Airdrop discussion, CoW AMM and more - The Daily Gwei Refuel #732 - Ethereum Updates

Transcript

hello everyone welcome to another episode of the delway refuel where cup the latest news in etherum ecosystem I'm your host Anthony today the 15th of February 2024 all right everyone let's get into it so kicking off today we have a bit of I guess of a reminder about why we're here in crypto today and what the power of this technology is so you can see here that the campaign that was being run on the gofund me platform for Alexi perv here and Roman storm of tornado cash the tornado cash developers legal fund was actually shut down down by the GoFundMe platform and they basically didn't uh they they notified the campaign organizers that the fundraising uh for Roman Storm's legal defense was cancelled they cite term 22 of their terms of service which can be

interpreted to mean they simply didn't like the fundraiser and term 22 says that they can they being G fundme can terminate a fundraising campaign for any other activity that GoFundMe May deem in its soulle discretion to be unacceptable or objectionable restrict or inhibit any other person from using or enjoying the services or expose GoFundMe its employees or users to any harm or liability of any type obviously very vague very broad kind of uh rule there but I think that we all kind of re can read between the lines here and know exactly why they they got rid of this and it's basically because of the fact that uh tornado cash is on the ofac list right is on the ofac list it's on the sanctions list so for GoFundMe their lawyers would have told them hey you need to remove this like this is not

something that you can have on your platform because it does open you up to liability so I'm I'm not going say that like I like that this happened but I can understand it if we're looking at it from their perspective as to why this happened but then I quote tweeted this and basically said that uh this is why uh we need decentralized money I mean decentralized money comes at you fast you can't stop crypto donations like anyone can spin up an ethereum wallet and say hey send me eth right send me uh you know a stable coin stable coins carry more risk because obviously tether or Circle can freeze the stable coin but if you're just kind of raising an eth for whatever cause that you're trying to raise for no one can stop you from from accepting eth into your own non-custodial ethereum wallet like and

that just goes back to I guess originally why Bitcoin was created as peer-to-peer money and the whole kind of point of this ecosystem is uh non-custodial money a non-custodial Financial system that is decentralized sensorship resistant and not uh and basically not controlled by anyone and the fun thing is is that you could even donate to uh someone who spun up an ethereum address for tonado cach uh for the tornado cash Developers for their legal fund through tornado cash doing so obviously as a US citizen or person is illegal uh right now as per the ofac sanctions um but you know I it's a great area for other places around the world but you could still do it and no one could stop you from doing it you'd have delayed inclusion because obviously some portion of the network is censoring tornado cash related transactions but it

would still get included so we really kind of get reminded when things like this happen of the actual power of this ecosystem and the actual power of the technology that we've built here it's not just for Ponzi gambling and speculating and meme coins and all that sorts of stuff right that's part of it for sure I mean obviously it's a big part of it but the real value prop is that decentralized money use case that decentralized uh kind of um sensorship resistant use case that we've all kind of known to I guess like come and known to love over the years about this ecosystem and about ethereum in particular because ethereum is so decentralized is so censorship resistant here now in saying all of that if you do want to still donate to these causes you can then I think that uh what was it

Juicebox money uh actually yeah replied to me so if you go to Juicebox money which is a basically the web 3 version of GoFundMe and you you kind of go here you can explore the projects that are on here and one of them is free Alexi and Roman and you can actually donate here you connect your wallet of course and then you can donate to this uh the legal support uh fund uh and the total raise is over 300 e so far from 685 different payments uh and this is Unstoppable no one can stop this the Juicebox platform I believe is a a decentralized platform I don't think I mean I haven't looked into it myself but from what I've seen I don't think the Juicebox team team can actually stop this from happening and pause any kind of contracts uh I think the front end could probably delist this

