Alchemix introduced, Berlin gets a date and much more - The Daily Gwei Refuel #62 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the daily gray refuel where i recap the latest news in the ethereum ecosystem i'm your host anthony sosano and today is the 22nd of february 2021 all right everyone let's get into the news from the weekend so we actually hit 2000 on eath over the weekend and then we came straight back down so as you can see from the chart here you know we went just above 2000 i think we peaked what was it 2038 ish and then went back down to 1760. so you know classic crypto right always keeping us on our toes always doing what we at least expected to do so yeah time of recording eats prices unfortunately it comes has come down a bit to 1760.

i mean this is the one hour chart if i kind of go to the four hour chart i mean it looks less dramatic i guess and i have a bunch of lines here that i should remove um but yeah i mean this is like kind of similar to what we've been seeing for a while now i mean you can kind of see it here right it just bunny hops sort of thing right i'm not going to do any kind of technical analysis on this i just thought you know when this happened or has i've seen like been watching this happen i'm like myself it's just such a typical a thing to do right like we'll get to a nice milestone around 2k everyone will get really happy about it and then we'll have this like dump but you know i was looking at the bitcoin

chart before it's the same thing there i think the market's just cooling down a bit after a pretty epic run up in in february uh you know i think in february what we started the month at 1300 we went to 2k that's a pretty big gain right um maybe what like a 60 or 70 percent gain there uh in one month so yeah i think the market's just kind of like cooling off uh for now and typically i think march is actually not a very good month for crypto especially bitcoin for one reason or another and i wonder if people are looking at like last march and how we had that massive covert crash and thinking you know oh i better be out of the markets just in case not that there's gonna be like another covert crash but you know it's all about the

psychology of people and how they view the markets and stuff like that so who knows as i said not going to do any technical analysis or try to analyze the markets here hopefully when you watch this video you know we've kind of stopped dumping here but this is kind of like par for the course i think so yeah anyway let's move on to the news uh actually i wanted to just thank everyone i hit 2000 subscribers over the weekend as well on the daily gray channel so really happy for that so thank you to everyone who subscribed to this point and i actually put out hopefully eighth got to 2k next and i think it did in the same day that i put this tweet out so that was fun as well but yeah onwards to i guess three thousand four thousand ten thousand like

i i hope to keep growing this channel as much as i can i want to just keep like obviously educating doing the refuels doing the data pumps it's a bunch of other videos i want to do when i've got some more time to do as well i think you know i actually think there's a lot of holes still in the ethereum educational space especially around like just core topics i always kind of repeat myself whenever people ask me questions about you know layer 2 eth1 eth2 how gas works you know how this works how that works so i really want to kind of sit down and put a series together and all this kind of stuff and make sure that i cover it because i think there's not really anywhere i can point people to and say hey this is like the video you need to

watch to know what this is about i think there's a youtube channel called find maddix that does a pretty good job of explaining different things uh they've got like d5 explainers and and and explainers on gas and stuff like that but i think there's not really a home for like explanations on like eth1 and e2 how that process works in kind of video format um and how like the development process works there and like scaling and things like that because there's a lot of people coming into our ecosystem and unfortunately their first experience of ethereum is the high fees so they think to themselves like why can ethereum not scale and these other things can quote-unquote scale and i mean i went through this last week about how there's trade-offs being made but obviously newer people you know aren't going to see this aren't going to really

care about this so i think you know there needs to be a lot more education done there and hopefully i can get some some videos out about that sooner rather than later uh speaking of scaling uh calvin victor from optimism which is one of the scaling teams i've spoken about them a lot they're building optimistic ethereum he tweeted out this kind of teaser picture today called it will get brighter it's i mean the picture says it will get brighter and it has the word optimism under it it's like a billboard um i thought it was quite funny because i went and looked back at one of optimism's blog posts about like their rollout so currently they're doing a kind of closed test net with synthetics so their public test net according to that blog post that they put out a

couple of months ago is actually due late february early march so you know maybe this is kind of calvin signaling that you know that's going to be coming out soon right uh and then there was no like public main net date given but i i wouldn't i i'd be surprised if it doesn't happen like kind of media i think kind of uh it's been going quite well a lot of people are hyped about optimism of course and we also have like zk roll ups and stock wear and loop bring diversify all these solutions so i think you know i actually think the the the stuff that happened with the binance smart chain and as i went through last week i think a lot of it has actually kind of kicked um ethereum's kind of development ecosystem into high gear here i think kind of lit a fire under our ass for

