Uniswap on Arbitrum, ETH vs BTC and more - The Daily Gwei Refuel #137 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the daily gray refuel where i recap the latest news in the ethereum ecosystem i'm your host anthony sosano and today's the 7th of june 2021 all right everyone let's get into it uh so before we go over the news from the weekend i just wanted to quickly give a shout out to eighth global here who are running the hack money uh the next hack money hackathon here which is going to be uh taking place i think in july or something um i i've forgotten the date here but uh oh wait no sorry only 2.5 weeks away so the deadline to apply uh is monday june 14th so if you're a developer and you want to apply to this um this kind of hackathon here and you want to apply to build it's a 30 day online hackathon

runs from june 18th to july 9th so yeah and you can go in the running to win up to a hundred thousand dollars worth of prizes here so or 150 000 plus now uh thanks to all these great sponsors you know unisop grants program compound are there well it's like the who's who is on here which is really really cool to see uh so yeah basically if you're a dev definitely go check that out um you know these eighth global events are always always really fun i've judged a few of them before they're really good and a lot of um you know some of the i mean a lot of the top projects have come out of these events so yeah definitely go check this out so really big news from uni swap over the weekend they finished deploying to arbitram so as you guys will know

arbitrom's mainnet is only available to developers right now not available to the general public so you can't use this just yet but uh everything has been updated so as soon as arbitrary opens to the general public you will be able to use unisop v3 on it which is honestly pretty amazing i think that the speed at which uniswap went from you know i guess like everyone thinking they were just going to deploy deployed optimism only to deploying on arbitram uh you know before they haven't deployed on optimism in a in a public way is is insane and i'm really looking forward to arbitram hopefully launching in the next couple weeks to the general public because even though gas is low right now like hovering between 10 and 20 grey over the weekend that's still not low enough um if you actually look at the transaction cost

they're still quite high i mean it's still even approving a token is costing like two dollars that's that's still too high for the everyday user like i saw some people saying oh we don't need layer two anymore it's like well yeah we do like unless layer one transaction fees went down to like sub one cent i would still say that we need layer two because at the end of the day there's gonna be tons and tons of transactions happening from many many different people from around the world and there's no way we're going to be able to reach most of the world if we don't bring those these transaction costs down considerably right like not everyone's going to be a d-gen that's just basically uh you know flipping things on unisop and you know that they made a lot of money on eta they don't care the gas fees are high

most of the of the the users coming in or pretty much like all of them like 99.99 of the world doesn't even know like about ethereum hasn't even used d fire ethereum so all those people coming in are not going to you know be happy paying those fees so we definitely still need layer two and also like i think what people kind of like maybe miss if maybe people are joking when they say that we don't need layer two but i've seen some people be kind of serious about it and what people miss is that we didn't really make any fundamental changes to layer one right we we upped the gas limit but that was done like a couple months ago now uh and there was a flashbot stuff and you know some layer two stuff and obviously like polygon um taking kind of like a pressure off

ethereum layer one but that was all done a while ago and gas was still 100 way i think the sole reason why gas is so cheap at the moment or at least like most of the reasons say 70 80 of it is due to the market being quite simple as that like everything is quiet right now the only thing that's really going up continuously is like the eighth btc ratio everything else is really quite like d5 in general is very quiet um you know bitcoin looks really bad not that that really affects ethereum too much uh but just generally you know um there's just not much speculation going on and that's what drives a lot of the higher gas fees is that people are very happy to pay those very high gas fees when they're making more than what they're paying and that's due to bull market conditions

so while we're in like a downturn here i'm not going to say we're in a bear mark or anything i don't think we are but while we're in a downturn those gas costs are just going to be cheap now in saying that the flashbot stuff the gas limit rays and everything has played into that as well but even that is not enough that is not enough to make layer 1 ethereum scalable the only scaling that is coming to layer one ethereum uh in i guess like the short to medium term is or it's probably more medium term is sharding and then longer term we have things like stateless um ethereum uh and then we have a bunch of other things happening on the client side where some client devs believe that they can raise the gas limit much higher than what it is now but it requires some work there but

generally layer two is is kind of like the way to go layer one is going to enhance layer two as well and you know layer one is never ever going to scale to meet global needs it's just simply not not unless we want to give up all the decentralization that we enjoy and i've talked about this a lot in the past so i won't rehash it here but there's that's just a little comment on people saying you know we don't need layer 2 anymore and if you know if you say that as a joke that's fine but i think there's a few people out there who actually believe that which is which is odd but anyway hopefully that kind of uh clears that up for you guys but i just can't wait to use uni swap on layer 2.

