USDC on Arbitrum, Gitcoin Grants round 10 live - The Daily Gwei Refuel #145 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the daily way refuel where recap the latest news in the ethereum ecosystem i'm your host anthony cesano and today's the 17th of june 2021 all right everyone let's get into it so git coin grants round 10 is officially live started yesterday june 16th will run until july at first 2021 uh and july 7th for the hackathon now there's 650 000 of matching funds in this round with 350 000 worth of prizes for hackers uh and this is just the easiest and best way to fund your favorite teams uh you know i'm sure all of you are already familiar with bitcoin grants and how that all works you know you don't you donate to your favorite open source uh open source team and they get matching out of this

funding pool here uh quadratic quadratic matching and for those who don't know how quadratic matching works it means that your donations can be matched um by up to you know something like 200x and it's based on individual donations rather than you know big whale donations or things like that so it's it's basically a way to make the donation process a bit more egalitarian and a bit more even across the board here so um if you want to go fund a bunch of different teams you can go through the different categories here check out which um which teams you want to find put them into your cart and and do that there's also a layer to integration with zk sync so you won't have to pay layer one fees like even at 20 way the layer one fees for uh donating you know are still quite high so

definitely check out the zk sync integration um and uh generally uh you can also check out the collections here too so uh people have put together collections where it's it's basically a whole collection of grants that they've curated and they said okay well we think you know they think this is worth funding i've got a grant here i don't know if i keep scrolling it might pop up but it's called sassel's cut of love um you can just google that you'll be able to find it um but essentially it's just got like i think 50 grants in it oh 39 grand i must i must have kind of um removed some recently um that i forgot about but yeah essentially you can just like go through and you know you can add the whole collection to your cart or you can basically just like go

through and pick which ones you want to donate to there now of course the daily gray is on git coin it is the best way to support me if you want to no obligation of course or anything like that people often ask me how they can support me given that i don't do any ads on the daily way stuff or you know i don't i don't kind of like charge for anything and that's fine but again don't feel obligated to um just donate if you if you want to and the link for this will be in the youtube description of course um so yeah definitely go check this out i i think that as an ethereum kind of citizen so to speak it really is your duty to kind of get involved in these in these kind of funding rounds this is this is essentially like what uh i guess

the government does when it distributes tax to funding public goods because in ethereum obviously there's no tax right there's no percentage of the block reward that goes to some kind of address that acts as like a public goods funding mechanism the best uh place we have for this is get coin and i spoke about kind of yesterday how there's a bunch of dows um spinning up and these are you know different d5 projects starting up grants programs and that's fine but in terms of something that uh is definitely just for like all types of public goods not just in one area uh bitcoin is the best thing we have uh by far and you know that uh git coin is amazing i mean they've done so much good work over the years and they've just kept improving they obviously have a token now as well

which you can which you can get involved with um too with their governance process and things like that but generally i think that if you're a user of ethereum you should find the projects that you use and you don't pay for at the end of the day especially if they don't have a token um if they don't have a token you should be finding them uh and you know if they if they basically just create this stuff and give it away for free to the community to use i think those are the best projects to fund so yeah uh not not not saying that you should feel obligated or it's like you're or oh you should be pressured into this but i think like as an ethereum citizen even giving like something like 10 die you can give one die to 10 different projects if you do that you

don't have to give a lot and because of the quadratic matching um you know if enough individual donors donors donate to the same project you did your donation could end up going a lot further than one die so definitely i'll check this out at all of it will be linked in the youtube description but now i'm going to move on to the first rug of the last 24 hours or d5 exploit or something there's another one from alchemix but i'm going to talk about iron finance first now i want to kind of like start off by saying that i think from everything that i've seen iron finance was actually just a ponzi uh or or not maybe not a scam but like a ponzi scan the lines blurred there but generally i don't think that this was like a serious project that had like serious long-term