lack of a better term to kind of like i mean we have been kind of working towards scaling but like it's it's even more pressing now right i i think that you know if we don't scale if ethereum doesn't scale we're going to keep kind of bleeding users to these more kind of like i guess like centralized chains and these other kind of chains in general that we shouldn't be you know we don't have to be bleeding right we can we can definitely get there um can retain users by scaling um and i think you know everyone working on scaling within the ethereum ecosystem realizes this and i i think we're going to see a lot more focus put on this during during this year so i'm very glad to see that as well i'm really really excited to see optimistic ethereum go live on mainnet

because that means that any developer can just deploy their kind of uh code i guess they're kind of like app to optimistic ethereum and their breakthrough is that they actually have a way where you can just directly port your app um from ethereum layer 1 to ethereum layer 2. i don't think you have to really change anything and it'll work the same way and as we've seen with like uh binance smart chain that actually works really well right when you have like a fully compatible uh chain that's more scalable right or fully compatible kind of system that's more scalable people are going to use it so i actually think that the binary smart train kind of showed us that there is obviously incredible demand there for uh for for a scalable kind of system and optimism is that

but secured by ethereum right it's not its own chain it's not kind of like got um i mean it's not kind of centralized or anything like that it's got its own quirks and and and some trade-offs there but it fundamentally inherits the security of ethereum so i'm really looking forward to optimism going live um but as i said we already have other things live right on layer two like loop ring when they put out this tweet over the weekend their layer two decks has settled over 500 million dollars in trading volume as of a couple of days ago which is really really cool to see as well um and as they said here all of it happened without users paying gas fees and all of it secured by ethereum so i think as i said the entire ethereum scaling ecosystem is is on this path now where they're

like okay you know we don't want to bleed users to these other chains right we want to keep them in the ethereum ecosystem we don't want to price them out we want to help them and that's exactly what we're going to be marching towards so i think 2021 is the year that ethereum will scale i think that everyone knows we need to scale not just with eth2 but layer two as well and i think we're going to get there i i always bet on like ethereum's kind of builders and developers and i have no reason to kind of like not have faith in them at this stage i mean i've spoken to a few of them i mean i'm an advisor to obviously manic or now it's called polygon and they're doing a lot of great work there as well and i'm trying to just

push it along as much as i can so obviously i'll keep talking about it on the refills just keep you guys aware of this and i implore you if you have friends that are trying out ethereum tell them to try out layer 2 as well as part of their first kind of thing say hey go try out loop ring uh i think looping is going to have direct fiat on ramp soon as well so it won't be costly to go from layer 1 to layer 2. so yeah look look out for that as well all right i'll do some eighth one protocol stuff so uh for those who don't know the next ethereum network upgrade is called berlin and it is going in very soon so this is the timeline here as you can see on the sheet so it's going to go on to the three test

nets first the first one being roxton on the 10th of march then goalie on the 17th of march and rinkaby on the 24th of march now and then main net on the 14th of april so you know not too far away less than two months away for it to get to mainnet if everything goes uh right with testnet so berlin includes a bunch of different aips a bunch of different technical upgrades to the ethereum mainnet it doesn't include eip1559 i want to get that straight that is hopefully coming in the next network upgrade and i mean for those of you who haven't heard this that network upgrade is just another way of saying hard fork i kind of don't like using the hard fork terminology because it kind of um i think it comes with baggage right like normally when you think of hard forks

you think of contention whereas these network upgrades are just par for the course for ethereum but one thing to note here is this will be the first kind of network upgrade for ethereum in a very long time the last one was december 2019 and that was istanbul and then after that there was technically another kind of i guess i wouldn't call it a network upgrade it was a hard fought but non-contentious one called mira glacier which went in january 2020 which was to diffuse the difficulty bomb back then so yeah i mean this has been a long time coming it's in almost 18 months since we had the last kind of uh network upgrade and i spoke about this in the delhi newsletter today but basically that's because the network is much larger now you know it's worth over

200 billion dollars any changes need to go through multiple kind of uh you know very very intense scrutiny to make sure it's not gonna kind of like you know mess up the network or anything like that um and then on top of that it's it's just becoming harder and harder because uh there's a lot of pressure on the developers too now right where they kind of like feel the pressure pressure to get this right there's only a handful of core protocol developers that can actually do this work so i think that's why it's taking a while but on a more positive note you know after berlin the next upgrade is called london and it's actually being kind of i mean the aim is to get it in by july or august and this year and this upgrade will actually include eip1559 and i think possibly some other things