simply because the transactions are not only going to be cheaper but they're going to be faster as well like arbitrary blocks are faster than the three main net blocks i believe uh and it'll just be basically instant transactions i mean i've used some of the other apps like loop ring and and um and diversify and uh dydx and stuff like that and they're very very quick very cheap uh but you know unisop just hits different i think because unisop is the og amm uh the og kind of automated market maker um i know some people say it's bangkor i'm not gonna get into an argument here but the og in that like everyone has used unisop essentially right like everyone's used to everyone got their uni token airdrop everyone loves unisof it's like the the community darling so i think from that perspective unisop at layer 2 is the game changer and i've

written about this on in the delegate newsletter before where i think once people see that ethereum can scale and they see these fire things like really popular apps like uni swap it's going to completely change the narrative and that's why i believe that right now um eth is still in a bull market ethereum is still in a bull market the rest i don't know about like i particularly i think bitcoin is is looking very very bad i don't think there's any good catalyst for bitcoin coming up i generally think that big the only catalyst for bitcoin um in terms of like bullish catalyst is the atf really and the atf is probably not going to happen this year like let's be honest because of what happened during the downturn where we saw that leverage played such a a much bigger role than even kind of like the people who were

studying it thought that it did so the sec is probably not going to improve an etf in the in the us uh for bitcoin this year um so so what does ethereum have in terms of catalyst well i mean it has layer 2 roll out which is just beginning and as i said it is still very relevant doesn't matter if gas is cheaper relative to what it was a few weeks ago um it is still definitely relevant we have 1559 that is still coming in july i did mention how i expect that to be possibly delayed by one to two weeks but the fix for that bug that i mentioned is already out it's already merged into clients as far as i know so even that like one to two weeks i don't think it's going to make a dent there we we also have the q2 earnings reports

coming for public companies soon and i do truly believe that we're going to see some of those public companies announce that they bought eth and that those q2 earnings are due at the end of june um and you know i mean uh 8th 2 stuff happening as well like the merge like just i mean continue to defy growth there's just so much happening and i've talked about this a lot on the refuel but just generally when you look at the state of the market and you look at the state of kind of like crypto the crypto ecosystem in general on one hand you have bitcoin in which in my mind is pretty much like guaranteed to be flipped by ethereum sooner rather than later uh for all the reasons i aligned um the ethereum uh sorry the bitcoin image is really really bad right now and not to bash bitcoin but it

is like if like you all saw what happened at the bitcoin miami conference that was really really cringe like i'll be honest i mean anyone coming into this ecosystem that sees that is going to be like this is really bad like this is just really toxic and just a really bad look in general um you know and and and that's just like playing into the narrative that bitcoin's toxic you know not just on the social level but like on the environmental level too because bitcoin has the esg headwinds and stuff like that and i said this to a group of my friends the other day but basically the way i i would simulate i would kind of like uh i guess uh give my opinion on the current state of crypto in the current state of the market and the current state of bitcoin and

ethereum is that bitcoin has headwinds but ethereum has tailwinds the esg the toxic community um the the fact that there's no major catalyst for bitcoin coming up all kind of headwinds the tailwinds for ethereum is everything i just outlined like the one five five nine layer twos or and d5 growth all that sort of stuff and more so from that perspective it is no surprise to me at all that the eighth btc ratio is moving up and i think it's just going to continue doing that at this point i mean i believe the flipping has been inevitable for a very long time now uh you know i believe that ever since 2017 since i got into ethereum it's just taken longer than i thought it would but generally i think people are like well we want the kind of flipping to happen now uh you know

it's definitely something that needs to happen i think that bitcoin has got way too complacent over the years they thought they couldn't lose and that's always something something that i think is is very bad for a community to do especially uh for projects that you know just because we're big in market cap doesn't mean we're big in kind of like penetration within the rest of the world in terms of like usage um and if you really think about it at the end of the day uh ethereum's total adjustable market is much bigger than bitcoin so just kind of like viewing it from that as well uh and and that brings me to this tweet from from zeus here uh who basically said unpopular opinion bitcoin falling from number one would be one of the most bullish things to ever happen to crypto i actually don't think this is an

