and he was basically having uh making a play on how bitcoin is referred to as sound money because of its cap supply whereas you know with ethereum post one five five nine and post uh the merger i i you know realistically we could see a deflationary eath which means that eath is decreasing supply so you know that's how it goes right if some sound money describes something that has a cap supply then ultrasound

money describes something that has a decreasing supply now i think it's just something that shouldn't be taken too seriously i think it is obviously a meme right it's something that uh is very easily that digestible and an easy way to describe a world where a deflationary eat is kind of a reality and it's something that people can put in their twitter names and spread the word like that but i think unfortunately a lot of people are taking it way too seriously and they're kind of like going on about it about it berating people about it basically saying you know this is a cringe meme whatever blah blah but i think that the meme is still doing its job at the end of the day because the meme's job in my opinion anyway is to kind of disseminate information as fast as possible about whatever you want to kind

of disseminate information about now with the ultrasound money mean people will see that and they'll see this bat signal and their speaker emoji and they'll you know they'll be like okay what's this like i don't understand this and they'll go google it and then a bunch of race a bunch of kind of results will come up and they'll learn about it and you know even if they think it's cringe the actual meme they still get to learn about it's potential kind of like reality or world where we have a deflationary supply um now the ultrasound money account here um is teasing a a a supply graph they're going to be publishing soon i think this is a really cool way to show kind of how each supply has evolved over time you know people say oh ethereum is centralized because the monetary policy can be changed whenever

at will or whatever but it's only changed a few times in the past it's only changed three times so so far um sorry no two times um we had obviously at genesis we had five eighth per block uh plus uncle rewards plus fees then in byzantium we had three earth per block constantinople is two eighths per block and then the next change will happen when the merger goes through it will dramatically reduce the current uh kind of issuance from 4.5 percent to um at under well under one percent um and then you know with obviously with one five five nine we're also going to have uh if being burned uh and then i mean they've split out the kind of like i guess merge and proof of stake going live here because technically when proof of stake went live in december we added about point

five percent um extra issuance on to what we already have with um eth1 uh because obviously that's a separate chain and everything like that but that only lasts for a little while and then uh we have one five five nine going live which offsets a bit of that with fee burning and then once uh the proof of work uh consensus mechanism is removed and we've done the merge and then it drops issuance like a massive amount so you can see that kind of yeah and in this chart they also show kind of like the amount of in dresses in smart contracts and in staking which i think is a really cool breakdown as well to kind of see where the supply is sitting and then down the bottom you're going to have a tool that allows you to kind of like play with the staked amount what the base fee

is going to be in one five five nine which which means like what the fee burn is going to be um and then you know kind of do a merge date um uh kind of like guess here or assumption kind of like do a slider there to change the date which i think is really cool i mean it allows us to kind of play around with things allows just general users to play around with things and you know if you assume that eth's kind of gas prices are going to remain over 10 way or the base fee at least is going to remain over 10 way post-merge well then we're going to have a deflationary that's what the current math is like because we'll be burning more eath than we're issuing a year to secure the network uh and then we'll get like you know

ultrasound money so i can't wait for this to go live i'd love to play around with it and see i mean i've played around with justin drake's spreadsheets before he's put out numerous spreadsheets with all of this information in it but they're obviously not as user-friendly as like just a basic slide or anything like that and i really like how you know at a glance you can just see how much each is you know in smart contracts in in staking in addresses and things like that um and you'll be able to kind of like project that out as well so i think that's a really really cool uh way to go about it uh and i really love this site i actually you know i'm assuming that once this countdown is finished this side's actually gonna be tracking uh the amount of eight that's being burned at like

front and center just like how watchtheburn.com does it as well we're going to have plenty of these websites and i think it's going to be something that people really want to build because they know it's going to be a high traffic website or you know something like doing analytics we'll have a bunch of different charts for this and you can kind of see how it evolves over time it's going to be really really cool watching it all play out um you know 23 days to go until uh one five five nine is activated on main nets so close so close and speaking of that uh loopering is also put out an interesting tweet that i don't know how many people got this but basically they said our security later layer 8 is becoming ultrasound on uh august 4th 2021.