if they wanted to but I don't think they could actually uh uh stop the money from flowing right this is just like obviously Juicebox money is kind of a front end here so they probably could because it's a centralized front end from what I can see they probably could uh delist the project but that still wouldn't stop the money from flowing because the money obviously is Flowing on chain which is the whole point here so yeah I mean this acts as a reminder that if you do want to donate to this legal defense fund for Alexi PV and storm storm the tornado developers you can do that via Juicebox money here I mean I'll link this in the YouTube description below for you guys to check out of course um but unfortunately and I guess pretty predictably GoFundMe has kind of deplatformed uh deplatformed this fun race here and as I said guys as

shitty as it is like I totally understand why they did it like they don't say it and I'm reading between the lines here and I'm speculating on this of course but if you're a company and there is a I guess like individuals or kind of a project raising on your platform that is on the ofac list or the US ofac list uh then uh on the sanctions list I should say uh then yeah definitely you're not going to want to take that legal liability like it's just it's just logical and and the lawyers will probably kind of telling them that as well so I understand it even though I think it is shitty uh and I wouldn't say I even disagree with it because I don't know what I'd do in that position you know if I'm opening myself up to massive legal liabilities as a I don't know a

founder or a CEO of the company then I have to think about not just myself but also the company right because GoFundMe has employees I have to think about the the the bad uh the bad PR the legal repercussions because you could easily imagine the media spinning this as GoFundMe allowing um a fund raise for financial terrorists to exist on that platform because we've seen uh not just the media but politicians spin this you know Elizabeth Warren literally sits in Congress and Spins this and says these things saying that oh all of the you know all of the money or most of the money that Hamas got was from crypto donations which we know was completely completely wrong was literally completely false but she still said it so you can see how quickly this gets spun into like a really really bad PR storm and and and and and and really bad

for the company actually hosting this so as I said I understand it from gofundme's perspective but I totally disagree with it obviously and I totally think that um you know uh that well I don't think I'm glad that we have these existing Solutions with crypto now that we can get around this we can just go around it there's no need to kind of fight it you know we don't even have to say and to go find me hey what are you doing give us a real reason we don't even have to take them to court like someone could take them to court and force them to give a reason on this right if they were really kind of not forthcoming but why would we do that we can just say okay screw you guys we're going to just use crypto donations uh and that's what's kind of been happening

here so yeah as I said I'll link this in the YouTube description below for you to check out but obviously a good reminder of the fact that what we're building here is actually serious is actually decentralized and does actually have real world implications beyond the speculation and gambling and Meme coinness and stuff like that which obviously is very important from a number of different kind of like uh lenses but not the be all and Endor of this ecosystem all right speaking of speculation I think this is that was a little funny kind of segue into what I want to talk about next I posted this cast on on farcaster today where I said a new low on the total eth Supply since the merge so obviously ether has been deflationary since the merge as you can see in this chart and I've talked about

it a bunch of times before I've talked about the ultrasound money website a bunch of times before uh but the reason I'm highlighting it today is because I really want to have some fun here with speculating a little bit I know I just said that this ecosystem isn't just about speculating it isn't but I still want to have fun speculating you know we all enjoy a bit of speculation so the fun I want to have is I really want to kind of speculate on where this kind of number is going to go so right now the number is at 0.2 negative 0.2% issuance since the merge could we see this to go to like negative 1 you know -2 -3 through the bull market because obviously as the bull market heat really heats up gas fees are going to go up right we all know that we all understand that um and

last time we had the bull market was in 2021 and EIP 1559 was not around back then guys a559 was not around for the for the meat of the bull market it was around on August uh of that year right August 2021 um but for the meat of the bull market from like I guess you could say mid 2020 to May 2021 or it did not exist uh and there was a lot of gas fees back then because the gas Fe is really high there's a lot of fear revenue and we did not have Erp 1559 so we didn't burn eth back then but then of course you know we had the kind of like second uh I guess you could call it second pump or second bull market towards the end of 2021 with the nft Mania and that did burn a lot of

eth but then that quickly died off because we went into a bare Market in the next year right in 2022 where things just exploded and and and so on and so forth so now heading into a fresh bull market where AIP 1559 has been live for a while we're already at negative. 2% issuance right what's it going to look like like are we going negative 1 are we going negative2 I think we are like I think we're going to burn a lot of e this bull market guys because fees are going to sky rocket like I I know people like to Meme and say well no one's going to do anything on eth L1 anymore because they can do things on l2s and they can do things on other l1s like sure yes but the amount of demand that's coming in and the amount of new money that's

