USDC on Arbitrum, Token Terminal v2 now live & more - The Daily Gwei Refuel #128 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the daily gray refuel where i recap the latest news in the ethereum ecosystem i'm your host anthony sosano and today's the 25th of may 2021 right everyone let's get into it so a bit of drama on crypto twitter over the last 24 hours uh stemming from this tweet and a tweet from michael saylor but this tweet from elon musk basically said spoke with north american bitcoin miners they committed to publish current and planned renewable usage and to ask miners uh ww to do so uh worldwide i can't assume that's standing forward to do so potentially promising now michael saylor said something uh i guess like similar to this and you know i saw this and i was like this is not good uh i don't like it when

anyone kind of like i guess like any kind of like centralized council spin up i mean michael sailor was talking about creating a council for this sort of stuff and to get them all together in a room and talk to them and the fact that this discussion was held behind closed doors was also against like the ethos of this space and everything like that so just overall uh kind of like weird situation here and then that's not to say that like you know they can't do this if they want of course they can do this and the systems that we're building need to be built to kind of resist this these sorts of things but at the same time you know i just i don't know what elon's doing right like what what is he doing in crypto he's still promoting doge he's kind of completely ignoring

ethereum he's talking about bitcoin miners and making it more renewable and all this sort of stuff after kind of saying that it's energy usage um you know is a hindrance and all this sort of stuff i i don't know what his deal is honestly maybe he's playing like 4d chess and he's like playing us all and he's got like some big plan or whatever but um i don't know and i really wish he would focus more of his efforts on ethereum and defy because i actually think that he'd get a lot out of that i think that it speaks to a lot of what he was trying to do with paypal creating this fully decentralized money and kind of like financial ecosystem on the internet or at least using the internet um but yeah it's just sad to see him kind of like doing this sort of

stuff now i'm not going to say that everyone was cheering for this they certainly weren't i did put out a tweet today and i said that it was just like insane to see some bitcoin is cheering for this like not all of them um you know i saw a lot of them pushing back on it but there was some out there being like this is great yeah let's let's do this it's great for renewable energy usage and all this sort of stuff and it's like it's not great to to create like a council with all the miners on it that's just that's so bad not not because not even because you know the council could go rogue or you know or go evil it's because it just makes minors easier to spot right it be it it becomes like a target for regulators and for governments to

come down on so that whole thing just kind of puzzled me you know and maybe they'll get enough pushback they'll scrap this idea altogether i think it's michael saylor that's actually um uh kind kind of like pushing this uh elon just kind of put out this tweet here but then elon is also doing his dogecoin stuff so who knows as i said who knows with that guy um but yeah i just wanted to kind of mention that because that was probably something you saw um on twitter over the last 24 hours and i wanted to kind of clarify what's happening there uh it just seems like very random at this stage it's not very transparent uh you know we really don't know what's going on here so i'm just gonna leave it at that for now but something that i'll be keeping an eye on uh for sure

so and i also saw some talk today on twitter about if how ethereum's network upgrades or hard forks are considered like a bug right in ethereum and that it's what makes ethereum centralized and you know ethereum can never be decentralized because it does regular hard forks and i'm like this is just insane ethereum's kind of network upgrades or hard forks as they're called are a feature not a bug right this is the way the ethereum protocol evolves it gets better improves over time and improves its security over time um not you know and and obviously like the the bitcoin camp has taken a hard stance to this where they believe no hard forks only soft forks but you know and there's a post from vitalik buterin that goes over this that he posted in 2017. i can't remember exactly what it's called

something goes to do with soft forks versus hard forks where he argued that soft forks are actually more coercive than hard forks maybe i should take a step back here and explain the kind of views around this so from what i can tell bitcoiners consider hard forks to be coercive because they are not kind of like they believe they're not opt-in they believe that you know basically you have to follow the rest of the community if if everyone kind of like upgrades their software upgrades their full nodes you know all the kind of like miners and stuff upgrading economic network and the community is basically you know majority in favor of the new network upgrade but that's the whole point the same thing would happen in bitcoin if bitcoin did hard forks if the majority of the community wanted bitcoin to hard fork it would