potential so i'll discuss what this project is and like why it broke essentially um for those who don't know the the native token of this project titan went to zero literally zero um and it went down like 100 or something like that uh which was crazy to see in in 24 hours so the the way this project kind of worked is that it's what's called an algorithmic stablecoin project where you could mint this iron stablecoin that was of course pegged to one dollar by backing it with 25 titan token and 75 usdc now you know when i think about that i already read flags in in my mind like okay what's the point of this like why do we need this anyway um i'll try not to give my kind of like opinion too much on this but

essentially um what ended up happening was that the titan token price pumped up a lot uh and i think it got a lot of attention as well because mark cuban wrote about it the other day in his blog post so people started like apping into it but essentially the titan token price went up to like sixty dollars i think it was only two dollars like a week ago or something so it went it obviously went pretty crazy and then what ended up happening is that a bunch of whales started cashing out at sixty dollars now um by doing this the iron uh stable coin lost its peg it went to 90 cents because as i mentioned uh pot uh iron is backed by 25 percent titan now it lost its peg went to 90 cents which represented a pretty lucrative arbitrage opportunity where you could essentially um you know

sell uh sorry redeem uh these these kind of like iron tokens for uh for titan and usdc but like cheaper like if it's if iron's 90 cents and you can redeem a hundred cents worth of titan and usdc so that's exactly what people did and what ended up happening was that all the titan that was redeemed was of course dumped into the market and this resulted in an extremely negative feedback loop where the price of titan just basically collapsed like a rock now it did stabilize oh sorry the price of the iron stable coin i think went back to one dollar for about 15 minutes during this whole debacle but then it lost its peg again and and you know that negative feedback loop started again and everything just went to zero essentially now the reason why this project can't fundamentally work in

my eyes and why i think it it was just a ponzi to begin with and wasn't a serious project was because the if you're backing something with a volatile token like um like like titan right like with it with a brand new kind of volatile token that uh is obviously going to be extremely um speculative at the start it's it's going to it it's going to be very hard to kind of keep its peg um this table can keep its peg and if there's no kind of like over collateralization here because it's a partially collateralized system then of course it's going to lose its peg now you might be thinking well what about synthetics it uses its token snx to back up its whole system if you remember to the early days of synthetics i'm pretty sure the collateralization ratio was like 1500 or something so if the price of x and x

actually fell very quickly it didn't matter for susd and some of the other kind of assets on there because it was just so greatly over collateralized now that didn't happen with iron finance so inevitably um you know it's all good on the way up but like when when titan finally did dump uh because you know wales decided well i've made a you know ton of money off this thing it's time to cash out uh the everything just fell apart essentially and and this leads to the very negative kind of like feedback loop of basically if uh the titan price is falling then the iron stable coin can never go back to one dollar uh and if the iron stable coin can't go back to a dollar then the titan price is going to keep falling because of that arbitrage opportunity where people are just going to keep

selling into into the market here now of course uh you know there was i think there was a pool 2 where there was an incentivized liquidity pool for titan die and titan raptomatic because this actually happened on polygon um but but what ended up happening was that people pulled that liquidity of course uh you know as it kept going down because you know when you're in a pool 2 and there's this death spiral here you want to get out as fast as possible or actually going to end up just holding 100 titan tokens since the the price of the token went to zero so that's basically the overview what happened with this project um i i think that it's self-calling calling itself an algorithmic stable coin is just like um i think they were just kind of i guess riding on the hype of these things

because i've seen other ones like esd and dsd and um you know basis cash and there's a bunch of others out there that have all failed completely and ironically the one that got the most um was faye protocol and that one is actually doing fine right now and he's actually been you know just still building it's it's a serious project um i should kind of like um disclose here that i'm a seed investor in in fey protocol but i'm a seed investor for a reason i actually think the project is incredibly interesting and it's not like a ponzi it's actually um you know has builders behind to actually care about it whereas these other things out there they just you know it's just very hard not to look at them and think that they're they're not a ponzi when stuff like this happens especially when there's no