coming in uh because of uh you know the crypto bull market that we're we're about to have once things reach all-time highs like that's going to exceed the available blocks space so to speak and that's and that it's going to push everything so high I think for for for a short maybe a relatively short period of time maybe like 3 to 6 months or something like that but it's still going to do that and then we're going to see just massive amounts of eth being burned so I hope I can revisit this maybe in like a year's time or year and a half or maybe even two years time and see where we're at because I do think that we could get down to the negative 1 2 kind of percent here uh just given uh just based on the fact that I think that the

gas sped are going to be quite high now of course uh people are going to say oh well you know the gas are going to be higher that means people aren't going to use ethereum because they're going to get priced out and that's true but then we have the layer 2's live this time because you remember that we actually didn't have any layer 2's live back in the last bull market and not in any real capacity either uh and I mean like the generalized l2s like base definitely wasn't live optimism and arbitrum had just gone live I believe if I'm remembering correctly or maybe they went live in the bare Market I I'm losing track of time at this point but the point is is that during that bull market none of this stuff was really alive now it is right and and and the Arbitron one

ecosystem the op main ecosystem base bunch of others out there like ZK sync and and stuff like that they're very very active right now and they're like very heavy on liquidity they have a lot of Integrations with centralized exchanges obviously coinbase is going to be pushing A lot of people onto base we have we have non-financial applications as well like farter that people can on board onto and and just all of this that we just didn't have last bull market so when you look at it from that perspective and you thinking it from that perspective I really do think we're going to be seeing some massive amounts of eth being burned uh going forward but yeah I mean I guess I'll keep covering that as time goes on but I just wanted to do a little bit of speculation there for today all right moving on so we've had

about 24 48 Hours not not 48 hours yet probably like 24 32 hours or something like that to digest the Stark air drop right and obviously it was a mess it was full of drama we're probably going to stop hearing about that drama in the next day or so because the crypto ecosystem moves on from drama very very quickly but I wanted to talk a little bit about it and this is going to be probably a long discussion probably going to spend the next 10 minutes talking about this because I have a lot of thoughts on this and it doesn't just it doesn't have just to do with Stark net or the Stark token it has to do with tokens generally but first I want to uh read this cast that I put out where I said I know the Stark air drop has its

issues but I do hope that this has finally started the trend of projects airdropping to e stakers in particular solo slome stakers there are a few Big Air drops coming such as Igan layer ethery puffer and swell that will air drop to e stakers hopefully many more join in so I think that's going to happen I do think this is going to be setting a trend here I do think we're going to get better lists to air drop to as well that's been a major issue I know multiple people that are working on better lists already and improving upon the list that we have uh which is great uh because people I think got pissed off that the rider. network list wasn't the greatest to go off and that a lot of kind of like um I guess solo stakers and home stakers got mislabeled and weren't

eligible for this stuff so that's being worked on and hopefully the projects use those lists instead of the inferior ones but what I really wanted to talk about here is is air drops and tokens generally so as as you guys have seen there's been a lot of drama around this aird drop a lot of hate around this air drop a lot of people feeling slided and frankly a lot of entitlement around this airdrop now I understand that the when it comes to Stark net generally the Stark token Supply is is H sorry token distribution is pretty bad and I think I called this out a long time ago when they first announced the stockk distribution I think I actually called this out I think it might have been might have been like one to two years ago or something like that you can probably go back and find that episode

um sturs might be able to find it he's really good at finding old episodes so sturs if you're watching or listening if you can find me the episode where I called out the distribution of Stark as being horrible please find it because I want to collect those receipts but anyway it's it's pretty bad it's very weighted towards insiders it's very weighted towards team uh it's it's not great right um and also at the same time it came to light recently that the uh vesting for the investors started at the time that the token was actually generated to the tge event back like 2 years ago which means that in April I think most if not all of the investor tokens are unlocking which is just ridiculous right that's very egregious that is really really bad so obviously starnet and and the teams and that have coped a lot of flak for that