hard fork there's there's nothing stopping that from happening and the nodes you know maybe there's 10 percent of nodes that don't want to follow that you know that hard fork well that would split off and become a minority chain in that in that um instance they wouldn't be bitcoin anymore they would be something like bitcoin cash or bitcoin sv right there'd be a fork um at the end of the day of of bitcoin so you know and and and and then bitcoiners will argue well we do soft forks instead soft forks uh can be argued to be more coercive because they actually do change protocol rules and they're they're kind of like not uh totally opt-in because uh to get these features um and to like you know stay i guess like at feature parity with the rest of the network you've got to like you kind

of have to adopt this sort of stuff as well but vitalik's blog post explains this much better than i can um just you know briefly here um and definitely just google that i think just google vitalik bitter and software softbox versus hard forks and you'll probably be able to find it there but one other thing that i wanted to talk about with regards to this as well is that it's it's all about the social contract and the social layer and i talk about this a lot on the refuel ethereum has had the social contract that it will continue to upgrade for as long as it needs to there has been you know i think over 10 network upgrades at this stage we have a major one that that's that's coming with the merge right because right because you could argue that eth2 and its currents um in its current state just

the beacon chain is a separate network altogether which it is it's not a hard fork of ethereum or anything like that so once that merge happens that'll be the biggest upgrade in in ethereum's history but other than that we have you know we have things coming up like we just did berlin right we have one five five nine coming up in london there's a few others out there coming up and once the merge happens there'll be more that that still happen on on ethereum like uh network upgrades hard forks whatever you want to call them are part of ethereum social layer and if you're not comfortable with them well then you're not comfortable with ethereum and ethereum's not going to interest you at the end of the day uh and that's not to say that every kind of like um eip or ethereum improvement proposal

that goes into um every hard fork is something that is is good for everyone there is definitely you know minorities that kind of like get hurt by hard fork sometimes depending uh for example whenever the op code um gas costs change there is inevitably some kind of like user or some kind of like developer that will get very adversely affected by this but the thing is is that it's for the greater good of the entire chain if this you know if 90 of the chinese you know the ecosystem is fine with it but 10 isn't well obviously you're going to go to 90 because these things run on super majority it is not a um you know it's not like a democratic system where if someone gets 51 of the vote they win uh that would mean that 49 of the people would actually

just fork off and make their own blockchain uh whereas in a democratic government you can't do that right you can have your own party but you can't have two government two kind of like federal governments for example uh running at the same time they can own like uh in in majority there can only be one majority kind of um kind of government there whereas with crypto networks you can have two completely separate kind of networks um you know running like you can have bitcoin bitcoin cash bitcoin sv you can have ethereum and ethereum classic and they can have their own kind of communities and beliefs or whatever um but you know the to upgrade the actual main kind of chain you need a super majority which is typically i would say over 90 of the of the ecosystem in favor and the way you measure this is

is difficult right it's not an easy thing to measure within ethereum you look at things like you know what are the core developers saying what are the researchers saying what is the community at large saying what are the economic nodes saying like the exchanges and things like that what are the node runners saying are they like upgraded to the newest kind of like um hard fork and things like that and you know there's there's so many different participants and and that's how you that's how you get to kind of what we call rough consensus because there's no on-chain voting for for a theorem or anything like that so kind of like that's how it happens at the end there but i'm not going to go through the entire ethereum network upgrade process here i just wanted to point out that uh ethereum network upgrades are definitely