as well and diffusing the difficulty bomb on ethereum for those who don't know what the difficulty bomb is it's actually a mechanism that is a part of the ethereum protocol where every so often depending on um i guess like the the the kind of timeline that was set the last time it was diffused it will actually what it will do is will kick in and then it will slowly start kind of making blocks ethereum blocks take longer to kind of mine and the goal is is that um i mean eventually it'll get to like a point where the chain basically freezes and that's what's called the ice age but what ends up happening is that the there's a network upgrade that goes in that diffuses the difficulty bomb and then just kind of like pushes it back now the point of it is to make sure that

the ethereum 1.1.0 protocol doesn't ossify so that developers don't just stop kind of putting in the network upgrades they know that they need to get one out there to defuse this bomb now regardless of if erp-1559 happens in july or august for whatever reason the the difficulty bomb still needs to be defused so that's still gonna happen so why not kind of like put in one five five nine at that time because you know these network upgrades are actually quite hard to coordinate because you have to get everyone to upgrade their software and agree to it and kind of like go along with it and it takes a few months to get there so yeah i'm looking forward to that happening with with london with one five five nine going in um hopefully it hasn't been officially accepted into the protocol yet i think that call is happening

soon or this is a community call happening this week uh where there's gonna be a bunch of stakeholders on the call and they're gonna be discussing one five five nine i think it's the call where the miners are gonna be on it as well and discussing their side of it i mean i've gone through on the refill before what i think about what i think about them and their side of things and it'll be it's going to be an interesting discussion that's for sure so yeah looking forward to to seeing all of that so uh trent uh posted this picture of i guess like a comment that tim biker one of the the lead for eip1559 posted on the eth research forum about eip1559 and how the base fee works and how it kind of adjusts right so for those who don't know the base fee

adjusts depending on network demand and the base fee is the portion of the fee that gets burned in eip1559 so there's the base fee and then there's the tip the tip goes to miners uh the one five five nine sorry the base fee goes to just burning that eighth basically now what ends up happening is that um because uh network congestion can get really crazy right even above the tip like we've seen uh it'll adjust the block uh it'll basically adjust the base fees sorry to account for that and you can see the explanation here if bl so i'll read it out to you so if blocks are zero percent full the base fee goes down 12.5 percent compared to the previous blocks base fee right if blocks are 100 full the base fee stays the same

if blocks are 200 full the the max allowed under one five five nine the base fee rises twelve and a half percent compared to the previous blocks base fee so what this does is it basically makes it so that it takes roughly five minutes for the base fee to uh go up or go down by 10 times and then 10 minutes for 100 times et cetera so it basically means that it's a way to basically get the base fee back down right so it's like an exponential kind of increase here to get kind of like the network congestion kind of cleared out so people stop doing transactions because it gets like you know too expensive and then we kind of like get back down here um so yeah that this is a a pretty cool explanation here i thought

um and you know i guess like tim is just doing such amazing work here like on one five five nine without him i don't think we would be anywhere close to where we are today with this and you know there are people that are usually referred to as eip champions and they're people who take on a popular eip and kind of champion it through to kind of like when it gets included in the network and tim took it took a uh took one five five nine on board and since then it's just progressed so well i mean he's kind of done a lot of work around getting resources together keeping the community updated on it you know shepherding it along and making sure that it's getting done and getting built and getting worked on so yeah big kudos to him here i mean i've said it before i just

i can't believe how much work he's put into this and we have a lot to we we owe him a lot i've been for one five five nine at this point so i can't wait to see it going so diversify released their simple swaps feature here basically this is their layer 2 swaps feature that you can basically migrate your assets to diversify layer 2 ecosystem and basically trade like gas free so it's very similar i think to a loop ring system but you now have a different option with diversify so yeah i mean this is just another way that we're scaling on ethereum as i was just talking about it's coming it's being rolled out people are working on it definitely go check this out if you want some you know maybe an alternative to loop ring you know you use loop ring you're like okay what else

is there diversifies out there as well so definitely go check them out so interesting tweet from vance spencer here on his eighth thesis so for those who don't know vance is a co-founder of framework ventures which is a very popular uh investment firm that usually spends a lot of time investing in defy and kind of the ethereum ecosystem and he basically says with his thesis here that one five five nine season or eip one five five nine season is rapidly approaching so eth has done 5.5 billion uh dollars of fees per year which is uh basically nine percent of the eve supply so if nine uh if one five five nine burns half of that then two to three billion dollars of of um the fees get burned right

that's that's huge and he's saying that the market's going to value that at a hundred times which means that there's going to be an eighth wealth effect tsunami where eath what the fair whales get even bigger and then the eighth whale chain wins and l2 is gravy so i think what he's basically kind of implying here is that you know even without scaling the eighth is going to you know suck in so much capital and become such like a magnet uh such a magnet for liquidity and then l2 on top of that is where kind of like the the end users are gonna sit like i think you know and it kind of like i know for some people it's gonna pain you to hear this but i think eth1 is just always going to be a a whale chain as people like to call it or