right um which I guess honestly I think is rightful to cop Flack for that because I do think the investor stuff is incredibly egregious um but on the other hand you also have like all of these people being like really entitled about it right where they basically say oh I didn't get enough free money or I did so much on Stark net and you didn't give me an uh you didn't give me any any money it's like okay well so you're basically admitting that the only reason why you were doing anything on Stark net was because you were airdrop farming to begin with and you're not entitled to anything right you're not entitled to aird drops they're just kind of bonuses that you get so the entitlement has always annoyed me about these things but the problem with this as well is that because you have that entitlement

because you have a lot of people kind of now being upset about it it feeds on the toxicity that you see on places like crypto Twitter and then you have uh competitors joining in you have like people who already hate ethereum joining in and don't like stock joining in and just like continuing this this toxicity Circle which you've seen play out over the last 24 hours right it's just been a show it's just been so bad and I think I've called this out before uh plenty of times on the refu where I've said that this there's nothing that there's not really anything good that can come from from these sorts of things uh and also there's been comments from the team themselves where honestly some certain team members shouldn't have said anything if I'm being honest uh because they've just made things worse because you can't fight a mob like fighting a

mob is is useless it's pointless because you're never going to win with a mob let things like down you know stick with your core Community uh uh kind of like keep building you know from a I guess like a development point of view and keep building what you've been building but getting involved in like a mob is never is never a good idea and I've I've actually advised many projects that I've talked to either as an official or non-official advisor to never ever get involved with the mob because you're never going to win doesn't matter how right you are doesn't matter how wrong they are the Mob Rules mob mentality is really dangerous guys like this is not a crypto specific thing like a mob mentality especially like in real life in in crowds is really dangerous and not something you want to be fighting

because you know human there's a famous quote that says like a human is intelligent but like a mob is stupid and it's because I think we've just like genetically uh I guess like predisposed to this that as part of a mob we we tend to kind of like get caught up in the mob mentality and we tend to like I guess like revert to to to being AP apes and monkeys basically right so I think that's the number one rule I've always gone with is don't try to fight the mob that's the that's what I advise projects to do but unfortunately sometimes people do this obviously because they feel like personally attacked as well I mean I I read a lot of the comments that were lobbied or lobbed at the uh starnet developers the most visible ones and the starnet team members and starware team

members it's really bad a lot of toxicity a lot of shitty things said to them um and and a lot of entitlement as I said people like just are so entitled when it comes to air drops it's insane to me uh I I just don't I just I mean I understand it because you're you know you're hoping you get some kind of like free money and you're hoping you get money because you want to you know better your life with that money I mean I understand it but at the same time it's like no one promised you free money you should be using these products because you want to use them not just because you you're airdrop farming them and if you're trying to airdrop Farm them and you don't get as much as you think you're entitled to then that's on you like no no one promised you anything

here right um so so that s of things get get gets on my nerves a lot but in saying all of that when it comes to and that's that's I guess that most of that is star net specific but if we kind of look at what it looks like from just like a token specific point of view or an airdrop specific point of view I think the best airdrops are the ones that I wouldn't say cater to the Mob but like satiate the mob and and the way you do this is I think unfortunately you need to airdrop to some of the I guess you could say the farmers or cyers out there and the reason I say this this might be like an unpopular opinion but the reason I say this is because if there are industrial farming operations going on that have a

lot of bots what do you think they're going to use those Bots for if they feel slided if they don't get what they were farming they're going to use those Bots to FUD your project right they're going to use those Bots to on your project to spread all this toxicity uh and they're going to do that on places like Twitter where I'm sure if you go to the replies that you've seen on a lot of these um a lot of these projects you'll see just these random accounts no one's following them that you know they look like Bots and they're all saying things like scam scam project where's my airdrop screw you guys I'm going elsewhere and they have all these likes they have like hundreds of likes on these replies that to me is very obviously Bots now I would bet there's a very strong correlation or and the V