a feature and not a bug and if you're not comfortable with them then unfortunately ethereum is probably not for you but i'm sure all of you watching and listening to this are definitely comfortable with that and are fine with that and believing kind of like technology progressing over time instead of stagnating and that's not to say that ethereum won't one day ossify and you know kind of sit in place but that will happen once uh basically we've done you know most of the things we wanted to do for the network and that's still far away there's still plenty of things we want to do on the ethereum network to keep upgrading it and i do think that there'll never be a time where ethereum will just completely ossify it'll just be a point where maybe there's only one network upgrade every five years because we've discovered some

breakthrough technology that needs to go into the network because it would you know greatly improve the network's kind of um uh feature set but in saying that it becomes a lot harder as time goes on to do these things because you have a much bigger community and you know if you wait five years between upgrades well you know who knows how hard it would be to get an upgrade into that stage but yeah we'll see we'll see how that future plan pans out we might not know for for decades here if that you know by the time that comes around but i am definitely excited to see how that all pans out so token terminal announced today that token terminal v2 is now live so for those of you who don't know token terminal is a really really great uh metrics tracking website i use it all

the time basically you can go to the token terminal interface and see all kinds of stats around different things here and i'm just loading it up here um so yeah once it loads yeah so you've got metrics for basically like so many different protocols uh whether that's d5 protocols or kind of like i think they might have nft stuff going on here but they do focus on d5s but other layer ones you know bitcoin ethereum whatever um and this basically gives you just kind of metrics on like revenue generated by these networks you can see here um you know tracking like uh basically like coin gecko would um in terms of like market cap and price and all that sort of good stuff there uh revenue price to sales ratios i've gone over this before in one of the refuels um and i think i've covered token terminal before on

the on the delegate data pump series um but this is basically data that i think um serious crypto investors um and specific specifically non-crypto investors from the traditional world are going to want to look at they're going to want to know how much revenue these protocols create you know how much of that revenue is sustainable where is that revenue going to you know what's it being used for blah blah blah all this sort of good stuff here so i think this is really important but their v2 includes a bunch of new features uh they've got key metrics charts now they've got revenue sharing charts uh other than charts they've got like uh you can access the underlying data sets for all of their all of their data and a few other bells and whistles here as well so yeah if you haven't checked out token terminal v2

it will be linked in the youtube description you can go check it out there so pete kim from uh coinbase here put out a tweet a teaser tweet saying that uh they're getting early access to albatrom for usdc and then exciting this is really exciting arbitrary as i mentioned uh on yesterday's refuel their devnet is going live in three days the 28th of of may um and i expect them to go live with a lot of premier d5 apps and a lot of infrastructure i consider usdc and stablecoins to be part of this infrastructure um you know obviously usdc is a huge part of d5 even though it's not decentralized it is still a huge part of defy um and pete is is one of the core engineers of usdc

here at coinbase so it's really great to see him teasing that it's coming to arbitrarium you know i'm sure they're going to deploy it to optimism and i'm sure they're going to deploy it to you know starkwear zkc every everywhere right and you know you might be thinking to yourself well you know usdc is kind of like just a token anyone can kind of like put it on these layer twos it's like yes that's true but you also want to have support from uh bigger players that are big players behind this because you know this might be signaling that coinbase plans to support arbitrom uh layer 2 withdrawals and deposits just like ok x announced the other day they would do so and maybe they only support it for usdc i think that's fine right like getting into uh arbitrary using just usdc would be would be really cool i mean you

can go from an exchange to arbitrarium and then the fees on there i think will be free to begin with or or or very low fee and i'm sure they're going to have meta transactions where you can pay with usdc for fees and it just pays for you know just uses ether in the back end um but that that'll be huge and i hope that they release something like this i hope that coinbase supports more than optimism as obviously as i've um as i've said in the past they support optimism through their mobile wallet app right now but they're also closely aligned with optimism but i don't think that means that they can't support these other solutions so again very very excited for arbitrom's devnet on may 28th because we'll be able to see what developers are ready to launch on arbitram and then as i said in june we'll probably see