unpopular opinion anymore the only set of people this is unpopular with i believe are hardcore bitcoiners i actually think even the middle of the road bitcoin is feel like uh bitcoin has gotten to a point where it's actually dragging the rest of the crypto ecosystem down and i truly believe it is so if we kind of take that at face value here and take what zeus said here um i do think it would be the most bullish thing and you notice he didn't say eighth or anything like that and even though i believe eighth is going to be the one to flip bitcoin first it's not like uh we should just rest on our laurels after that it's not like the ethereum community should be like okay well we're number one now who cares we don't have to do anything anymore no that's the complete wrong approach

and i don't believe ethereum is going to fall into that mind you i think the ethereum ecosystem is is so diverse and so driven to change the world and so driven to build these these amazing products and services that nothing's going to stop us um from doing that but in saying that there's no guarantee that ethereum stays number one like you know eighth could get flipped one day by something else if aith stops innovating if ethe ossifies if the community gets too cocky and if the community just rests on its laurels so i don't think it will um and i don't think that uh there's any chance of that happening really i i actually think uh that if you look at these networks the networks i mean the networks optimize for kind of like the people that they they kind of like draw to them bitcoin

being like a single use case network optimizes for a single kind of use case mindset where that is digital gold or gold bugs or these people who think that you know it's just bitcoin nothing else matters sort of thing whereas ethereum is very pluralistic there's a lot you can do on a theme you can do anything on ethereum so from that point of view uh you know even if one area of ethereum slows down say like at the nft kind of ecosystem right now has slowed down that doesn't mean that every other kind of ecosystem has right because we have defy we have dows we have layer two we have core protocol work we have all this stuff happening so just because nfts are in a quiet kind of like maybe down market even even potentially a bear market right now doesn't really mean anything

for the rest of the ethereum ecosystem and by being kind of like diverse like that that means there's a diversity of ideas a diversity of people that we can attract into this ecosystem and that's why i truly believe that there's zero chance at least for the foreseeable future that ethereum and the ethereum ecosystem is going to ossify and that ethereum could be flipped by something else because of that i think that the golden age for ethereum really is just beginning i think the last seven years of ethereum's life um or at least like six years of mainnet i think seven years now six to seven years of maine have been like just early runner-up days i think over the coming years maybe the next kind of like five to ten years is ethereum's golden age where we scale the network we grow d5 you know

to becoming basically a thing that that would rival the volumes the the kind of total value lock to the um the activity of the traditional finance system um and we basically just win at everything that we're trying to win at right today and it's gonna you know it's gonna take longer than people think that's why i said five to ten years but i still think that eventually um you know ethereum is going to to be in everyone's life like i was thinking about it today like wouldn't it be really awesome if every website had a login with ethereum option where you could just basically connect like you connect to all the web 3 websites say connect wallet you're basically logging in with your ethereum wallet and that's your identity say say you would log into twitter with like your ethereum kind of like your public ethereum wallet

that is your login credentials um so stuff like that would be really cool to see i think that's gonna happen as well and that's how we kind of like really get this stuff mainstream too so yeah anyway i'll leave it at that for now and those are just my general thoughts on the current state of the market especially bitcoin versus ethereum um yeah i just think it's time i think at this point in crypto's lifecycle bitcoin is definitely dragging down the rest of the the ecosystem and that's not to say that that bitcoin doesn't have its own use case and its own value prop but its value prop is one one thousandth of eighth probably even less than that one ten thousand deep it is a small niche thing that's going to appeal to a small niche community um and i believe that ethereum and

and programmable money and blockchains in general are going to appeal to billions more people than bitcoin ever would so yeah leave it at that for now so i noticed this tweet from nethermine today which i thought was really interesting so actually the parent tweet from trent here from the other day he was asking what teams building on ethereum have interns and then nethermine responded and said that all the bitcoin grants that they received this year uh pr plus a solid match from the nethermine team are spent on interns so they're teaching the future generations of ethereum core developers and they have probably more than 20 interns this year more than 20. okay remember the other day i spoke about how um the uh trade van eps put out like a call for people to apply to become an ethereum core developer and they got over 400

plus applications i actually spoke to trent and he said most of them weren't like you know weren't kind of like qualified or relevant or anything like that but uh and generally there was like a really healthy chunk that had applied that actually were were qualified but that's how it always works with these kind of like sales funnels things where you collect like a lot of kind of people and then it's like any job really you collect a lot of people's resumes and then you filter through the best the best candidates and stuff like that but the fact that never mind um and for those who don't know nethermind is an ethereum one uh client uh dev team and and client um but the fact that they're saying that they had more than 20 interns this year alone is incredibly bullish because i i spoke about last week how ethereum core