diagram is probably a circle here of people who are running those Bots and people who are airdrop farming with bots so it might just be a necessary evil that you should air drop you should air drop to the aird drop farmers in order to make sure they don't do this other thing which is basically fud your project make it out as if everyone hates your project and potentially do damage to your project so there is that that kind of like cost benefit analysis if you will on this and I think that that's something that has really only come to light over the last few weeks for projects is that unfortunately the Bots are just like so rampant that you kind of like have to give in to the Bots you have to give in to the farmers to an extent in order to prevent them from

basically turning on you and then using their bot Army to fight your project which is what happened with starnet obviously at least that's obvious to me I mean reading through the replies I actually went and looked at the likes on a lot of the tweets and I manually went through them they they're all accounts that are literally Bots I can tell that they're Bots they don't they don't hide it very well um but because Twitter is just horrible at getting rid of bots they're there and they're very active right and they're there for a long period of time so really I guess like the new meta of aird drops now is that you probably have to air drop to Farmers and cyers and maybe this sounds like something stupid to say maybe this is saced to say but it depends on your goals like do you want to avoid the mob

you know do you want to avoid the mob coming after you to begin with do you want to avoid having that permanent stain on your project because there are other projects that have this stain on them like I remember a famous example Paras swap they did a really bad air drop honestly like the air drop that they did was uh was was was was pretty overall it just didn't reward the right people um I think it was very very very low I know obviously as I said there's a lot of entitlement here but like from their perspective from the people that didn't get the air drop or got a low air drop they felt slided they're like you know this is really crap and then it's a stain on the project cuz now everyone's just like oh what a air drop right like and now

everyone whenever everyone brings that Paras swap that's the first thing people think of uh which is sad because like I I I don't think there's anything wrong with Power Swap the product or the team or anything like that but it does lead to these negative outcomes so it might become a thing where the projects now just just air drop to the airdrop Farmers uh and that's it like and and and you know those industrial farmers and that's it and just to keep them happy just to keep them satiated because trying to fight them is a losing battle because they control the Bots right they can control sentiment through Bots because people are so easily fooled uh or people just don't care enough or people already have like a bias and they just want to join in on the mob as I said mob mentality so that's how I'm

kind of looking at aird drops these days and then when it comes to tokens generally I mean I think that you won't really see much token Innovation due to regulations still not catching up I think once regulations catch up you'll probably see better Innovation when it comes to tokens but I mean most of these tokens are still useless guys like they're just governance tokens they do nothing and the reason why they just governance tokens is because of the regulatory uh view on things so I think until that changes these tokens are just going to continue to be like this unfortunately and I I think that people lose sight of the fact that yeah maybe they're going to be an okay investment in a bull market because everything's going up but is it something that you really want to hold for the long period of time is it something you really want

to hold into a bare Market especially when there's literally no value acral to it at all besides governance those are the questions that are going to be popping up I think and those are the things that'll be answered over the next couple of years but yeah just just my general thoughts on air drops and tokens and how I think that the meta has really become that you fight you fight the Bots you fight the you're going to probably lose and you're going to lose in a big way and you're going to lose the kind of uh social the good social will that you had uh because of it and whether that's right or wrong is is completely irrelevant I think what's relevant is basically what your goals are as a project with an an airdrop and what your goals are as a project long-term as well

but this is not to say that I'm bearish on on Stark net or anything like that or I think this has damaged them long term but I think it is definitely unfortunately a stain on them for now for the foreseeable future until people will forget eventually but yeah it's just unfortunate that it happens this way but to me I don't really have too much of a problem with the airdrop I think the air drop was was fine I think that they screwed up obviously who they air drop to on the solo ster side of things which I believe they're going to fix but the most egregious thing is the investor unlocks in April like and the fact that the the vesting started before the token was even live that is as far as I know unprecedented for a legitimate project I Pro probably some scammy