protections in place there's no guarded launch there's nothing there's just like promotion of of this thing and then of course you have like the token price go up rapidly and then pretty much like even if it started even if the iron finance project team started with good intentions and even if they start they they started this project being like what happens if we do this like let's just try this experiment out what inevitably ends up happening if the token price appreciates so much is that some teams i'm not saying all of them but some things might just throw away their original kind of like um ideals and just say well we just made a crap ton of money let's just get out before this whole thing collapses um so i'm you know i don't know the team i don't know if this is actually what

happened i'm speculating but i think it's fairly safe to say that this was a ponzi at this point whether it wanted to be or not it pretty much like ended up like a ponzi does it goes up really quickly some people at the top got out because they got in early and then uh the rest of the people are left holding the bag classic kind of ponzi mechanics here and also i mean the mechanics itself are very ponzi like as well so i guess like i i'll leave it at that for now i wrote more about this in the daily gray newsletter if you need like a bit of a deeper explanation on this um definitely go check that out um but i want to go over another project that uh kind of got exploited over the last 24 hours that handled this in a much better way

than iron finance did um and and actually like i mean comparing alchemics to iron finances is is dumber to begin with because alchemix is an extremely serious project and one of the best projects in this space uh and an iron finance is iron finance but essentially what happened with alcoholics and why the damage was actually um very uh very contained was that uh they actually had a guarded launch of the al eth pro product so i've been going on about this for the past few days about al ethan how excited i've been for and i'm still excited for it just because there was like a a little bit of an exploit here doesn't mean i'm not excited for it but they had a guided launch where you could only mint two thousand eight worth of al eth um so if anything happened

then the the most the shortfall would be would be about 2008 or something like that the most the kind of vault could lose was about 2 000 eighth now what ended up happening with this exploit or i guess like this bug was that uh um uh basically people could redeem their uh their i guess like eighth for zero al essentially i think that's my understanding of it maybe i should read it here i think uh here we go sorry users individual users could withdraw all of their eighth and so anyone um so and and so can anyone else currently in the contract so essentially what ended up happening is that you could withdraw the eighth without bringing al eth to do so so uh you know i guess like that obviously wasn't intended that that uh did

you know it wasn't meant to happen but what actually happened was that there was no um funds lost what what ended up happening was that everyone that had uh minted alley basically got a windfall where uh they essentially were able to just redeem this this eighth um uh back and um instead of kind of like bringing the alef to the to the kind of pool to to do this and that's my understanding of it anyway now i did want to kind of like go over why i liked the way this was handled and the main reason is that the fact that it was a guarded launch and they had that cap on it where you could only mean 2008 worth of ale but also uh the fact that alchemy the alchemics team basically uh reacted to this within 15 minutes and they paused the contracts so they paused the

the al-8 contracts i'm not sure if they paused the al dai one as well i believe maybe they did but essentially they made it so that uh sorry al-us they don't i'll die um but they made it so that you know the damage was limited and damage was contained and you know people were complaining to me the other day they're like oh my god i want to get into this thing but you know they have this this this this silly cap on on it and i wish they just removed the cap well i mean do you wish they removed the cap now i probably not right so in in in these kind of things in these kind of incidents you really need to contextualize it and see that this stuff is is bleeding edge like smart contracts you know there's there's been plenty of uh i guess like um

improvements on smart contracts and and encoding them up and and getting audits done and things like that over the years but that doesn't mean that they're immune to bugs one little oversight in a contract can expose you know potentially hundreds of millions of dollars to to an exploit which can be stolen and then it's extremely hard to get that back the way that alcomix is actually going to make up for this shortfall in the system is that they're going to temporarily increase uh the fee the um the protocol fees and that protocol fees are going to go into to making you know um the system whole to to basically back this up here and they're also going to be selling some of their diet from their treasury for eth uh and you know they i i don't think they're going to be kind of like selling