development is actually quite difficult it is not an easy thing to do um it is something that takes a while to get up to speed on and that's you know part of the reason why trent put out this kind of um call for for more core developers to be part of this apprenticeship program that he and the ef were running um so from that perspective this is just totally awesome and it's funny because nethermine is actually a minority client in that i don't think they make up much of the network at all i think maybe a few percent that's not to say that their work isn't incredibly important and that's not to diminish their achievements the netherland client is actually very good but it's amazing that they've kind of like have more than 20 interns and they're actually committed to kind of teaching these people even though they're not a huge

part of i guess like the the the network and that just speaks to i think the i guess like the role um that a lot of people see that they play in this ecosystem in that you know even if you feel like you're a small part of the ecosystem you can still have a large impact like i mean just using like myself as a quick example here i i think that like i started off like basically from zero and over the years i think that i had a pretty large impact on the ethereum community but and that kind of like speaks to you know anyone can have an impact it doesn't matter how small you think you are you can create content you can do things like what nethermine's doing and you can have like a massive impact on this ecosystem generally so i think this is just really really

cool so props to nevermind for i guess like teaching more than 20 uh people um the ropes of cour development it's incredibly important to the future of ethereum for sure so i put out this tweet today where i said bull markets tend to give teams a false sense of security this is because because they believe that their products have achieved product market fit when in reality they're just riding the on the coattails of a frothy market most of the winning projects are built grown during bear markets so when i think about this and kind of like think about this more deeply we can take a look at all the projects that kind of exist within the d5 space let's take the defy space as an easy example here what are the top d5 projects right now when did they launch make a down launched end of the bull

market in 2017 technically december 2017 but didn't grow unless uh it didn't grow until the bear market because the bear market came right after 2018 2019 is what i consider to be the the core of the bear market there maker grew incredibly during that time it accounted for over 95 percent of the value locked in defined not just the eth lock but the total value locked so the usd value as well so obviously die group grew to become a staple grew to become a you know a default decentralized stable coin for ethereum uniswap launched early 2018 unisop v1 i believe or 2019.

um i think it might have been early 2019 but i may be miss remembering here but anyway bear market again ave bear market product compound bear market product do you see where i'm going with this right like um and then now look at let's look let's look at all the projects that have launched over the last kind of i guess 12 months um that haven't experienced like a proper bear market like a proper long-term bear market there is a graveyard of projects that have launched that had their tvl go up really high and then just like completely go away and this is simply because they use token incentives to bootstrap the growth and during a bull market the token incentives work because the tokens are going up in price means the yields are going up in price which means more people kind of lock up

tvl um whether that's being in like a pool one or a pool two and that might lead to a higher token price because people see the tv are going up and like oh my god this is so bullish let's buy this token and then on the way down it's the exact opposite of everything i just said so i think a lot of projects are going to be washed out during these down markets i think that the ones that succeed will go on to succeed very big uh very bigly because they have like a a very core community a very strong community that was built during a bear market i think the perfect example actually of this is ethereum if you think about it ethereum like even though it had a massive bull market in 2017 the network activity was still very low even though there was icos and stuff

like that the network activity generally was like incredibly low to what it is today like guy prices were still very cheap like even when we had those massive icos that were going on i don't think way ever got to like a hundred maybe it did but like for like a few hours at most during this the bulk of the sale so when you kind of look at ethereum itself ethereum was born i think i i think i really think ethereum came into itself during 2018 2019 and everything that was built you know for ethereum and on ethereum came to light during 2020 during the first d5 summer and that really kick-started things so if we do go into like another long-term kind of like bear market one day which i don't really think we will for ethereum but i do think that these periods of

downturn still work to wash out a lot of the basically stuff that was just rioting on the coattails of a bull market i'm not gonna name any specific projects here like i'm sure some of you can think of some of them but i think that it's just the way these things play out it's just like a boom and bust cycle a lot of the time and a lot of d5 just won't ever recover from it a lot of the tvl were never recovered there's a lot of projects that were doing the same thing and i think that a lot of projects that we're doing the same thing as one of the bigger ones are going to have a very hard time trying to disrupt the bigger ones at the end of the day so we'll see how this plays out there's plenty of projects still coming to market