projects have done that before but for a legitimate project I don't think that's happened before uh and I hope that doesn't become a trend because as I said it's egregious it's really bad it basically means the Insiders can dump uh at the first sign of price Discovery uh which is like you know if Stark net opens at like a 10 billion or20 billion fully diluted valuation and these investors get their tokens pretty much straight away um that means they're up like a,x in some cases of course they're going to sell right so that to me is the most egregious part of it not the other stuff but the other stuff obviously is also a problem but anyway I think I've come up on time here talking about that there a bunch of other stuff to get through but that's my general thought on all of

that right just a quick shout out here I was interviewed for an article that was published on forbes.com here uh Ponzi Patty interviewed me here and I was talking all about the ethereum and eth bull case now probably none of this is going to be news for any of you guys because it's pretty much everything I say on the refuel but the reason I like that this is up there on Forbes is because it's going to be seen by a different audience like you know you guys um basically uh I'm preaching to the choir right when I'm when I'm talking to you guys you guys know all of this already you know the bull case for Ethan ethereum and what my thoughts are and then you're going to hear more about that on Saturday with the episode with Eric of course but still give it a read

I'll link in the YouTube description below of course for you to do so uh but generally I I thought it was a great piece I thought it just covered basically why I'm bullish on Ethan ethereum and all the things that go into it such as reaking layer tws Network upgrades like denune and stuff like that and how that all plays into it and I think it comes across pretty you know pretty pretty well for the average kind of person the average kind of like Normie I guess you could call them the ones that aren't really into crypto too much uh but yeah just go give it a read I just wanted to give it a shout out I'll link it in the YouTube description below for you to do so all right so swell withdrawals are coming this month so swe I should say withdrawals SW withdrawals are coming

this month the Barracuda upgrade will enable SW to be redeemed at the underlying rate through the primary Market streamlining the process of swapping out of s swth and adding more reassurances for stakers now you can read more details about this in this post from all the way back in August actually so this has been a long time coming but finally it's it's here for you to be able to withdraw if if that's what you want to do and I like that these that the withdraws are enabled now because will soon be enabled because obviously it leads to more efficient markets it leads to less risk for people staking with with something like swell and it just uh it completes the product so to speak right it adds another kind of um adds another another arm to the product here so yeah I just wanted to

put that on your rer in case you were staking with swell and you wanted to maybe withdraw or maybe you just were wanted to wait until withdrawals were there in order to get confidence in order to stake with swell so yeah you can go check this out for yourself I'll link it in the YouTube description below for you to do so all right so Samsung has announced a big initiative today on uh Twitter called the security Alliance or seal uh s.org you can see here for short and if you go to I think like security alliance.org is the website you can see what this is all about so essentially the trdr is that this is uh a way for people to basically report kind of uh security issues so you can see here they have a telegram group called seil 911 and Samsung describes it as seil 911 is

our response to the question I just got hacked who can I go to for help previously if you didn't have a trusted security researcher on speed dial you were out of luck now the entire seal uh 911 team is simply a telegram message away which is a really cool service honestly I mean if you get hacked or if a project gets hacked they can immediately get in contact with some very experienced and very trusted Security Professionals to uh to help uh kind of um with that that hack or to help kind of white hat potentially on that hack there uh so this is a really cool initiative and the fact that it's being headed up by Samson one of the best security researchers in the crypto ecosystem is just a huge vote of confidence of course but it's not just him he thanks a lot of people in this

Twitter thread which you can check out I'll link it in the YouTube description below but you can go join that telegram group so maybe you'll need it one day right maybe you will need it maybe you get hacked or something like that so you can join the telegram group and also go check out security alliance.org to see who they partnered with I mean they partnered with and with with people like the like the ethereum foundation a16z crypto vitalic buan it's not just partners by the way it's also donors so people who have donated money to this initiative uh and there's so many more I mean like uh you can kind of look at all the details on the website I'll link it in the YouTube description below but great that this is out there great that this is something that uh is live and some people can use uh because as I said

