Uniswap dominating, Zapper teases cross-chain & more - The Daily Gwei Refuel #79 - 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 is the 17th of march 2021 all right everyone let's get into it actually before i get into it i did want to point out something quickly to all of you so obviously a lot of you will have donated on git coin grants at this stage i've been talking about it for you know a few days now um but what some of you might not know is that your matching um can get boosted if you do what's called what's called a trust bonus if there's a few different things in here that boost your trust on the platform which boosts your kind of like matching amounts which i think is very important to do because if you want your kind of like dollar to

go you know the longest way it can um then getting kind of verified here is is what you need to do so basically all you need to do to do this is go to your profile page here you can see my profile pages here go down and you'll see these you know menu items just click trust bonus and then it'll come up with all these things you can do now um my camera is probably blocking a few of them here but basically you know you can verify with bright id which is like a decentralized identity system verify with idina which is a proof of person blockchain i haven't done that yet i plan to do that uh verify with with apps so if you have some power ups you can you can use that uh with twitter with google and with sms now you know the more i guess kind of like

decentralized and and i guess like uh you know web three oriented this uh these kind of things are the more they'll count count towards the match bonus so obviously you get the highest match bonus from bright id and uh idina uh and then with pow up you'll get uh you know the second highest and there's like just a you know a five percent two percent and two percent with these three down here um they've got other ones coming soon and they've got like you know a road map here as well but in general i would do at least you know the bright id and the pi app uh this is kind of like more involved you have to kind of install some software uh and verify your account and stuff that's why i haven't done it yet i just haven't gotten around to it uh but bright id is i mean

i guess like it's not too hard to do there's like these kind of like things where you can get verified your identity can get verified by groups of people it doesn't take too long to do but obviously with the pop it's it's a lot simpler you just connect your kind of wallet here and then it'll read your wallet see if you've got some pops in there and then you can kind of like get this match bonus but yeah definitely go do this because if you don't you'll be losing out on these kind of bonuses here and i don't know if bitcoin makes is obvious to people uh because like i've already done it so maybe they aren't notifying me of it um but yeah just in case you didn't know you just basically go to your profile click trust bonus and then follow the steps

because there'll be a connect button next to um next to all of these then you'll get verified and you'll get that match bonus quick plug here for each global so they're currently looking for uh four different positions here so if you are interested in working in marketing or growth uh partnerships developer relations or um front-end engineer then definitely reach out to if global here all you need to do is is follow these steps here send an email to hello global.co a document such as a cv right or a portfolio and a description of yourself uh eth global for those who don't know is uh basically an organization that uh runs uh eth events so whether those be like virtual events or in-person events

you know i've spoken about them before they did like the hack money event uh you know they're gonna do this scaling event soon um and it's a really awesome team to to work for uh so definitely if you are looking for a job and you fit you know any four of these kind of roles or if this is what you want to do then definitely reach out here and you can click through to get more information about the roles like i'll click through to the marketing growth lead here and it'll give you all the information that you need what kind of experience they're looking for you know the whole shebang there so definitely go go check that out so i spoke about yesterday about how elon musk was selling in nft here or saying he was going to sell this nft and it was funny because this tweet

actually ended up getting bid on it's the tweet itself and i think it was up to like 1.2 million or something like that but then you know now elon replied today and he basically said uh this doesn't feel quite right selling this will pass so he basically rug pulled us right on this stuff but i don't think that really matters because uh you know as i said yesterday the fact that he's even talking about nfts is is really bullish right now um you know i said like how nfts have like mass appeal as opposed to d5 they're going to bring a lot more people in and they've pretty much gone mainstream at this stage but yeah i just thought it was funny that elon kind of rug pulled us here with this but you know maybe that makes me want it even more i mean it makes me want it even more

