Updated Ethereum roadmap, Uniswap teasing things - The Daily Gwei Refuel #483 - Ethereum Updates

Transcript

hello everyone welcome to another episode of The Daily gray refuel where I kept the latest news in your theater maker system I'm your host Anthony 7th of November 2022. all right everyone let's get into it so as usual some drama in the crypto world over I guess like the last few days now just some background on this basically there is a bit a bunch of rumors going around right now that FTX the popular crypto exchange run by SPF or Sam backman freed uh is insolvent now this is I mean these rumors started a little while ago but they kind of ramped up over the weekend because uh CZ uh uh the CEO and and founder of competing exchange binance basically put out a tweet I think today uh or yesterday saying that they were

going to be selling their ftt tokens that they got once they exited their Investments uh from uh investing in FTX a while ago now I think they have billions of dollars worth of the ftt token and they basically said that they were going to be selling it over over a period of months the then one of the people that work at or at um at FTX well I think her name's Caroline I think she's like the CEO of Alameda maybe I'm not exactly sure on her position but she's high up there she basically said to CZ that they'd be happy to buy all of the ftt he has at 22 per token now the current price is I think 23 or something like that so instead of CZ just selling those tokens into the open market over the next few

months and possibly getting a worse execution price than that he could just sell it to uh to um you know FTX and Alameda themselves now the reason why this has stirred up the rumor I guess like mill is because uh there was a report that came out from coindesk I believe last week that showed that uh FTX or Alameda has collateralized a lot of their loans using the ftt token and obviously at a certain price point those are going to come under stress and they're going to possibly be liquidated so people are coming up with these theories that essentially what CZ is trying to do is get them liquidated and forced them into some kind of insolvency by pushing the price of ftt down now I did say it's billions of dollars worth

that CZ has but to him that's really dust I mean the man is worth much more than that binance is absolutely massive in terms of volumes and activity and and everything that goes along with it I mean they're the world's biggest crypto exchange by far so if he wanted to take out a competitor which obviously FTX is a competitor uh this would be the way to do it and you know you don't even have to materialize this either all you have to do is sow enough doubt that you can cause a bank run and that's actually what happened with FTX is that there was a bunch of people wanting to get their money out because even if there's a one percent chance of this being true and I should I go on the record and say that I don't know if this is true or not I

don't I mean I I highly doubt FTX is insolvent or anything like that but even if there's like a one percent chance you're better off taking your money off of that exchange than leaving it on there and that's exactly how you get Bank runs right just from the sheer Panic it doesn't even the funny thing about bankrons is that doesn't even have to be any truth to it at all there just has to be enough people who actually believe that it's truthful for them to want to withdraw their money and for the exchange to run out of uh active liquidity because a lot of exchanges they run hot and cold wallets where the hot wallet they just have as like a reserve that needed to meet their daily obligations um and they're called wallets where most of their crypto is stored because most people just leave their crypto on

exchanges they don't actually withdraw a lot of it a lot of the time but when there is a background you know they have to go through their whole Cold Storage process of withdrawing from Cold Storage into hot storage and then if they've got stuff that's existing in bank accounts for example like actual US dollars they have to wait for the bank to open to do large withdrawals um depending on where they are so there's a whole mess of things that can happen um and I think on that front as well there was a bunch of discussions from people around this proof of reserves concept where uh someone I think Nick Carter popularized this but people have been trying to get centralized exchanges and services for years to do a proof of reserves where they basically prove what crypto they have and they cryptographically sign it saying hey

these are our cold wallets and these are our hot wallets so to speak now I don't believe many exchanges have actually done that I don't think binance does it don't think obviously I I really don't think FTX does it I think Kraken does do it and they've done one recently but most of them don't do it uh and I I put out a tweet today as well by saying uh that every day is proof of reserves day in D5 because you don't actually need to trust anyone you can just go on chain and look like you can see all the collateral backing up the liquidity positions on unisoft by just going and checking the chain you can see all the collateral backing up die by going and looking at makeup and so on and so forth whereas with C5 you you kind of you get