there's plenty of projects that are going to die not die they're going to like lose out you know at the end of the day 90 of businesses fail and these projects really are businesses in the early stages they're not decentralized protocols even if they have a token and that they call a governance token they're still not truly decentralized they still don't have if they don't have like a truly kind of like massive community that actually cares about stewarding these things and they haven't been around for a while then they don't have the kind of decentralized community managing it so yeah we'll see we'll see what happens you know i think the market generally is going to be fine over the coming months for ethereum and d5 but i do think that unless we get like a really frothy market again it's going to be harder for these i

guess copycat projects to launch and it's going to wash out a lot of the the crappier projects i think so speaking of building on ethereum uh nada here from edge and node and graph protocol put together this amazing thread which is basically a crash course of 16 high quality resources tutorials and videos that he would recommend for anyone looking to learn ethereum full stack development now if you're a developer this is the thing for you it's going to be linked in the youtube description i highly highly recommend going and checking this out i spoke to a few of my developer friends and they said that this is a gold mine and this is something they wish they had when they uh basically started ethereum development it gives you all the resources that you need to start and then obviously there's a lot of things you can

kind of like branch off into um as i mentioned before the ethereum.org developer section is incredibly good for this they've got a bunch of resources there as well but if you're a developer definitely go check this out and if you're not a developer and you want to be one go check it out as well it'll be linked in the youtube description for your viewing pleasure so uh so the bees here also the buys i think it's sotheby's maybe i think it said sotheby's i think someone corrected me the other day but anyway uh michael here from sotheby's put out a tweet that after 300 years of physical only exhibits sotheby's opens its doors in the metaverse so they've got a basically i guess like a museum in the central land here which i think is pretty cool i i think that the metaverse you know decentraland

virtual reality all this sort of stuff is still very early in the in very very early stages and it's going to take a while for more people to get involved with it but i think that it's being built right now these the early stages are where the core building happens and going back to my i guess like tweet about how during you know bear markets is where the real growth and building happens i think as i said before the nft market is currently in a bear market and i think that everything not everything sorry but a lot of things being built in the nft space right now in the metaverse space and all that sort of stuff is going to kind of come back eventually and it's going to be much bigger than what we saw in like i guess it was nft winter maybe like we

had a couple of months of really really kind of like um frothy nfc stuff going on um but i think that the metaverse is the kind of like core of and of what goes on the nft ecosystem because without i think without like a virtual shared space for people to kind of show off the nfts or like buy and trade them or kind of like you know do stuff with them like utility-wise i don't think that nfts can reach their their next kind of level the next kind of like potential that they can get to uh so that's why i think it's really cool that sotheby's is you know being a pioneer here they're gonna kind of put all the stamps legitimacy on this kind of stuff i think the metaverse stuff also speaks to a lot of people in the gaming community so i think it's going to be really big

there as more and more gamers get on board as more and more video games come to life obviously i've been talking about immutable x before how they have like a whole layer 2 kind of ecosystem for trading um in-game items and trading nfts in general that's going to be huge you know god's unchained is on there there's they've got a bunch of partners working on there like bigger partners and things like that so i think all of that is really really cool um but generally yeah i think right now is going to it's going to be hard to pick a winner in the metaverse nft space but if you do i think it's going to be big i think it's going to be like picking d5 in 2019 like the different kind of tokens out there um but it's very hard it's still very hard to invest in this space

i think the native tokens for a lot of these projects don't have any value acrual mechanisms yet but that was the same for d5 a lot of different didn't have any valuable cruel mechanisms but people believe that they would one day and i think that generally if the product is sound and if um i guess the product makes sense the token kind of accrual can come later but yeah not investment advice but just something to keep an eye on for sure so joe why isn't weisenthal i think uh here from uh bloomberg put together this blog post where he basically titled it there's a new vision for crypto and it's wildly different from bitcoin now unfortunately this blog post is paywalled on bloomberg here you'd have to subscribe or find a non-payworld link to it but i did give it a give it a read

i um i had like a link that i've kind of lost now um somewhere but essentially it basically spoke about uh kind of like bitcoin d5 and ethereum from a perspective of someone who isn't actually considered like i would consider like a crypto or a d5 native um joe is uh pretty famous in the crypto community generally um i think that he's done like a lot of crypto coverage in the past i think from what i gather he struggled to understand not understand but he struggled to see like the the long-term value of something like bitcoin but lately he's becoming more or kind of like attuned to ethereum and d5 and seeing the value there and that's exactly what he wrote about in this piece so if you can find a link to this piece that's not paywall definitely give it a read the tldr is basically that he thinks