even though i couldn't afford it as i said yesterday i'm sure the bidding would be would be quite large here but yeah pretty pretty funny kind of result there so nurses safe uh put out a tweet today uh basically saying that they've been they've introduced something called safe snap now what this is it they're calling it the first in a decentralized governance tool suite for the gnosis safe basically what it does it combines uh the gnosis safe with snapshot you may have used snapshot before it's kind of like a a kind of voting kind of tool for different governance mechanisms you go on there you just sign you know with your tokens and you can vote in different protocols so this basically combines the the two and safe snap basically enables decentralized execution of crypto

governance proposals so they've got a bunch of different launch projects here like um synthetics yearn m stable balancer sushi swap and there's a bunch of others there too um and you can obviously click through the blog post and read more about it uh for those who don't know actually gnosis safe is a multi-sig wallet that a lot of teams use uh like i use it with you know eric for ethub we use no safe it's got billions billions i think 15 billion plus you know worth of ethan tokens in this being secured there um and it's it's it's essentially regarded as like the standard multisig wallet on ethereum um and it's not just a multi-sig they have something called gnosis nurses safe apps which allows you to basically directly integrate with uh popular apps on

ethereum uh and basically do transactions through your your multisig like that which is obviously you know solely needed and now with the safe snap kind of feature they're basically expanding that out and letting you participate in governance uh through multisig which obviously is uh has been highly requested i think for for a while now and obviously something that people want to do i mean there's plenty of multi-seat wallets that hold um a bunch of governance tokens that you know even if they wanted to vote they couldn't or they might not be able to for various other reasons so i guess this is what safe snap tries to tries to address here and basically i mean they've got a pretty diagram here how it works um you can go check this out it'll be in the youtube description um but yeah pretty cool to see more

innovation on the governance side here especially from gnosis who have been doing a lot of this stuff for for years now i mean they've been in the ethereum ecosystem since pretty much like you know they did their ico i think in early 2017 but even before that so great to see them put bringing out more products so loopring posted this meme today and actually i just want to pause here for a second just quickly say that loopring's twitter game is amazing i love it i mean you know as someone who did uh twitter as part of his marketing role at set for for quite a while um i know how i guess like hard it can be to come up with creative tweets that don't feel boring uh to people but lubrick's just just kind of hitting it out of the park here so kudos to

them for this but i thought this meme was hilarious because basically there's this i guess debate in the ethereum community right now that layer 2 scaling solutions particularly roll-ups is going to break composability between um you know different defy apps if they're not on the same roll up and this is going to lead to you know some uh i guess like uh some negative consequences and this meme you know the bell curve meme where it says the lowest iq will will basically say roll up solve everything the ones in the middle who are kind of overthinking it and thinking to you know thinking too much about it they're saying you know roll-ups aren't true ethereum scaling it breaks composibility you must have a scalable l1 not l2s and then you've got like the the the end of the bell curve here the smartest people uh the end of the the iq bell curve

saying roll up solve everything and you know you've probably seen this meme a million times i don't have to to basically explain it but this is exactly what i think um i think if you if you're sitting in the middle of the bell curve and you're thinking way too much about this you're going to get bearish right you're going to you're going to probably say things like you know breaks composability it's it's going to change how ethereum is it's going to change how ethereum kind of scales and yes it does in in some respects but i wouldn't say that it breaks composability and that's it right i wouldn't say that you know yes okay it breaks composability between layer one and layer two for the time being i don't think it's going to basically break composability forever and i do think that we can do

composability between the different apps um you know in a in a synchronous way right rather than sorry in an asynchronous way rather than a synchronous way um what that means is basically that you know you know how things like flash loans work how you can do everything in one transaction on ethereum and you know you could do basically as much as you want as long as you don't take up all the gas of the block um you know in one ethereum block um using kind of these flash flash lines um so you know what people say is that with layer two you'll you'll break that composibility between layer one and layer two and different layer twos and and yes that will break but there there is going to be ways to do that composability in a kind of like asynchronous way where you i mean this