them on on mainnet here so starkware put out their black wednesday metrics so the metrics from the crash that happened last week uh and this was for the dydx protocol running on starquest tech yar so during black wednesday there was 28 000 transactions including 4 600 liquidations it was there was a thousand uh it was it cost a thousand 275 gas per transaction on average and 4 700 uh gas transaction sorry 4700 transactions per proof on average so that means four thousand trends seven transactions were rolled up into one proof and this proof was posted to uh the ethereum main chain all of this consumed only 0.06 percent of ethereum's gas

over a volatile 17-hour window now if we do some kind of like a extrapolation here and say that all these transactions were done on the ethereum mainnet this would have cost so much money in fees because 1275 gas per transaction that doesn't exist on ethereum i think the cheapest i'm pretty sure the cheapest transaction on ethereum is sending an ether doing an eth transfer and that's 21 000 gas just just an eat transfer so the reason why this is so cheap here on on on layer 2 is because they're basically taking all the transactions and putting them into a roll-up right putting for 4 700 transactions into a proof or a roll-up proof here and putting that on chain instead of the 4

700 individual transactions because you can imagine if even if it was only eth transactions it would be 4 700 times say the i mean the gray went up to like over a thousand during black wednesday so an air simple eat transfer was i think like 50 bucks or something at those gas prices so you can imagine that it would be like say 5 000 transactions times 50 you'd be looking at 250 000 uh dollars uh i guess like uh for uh for just like these transactions to be done on the ethereum network whereas on layer two it's obviously much much cheaper so cool to see these stats out of diy dxer um you know stargaze tech is obviously battle tested and getting more and more battle tested as time goes on and these kind of like i guess wild

swings in the market just really help to to kind of do that as well so kudos to starkware and dydx here so kyle davies from 3rs capital put out a great tweet today and i wrote about this in the delegate newsletter today but i'll i'll go through it here basically he said the term alt or altcoin is a boomer term we don't live in a 2017 fractal of bitcoin plus fox the crypto market has evolved long live productive assets i couldn't have put it better myself to be honest i absolutely hate the term alt or altcoin it does not describe the current market at all you know the only times that i would say that this term was relevant was in the very early days when everything was a fork of bitcoin and it only had like a few tweaks so for example litecoin is obviously a fork of

bitcoin it had a few tweaks to it um a few parameters changed and it was considered like an alternative to bitcoin there was namecoin and peercoin which did a few different things but still those are the things that you would call alts whereas ethereum is a brand new system it was not a fork of bitcoin it was built from the ground up um you know in 2014 uh 2014 launched in 2015 and all the assets on top of ethereum all the tokens are not altcoins right how are they altcoins like they they they do not have any kind of like uh link to bitcoin at all um and and i think it's this this term is just like a relic at this point and i think it's used by a lot of people because of the fact that it's just easier to refer to you know everything is like alts but the

funny thing is is that people say you know there's bitcoin and there's alts but but lately i've been seeing people say a lot more people say even people on the fence um you know whether they're like um you know they're not bitcoin maximus they're not ethereum access they're not anything they're just like you know people that are just uh right in the center here they're saying well there's btc in this eighth and then there's all the other coins right so ether stand in my opinion ether's always stood on its own but it's good to see more and more people saying this now and the hilarious thing is is that what happens when ethereum flips bitcoin is bitcoin now on alt right are the bitcoin max is going to call uh bitcoin and alt now like is it based on the you know the market cap

i just i don't even think the term has has a kind of a clear definition at this point i think it's just an easy way to refer to everything other than bitcoin but as i said these days i think it refers to everything other than bitcoin at eighth and i still think that's inaccurate because we have lots of different assets now right we have defy assets which stand on their own as kyle says here long live productive assets while d5 are productive assets like look at all the tokens and look at all the cash flows going to those tokens and the token holders and things like that and on top of that we have other assets like nfts we have other assets like utility tokens like for example file coin and r weave like they're built from the the ground up they're kind of like completely