a chain the the layer one chain for example um in in eth even in eth2 the layer one because there's always going to be limited block space even if you kind of like open up the block space to you know be as as much as you want you sacrifice the centralization and just centralize it all if you give people all the block space they're going to use all the block space right there is unlimited use cases for this technology we've only scratched the surface with d5 we haven't even scratched the surface with nft we've just started there right and there's like a million other use cases think of web3 think of all that so the the base chain if we want to keep it credibly neutral and decentralized is always going to be limited and even if we centralize it as i just said it's

still going to be limited so and and this isn't to say that l2 is unlimited layer 2 is also limited and this is why you kind of need to scale at higher layers because you don't have unlimited scaling that's not that's not how it works so the base chain to keep it as decentralized as possible to keep it as neutral as possible to retain the security properties that we want it's going to be a chain uh sorry the main chain or the layer one is only going to be used in its end state by wales right people can afford it and also by layer two's um kind of uh saving their state to layer one essentially so and that's fine i think because the end users and and even myself like all of you are just going to sit on layer 2

and we're going to get the same experience we got on layer 1 i think um but much cheaper the fees are going to be like basically sense and you know we can keep adding more and more capacity as time goes on so i'm not going to go through the whole like scaling roadmap um today and how that all plays into it and this goes back to what i was saying at the beginning of the refuel when i said that i think there needs to be a video put out about this because i don't think people realize like how much scalability we're gonna get at layer two but i also don't think they realize that layer one right no matter how much capacity you put at layer one it's always going to get taken up so if it is always going to get taken up but

is that and that's always the end state where eventually the fees skyrocket because the block space is limited no matter what you do then why would you um have like as much scalability on layer one right as you like unlimited scalability there or at least try to but centralize the chain at the same time why not go for the the the really great properties of decentralization and like really high security on layer one and then do everything else on layer two i mean that just makes a lot of sense to me because if layer one is is just gonna be just as congested at a as a centralized layer then what's the point right so let's let's get the best of both worlds which is what layer one and layer two kind of that ecosystem does and that's why i think that you know we're in a transition period right now

where end users are used to using layer one the layer two ecosystem isn't mature yet so people are getting priced out people looking for refuge on other chains which i totally get and i don't blame them at all i mean to be fair i'm not like someone who wants to spend fifty dollars in a unisop trade either like i've been priced out to an extent too i'm definitely doing more less defy activity these days than i was right but i think during this transition period it's just going to be something like of a pill that people need to swallow that if we want to retain these properties we just have to wait until layer two gets built out and that ecosystem gets built out all the apps migrate on there because i do truly believe they will and this isn't to say that other chains

aren't gonna probably get kind of like market share or do their own thing i'm sure they will there's various reasons why they will but i've written about this before on the kind of delegate newsletter about ethereum being this economic nexus for you know activity basically for i guess like a nexus for economic activity in general because you'll have eighth sitting at the center or ethereum sitting in the middle right as the most secure credibly neutral decentralized blockchain in the world right i mean bitcoin is also that but bitcoin doesn't do anything except secure btc right it doesn't do smart contracts and stuff like that maybe maybe sometime in the future it does but for now it doesn't um so ethereum being the most secure

incredibly neutral decentralized smart contracting kind of platform that lets you do all this kind of stuff that is incredibly valuable in of itself which means that i think that any of the economic activity that happens on other chains is still going to feed back into ethereum for example a lot of the activity happening on bsc right i imagine that's still coming back to ethereum i imagine once people are done getting their profits there from yield farming or whatever or done doing stuff they're coming back to ethereum right um i you know i'm curious to see the stats around that and it'd be hard to kind of verify it i think depending on kind of where the stats are coming from but i know a lot of people that um that have reached out to me and said hey like i'm doing these yield farming and stuff

on on here like you know why not it's free money but then i'm still bringing it back to eighth because that's where i wanna be that's where i like having my assets and i think a lot of people are like that as well um even if you're priced out you can still bring your assets back because it's still cheap to send ethan and erc20 tokens around right relatively um i think it's it costs more to send btc on bitcoin right now than it does to send ethon ethereum still so there's that comparison as well but yeah so just a little bit of forewarning there for many people when you are in the ecosystem that aren't aware layer one is not going to be where we sit in the future like as simple as that layer two is where people are gonna see it if you wanna sit on layer one you