is how the web essentially works where you basically send requests um you know i mean i guess like i'm getting a bit technical here but the way the web works is that you kind of send requests and then you wait for like a like an accept like a like an act back or an acknowledgement of that request right and then you know you can kind of send through the next request acknowledgement i mean that's kind of like how tcpip works um and maybe i'm butchering an explanation there i i'm not an expert on these things but um generally you know i think that's going to happen with kind of like the l1s and the l2s you could have an l1 that sends a request to l2 right it's not going to be instant it's not going to be done on the same ethereum block but it will hold that state right hold

that position and it will send that request and then l2 will kind of acknowledge that and send you know something back right or acknowledge it and then l1 sends their next part of their transaction to l2 right and there'll be this kind of like communication that's going on and even between the l2s that doesn't necessarily require that you know um synchronous communication um and and i don't think it's like a death now for ethereum or scalability or or composability or anything like that um anyone telling you otherwise is just you know either trying to sell you one of these kind of other blockchains right or they just don't understand how how the future is going to play out or how the future i mean i wouldn't even say how the future is going to play out because we already know how it played out in the web world

like scaling things um you know whether they be blockchains or kind of like the web 2 stuff or the internet in general i mean a lot of it comes from the same principles of synchronous versus asynchronous communication um you know uh basically with blockchains we have other things to consider like uh state growth and stuff like that because we obviously want to be able to have everyone be able to run their own node uh and that you know i guess like that's not really a a concern for centralized systems because as long as they can run the the the software and run and run everything on their own hardware and data centers it doesn't really matter but at the same time serving those requests to a worldwide audience right is is hard because you know i'm sure like all the gamers

you know watching this have felt it before if you're connecting to an overseas server for a game like an online game your ping will be like really high compared to locally i mean i used to play a lot of world of warcraft and they actually didn't have australian based servers for years so i started playing on the usos and my ping was something like 400 milliseconds which is 0.4 of a second and in a video game that you feel that right that you know on the web you don't really feel that because you know page is loading and you are happy to wait a couple seconds for a page to load um but with with a game you know uh even at 0.4 uh seconds it you you feel that as you're playing it you feel the delay and it's it's a crappy experience so now i get

like 20 mil you know 20 milliseconds 20 ms or ping uh which obviously you know you hardly feel so you know from that respect i mean the the the kind of like just having a distributed kind of like set of nodes or set of like kind of data that you want to deliver to people i mean has to be done in a way and and the way they they do it with with you know websites and with video games and stuff is that they just centralize everything right it's all centralized in massive data centers you know you don't have to worry about you know joe joe blow with his with his hardware um running a node or whatever right um you can just run these in massive data centers and pay as much as you want for it and that's what a lot of these other

blockchains actually do that claim to be more scalable is they just throw more hardware at it essentially right but but by doing that they have to centralize and you get what's called supernodes right which is you know i guess a term that was created to basically describe nodes that only you know i guess people that uh i mean have a lot of money can run because it's just too expensive for for for the everyday person to run and and that just kind of defeats the whole purpose of a blockchain right you want people to be able to verify that everything is running as expected because if they can't you can have what's called a cartel form where the the people who are actually running the the blockchain the ones running the supernodes can just lie to you and you have no way to kind of detect that

um so yeah that's that's i mean i know i got off a little bit of a tangent there from from this meme but generally that's why we want to maintain the decentralization and and the cost of that is basically uh not being scalable right at layer one that's why bitcoin hasn't increased its block size because it wants to keep you to be able to run your nodes right everyone to be able to run a node and verify the network you know ethereum lives by that that kind of like principle an ideal ideology but it bends it a bit more right i mean obviously ethereum nodes are harder to run than bitcoin nodes you can still run it on consumer hardware but it's not not as easy and that's just the trade-off of having a kind of like fully expressive base layer you know smart contracts and