now loopering is obviously a layer to ecosystem their security layer is ethereum because of that but i think you know when you kind of take take this a step further and look into this tweet a step further you can kind of realize that all these layer twos most of the ether they're going to be paying will be the base fee and they'll be burning eth2 which is really really awesome you know just because your users aren't doing transactions on layer one if they're on a layer two obviously they're not they aren't burning that eighth at layer two but it does trickle down to layer one because the layer twos have to pay for security there and that eight ends up getting burnt so just something that i think is really cool is that basically the layer twos all inherit this kind of um i guess burning and then you know

they're just gonna pay their normal security spend on layer one but also have uh that eighth being burned and also they're gonna have a uh basically an on-chain gas oracle with one five five nine that allows them to better plan out when they're gonna post their proofs and and kind of like uh guarantee that they can get their transactions into a block and then there's no kind of delays there they can kind of automate that whole process so that's another kind of big advantage of of of one five five nine in addition to the fee burning of course speaking of loopering as well uh you know they're teasing the layer two landscape is about to heat up which it is uh this site that i hadn't checked in a while l2beat.com i've showed this website on the refuel before basically tracks all the different layer

twos the value locked the market share the technology that they're using um this is gonna blow up and i'll and you know i'm gonna go over optimism and arbitrary's announcements that happened over the weekend but this is all gonna blow up like massively i reckon in the next you know six to 12 months this is gonna this is gonna be huge there's gonna be billions here uh locked in here um and there's gonna be uh basically all different types of technology obviously zk roll up optimistic roll ups volidium uh plasma all those sorts of things it's just going to get crazy from here um and on that note uh arbitrary put out a development update over the weekend so the tl dr is that like most of the things that need to be deployed have been deployed they're just missing a couple of critical infrastructure projects that

need to go live before they can launch arbitram uh to the public and i'm they didn't specify what those critical infrastructure projects are i'm going to assume that one of them is chain link because i've explained before that without chain link a lot of d5 apps can't work like rv wouldn't work without chain link because you need obviously an oracle um if compounds on there compound is integrating chain link that's not going to work uh i don't synthetic obviously isn't on there but there's a bunch of other projects on there i mean i i i can't remember all of them right now but there are definitely more projects that require something like chain link on there uh and they did say there's there's a couple others as well i i kind of didn't really think too hard about that i'm not exactly sure what those would be but maybe things

like alchemy and furore aren't just ready just yet in the graph maybe you know they announced that they're going to be integrating but that doesn't mean that they were ready so maybe those things have to be have to be ready as well now you know i uh obviously i've spoken a lot about these things before i've said you know hopefully albert truman optimism launched this month or else i'm gonna eat my hat uh i'm not gonna eat my hat obviously if they don't launch this month and i don't even think it really matters too much i think that you know obviously people are getting frustrated at this point because they're hearing soon soon soon they're hearing me say it all the time you know it's coming soon it's coming soon i get that but uh you know it's funny there's a lot of things just inside and outside of

crypto that are like this where teams will will tend to like just keep putting out updates because they want to stay front of mind they want to make sure that people don't don't forget about them and that people just aren't kind of wondering what's happening with the project and i and i get that but then some other teams don't say anything and then they'll just come out with a big update when it's ready uh they won't actually tease it or anything like that they'll only announce it when it's ready to ship there's just two different approaches that different teams take i don't think there's a right or wrong approach i just think that that um you know depending on the project depending on the team they're going to take a slightly different approach to how they kind of announce things when they announce it how they do releases

all that sort of stuff i am more in favor of teams just giving regular updates regardless if they have something to kind of like uh for me to play around with or not because going quiet in my mind like as someone with a marketing background background is probably one of the worst things you can do in in kind of an ecosystem like this because people will forget about you there's too much going on within crypto you need to stay top of mind so i think that it's fine to do this but obviously eventually it wears on people and they're just like you know i'm sick of hearing about this i just want it live and i'm pretty sure we're almost at that point with with layer twos like arbitrary optimism uh so yeah they'll launch soon but like you know don't be surprised if you see