it from third-party services like doing analytics nansen Queen metrics a bunch of others that may look at it and do best guesses of what of uh of the addresses that belong to these exchanges and services but as I said their best guesses they're not actually uh uh something that can be heavily relied upon right uh so that there has been that bush push for quite a while for exactly instances like this as I said I don't believe that FTX is insolvent but it doesn't matter what I believe or anyone else believes uh all that matters is that if enough people believe that they are in insolvent then it leads to a a bank run right which is what we saw and I think uh FTX is having trouble uh with their usdc reserves uh for the reasons I outlined uh and uh they're but

they're trying to get more usdc into process withdrawals all that stuff and that's obviously just lending more fuel to the fire and even I mean Susie even put out a tweak today comparing it to Luna obviously everyone Compares every single Bank Run To Luna at this point I put out a bunch of you're posting tweets saying you know steady Lads deploying more Capital it's one of my favorite oh sorry deploying my Capital deploying more Capital steady Lads it's one of my favorite crypto memes like by far even though like it's really dark when you think about it because a lot of people got wrecked because of that like one meme it's just so perfectly describes this ecosystem I think and the reason why I say that is because like when dokon first said that you had to fully trust him and him alone that's it right

we're not building what we're building here is is systems to not trust anyone but in that moment during that collapse you have to trust that this one guy had it all under control and that everything was fine and that he was going to have you back and he was going to backstop everything and deploy enough Capital to keep the peg of UST uh whereas in true defy and I say true D5 because there's a lot of masquerading uh going on lately where it's not true D5 there's just people trying to pretending to be D5 um but in true D5 you don't have to trust anyone right you can look on the Chain you can see what's happening there you can see the clutteral you can see the reserves everything you want to see uh and there's no need to trust a third party that's what we obviously are

working on and working towards but C5 is still going to be around for a long time um so I I do hope more exchanges take up the proof of reserves thing over time uh but yeah for now I mean if you have coins on exchanges I might advice generally doesn't matter when it is doesn't matter if there's rumors circulating of insolvency or whatever I think we've seen enough uh exchanges blowing up enough uh centralized Financial Services blowing up that you should just custody your own assets like I'm always a big proponent of that you know not your keys not your crypto sort of thing and I understand that depending on how much you have costed in your own assets can be daunting I mean if it's a substantial part of your net worth it can be very daunting I totally get that

but I look the way I see it is that is it more daunting than living your funds on a centralized exchange and then not being able to access them at all like your risk of loss on a centralized exchange is uh 100 over a long enough time frame right I don't think I mean I there's very few centralized exchanges that uh will probably last over the long term right whereas self-custing really I mean it's not that difficult you just get you get a hardware wallet you write down and protect your seed phrase I think the most difficult thing is making sure that that seed phrase is protected and never touches a computer and you store it correctly and make sure that it can't you know uh be burnt in a fire or whatever I guess that's the hardest part of it but there are other Solutions too

uh uh not you know to like Argent social recovery things like that those other those things are coming and getting better and better over time but yeah you guys know I'm just a general proponent for not your keys not your crypto self-custing uh but yeah anyway I'm Gonna Keep uh tabs on this story as it develops but yeah that was the big news I think from the weekend in the crypto space uh but now on to the next thing the big news in the I guess like ethereum space was an updated roadmap uh from vitalik so an updated ethereum roadmap diagram that and he actually added a whole section to this diagram so you guys know there was the merge The Surge The Verge The Purge and the Splurge I've talked about this plenty of times Well now there is the scourge now this whole Scourge section covers Mev

and censorship resistance and all that good stuff there now this had already been part of the road map right things like PBS and CR list it was already part of the roadmap but given that censorship resistance has become such a critical thing over the last few months uh vitalik has taken that on board and basically added it to his roadmap here where and you've got the scourge and in that road map a lot of it's obviously got to do with Mev uh you can see PBS is there Mev burn is there something that I covered last week of the week before dominthe had a proposal about that uh and then some stuff like distributed Builders uh tracks and and other sort of stuff there and also it wasn't just the scourge that was added there was a bunch of other updates made to this roadmap