things like that at the base layer but again you know l1 is never going to scale to meet needs of you know the world and i don't you know l2s as well if we're talking about scaling in general l2s are not a panacea they're not going to fix absolutely everything and they're not going to scale us um you know in i guess like the short term to to kind of where we want to be they are they do have their own limitations there is still active research in getting them scaled out more and doing it in different ways but there's going to be multiple l2s just because of that because not you can't have everything on one l2 it's just it's not going to work from a scalability perspective because i can imagine there's going to be so much demand for these networks and it's going to be like sometime in the

future maybe decades into the future you know mind you probably not any time soon we're going to get to a point where the the there's going to be so much hunger to use these kind of technologies in these networks uh we might get to a point where it's like um trillions of transactions per second on the network right um and you know that might sound like a lot now because right now ethereum does like 15 transactions per second and these l2s can scale up to a few thousand transactions per second using ethereum so if we're talking about trillions of transactions per second well then we get into like a multi-l2 world and what people like to call like the multi-chain world and you know not everything needs to be on a blockchain either right a lot of things don't need to settle to ethereum right um but you know if you've

got like high you know sorry applications that require high security and high decentralization which is pretty much a lot of the finance applications if not all of them um then you will obviously want to settle to ethereum uh you want to be on an l2 which inherits ethereum security but if you're if you're just trying to have like some decentralization right or at least like as much as you can get but you don't really care about having like the most decentralized thing in the world then you will go to maybe another blockchain right that is an ethereum or maybe you'll go to uh you know i guess a quote-unquote side chain or something like that but i mean it's the same thing really um but you still get like some level of decentralization but you know you you kind of like won't be inheriting ethereum security which i

think is fine i mean i think you can do like a hybrid approach where say you have a token your tokens on ethereum but your actual app is on something else right and you still kind of talk to a theorem you can still bridge into it but because your app requires like a lot of kind of like bandwidth right a lot of um a lot of uh scalability more maybe more so than l2's can give you um then you you might just go to like a more centralized thing and you know i'm kind of warming up to that i kind of think that that's an inevitability because you know i mean i i saw i think it was a project called audience to do this where they're on solana the actual platform is on solana um which i mean i'm not going to bash shelani or anything like that but like

they have a system which i don't consider to be very decentralized but you know because of that they're pretty scalable right but their token is on ethereum so you know the tokens secured by ethereum and the audience platform which is a music streaming platform is is on salon and obviously that works there because music streaming is is very data heavy right like very heavy you can't run that on ethereum you probably couldn't run that on l2 either uh so yeah in that case it kind of makes sense and we're going to see much more of that come to come to market but you know maybe one day in in maybe a couple of decades because a lot of this stuff is is very new we may get to a point where l2s can scale like that as well using some fancy cryptography that's beyond what i know about

you know the cryptography involved but i mean i wouldn't kind of like call it you know impossible right because we've we've seen a lot of the quote unquote impossible done in the past so yeah anyway i've gone on on a kind of tangent there but i think it's very important to consider all the the different things and different trade-offs and there's just so much to think about and talk about that it's actually really exciting at the end of the day so hayden adams put out a tweet today uh where unisop is still dominating uh centralized exchange volume so they're doing 60 of the decentralized exchange volume which you can see here on this chart uh this second closest or second place is sushi swap third is curve uh fourth is zero x um fifth is bangkorn

and then six is balancer and there's a there's a bunch of other ones underneath it the interesting thing about uni swap is that they don't actually do liquidity mining right sushi swap still does liquidity mining where they pay out sushi reward sushi rewards um and curve still does it with crv rewards uh xerox i don't believe does it but they've only got 5.7 market share uh you know unicef almost has 60 here um but on that note and not to go against what hayden said here but on that note to be fair a lot of projects right do liquidity mining for their own tokens on uni swap now that i don't think that's like something i mean that's just something to keep in mind but i don't think that's that accounts for most of the volume on on uni swap the top pools are basically