another announcement of an announcement uh you know coming out uh from either of these teams or from anyone really in crypto but on that note there is a date that was given um you know to to kind of like i guess um wait us over until these things are fully live and that's the date for synthetics is exchange launch on optimism so they're saying this will happen the week of july 26th and with a final deployment date pending the spartan council approval this has been a very long time coming for synthetics they are the first team on optimism they have been pioneers they have been working with the team for with the optimism team for a very long time now um obviously synthetics taking has been live there for those of you like me who are snx holders you'll know all about that but this is their

exchange launch which is obviously their feature product now this going live is going to represent a huge deal i think it's going to basically show you know is synthetics something that's going to be used or is it something that's just like a fad or whatever because obviously synthetics has had trouble with the um the gas market on ethereum uh at the hive gas fees of kind of like hampered adoption so that's why they were very early pioneer and very early adopter of layer twos so i'm really excited to see them going live finally with their exchange on optimism and seeing what the experience is like on there and basic basically having uh a a a very smooth low fee experience uh that people can actually enjoy rather than having to kind of like suffer from the high fees so

really exciting that there's a date there from uh from synthetics on optimism i don't know if this means that optimism is going to go live in like a super public mainnet fashion i wouldn't count on it like i i don't know i haven't heard much from optimism besides them announcing kind of like integration partnerships and things like that but i wouldn't take this as a optimism launch date i would take this as a synthetics on optimism launch date where anyone can use it but you know i i i think the picture's becoming clearer for a lot of people that this stuff is going to be rolled out in phases it's not going to be an all-or-nothing thing where you know something launches and then like everyone's on there from day one everything's you know amazing from day one nothing that needs to be fixed or upgraded

it's going to be a gradual thing and that's fine i think people just want to play around with this with these tools they want to experience layer twos on ethereum because the closest they've gotten to a uh i guess experiencing ethereum without the fees is something like polygon right where polygon is obviously not a layer two it is the polygon pos chain at least is not a layer two it's you know what some people consider a side chain um but that has given a lot of users a low fee environment to play around with that that you know feels like ethereum just without the fees now that's exactly what these layer twos are gonna be offering as well and you know i'm itching for it everyone i know is itching for it we just want to play around with it we just want to be able

to um use it we've heard enough about kind of like these announcements and things like that and that's fine but i'm excited to play around with synthetics on july 26th or the week of july 26th whenever it launches during that week i think it's going to be awesome and it's going to be a really great event for the synthetics community to uh basically um celebrate because it's been a long time coming so i put out this tweet today where i said with dows where we're just seeing the creation of truly global decentralized and digital first organizations that allow literally anyone to participate what an absolutely incredible time to be alive now i wanted to expand on this on the refuel uh you know it's funny i used to expand on these tweets in tweet threads but like now i'll just leave it for the refuel because it's just so much easier

for me to speak uh than it is for me to type out something and then make sure that i haven't met any spelling errors and make sure no one's gonna call me out on anything whatever um essentially what what i meant by this tweet to expand on it was that there's never been a digitally native global kind of organization that has existed outside of the i guess like any nation state there's plenty of global organizations don't get me wrong but they all have a home base like a lot of them will have a home based in you know tax i guess um uh tax friendly jurisdictions a lot of them will have uh uh basically an office in uh their home country obvious like big companies like apple obviously are situated in the us and same with microsoft and things like that but they're technically registered

in tax-friendly jurisdictions obviously because they like to pay as little tax as possible but we've never had a digital first no physical location organization um before and we've had some of them attempt to do this like for example binance attempts to do what's called regulatory arbitrage where they say they have no physical location um they they exist purely in cyberspace and i mean i don't really think that's the same thing obviously binance is centralized obviously the um exchange isn't managed by a dow or anything like that they still have bank accounts uh linked to the exchange they still deal a lot with the traditional world and they are registered somewhere because they have to pay taxes right uh so or at least record income or