any lcx tokens or minting any new ones or anything like that like what maker would do in an in an incident like this but again this just speaks to the fact that nothing in this industry is a hundred percent you know safe no smart contract is ever going to be 100 safe it's you know the thing is and this is kind of like i guess like the um not a dangerous thing maybe that's the wrong word but the thing that that people should should uh kind of like um have caution with is that just because something's been around for a while just because a project's been around for a while doesn't mean that it's immune to exploits for example uh maker maybe not makeup i like uh because makeup switch to multi-cloud or die which is new code but even still maybe just maker

uni swap rv all the top deferred projects uh and if we look at like something like uni v2 which has been around for a while they could someone could come along and find an exploit in that at any time just because it worked for you know years and years and years doesn't mean that it's immune and and the earlier projects and the newer projects obviously have a much much higher risk than than the other projects that have been around for a while um and and that's why i think that like the insurance products are going to do very well within d5 um as more of this kind of things happen something like nexus mutual um you know insurance i've seen as well there's a bunch of them out there right now um and you know getting cover will just become a normal thing because especially for institutions and

bigger money players a lot of them aren't going to just risk especially if they're taking on clients money they're not just going to risk tens of millions of their of dollars on these kind of new things but they do want to play with them so they'll probably take out insurance they'll probably like avoid the really new projects a lot of them you know i've seen the crypto native funds like to ape into new projects i mean i know that alameda especially loves to just put money into everything which to me is just like very cowboyish of them but they're crypto native they're fine taking that risk i think it's all of their own money as well so whatever they can do what they want but you know these institutional and traditional finance people are not going to be putting in lots of money into these

newer projects they're going to start with projects like are rv and maker and uni swap and stuff like that and then they're going to make their way down the risk curve but it's going to take them a while to do that so i guess like it's up to us as pioneers to battle test these things to make sure that we don't lose you know too much of the money in these systems when something does go wrong and the way you do that is with a guarded launch like with what alchemics did it's not like with iron finance but again comparing these two projects is is silly because they are very very different uh one's a very serious um ethereum based deferred project the other is a pretty much a ponzi so um yeah but anyway uh you can read this thread it'll be linked in the youtube

description for a kind of like full postmortem there's also a forum uh kind of post here where they've which contains a full incident report which are full with a full root cause analysis and links to like relevant information and things like that so definitely go check this out if you haven't already so i missed this the other day actually from polygon um i i should have talked about this yesterday but i only saw it after i did the refuel but essentially uh polygon gets i guess a lot of flack for the fact that they're you know people call it a side chain right the current polygon offerings is the pos network which is that which is pretty much like what most people use um and that is a side chain with its own validator set it is not a roll-up or anything like that and you know it gets criticism for

that but i've argued many many times in the past that this is just missing the forest for the trees because polygon is not only that uh kind of like side chain it is a universe of scaling solutions so what they've done here in this tweet thread and this kind of like blog post is that they've described kind of um i guess like what what they what they kind of foresee i guess the um the scaling ecosystem playing out as so in this research piece they go over roll-ups and kind of like what are the pros and cons to roll-ups what you know what are the pros and cons and differences between zk roll-ups and optimistic roll-ups and you know reaffirming their commitment to building these things and deploying them as as time goes on now i think that uh you know this is really important for

polygon to do because as i said they get flak and they kind of like get a bad rap because people just think that polygons never going to release these kind of roll up solutions they're just going to stick to their kind of side chain i i mean as an advisor to polygon i can assure you that there's no one more than the polygon team that actually wants to get these solutions out there that and that actually wants to kind of like get these roll-ups live and people building on them because at the end of the day uh if we look at the ethereum scalability landscape you know polygon is definitely the the leader of the pack right now in terms of like users and transactions and all that sort of stuff but as more and more of these solutions come online the the ecosystem is going