too there's the progress bars as well obviously um now uh he explained that there's you can see the blue boxes here the tick in the blue box doesn't mean that it's complete it means that it is a major milestone for that section what's complete is on the left side of the dividing line you see on each of these sections here so obviously the merge is complete uh with the surge uh obviously the 4844 specifications complete now we're into implementation phase uh discourage extra protocol Mev markets AKA Mev boost that's been developed uh The Verge uh or the serious evm dos issues have been resolved or most of them have been resolved and basically like client support with sync committees has been implemented uh The Purge you

have Beacon chain fastsync Erp triple uh quadruple four specification eliminate most gas refunds and the Splurge Erp 1559 and ERC 4337 specification so there's still obviously a ton to do here as I've said before the ethereum bromap really is only 40 ish complete that's what vitalik's said before and I've covered that before because there's all these things left to do but as you can see on each of these boxes there's a little bit of a green a shading to it and that's vitalik's estimation of how far along these things are and you can see that it because I've mentioned before that this roadmap isn't sequential it's not like the The Surge is going to happen then this goes and the Virgin The Purge and Splurge it all it's all happening in parallel and there

are different tracks for different kind of things happening and whatever ready uh whatever is ready gets implemented and you can see that's true because uh on the left side of the dividing line what's been completed there is something from every single section here so this isn't a sequential thing this is all paralyzed uh and something that's going to be developed uh in parallel until I mean there's no end to the ethereum app but like for years to come obviously uh so yeah you can check this out I'll link it in the YouTube description below but I am so excited whenever vitalik posts these things especially with the progress that we're making uh you can see I guess with with the merge um the merge thing up here you can see that withdrawals are almost done distributed validators stuff like opal uh that's almost done right and then erp4844

implementation uh that's being worked on proto-dang Shining I've talked a lot about that on the refill already and then a bunch of other things here but yeah the main thing is that edition of The Scourge which I'm really really happy to see because it means that the community is just taking it much more seriously and I think look we've always taken censorship resistance seriously because that's why we're building ethereum and public decentralized blockchains in the first place but we've never had a test of a blockchain censorship resistance at scale until the ofax sanctions happen when you really think about it up until that point there had not been a test of it uh and as I mentioned before it became a very critical issue very quickly for ethereum because of Mev if this had happened on bitcoin it would be an issue but it

would probably be at least in the short to medium term less of an issue than it is for ethereum because Bitcoin doesn't have Mev uh I mean there's nothing there's no value to extract from from the Bitcoin blockchain and as I said before the issue with what we're seeing with the um the censoring has gotten really nothing to do with people wanting to sensor and everything to do with Mev leading to these negative externalities and one of them being censorship and that's what the scourge is trying to address here that that root of the issue really that that is the root of issue because I mean in the past there hasn't been any kind of censorship and if we didn't have these relayers that were uh basically outsourced block Builders I don't think we'd have anywhere near the amount of um like I guess censorship

that was happening in terms of percentage of the network uh because validators just wouldn't care to do it because validators are located in different jurisdictions right they've been building their own blocks they wouldn't care to do it uh whereas the relay is because they I guess centralize block buildings so to speak and there's not that many of them that's why we get that but I've gone over this and that's why we get the censorship I should say I should say but I've gone over this plenty of times on the refill I'm not going to rehash it here but you can go check out vitalik's roadmap diagram I'll link it in the YouTube description below and on top of that you can check out uh pseudo theosis thread all about uh he's got a list of resources uh diving deeper into each of the things in vitalik's

diagram so this is really useful actually because you may be wondering what a lot of these things are well you can start with this thread from pseudo Theos and go from there and dive deeper into each of them which I'll also Link in the YouTube description below all right so uh speaking of withdrawals Alex Stokes put out another update over the weekend saying design doc for extending the staking CLI with support for the upcoming withdrawals feature if you want to make a very valuable contribution to the ethereum ecosystem you could open up some PRS following this guide and there's a link to a guide here which you can check out but on the withdrawals note just wanted to mention that I think there's pretty much like a 99 chance that withdrawals are going into Shanghai at this point uh I don't really need to see any more confirmation