different systems to ethereum and bitcoin so why should their kind of platforms or coins be called alts they shouldn't so um i think yeah just in general like i try not to use the term altcoin as i said it's outdated it doesn't describe the current state of the market is just really really just generally bad um you know overall uh to to to use because it confuses people and i think that if you kind of like ask people for the definition of altcoin you'll get different answers these days yes probably most people will say oh well it refers to everything other than bitcoin but then if you drill them on that and say okay well you know what what did it originally refer to a lot of people won't even be able to tell you things like name coin or peercoin yes litecoin because it's

still kind of like i got attention on it but these early things they wouldn't even be able to know so i think just uh i guess like from that point of view it's really just a term that a lot of traders use to refer to things other than bitcoin and it's just an easy way for people to refer to assets other than bitcoin but outdated term i'm not going to be using it i encourage you to not use it i whenever i talk about other things i say like default tokens or utility coins or web3 stuff or nfts these things have names right or ese 20 tokens you don't have to call them an altcoin anymore and i think the term you know i think erc20 has enough brand awareness and nfts have enough brand awareness that you don't that you can use those terms and people

will actually understand what you're talking about so yeah i'll leave it at that for now there's more kind of like detail on the delight newsletter if you want to go check that out as well so an interesting proposal from the yeon community here called own the land on which we operate and the land that you don't operate on is obviously ethereum uh and essentially the summary of this is that uh basically what the proposal suggests is that instead of yearn buying only wi-fi tokens with their um you know their revenue they should also be buying eth with with the profits that the the protocol generates as well and the logic is that because ether is the land they live on they should be stacking eth and this is just like a way to align themselves even more with

i guess like ethereum and also for covering operational capital like having to pay for gas fees and stuff like that for rebalancing vaults or kind of like deploying new contracts or upgrading contracts or doing maintenance or whatever you want you want to call it here and i actually found this kind of part interesting that where there's a background section here and what they say is they say ether is going to be the only layer one a multi-chain world is really just an ethereum plus roll-up world we know that it's still an edge because of the large amounts of dumb money in crypto let's use our edge to make our system stronger i think uh it's a funny take this one because if they're referring to smart contract blockchains instead of layer 1 here i would argue yes but i do think there's room for some of

these other things like web 3 kind of like dedicated chain so for example i still think there's room for like as i mentioned file coin and r weave i think i still think there's room for maybe a couple of others out there um and i i think you know i don't hold these tokens i'm not just shilling my bags or anything like that um and as someone who obviously believes ethereum has already won the smart contract blockchain race and uh and will obviously like persist into that into the future i just would like to clarify that i i layer one here has to be kind of like i guess like defined because layer one refers to basically every block chain with its own validated set um and and also i would consider ethereum aligned kind of like layer ones or you know the old term side chains like

the polygon pos chain is also something that i can see persisting into the future though i do hope that they move to a roll-up eventually um but generally i do i do believe this a multi-chain world is really just ethereum and roll-ups because as i mentioned before if you can get everything that you can get from other chains in a roll up that is the scalability the low fees while still retaining the security of ethereum why wouldn't you like and you get the ecosystem of theorem as well and like an easy kind of like bridge in you get the ethereum alignment all that good stuff you can kind of see how important ethereum alignment is for this ecosystem i can guarantee you that if polygon advertised itself as an ethereum killer it would not have gotten anywhere near

the usage as it has today i would not have joined as an advisor and i would not be promoting them at all as well so you know and i'm not the only one there'd be so many people in the evening community that wouldn't even be talking about polygon in any positive light but they did the right thing where they align themselves with ethereum and they did they've done a lot to kind of like show that they haven't just said so they've kind of aligned their actions with it and that's exactly what yearn i think would do here if this proposal passed for them to buy eth with their profits as well as wi-fi so yeah there's a bit of discussion in the thread here i'll link this in the youtube description and you can go check it out for yourself so stanley put out an interesting tweet