to get very very competitive so polygon as a project definitely needs to to stay at the forefront of this technology definitely needs to compete so they're not going to be sitting on their laurels watching all these other projects launch this new technology and then just like uh you know keep what they have today and in saying that the the polygon side chain polygon post network is going to be around for for for a while it's it's not going anywhere i think it serves a critical purpose uh and i think it a lot of users are getting a lot of value out of it but slowly over time like ideally i would like to see polygon the pos chain turn into a roll-up maybe or i would ideally like to see a lot of the activity from the pos chain migrate to a roll-up once the roll-up

ecosystems are more mature once they're kind of um more battle tested and more and kind of like the security and decentralization is where we want it to be uh and that's always been polygons approach you might have seen one of the co-founders mahalo talk about this a lot on twitter where he says that the rollups are untested at this point so um you know polygon is sticking with what they know it and and that's their network that's been live for quite a while now and they're happy with that and they're happy with the security of that but obviously the trade-off comes that it's it's not you know directly secured by the ethereum network it has less decentralization and properties because of that and and and you could argue less security because of that but the point is is and and the other point that that i

should bring up here is that uh i love roll ups i love all the lay of the um the teams building these layer two solutions like arbitrary and optimism and everyone else but as i've mentioned before you know arbitrary is going live for end users soon but it's going to be centralized for quite a while they're going to have admin keys they're going to have the ability to pause the network if something goes wrong they're going to have the ability to upgrade the network they're going to have the ability to if they wanted to i'm not saying they would but if they wanted to they could sense the transactions they could probably still use the funds in some way but you know that's the trade-off because of the fact that this isn't battle tested yet they can't just release their roll-up technology onto mainnet um and let it just run loose because in

doing so they expose themselves to the massive risk that something's wrong and you know user funds get stolen or something goes catastrophically wrong with with the roll-up solution because this is bleeding edge technology it has not been tested at scale yet no roll up has been to be tested at scale yet the the i guess like the the most active roll-up would probably be starkware's one or loop rings and blueprints has been around for a while but they're zk roll-ups they are not um optimistic roll-ups so from that point of view that's that's the reason why there's going to be a another guarded launch i guess you could call it with arbitram uh and i think polygon is taking a cautious approach here and building in the background getting ready to deploy these kind of solutions soon but again a lot of this stuff is not

going to be at the end vision of where we want it to be in terms of like decentralization and security for quite a while and that's okay because we need to make sure that it's secure before we um uh you know kind of like throw it to the wall so to speak we need to make sure it can defend itself against adversaries and that's what a lot of networks suffer from not just layer twos but layer ones as well and that's why you'll see a lot of these layer one projects start off um you know completely centralized from the beginning now that you know a lot of them say that they'll decentralize over time i actually think that not a lot of them will and i actually think that ethereum is lucky here because ethereum did launch um in in a decentralized way where there

was no guard rails on the ethereum layer one network when it launched there was a full you know traditional proof of work network that launched and then um obviously it was you know kind of centralized at the start because the the developer the you know the ecosystem was very small and what the developers said um was you know wence like what the core dev said went but these days you know it's not like that at all and there's still things that happen on the ethereum layer one network we recently saw a consensus bug with open ethereum we've seen um other things happen with infrastructure providers due to bugs uh you know in december geth uh had a bug and i think it was december um or january or something like that uh geth had a bug which affected infuria and there wasn't there was a network

split because of that so these things still do happen and having a way to recover from them is critically important so the path of least resistance here is for these roll-up solutions to basically just have some training wheels on some guarded launchers going and then you know over time decentralize it and i do believe the roll-up solutions will decentralize over time because if they don't they will lose to the ones that do because they when you think about it they aren't their own layer one ecosystem they are inheriting ethereum's community and ethereum's ecosystem so the ethereum community is not going to stand for a centralized layer too forever if you if if if a layer 2 or a rollup has said that they're going to decentralize over time and they're not doing that then users are going to call that out and they're going to switch to other