than that the reason why I don't say 100 it percent if I say 100 right I didn't even say 100 about the the merge I'm going going forward uh in a certain month even when it was confirmed to go forward in uh in mid-september just because anything can happen right but 99 certain withdrawals being chained withdrawals are going to be enabled in the Shanghai update I'm getting more and more certain about erp4844 but as I've mentioned before we won't know until probably the end of November if it's going to go into the Shanghai update so the clock is ticking still another 23-ish days left of November but we'll see we'll see how that pans out there I'm I I would say it's a coin toss at this point I I think I've said that before but as we get closer I'll have a better picture to share with you guys

there all right finally on the ethereum uh uh protocol side of things uh graystroke actually from the Discord Channel pointed this out to me it seems that the uh full node distribution uh in terms of geographic distribution is getting much better so you can see here on ethernodes.org uh which tracks the execution layer clients that the United States share of execution layer clients has actually dropped I think it was at 47 a few weeks ago now it's at 42.4 which is awesome right like that that's absolutely amazing because basically uh the US is becoming less and less of a a share of the geographic distribution of four nodes which is what we want to see we want to see as much distribution as

possible it's actually funny he has as second place is Germany with 13.7 percent and then you have Singapore Japan United Kingdom I actually love this because you have the us then you have uh obviously Europe then you have Asia Asia Europe again uh uh uh I mean yeah Europe I guess like if we're talking about continents not the EU because you don't you have a pretty good geographic distribution here just across the continent which I really really like uh and then as you go down the list you see more and more Australia's Got A A 1.8 percent uh share we're we're doing okay Australia right 126 nodes maybe a hundred of them are mine no I don't know 100 nodes I'm joking but yeah the distribution's gotten much better and

also on nodewatch.io that tracks uh a full the full nodes like the consensus and execution layer clients you can see here that uh actual ethereum four notes it looks even better United States is only 36 of the network here which I believe it was it was well over 40 before with Germany obviously in second place again at 16 but then Finland actually comes in third place at seven point uh seven point uh five percent uh whereas Finland on this list is on the um other list from ethernodes.org is in eighth place I believe so cool to see that there but similar I guess like uh countries in the top ten but great to see this uh and I'm not trying to pick on the uscr but they are the most dominant and also like given the fact

that the US is becoming more and more hostile towards crypto you want to be seeing that geographic distribution improve which it is so awesome to see that uh and I hope it continues I mean I would love to see and it's never going to happen but I would love to see a really equal distribution across the globe but I I don't expect it to happen I think this roughly uh I guess like reflects the kind of people that are in the ethereum ecosystem and where they're from basically uh definitely us and then Europe in terms of in terms of uh uh the uh uh the continents here I guess the US isn't a continent but you know what I'm saying yeah in terms of uh the participants within the the crypto ecosystem uh that that makes a lot of sense uh because their populations are

obviously massive as well I mean there's so many people in in the US and and Europe's a big place where it's not like the US where they're all joined together you split them out to different countries uh but uh but yeah anyway good to say that's improving there and thanks to greystroke for pointing that out all right so I was going to cover this Friday but I wanted to let it bake a little bit over the weekend so I'm covering it today but I was nominated uh as part of a rocket pools Oda so to become an Odell member of the rocket pool a network yard so this is a great honor uh I was honestly Blown Away to be nominated here because there was only two other participants or two other entities that were nominated here there was uh get coin uh the rocket scientists

uh uh which uh attacked Ken here uh one of the OG rocket scientists uh and myself obviously the founder of dailyway uh and and a um ethereum Community member now uh I I'm really excited about this because obviously a rockapole is one of my favorite projects within the ethereum ecosystem I've been wanting to give back to them in some sort of way I know that the Odell um membership is a paid role I'll be getting uh RPL tokens for my work but I'm currently trying to figure out a way to funnel that towards public goods rather than myself the only problem with that is that I I think that I would still need to pay tax on it it's so weird with the staking Rewards or with any kind of like token rewards in crypto