those that you know bitcoin and ethereum uh the dpi which does have liquidity mining on it but it's like eight percent apy or something like that it's nothing nothing too crazy um and there's a bunch of other other kind of things there uh but yeah i think that would still account for like a healthy chunk but it's still good to see that unisoft is dominating even though they don't have any of their own liquidity mining right which is which can't be said for you know a lot of the other ones like pretty much all of these except 0x and except kaiba uh i think have liquidity in mind i'm just looking through the list yeah i think pretty much most of these at least the ones that have decent volume uh so yeah really really cool to see that um i made a joke here

saying you know hayden where's v3 because like i mean hayden's been tweeting a lot more lately maybe he's kind of like waiting for audits to come back for v3 i don't know you know we you know it's it's what 17th of march today you know i i i i think a lot of teams tease that they'd be coming out in march you know optimism right uh v3s rumored you know they never really teased it for march but it's rumored to be coming out in march um you know i think there's a bunch of other kind of scalability solutions as well kind of coming out there uh but yeah maybe we'll see we'll see what happens there but great to see unislop still kind of like dominating here as they're uh pretty amazing kind of exchange right um you know the first kind of decentralized exchange

using the amn model um maybe not the first actually i had some people saying that bank call was first and i'm not going to get into bancor because bancor is a funny project from 2017 i mean i know they've they've been building through the bear market and have they have products out there that they've been releasing to market but for those of you who are around in 2017 uh bancord wasn't really a community favorite um they did their ico which was one of the biggest icos on ethereum um and what they did actually i remember this because i was participating in this mid ico they kind of raised the cap i think i remember correctly on how much they were raising and this kind of like altered the terms of the deal so to speak right and no one really liked that and then in

2018 i'm pretty sure they expanded to eos and people were like what the hell are you expanding to eos for this is this is stupid so they kind of like got a lot of community flack over the years but i do believe they were the first amm on on ethereum unisop just went ahead and popularized it um because of i think during a bear market you know alienating the people that were around by going to eos uh and stuff like that was uh was not what was not a great thing to do and more people were interested in providing liquidity to uni swap because they felt united was very aligned with ethereum now i think the narratives have kind of changed here you know i'm not i i don't like dislike bank or anything like that um you know they're doing a lot of great

work their products sound um from what i've seen they have some um smart investors on board right so yeah nothing against them there but yeah i mean they're growing too right they're 5.3 percent of the volumes here and another tweet that hayden put out was about the uni grants program so this i spoken about this grants program before and i've spoken about how uni swap has i think one billion plus dollars worth of uni in their treasury right now and the grants program is one way that they're dispersing this so they put out a kind of like update here saying that they had paid out the first 750 000 worth of grants to 23 different teams um across like event sponsorships community grants usability grants tooling grants uh our request for

product and challenge grants as well uh cool to see that in the event sponsorships they are sponsoring git coin grants round nine really awesome they're sponsoring at the uh eighth global nft event uh community grants there's a bunch of things here like uh uni development course they've given twenty five thousand dollars to uh usability grants apy vision which is a very popular website uh they've given eighty two thousand dollars to i mean there's a bunch of other things here and i read about more of this in the delegate newsletter today so you can go check that out for more details here but really great to see that the uni i guess treasury is giving back to the ecosystem here and on the grand side compound has announced that they've opened applications for their compound grants initiative here so

if you want to go apply to this you can i'll leave a link in the description below so the first uh a spec for the uh first ether hard fork is out and this is called stargazer now i spoke about this before how easter is going to have its first hard fork mid-year to add a bunch of different kind of like features to fix a few things with the beacon chain here so yeah i mean this is really really cool right because uh we're getting like parallel kind of things here where each one is chugging along berlin's coming out next month uh we've got london coming in july hopefully and in the meantime we have all the development happening on eth2 with the first hard fork here the sharding work going on merge work going on i mean and then on top of all of that we have like