here today where he said the most valuable institutions will be community-owned networks powered by dfi and cryptoeconomics dows essentially is what he's describing here um they don't necessarily have to be daos they can just be they can even be centralized in institutions they don't have to be decentralized but i think the point here is that i think these networks will be bigger because of the fact that they are networks right they're global they're not constrained by any geographic barriers they're not constrained by you know human stuff at the end of the day because they don't discriminate you can be an anon person and be higher up in these kind of like protocols like there are tons of anon people that have reputations within this industry and really great reputations there's even an anon like a completely anal investment fund called e-girl

capital which has actually been performing very very well and that's kind of like uh got participation from mostly anonymous or pseudonymous people and some some of the top protocols in this industry are founded by pseudomonas pseudonymous uh kind of like people like alchemics for example so from that point of view there's no reason why these things can't be the biggest in the world because as i said global don't discriminate um you know it has access to kind of like a network where value flows as freely as information flows on the internet and we have crypto economics which basically acts as incentive mechanisms to supercharge these kind of communities and get people involved because once everyone has a stake in something they want to see it succeed and there's no better kind of like um

way to see this than seeing how much people support ethereum and bitcoin as networks because they hold ethan btc they want to see that value appreciate over time but they also care about the network and they want to see the network grow and they know that a strong asset like eth or btc means a strong network because more people will get interested in the network and this is especially true for for ethereum where you know eth obviously is used within ethereum for a lot of different things and people understand that if the eighth value goes up there's more stuff we can do on ethereum there's more economic bandwidth that we unlock and it's just better overall here so i totally agree with stani here um and i think that's just like a really great way to put it in his tweet here so on that note i put out a tweet uh in

response i guess to some of the news that came out yesterday that ray dalio is essentially uh i mean he was talking about bitcoin at consensus their event that they've got going on right now um but he said that he owns bitcoin whether he i don't know if he owns it himself or he owns it as part of bridgewater he's f he's firm um but he also said something about ethereum where he said um for efficiency it seems like ethereum now i'm assuming i don't know what he meant exactly by efficiency here but the fact that he's paying attention to ethereum is really cool and that's why i put out this tweet where i said everyone finds their way to ethereum and eth eventually as i've said so many times on the refuel no one stops at bitcoin absolutely no one stops at bitcoin because it is impossible

even for the most maximalist of maximalist in the bitcoin land it is impossible for you to just pay attention to bitcoin because you will still get exposed to everything else and that's why bitcoin maximus i consider to be a minority because i've seen plenty of of um you know hardcore bitcoins maybe i wouldn't call them maximum less but almost maximalist be interested in ethereum and even use it even if you're a maximalist you you're still probably using ethereum because it's it's providing value to it to you in some way so this tweet everyone finds their way to ethereum and each eventually just holds true for absolutely everyone i believe um eventually people like i always say um as well that the only reason why these companies or a major reason why these companies are buying btc instead

of eight is because they just haven't discovered eth yet right they haven't discovered the value prop of eth and ethereum yet and they don't understand ultrasound money they don't understand all our you know insider memes and everything like that but eventually they will this is what we call information asymmetry this is what we call alpha you get alpha by understanding things before most people do yes it's risky it was risky i would say that like it was risky to buy eth in in 2018 and 2019 um you know riskier than than uh than other things maybe but at the end of the day the risk that you took on has paid off greatly even after this crash if you had bought it like between 100 and 200 you're still sitting pretty so at the end of the day um from an investment point of view it's

great but also from a kind of like uh i guess like adoption point of view um you know ethereum just offers so much things to so many different people right it offers like as i've said before it offers like a million different doors to enter the its ecosystem through you can do it through d5 you can do it through nfts you can do it two days you can do it through every different way here you're not restricted whereas bitcoin really does optimize for itself and restricts you to just being interested in btc the asset if you're not interested in digital gold or btc as an asset then you really are interested in bitcoin if you're but if you're interested in nfts and maybe you're not interested in d5 you're still interested in ethereum by default because ethereum owns the culture around nfts and that's where