whatever so they're registered somewhere as much as they want to try and hide where they are they have to be registered somewhere um uh at least from what i can kind of suspect with dows they are registered on ethereum right ethereum is their jurisdiction uh they're not registered in any kind of like country or anything like that they do not have any um you know you don't have to have like a visa to work for the the dao anyone in the world can work for the dow it doesn't even matter who you are you didn't have to reveal your identity you can literally work for the dao uh being a completely anonymous character you're judged based on your merit you can get paid in crypto you don't even have to have a bank account so this is what i mean by a digitally first organization

now a lot of dows aren't truly decentralized today so calling them a decentralized organization maybe isn't the best way to frame it but i guess by decentralized there are some out there but i think maybe the better term is distributed because they're they obviously are distributed they're completely global i know you know i've seen many dao's have people from literally all over the world like from opposite ends of the world i mean i participate in some doubts that uh that maybe have like a heavy presence in europe or a heavy presence in the u.s and i'm in australia like australia is is very far away from both of those uh both of those places so from that point of view it's just really awesome that i can contribute to those dows if i wanted to or i could be like a multi-stick signer or anything

like that and i can get compensated for my work or i can just do it on a volunteer basis as well uh and you know i mean obviously i'm known very known within the community so maybe i'm a bad example but there's plenty of people out there who remain anonymous and uh are either multi-sig signers for a dow or they are very you know core contributors i mean perfect example of this is banteg from yearn i mean i'm sure some people know who that person is i'm assuming it's a he uh but no one knows like it's not a public thing they're not a really public person they have banteg is their their name that's their kind of like avatar on on twitter and everything like that and that's what everyone knows him as um and there's plenty of examples of this happening right now within within crypto

and i think it's just going to keep going like that so the fact that this exists means that uh we don't have to kind of like deal with all the the burdens and the inefficiencies of the the traditional system anymore we don't have to deal with setting up a company and then getting people to have visas just so they can work for a company we don't have to deal with all the different tax jurisdictions and anything like that um you know we can just basically say okay let's spin up a dow let's make it token holder voting or let's have like a council or let's have like a multisig um and then then let's kind of issue a token and then we can just like pay out from the treasury to people to help us build this thing and that can all be done in a day like even less than a day you

can you can start a dow within an hour if you wanted to it doesn't like it really doesn't take very long and you can ignore and leapfrog all of the from the traditional um you know meat space world which i think is absolutely amazing and i don't think people have really come to terms with just how world changing this is for a lot of um organizations where we're going to see tons of these dows spin up a lot of them will fail just like a lot of businesses fail but the ones that succeed will go on to be worth trillions of dollars like their protocols will essentially go on to be worth trillions of dollars and you know some protocols can start out having like a completely centralized uh core team and then turn into a dow over time we've seen that happen many times like uni swap happened like

that compound happened like that it's basically this concept of exit to community where you build up the product over time obviously compound labs unisop labs built up the product over time and then instead of going public on the stock market you tokenize and you exit to your community so you do an air drop of the token you create a dao you have people you have tokens in a treasury and then you start kind of like paying that out to people and things like that so i think that is super super cool and that is kind of like the future of organization so that's kind of what i meant by by this tweet here um and i did want to touch on like john henderson sets up link to tweet thread here um which is basically going over like how token based governance is like a

fantasy uh because of the fact that i mean there's multiple reasons that that you can be bearish on token based uh kind of governance you know from voter apathy to people just like um you know not paying much attention stuff like that and that's fine but i think the evolution of that is what we're seeing with projects like git coin stewards or sorry with git coin dow how they have the steward thing where you can essentially uh delegate your tokens to a steward and they'll act on your behalf and sort of like a liquid democracy kind of system here compound has this unisop has this i mean many protocols have this and that that is is i think the future of these dows and i think that's totally fine i don't think that takes away from the global kind of like decentralized um you know