layer two work going on we have d5 we have nfts we have dowels we have social tokens we have you know human coordination stuff so much stuff going on right now it's hard to keep up but on the protocol side of things it's it's quite amazing to see like how you know um how quickly this stuff is moving on both eth1 and eth2 so really awesome there if you want to go check this out um you can it's got you know more details about what's going to be included in this heart fork so zappa so i i should say sorry full disclosure here i'm an investor in zappa i am an advisor to polygon but i'm talking about them today because seb from zappa has teased that they're going to have basically cross chain and l2 integration right in the zapper

uh dashboard so you can see here that they've got polygons selected as the network uh to swap from like eath to die which is really really cool and then they kind of like tease down here that they're going to be supporting optimism as well so this is as i was saying before there's going to be like cross l2 you know l2 to l1 cross chain right all this sort of stuff happening like l2 to other chains you know l2 to l1 to other chains there's gonna be so much of this stuff happening it's gonna be crazy so it's great to see zappa getting on on board with this um you know early on and that's why i kind of like did the eyes thing here and like here as well for for optimism and i'm sure they're gonna add other l2s like when they come out like

trim and and immutable x and stark west and stuckwest things as well and everything else i mean supporting l2 is is uh and and other kind of like i guess like other chains is how ethereum kind of like wins as well i think and how your app wins um because you know a lot of people kind of like i guess think i'm an eth maximalist or an ethereum maximalist i mean i wouldn't consider myself that for me ethereum obviously has the bet it has the the most network effects has the you know the greatest market share in terms of smart contract platform and has all that good stuff i'm not going to go through it all and keeping up with ethereum i mean i do this refuel right i do my daily newsletter i spent all day in this ecosystem and i still miss things like in ethereum

i just don't have time to keep up with other changes it's as simple as that so if that makes me a maximalist then so be it i don't really care um but i don't think that's the meaning of a maximalist i think a maximalist is someone who thinks everything else is a scam um and that their chosen kind of like network or coin is is it right and it's usually like bitcoin is that that do this i'm not like that at all right i mean i'm an advisor to polygon and polygon right now um you know with their current implementations it's not i mean it's a hybrid between like i guess a side chain and a layer two but it's not like a true layer two so to speak uh yet right it will they will be releasing true layer twos in the future and that's

one of the reasons i jumped on board as an advisor but again you know i'm i'm i'm happy to kind of like see these other ecosystems blooming and feeding back into ethereum because i don't believe it's a zero-sum game i do believe it's a winner takes most market in terms of value i do believe ether is going to capture a lot of his value in the long run and i do believe that ethereum will remain the most secure and decentralized network in existence even more secure than bitcoin once we go to proof of stake i am not afraid to say that um but still we're going to have these other networks and zapify supporting them or zapper supporting them is the right move in my opinion so yeah really great to see this so uh danielle uh this is a guy on twitter posted this uh funny picture

today where he got a message from one of his friends that said bro i've been scratching the surface with research on d5 and i feel like i just got pranked for the last four years of studying finance and aspiring to traditional finance careers what what more perfect way to put this he just got pranked right because you do like imagine studying traditional finance and then coming in to define being like uh what like this is the bathroom disrupt absolutely everything and what the hell am i doing with my life i need to go into defy uh you know i i see a lot of people feeling like this right now and i've heard a lot of people feeling like they're feeling you know exactly like this and it's so true right imagine you know seeing and learning about how kind of like slow and and kind of crappy the old system and

the traditional system is and then coming into d5 and seeing that we've basically built this amazing ecosystem which is a thousand times better than the existing financial system or the traditional financial system and you know not feel and how can you not feel like you got pranked or trolled into into believing that that that was the future it's like imagine if you went to like you know school uh in the in the early 2000s and they were kind of like you know showing you how to use a fax machine and then it's like and then you discover email and you're like what the hell why am i learning how to use a fax machine so it's kind of like that um but i just thought this was this is a pretty funny tweet here and i expect to see so many more people um you know