solutions so yeah i'll leave it at that for now just good to see polygon reaffirming their stance here on rollups and i i recommend reading this piece it's got a lot of good information in it as well so speaking of layer twos uh diversify is now supported by a zapper so this is the first uh layer two uh volidium uh implementation that zappa uh is uh is supporting now for those who don't know volidium is a technology created by starkware it's not technically a 0k rollup it is basically a way to i guess achieve scalability without putting data on layer 1. so the way the valydium construction works from my understanding is that um well i actually should explain how like the normal

roll-ups work where there's two parts to a transaction there's the data and there's the computation of that of that kind of like data so what ends up happening is that um the data goes on to layer one but the computation's done on layer two or off chain for example so that you can get more scalability that way now with validium only the bare minimum is put on layer one so what ends up happening is that in a volitium construction there's a data availability committee that sits at off chain which basically houses the data and and makes sure it's available and all this sort of stuff um and then the you know the the computation is still done off chain but then just like a proof that that data exists and the computation was done is posted to ethereum rather

than the data being posted to ethereum so hopefully that makes sense um hopefully i got it right uh but but you know this this comes with less security guarantees than a full kind of rollup but it gives you more scalability but anyway i just i wanted to explain the kind of like differences there but it's really cool to see that diversify is supported by zappah here you know two of my favorite projects in the ecosystem um you know zapper and diversify and i'm sure a lot of you are using the zapify dashboard so if you are on the diversify roll up sorry not roll up layer 2 uh kind of ecosystem here this will be interesting to you so i'll link this in the youtube description you can check out the blog post for more details so vitalik posted some really big brain stuff over the last 24 hours uh

he wrote up uh two i guess or three uh notes uh i guess blog posts you could call them one on vertical trees one on state expiry and one on a state expiry and statelessness roadmap here so um you know and then eric kind of said i'm going to act like i understand this and i was the same when i was reading this i was like okay hmm yes i understood some of those words but tim bico one of the core devs uh from ethereum basically put together this trd thread which is basically just one one tweet essentially where he said uh vocal trees are flatter than merkel patricia trees which means smaller witness sizes state expiry means full nodes only store the past two periods of access state where one period is equal to about one

year to roll out freeze out the merkle protection trees which is what ethereum uses today call it period zero and new riots go into the new avocal tree architecture now again you're probably reading this and being like what is this like what is he talking about essentially what this means is that you can basically expire some of the state after a year which means that you basically archive the state and you just keep the state kind of like outside of um from my understanding you would keep the state kind of like uh um expired until someone comes along and says you know here's proof that i want to access this state it's kind of like archiving something essentially where you basically uh you know you don't need access to it now but in the future in

some time you'll be able to access it and the way you access it is by bringing this kind of like witness now as a tangible example here i think uh tim tim put a tangible example in reply to someone maybe it's in the reply here so yeah it's it's this this person clouted asked the question would love some clarification here so people holding ethernet wallet for five years won't be able to easily initiate a transfer and then tim says yes you just need a witness for your account state accounts state wallets and other third parties you should be able to provide this and ideally clients will give you a way to generate it before you log off for five years so if this does actually go through and happen um you know i imagine like wallets and you know all kind of wallets providers and things like that we'll just generate

the witness for you um even if you don't plan to go offline for a while and then when you come back and you and you want to make you know you want to maybe withdraw your 8 from your account or send that eighth to an exchange or something because you want to cash out because 800k or whatever um you would just present a witness and you know witness is basically just like a proof um on chain that you own this piece of state and that you need this you need access to this so the chain will give you access to it so hopefully that explains it there was also another really good thread from justin larue which i have retweeted and i'll just find it here because i'm going to link this in the newsletter as well where um he says he's going to use his