I think I would still need to pay income tax on it which sucks because it just basically deletes half of it to taxes so I'm trying to like figure out a way to to to to do that now because honestly like I I don't want to be seen as someone just like spitting this up and like taking the money and just taking for myself I want to spread the love so to speak I want to um donate more money to public goods and all that good stuff there uh so that's my way of kind of giving back especially giving back to the rockapole community which has been so amazing for so many years now and is actually trying to build decentralized uh pulled staking infrastructure for ethereum uh where no one else was really trying to do this I mean they've encouraged stakewise to do what I think

stakewise is basically not copied their model but it is taking a lot of inspiration from them being like let's make a decentralized uh staking pool as well like obviously we don't want just rockable we want more and more uh but ruggable's just been building for so long now so yeah as I said great honor to be nominated for the Odell yeah I can't wait to be on boarded but also and then I'll also be um sitting alongside super fears as part of this role as well obviously everyone knows super fears at this point I've talked about him a bunch on the refill he's been a very long time ethereum and rockapole Community member being so active within both communities so uh again another honor to just be sitting alongside him on this but as I said like I'm trying to figure out a way of what's best to best use of the funds

that I'll be getting as part of this um and also on top of that if I guess related to that sorry if you know if you're in Australia and you know of a good way to do this from a I guess like a tax perspective please get in contact with me uh because yeah it's it's murky it's messy there's no real good guidance I mean it's the same everywhere right there's no real good guidance on crypto taxes and you kind of have to guess but I don't want to put myself in a position where I kind of guess wrong so to speak and then end up owing all these taxes that I don't have the money for right um so so yeah if you do have any information on that please get in contact with me um but yeah great to great to be part of

this and uh great to be I mean nominated alongside really strong communities like Bitcoin and Rocket scientists like it just really is an honor and thanks to I guess the rockapole community uh for this all right so a tweet that I came across from my halo uh one of the co-founders of polygon over the weekend was really interesting where he said our preferred strategy is to test ZK VM in production at a small scale and then upgrade the polygon POS chain uh plus make it available to supernets we're still working on this too early to commit or comment more I guess my point was that we will soon have production ready ZK VM now this was part of a thread continuing conversation over the weekend that was talking about how I mean polygon was getting some hate

uh in the from the community saying that they were parasitic and saying that they were just going to Pivot and stop building layer twos on ethereum and Bill Blair who's on the polygon POS train which is total honestly you guys know I'm an advisor to polygon like obviously I'm biased yeah but I think that's total crap right I think that there's just people just coming up with conspiracy theories doesn't make any sense um but the plan has always been to transition the polygon POS chain to a true Layer Two and ideally a ZK VM but that can't be done when there isn't even a ZK VM live and when it does go live polygon Z KVM it's going to be in like an alpha slash beta state right uh the polygon P waste chain has a very vibrant ecosystem on it right now it has a lot

of funds on it uh and actually doing the migration is not easy so people expecting them to just do the migration like today tomorrow in a few months time I don't think they understand the complexity behind it it's not that they don't want to do it it's just that it is not a simple task now if the ZK VM gets to bake for a while when when polygon launches their ZK VM once that gets to bake for a while uh and you know the bugs are ironed out and and it starts you know being more like a beta than Alpha and then the path becomes clearer for them to transition the POS chain to ZK VM they will definitely pursue that I I truly do believe that and it wasn't just my halo saying this there were other co-founders of polygon are saying this on Twitter as well uh one of them

even said that we'd have more news about this in the next few months so they definitely are actively working on it uh but yeah and I think that the hate towards polygon lately has been very unwarranted I mean I I I I I know everyone's gonna say oh you're just biased because you're an advisor to polygon I mean you can say that as much as you want it doesn't change the truth is that like how much value has polygon added to the ethereum ecosystem at this point I think it's undeniable they have spent over 500 million dollars acquiring ZK teams giving them basically unlimited funding to build as things like ZK VMS for ethereum they have with their business business development development efforts played extremely defensively uh for ethereum they obviously the the people that they on board are going to go to the polygon POS