all the popular nfts are and that's where they continue to be so from that point of view i think that um you know eventually everyone finds their way to ethereum and that's just positive overall for the ethereum ecosystem of course speaking of that um mccormick here who writes a newsletter called uh not boring uh or or is that not boring.ceo here puts together a piece called own the internet which is basically a bull case for ethereum now this is quite a a long piece here it went to over 50 000 people which is really cool to see and i'm assuming that a lot of these people aren't crypto natives because this newsletter is not just focused on crypto but this is quite a long pcr i don't know how long it took me to read

but it's quite long it goes over a lot of the same stuff that we already know like you know ultrasound money uh kind of like uh what what one five five nine means um how the ethereum network accrues value d5 dows all that sort of stuff like it probably isn't gonna give any of you new information if you've been listening to me on the refill for some months now or you've just been in the ethereum ecosystem for for some time but i still think it's worth reading because it's a it's a good way to get kind of like i guess context from someone who's not in the ecosystem because the way uh i guess uh kind of like put together this piece is very different to how i would put it together for example because he speaks a different language to me he's definitely not someone who you know

lives and breeds ethereum all the time he's coming at this from a different kind of mindset um and i think he's coming at this from like a traditional kind of like tech mindset because he called ethereum the xl of um of the x sorry the excel of um of blockchains or of kind of like crypto which i think is very apt right excel is the most used uh software in the world still to this day i think there's like a billion people who use excel um semi-regularly because it's just used absolutely everywhere right we've all used it for one reason or another it lets you do anything and he's got like a a chart here that says you know excel eventually got kind of like um unbundled and there's a bunch of different tools that kind of like um you know took what excel did and kind of

like became standalone apps here but i think that when you kind of look at ethereum uh i mean i i think he argued here that ethereum can't fulfill everything and and things that ethereum can't do will be spun out into their own platforms i i don't think that's true i think what will happen is that these things will get spun out to roll-ups if ethereum can't do it due to cost issues and then those roll-ups would be i guess like obviously secured by ethereum here so when you think about that you could say that ethereum is more like the internet where the internet exists but all these other things are built on top of the internet and but they didn't subsume the internet they didn't take it over they still added value to the incident if the internet had a token imagine how much it

would be worth and if it had somewhere to capture all the value of um things built on top of it just imagine how much it would be worth um a lot like let me tell you that much probably hundreds of trillions of dollars i would have to say that's to me what ethereum is like and that's what all the apps built on ethereum are like and the roll-ups and things like that so yeah anyway i highly recommend going and reading this piece i think you'll get a lot out of it um it's it's a different kind of like framing that than i would have written it but it's very good nonetheless all right last up here i just wanted to shout out that never mind a eth one core uh sorry an ethereum core client specifically um focusing on eth1 here is hiring right now so they're hiring

remotely for interns software engineers researchers and devops across the following areas protocol engineering the eth1 to eth2 merge mev layer 2 scaling smart contract development and defy if you're interested in any of that stuff which i'm sure a lot of you are and you fit into any of these categories here definitely reach out to nethermind at hello at nethermind.io with your kind of like interest here um you know as i said there's a lot of t i've said this before there's a lot of teams hiring right now but it really depends on which team you want to join if they're doing remote what you're interested in doing i think most teams within the uh ethereum ecosystem right now are doing remote work uh not just because of covert but because obviously crypto and ethereum are global networks

and everything like that so it doesn't make sense to just say oh well we'd only hire in this city because your talent pool is really the world at the end of the day and you shouldn't be optimizing just for who's in your city so anyway if you're interested in this definitely reach out but that's it for today's episode everyone so thank you again for listening and watching be sure to subscribe to the channel if you haven't yet give that video a thumbs up subscribe to the newsletter join the discord channel and i'll catch you all tomorrow thanks everyone