what's happening in in the ethereum different ecosystems is really interesting and i think says there's kind of like a lot of value there that isn't kind of like tied to bitcoin at all and that's what i was kind of like saying earlier in the in the show where i think that bitcoin is probably in its own little bear market right now because there's just not much happening there but ethereum and d5 are definitely still in in bull markets in my mind i think that there's just so many catalysts coming up for that but i'm not going to rehash that but anyway uh definitely give it a read if you can find a non-paywalled kind of link to it here so finally i wanted to talk about uh this tweet that i put out and i also spoke about this in the delegate newsletter today so you can go check

that out but the tweet was simply ethereum is freedom now i was made fun of it by a few people here like eric connor my good friend eric here saying how i imagine you coming up with these gems and having a gif of someone rolling their face on the keyboard but the the way i come up with this tweet it wasn't like a deep thought or anything like that but i was sitting at my computer and i was just like um when i think about ethereum what does it mean to me and i've i've been asked this question like a few times and it means freedom to me that's that that's like the one sentence picture the kind of three word picture ethereum is freedom now why is it freedom because i mean it might be obvious to some of you but i think a lot of people still

don't understand this ethereum enables so much uh kind of like things that people kind of take for granted now let's just take a step back and kind of break down what ethereum is as a platform it's a decentralized network that is censorship resistant and permissionless and non-custodial self-sovereign it lets anyone build anything they want right and the reason why financial applications have taken off for it i believe is for a number of reasons but the actually the biggest reason is because of that permissionlessness building a financial kind of product in traditional finance uh is just totally cumbersome it is not censorship resistant it is not decentralized it is not self-sovereign it requires so much regulatory headaches i mean

there's so much going on there that's just like a mess whereas on ethereum you can deploy your contracts to the network no one can stop you you can do it from anywhere in the world any piece of hardware you want any type of internet connection you want because from what i know smart contracts aren't very big in size um and and once it's on there if you've coded it correctly it can run forever and never ever be kind of like taken away unless the network got attacked or whatever an example of this is unispot unisop's contracts are completely decentralized there is no admin key on it there is no way to alter kind of like the uni swap call contracts there is no way to change it there is no way to censor people's transactions there is no way to stop people from trading whatever they want to and of

course a lot of people would um get get kind of drawn into scams a lot of scammers on there take advantage of this but that is the price you pay for a truly decentralized and open system the flip side is that anyone in the world can now um trade any asset they want that's been kind of like tokenized on ethereum um with any other asset out there because of the the pool bridging so as long as there's liquidity you can trade it uh and that's just like the simple example uh i think the biggest kind of um draw and thing that that i think really kind of encapsulates the freedom of ethereum is the non-custodial nature of it no one can tell you what you can do with your assets you can do everything you want from your metamask your your kind of like hardware

wallet your mobile wallet whatever as long as it's a truly non-custodial wallet where their private key lives on your device uh and you know you're not using a custodial service or custodial wallet uh you can do anything you want with that you can move your funds anywhere you want you can do it anytime you want 24 hours a day there's no waiting you don't need to ask permission to any of uh don't need to ask anyone for permission or anything like that it's truly freeing right you don't get that in the traditional finance system at all like at all and also ethereum has its faults right it's unscaled it's it's got very limited scalability it's it's expensive to transact on but ethereum's uptime is 100 ethereum will always process your transaction if you pay the right fee to do so

no one will stop it from any reason so without going off too much on about this you can read more about this in the in the newsletter today i would say that freedom is the single best word to describe ethereum in general and that doesn't supply it to d5 it applies to everything else you can do on ethereum and you can do anything you want and you can build anything you want i mean you could build any kind of like set of infrastructure you want as well like you can essentially fork a layer two's source code and build your own instance of that layer too if you wanted to um you know you could do this with like any of the the layer twos that are open source i don't think many of them are but once they are you can do this uh and you can have people transacting

on there and whatever you want to do and stuff like that um and you can be secured by ethereum so from that perspective uh you know ethereum is truly freeing for everyone not just builders not just users but literally anyone in the world who can get value out of the network but i'll leave it at that for now i hope that was uh that was informative for you guys and i hope you guys are enjoying the dark mode here i've got a new light um to illuminate my face i used to use like the white of twitter to illuminate my face but then i've got a separate light you guys get to enjoy the dark mode and and all is well out there but anyway i think that's it for today thank you again 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