digitally first native uh kind of like um uh a thing that these things that they always have going on i think that that's just a way to scale them because at the end of the day it's very hard to scale humans so you're not gonna be able to have like thousands of dow members all voting on everything you're gonna have to have like a core set of people who represent these thousands of people of members just like we have in the political system today but we have like a liquid mock democracy type system where essentially you can basically put your tokens towards someone say okay well i'm going to delegate my circuits to you because i because i trust you i think that you're doing really well within the dao you're a well-known community member um you know you can you can have my vote

essentially or you can have my voting power and then if they start doing things that you don't like or if they start screwing up you can just take your your delegation away and then delegate to someone else whereas within the um i guess current political system the traditional political system i should say you don't really have that option you have a vote sure uh but you can't change your vote like on the fly sort of thing you have to vote and then you're stuck with that person for their term and you know depending on on what position it is that term can be up to four years uh and it could be longer i mean it could depending on what country you're in it could be much longer um so from that point of view i think that it's really cool that we're seeing like this liquid democracy happening

within dows and kind of like how um tokenholder voting is evolve is evolving there so i'm really interested to see how that plays out over time so yeah hopefully that kind of explains this tweet for those who saw it and gives you something to think about so kyber's liquidity mining program for their new da dmm is now live on both ethereum and polygon so for those of you who don't know the dmm is kyber's new dynamic uh market maker model that they've basically been teasing for quite a while and they have this liquidity mining program called rain maker that's now live so i yeah as i said this is live on ethereum and polygon if you want to kind of supply liquidity here to either on either of those chains you

can do so and you can start earning kaiba uh token rewards for doing so now the list of eligible pools on ethereum include uh everyone's you know favorite popular pools with um stable coin pools eth wbtc and k c of course and then on polygon it's uh very similar except uh there's a matic pool that's as well there so yeah that's really really cool if you want the full details of it it'll be linked to the youtube description this blog post you can go check it out i mean it's packed full of details and a guide on how to get started as well so xerox mons uh basically published a new white paper over the weekend called lss vm or a liquidity provision protocol for nfts now what this white paper describes is a new

way to bring liquidity to nfts on on ethereum here now for those of you who haven't been maybe paying too much close attention to how nfts are kind of getting liquidity there's two kind of ways that that's happening right now one of them is what nftx is doing which is basically creating an index of uh of these kind of um nfts and basically uh you can trade that as like a fungible asset and then there's the second uh kind of thing which is fractionalization of nfts where you can kind of like break up nfts into small bits uh and things like that um and kind of like trade them like that whatever you want to do there um whereas this kind of like new lss vm kind of protocol who's basically going to be able to uh

essentially create range orders from what i'm understanding here or kind of like range liquidity for different nfts i did speak to xerox mods and dms about this and i if i'm being honest like i don't think i can explain it like your five just yet uh there is a bit of complexity here maybe hopefully uh they put out some visual kind of like aids for this because i think that obviously our white paper um is well is well and good but you definitely want some visual aids for people to um to be able to kind of i guess understand exactly what's going on here but essentially the gist of it is basically xerox monster wants to create a way to bring even more liquidity to nfts and to enable flexibility of liquidity as well so people can essentially stop fragmenting the liquidity bring it all together and have

more flexibility in how they buy and sell nft so yeah i'll be i'll keep an eye on keeping an eye on this hopefully xerox moms publishes some visual aids and i'll be able to show them on the refuel when they're available so uh seb the co-founder and ceo of zappa is uh alpha leaking something on twitter zapmail.eth which i'm assuming is a decentralized messaging service or something like that now someone said here you know a decentralized email question mark and seb said maybe you know who knows what it is i actually think that that'd be really cool for a decentralized kind of messaging service to be built into uh zappa where you can basically have your own uh i guess like you would have like anthony at