chain because there are there isn't a ZK VM live yet from probably there isn't a layer 2 live yet from polygon but in saying that what it what it's and why I say it's a defensive move is that who do you think is in these business development meetings uh alongside polygon or I guess like competing with polygon I should say who what other ecosystems do you think are in there I I can tell you who's in there Solana Avalanche uh uh you know Aptos sui probably all those as well they're all in there competing with polygon to land that partnership um so from that perspective would you rather these things these big companies like meta go to Solano Avalanche direct ethereum hostile competitors or would you rather they go beyond border to the

polygon POS chain which is in evm compatible network by the way and then polygon migrate them to a ZK VM once it's working I know what I'd rather right uh and and I think that without polygon and they're absolutely amazing Business Development efforts that they've done over the past couple years ethereum the ethereum ecosystem would be in a much worse position when it comes to onboard boarding these big uh these big corporates and large companies I truly do believe that uh but yeah I mean you guys can have your own opinion form your own thoughts on this but I don't think there's actually any evidence to show that polygon wants to abandon ethereum or wants to Pivot away from ethereum and have their ZK VM settling on the POS chain and I haven't seen any evidence of that at all I don't think that's gonna happen at all I truly I

mean I I don't I I struggle to ever say I have 100 certainty in anything but like I have pretty much 100 certainty in that like from everything that I've seen no I'm not just saying it because I'm advisor and I talk to uh to to the um co-founders directly I haven't spoken to them directly about this because I try to keep uh uh you know as I'm unbiased view as possible and as clear head as possible here but just based on the publicly available evidence of what polygon has done over the last couple years I see nothing to indicate that they would abandon ethereum and everything to indicate that they are supporting ethereum with everything that they've got so yeah anyway I'm going to stop ranting on that one there people are going to call me bias for that but whatever whatever there's uh there's

tweets here there's commitments to to transfer transition to POS chain to a a true layer 2 on ethereum so I look forward to that day all right so speaking of layer two's Matt's fine Stone here has a thread about Tycho which was that new uh ZK evm or type one Z KVM that's getting built on top of ethereum here so just wanted to highlight this because I saw actually vitalik retweet it whenever I see vitalik retweet something it's definitely worth the read so definitely go check this out I'll link in the YouTube description below if you want to learn more about Tycho and type 1 ZK EVMS now I've just realized I've only got a few minutes left so I'm just going to get through the rest of these updates uh relatively quickly here uh optimism released something called pragmatism

over the weekend which is a figma library and design System created by and used for the optimism Collective we're releasing it to the wild so you can use it to Kickstart your optimism Project's design effort so this is basically basically a standardized little thing here on how to kick start your Design Within the optimism ecosystem so they've got a bunch of different figma boards here that you can check out so if you are a designer or uh you know front end developer or anything like that you should definitely check these out I'll link them in the YouTube description below but this is cool I don't haven't seen a team really focus on this before especially not a layer 2 team so I think polygon has done something similar to this I can't remember what exactly what their solution was called but they have done something similar to this but the

only other team that I remember doing this um so it's great to see optimism do this as well and I hope to see the other uh layer twos and other projects do this because at the end of the day like well I think that we definitely still suck out within crypto and ethereum is is a front-end design and making things simpler for people and don't just general UI ux that'll get better over time and these tools will definitely help with that that's for sure all right so Hayden is teasing some things he put a tweet out over the weekend Hayden from uni swap I should say he put our tweet out over the weekend where he said unisop Labs has been quietly building during the BET our team has grown from 30 to 100 plus so far this year redacted redacted and redacted are almost finished and a lot

more coming after that shipping season starts soon and once it starts It Won't Stop I don't know what the redacteds are referring to here I think I can guess maybe like at least one of them which is unisoft V4 I think that would be a given the other two kind of like don't know right maybe one of them's got to do with nfts because Eunice episode has unisop Labs has been uh doing a lot of work in the nft ecosystem lately maybe it's another nft related acquisition um and then potentially maybe one of them is something like a uni chain now people have been talking about uni-chain for a while and I think I've covered it on the refill before I don't know how much sense it makes but it might be something that unusop Labs thinks would be value additive now whether that you