it has been a problem in the past it has been something that hasn't really existed in the past but now it does uh and I'm glad that it does all right so uh last project update here today is a big announcement out of calow or I guess like the team behind cow swap so they say here in the Tweet the dirty secret of amm is that many of their pools are leaking in fact liquidity providers lose 5 to 7% of their profits to MAV every year making most liquidity pules unprofitable that's why Cal Dow is building the first me capturing amm we call it Cal amm so yeah Cal swap or cald has launched a new amm called Cal amm that allows liquidity providers to capture me which I as I say is a huge issue as a liquidity provider

within defi especially for liquidity providers on something like Unis swap obviously the most popular one they leak a lot of value uh to me here and then they say here the typ the type of me that they protecting against is lvr uh it's a type of MAV defined as the losses LPS incur due to Arbitrage Bots constantly rebalancing liquidity pools uh so this is something that happens all the time and is very constant and is the like a large portion of the gas fees paid on ethereum actually because anytime the price of like eth moves a few dollars or something like that all these liquidity pools need to be arbitraged against that right against each other and that causes a lot of leakage to M because there's M opportunities to extract that from here but the way c amm um I guess tackles

this is it uses something called a function maximizing amm or FM amm which is a pretty cool name uh that uses batch auctions to capture Surplus for protected liquidity pools the solver that gives the highest Surplus wins the right to rebalance a pool thereby capturing the lvr for the pool so essentially it is a kind of different model to what you get with like unisoft for example where as far as I'm understanding it these are kind of like more towards the private order flow rather than the public order flow but the problem is is that like if you have all public order flow the me can be captured because everyone can see what the order flow is if you have private order flow as far as I understand it it is much harder if not impossible to

capture to that me unless the private kind of orderflow people like the solvers were all colluding with each other u in order to do this U because cow swop works uh the same way where there's like offchain solers that fulfill your order for you and that way they're actually able to offer gasless uh orders because the gas fees baked into the actual trade in the background but they're also able to protect you from the the kind of like public market me here but then there are questions around this about like should we be encouraging liquidity to go offchain or should we be keeping it on chain and trying to essentially solve me issues on chain we're doing both but it is much harder to solve issues around me when everything's public right because if everything's public then everyone can see it and then all the M Bots can can

basically fight each other for the me and then things get leaky and people lose value and it's just not fun for anyone except the meev Bots and maybe I guess like um uh the you know the eth bird and the eth holders right but for the liquidity providers yeah it's it's not great so I guess kudos to to cow swap for innovating here and bringing out this c c am you guys know that cop is one of my favorite products to use within crypto I use it all the time for any of the trades that I'm doing it's always great always have an amazing experience and always love hearing that moo when my when my order goes through it's just something nice little touch there I know it's a little bit silly but nice little touch there uh but yeah you can go check out the full details about

this new cow amm I'll link it in the YouTube description below for you to do so right just the last thing here shout out that I'm going to be at upside in Melbourne which is a web 3 co-working space in that I've been to a bunch of times before and I've probably seen a bunch of you there before I'm going to be there on the 29th of Feb from 5:30 p.m. onwards I am speaking at this event uh I will be talking about farcaster I think mainly and also just ethereum things in general of course but if you want to go to this event I'll link it in the YouTube description below if you are in Melbourne or you're going to be in Melbourne on the 29th of Feb uh I I hope to see you there basically I know there's a few people that are already in

Melbourne that listen to the show I see you guys there whenever that they have meetups but this is going to be a big Meetup apparently I I was talking to Greg who works um with upside there and he says this is going to be one of the bigger meetups and there is a star started guest list there including yours truly of course uh speaking so yeah I'm very much looking forward to this but this is happening in a couple of weeks as I said Thursday 29th of Feb uh is is when it's happening and that day will probably be a rug fuel day cuz I probably won't have enough time to record a Refuel on that day because I'll be at the Meetup uh but yeah I'll link that in the YouTube description below for you to check out but on that note I've gone overtime so thank you everyone

for listening and watching be sure to subscribe to the channel if you haven't yet give a thumbs up subscribe to news letter join the Discord Channel and I'll catch you all tomorrow thanks everyone