zapmail.eighth or anthony.mail.eth and you can send messages to each other or anything like that i think that would be really really cool i'm not sure exactly what this is or how it's going to work obviously this is just a small leak here but um you know the zapper team's always cooking up really fun things so i'm looking forward to seeing what this is just wanted to put it on your radar as well to kind of get you hyped about this i'm you know i'm hyped i'll obviously go over this on the refuel once it comes out but until then i'm just gonna leave it in speculation zone for now so linda shea uh reposted her i i guess uh was a beginner's guide to nfts here on mirror and the fun thing about this is that she actually posted this to mirror and you can actually collect an nft

uh using kind of like um this post on mira so this is an old post that she d she did it's actually very good i highly recommend reading it if you haven't already uh you can go check out kind of like what nfts are all about and everything like that but by using mirror she's been able to essentially either get a tip uh from uh from readers or sell nfts directly in uh the post here and the proceeds from these nfts um will go to bitcoin grants so three thousand there's 3.7 dollars raised so far one point seven six eighth and this is all going to uh get coin i think it's probably gonna go into their treasury or part of the next next grants matching round but it's really really cool so if you go collect nft here it'll kind of pop up with a bunch of

nfts you can even either choose the legendary rare or common one uh so essentially a legendary costs like one eighth rare cost 0.18 and a common is 0.018 and this is how you support the author and you can basically get like this exclusive nft um of this post and obviously there's different editions here there's only five editions of the uh rare uh sorry the legendary one and then different editions for the other ones now this you know i guess is similar to what uh the beacon book did i've talked about the beacon book a lot on the refill before where you could mince nfts on mirror and there were limited editions and all that sort of stuff and i do really think this is awesome this is like to me the future of publishing and i'm actually going to be experimenting with some stuff hopefully in the near future with the

daily gray on mirror because um i think you know me personally i want to get off substance eventually because it's centralized i want to fully embrace a decentralized kind of um service there with my newsletter but i also want to do really cool things like obviously the delegate newsletter book that i spoke about on the refuel last week uh where i want to essentially create a book out of the first 300 newsletter pieces do some cool nfts with it have the community involved with it i'm still specking it out it's probably going to be like a longer term project um you know i spoke to trent van epps the the the person who who was the lead on the beacon book project um and he said it took a while to get that all together so definitely not going to happen overnight but i'm still

pretty excited to do that and to do it on mirror but also you know i might i might republish some of my um longer newsletters or i guess like my more of my most popular pieces from the newsletter on to mira and kind of like auction them off as nfts and have the proceeds going to uh the git coin or something like that because i just think it's a really good way to essentially give kind of like people a way to support like myself but also to support myself by redirecting those funds to something like a public good uh and you know getting kind of like having some form of ownership of over the kind of i guess some article and things like that so yeah but i'll be keeping an eye on what mira is doing specifically as well i think they've got a lot of things

planned they really do want to change the way publishing works on the web they want to be able to drive the value to publishers to authors instead of it going to kind of like centralized parties which is what i guess like ethereum is all about so really looking forward to seeing how that evolves so meg lister posted a blog post that she put together here which is index which is describing the index carbs inter internship program so if you're interested in getting involved with a dow with the index cop with working within d5 that i've been hammering on about for months now this is probably the best way to do it now i should disclose here that i am an advisor to set which is heavily involved with the index co-op but i mean i love the index cob they are in my opinion

one of the best if not the best dials on ethereum right now they are absolutely killing it across all fronts from what i've seen like i obviously keep tabs in it because i'm involved with it at a kind of like higher level here um and they have internship positions for basically everything like whether it's uh business development growth community org and people analytics product whatever you want to work on um you know this program is for you uh and that the expected kind of like time input is about 15 hours per week so obviously if you have a full-time job and an extra 15 hours per week working on this would be kind of like a bit difficult to manage but i definitely think that it is well worth it so the internship is going to begin july 12th which is today and run for six

weeks uh so if you're interested definitely go check out uh sorry check out this uh uh this medium post here applications are open today on july 10th and we'll close july 12th and we'll close on july 23rd so i'll link this in the youtube description you can go check it out um and i think that's it for today's refuel 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