need that that uni chain is a layer two or is its own Sovereign app chain remains to be seen you guys know my views on the two I don't believe Sovereign app chains are really sustainable or really that good I obviously believe more in the layer 2 app chains but who knows if that's even going to be a thing like I'm not convinced I think it's like a coin toss on whether they'll develop something like that or not but if I had to guess definitely unusoft V4 as one of them you know coin toss probably about another about something to do with nfts more likely probably another acquisition that they've made uh and then maybe uni chain I don't know but I'm excited to see unisop has always been a killer uh Team when it comes to shipping uh sorry I should say unisup labs so definitely

excited to see what they have in store over the next few months all right so influence is a game that I believe her I have highlighted on the refill before but they have an update out over the weekend where they said first look at some of the new features to hit the effluent influence test net soon so what influence is just to refresher it is a grand strategy space-based MMO uh set in a distro distant asteroid belt with a player-owned open economy build mine explore trade uh how will you expand your influence that's the bio that I just read out for you guys just just to refresh it here but yeah if you're interested in following along with this game you should go give them a follow but they did put an update here um a three minute video with someone talking over all the new features that are here

and what it kind of looks like in game as well so very very cool as you guys know I've said before that I'm pretty bullish on crypto games that do things differently not the ones that just tack on nfts and call themselves a crypto game and bullish ones that are building stuff from the ground up and influence is actually built on starknet um so yeah I'm excited to see what uh what can be done uh there all right so xmtp I announced over the weekend they have partnered with lens protocol uh to provide a secure and private profile to Provo DM layout for the entire lens ecosystem man lens has actually been growing a lot lately the lens ecosystem uh it's been growing faster than I thought it would um I I think maybe it's partly due to the fact that Elon Musk bought Twitter

and people some people have maybe silent protesting being like you know Screw Twitter I think it's going to go to I'm going to go use a decentralized alternative and partly also because lens protocol is just a new ecosystem ecosystem for people to explore and something that actually looks like it could work as a decentralized social media ecosystem and now xmtp which is a um a cross chain messaging protocol has enabled their technology for lens protocol uh for as I said secure and private profile to profile DM layers so I I should actually mention here that I'm an investor in xmtp uh but you can go check out the blog post for full details on this but very cool to see this integration I think as I said lens protocol is growing xmtps growing it's a great marriage of the two and if you are

a lens protocol user you can go take advantage of this today all right last up is a tweet here from Sebastian uh from maker Dow where he said makerdale is now generating 50 of its revenues from Real World assets mainly mips 65 short-term bonds ETF and gusd rewards doubling revenues over the last few weeks and it's only the beginning I'm starting the discussion to rewards die holders to supercharge growth I've talked about makers path I guess over the last few months and how they seem to be taking a more Trad fire approach to things these days than a true defy approach and I think it's okay I've come around to the fact that I think it's okay I think that them becoming the bridge between tradfi and Defy is actually probably the better use

of their resources than trying to be a truly decentralized stable coin and just being pure like eath-backed and pure decentralized uh set-backed um and the reason why I say that is because just over time I'm becoming more and more convinced and I've gone through this on the radio before but I've become more and more convinced that a truly decentralized stablecoin is not possible to create I just I'm so I'm becoming more more convinced of that as time goes on and as I mentioned before I think that if anything a truly decentralized scalable global payment asset that acts as a stable coin will end up just being something like eighth I really do believe that and this is obviously long into the future and I've discussed when um stability as a concept before and how

if you're measuring stability against USD well then obviously everything's volatile against it but the way I look at it is that you should mention measure stability of any asset against purchasing power like that's that's how I've always looked at it uh not always I mean I I shouldn't say always because I haven't always looked at it like that but over the last couple of years that's how I've looked at it uh and it's becoming more and more convinced that uh you know makers approach here is actually the correct one for the maker system rather than trying to brute force their way into building a you know know truly decentralized scalable scalable stable coin that's pegged to the US dollar when I don't think that's that's going to be possible but anyway that's a discussion for another time I mean I've gone through it before but maybe I'll

discuss it again sometime in the future but I've gone over time so that's going to be it for today so thank everyone for listening and watching be sure to subscribe to the channel if you haven't yet give it a thumbs up subscribe to the newsletter join the Discord Channel and I'll catch you all tomorrow thanks everyone