uh kind of cluing into this and realizing that the traditional finance system i mean it's not a scam it's not you know particularly i guess bad for what it does but i mean it's so much worse than d5 right if you're just comparing the traditional system to itself then sure it's it's okay i mean it gets the job done in some way even though it's slow clunky expensive crappy right and then you see d fire and you're like holy like yes it's expensive the gas fees are high i know don't don't don't you don't have to remind me i get reminded about it every day please but it doesn't matter what matters is that d5 is very very very early right extremely early and the fact that we're already a

thousand times better than the traditional system um is a testament to just how much you know um how much better dpi is for building on open source decentralized all that sort of good stuff there so yeah pretty interesting tweet uh today that uh yeah is pretty funny so a new uh project called rollups wallet kind of announced themselves today and they're on the app store you can basically download this wallet i've downloaded it but i haven't checked it out yet they claim to be using zk sync um as a as a wallet so basically the wallet is using zk syncs layer 2 technology and you can do um instant erc20 transfers because it's layer 2 uh and and kind of heat transfers as well and it's obviously way cheaper on on fees here now just

word of caution i haven't checked this project out for myself and it is brand new i i'm not going to say it's a scam or anything like that be cautious about putting too much value into these things yet uh because i'd like to see more people do research on this and and kind of like you know give it the the tick so to speak because it is a brand new project and it is using a brand new kind of thing with with layer two um so yeah just just caution there but if you want to go play with it maybe put like ten dollars in it or something like that or fifty dollars or whatever um and have a look because this this is very interesting and i'm definitely going to check it out myself and actually i wonder why they have this kangaroo kind

of logo here is it because they're australia-based i mean they say global here yeah i don't know maybe they aren't australia-based i don't know that's just the funny little thing i just i just noticed then so theorem cat herders put out uh update number 40 here for those who don't know the cat herders are basically a bunch of people who follow eth1 protocol developments very closely and kind of put updates out about about it and keep you up to speed with it so the trdr was that the berlin upgrade uh was announced obviously uh the rops then test net fork to berlin uh gurley will be forking today actually uh updates on one five five nine um which was approved for london eth2 stuff as well which is cool to see and i recap up with the community call and stuff like that so if you're

interested in keeping up with all the stuff happening in eth1 and e2 on the protocol side of things go check out this post it'll be linked in the description so scott lewis tweeted out about nftx today so nftx is a nft kind of like index protocol and disclosure i hold some of the tokens but what i thought was interesting about this tweet is that they have an index called punk dash basic and what this is it basically wraps a bunch of uh quote-unquote floor crypto punks so i guess essentially the cheapest crypto punch you can buy uh and puts them into an amm liquidity pool against eth and it brings liquidity to these things so basically you can actually now buy or sell one of these punks um uh using using kind of eighth on this amm

and the slippage is just 1.6 kind of like three percent as he says here so basically gives you instant liquidity to buy one of these floor pumps or to sell one of them um uh so to kind of the market here um which is really really cool i actually think that nftx i mean the reason why i hold the tokens is because turning nfts into like index funds and wrapping them and doing this sort of stuff is is an obvious killer use case because nfts by their nature are not liquid because they're non-fungible so you have to wrap them into like a liquid instrument that you can get trading uh on so yeah definitely uh very interesting to see this here because you know obviously crypto punks have blown up they've become like a a staple in the nft ecosystem

um you know that technically they're not the first nft anymore because there's been people doing like some chain archaeology and finding earlier nfts but i would consider them to be the first kind of like nft that actually kind of took off right and actually people actually valued and kind of like there's a story and community behind it so very interesting to to see that but yeah cool to see that there's more liquidity for uh the punk basic fund here all right that's it for today everyone thank you again for listening and watching be sure to give that video a thumbs up subscribe to the channel join the discord server subscribe to the newsletter and i will catch you all tomorrow thanks everyone