middle or curve a brain to attempt a higher level tldr of these posts now justin's thread goes into more detail about what exactly the ethereum state is what um the difference is between patricia trees and merkle trees and vertical trees and all this sort of stuff and he uses some illustrative examples here so i highly recommend going and giving this thread to read i really enjoyed it and really thought it was um it was a great thread um and i'll link this in the youtube description for you to check out you can also read vitalik's blog posts but again you know if you don't understand you know the high level basics here you're probably not going to understand what he's talking about in his blog posts but generally i actually think that vitalik has a really good way of explaining technical topics uh to people that you know may not be

technical so still i recommend going and reading these posts i read them as i said i didn't understand everything but i mean you know i still understood a lot of it and and vitalik's writing is just like very easy to read as well so yeah go check this out if you haven't yet so instadap's governance token is now live the inst token now this was add airdropped to a bunch of different uh accounts i think 55 percent was was airdropped uh not sorry not 55 i think there was uh 10 million of the tokens which i think is i believe is 10 million of the tokens are immediately available to claim by 312 000 users that manage their d5 positions on maker compound or rv on mainnet now the problem with this

airdrop from what i've seen is that people are calling it the worst airdrop ever because it was extremely badly distributed so i think what ended up happening was that they didn't actually distribute it to users of instadap from uh the last kind of couple years they only distributed it to users from the last month or so i think um and then uh the rest of the airdrop is going to people that i think it's some kind of liquidity mining program where it'll be distributed over time if you use the instadot portal to essentially kind of like manage your positions and things like that but yeah you can see the comments on this thread here people saying that the airdrop was like you know basically nothing um and you know i've used instead up for years but i i didn't get anything from this

um and yeah i mean people just kind of like believe this is like the worst air drop in history now you know that's strong language i don't know if it's the worst air drop in history or whatever i been a big fan of the instadap team and their product for a while here but yeah i think that their airdrop could have been done much better and it should be done retroactively if you've been a project that's been around for a while and you haven't had a token say you've been around for like two years which is what instadap did then you definitely should be doing a retroactive air drop because you have a community that has been you know around for quite a while and that community essentially you know that maybe maybe people say it's entitled to expect something but you shouldn't just like i guess like

uh anger your existing community by making this really crappy kind of like uh non-retroactive airdrop here so yeah i'm not gonna kind of like give any more opinions on that i haven't dived too deep into this i just saw some chatter about it i checked mine i didn't i don't think i got any ins tokens or maybe a little a few a little bit of it but i used that like a while ago now i haven't used that um recently so to speak so yeah um go check out if you if you're if you're um if you've got a bunch of ins tokens here uh you could definitely check out this blog post for a link and details on how to claim so finally here pete kim from coinbase announced that usdc has gone live on arbitram so you can go to the arbitrage block explorer here

and see that essentially the uh you know there's a transaction here with usdc on here this is so cool i mean as i've been saying uh usdc sorry uh different projects are launching on um on arbitram and you know during this dev main net and then it's going to be available to uh end users very soon so it's good to see that usdc is on arbitrary it's already on polygon it already has a 2.3 billion market cap on polygon 2. and i think the same is going to happen with arbitrarily and you know this this speaks to i think a lot about what people have been saying about oh everything's going to get fragment and there's going to be liquidity everywhere um because of these layer 2s and other scalability solutions and i've talked about this before

but i don't think this is a big deal at all i really don't there's bridge solutions coming there's like i mean i've spoken about this so much connects hot protocol seller network they're coming and they're live some of them are live already and i think this is all just going to be abstracted away you know stop missing the forest for the trees is my general advice on this sort of stuff this is going to get solved if there's a problem that people consider critical they're going to solve it and i have never come across in my time in this industry um you know problems that couldn't be solved by smart engineers and smart researchers so always bet on them always better on the researchers and developers and engineers and all that sort of stuff um and you know i guess like have a bit of a more longer term outlook here on

these things but anyway i'm going to leave it at that because i've spoken about that a lot in the past thank you everyone for listening and watching today 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