just have to pay the high fees that's as simple as that you you're not going to be able to do the cheap fees maybe there's other chains that that offer this and you're comfortable with using those but on ethereum layer one i mean i would rather we not compromise on the decentralization properties or rather we're not compromised on the security properties uh just for the sake of scalability when we can do all that at layer two and still inherit the security properties of of ethereum layer one but anyway i digress there for now i'm going to do a full video on this i think i think it's very important and i really want to be able to point people to just like a nice video where i go through everything you know in a really kind of structured way so that people can kind of like

you know not i guess a lot of people like feel like they're in the dark right now they don't know exactly what's going on and they kind of like see something as like a savior as like a refuge and they're like i'm just going to go use this and you know they don't understand why ethereum can't scale and stuff like that or ethereum hasn't scaled yet i shouldn't say can't scale hasn't scaled yet so yeah keep an eye out for that i think i'm going to get on that very very soon because i think it's very important um that people are educated about this so alchemix actually got introduced uh i think it was a few hours ago now so yeah for the uh this is a project from scoopy trooples here i've spoken about them on the refill before i think but basically uh they're in anon uh which is

pretty cool so this is an anon launched project so what this does is and i'll read scoopy's kind of tweets here so what the alchemics alchemics system is it's the flexible cdp system based on top of a urine vault so basically what you do is you deposit dye and then later on they're going to integrate other stable coins and you mint uh al usd now al-usd is a yield backed currency however uh you can redeem it for for the dye that is harvested from the urine vaults so what makes this project particularly unique as scoopy says here is that alchemix is incredibly flexible you don't have minimum lock-up time or expiration dates or any such nonsense as as they say you can repay your all usd debt with all usd

or al sorry usd or die at any time and the kick here is that the yield generated from from the urine vault actually pays back your debt automatically in the cdp which i thought was like really really cool and this plays into what we're seeing in d5 what we have been seeing for months now called that i like to call autonomous finance right where you have all these money robots doing things for you automatically you don't have to worry about it you don't have to check on it right it does it all automatically and all as part of this kind of d5 systems right i mean just the simple things like putting your stable coins into a into a urine vault just like simply right you're automatically earning kind of a yield on that and there's and there's kind of vaults that auto compound that yield as well

where you don't have to claim the yield it'll just get auto kind of compounded into the vault and then you can just come back later and kind of withdraw your money and you know there's like a million use cases here right because of the composability with d5 you can have autonomous finance running across like every single app you want to have it running across and like have have have little money robots doing all the work for you earning you interest you know earning new kind of fees and stuff like that i mean i spoke about the other day how you can now have your sushi tokens staked in the sushi protocol to earn protocol fees and then take your ex sushi tokens which represent steak sushi to aveir right put your ave put your ex sushi in arva you could draw stable coins against that

then you could come to alchemics here put your stable coins in in there right put your die in there and then let their volts do everything for you and pay down your kind of debt there so i mean that's just like super cool right like you can do all these things across all these different protocols and i imagine it's just going to keep compounding like that so that's what we mean by money legos actually and how you can like put these put them all together and kind of make these beautiful systems that just are what i like to call autonomous finance and this is really the breakthrough here this is not what you see in traditional finance this does not happen in the traditional finance world and this is exactly what gets people the most excited about d5 i think not you know not particularly

the uh the i guess like the decentralization aspect which is incredibly important still but to be fair a lot of d5 isn't decentralized these days they're still admin keys because still very early right and things like that but what gets people the most excited is this concept of money legos i think but you know and on that note as well about decentralization i've had a few people talk to me about this and say well you know what's the difference between kind of like a centralized blockchain and these d files being centralized it's the same sort of risk and i kind of i kind of hit back on that and say i don't think so because for an example if you have a centralized blockchain that means everything built on top of it is potentially uh it can potentially be compromised right because you can imagine that

if someone controls the validating nodes of a blockchain they can do whatever they want across every single app but if you have an admin key for one of your default apps and you do something malicious on there then most of the damage is only in your own app right yes the damage can can be spread between different apps if as i just said they all talk to each other so if you know there's there's some talking in in whatever i mean we saw this play out last week with alpha finance and cream you know how uh i guess like the alpha finance kind of like with uh kind of sorry kind of went through an exploit and the the capital in the iron bank was kind of like stolen and stuff like that you know it's not like it's all kind of like limited but it doesn't affect the

whole system whereas when you have like the the blockchain itself being centralized it affects absolutely everything on the blockchain right and this is my problem with on-chain governance systems as well for for layer one blockchains is that the your the everything built on top is at the mercy of the token holders of that chain essentially right whereas if on-chain governance for different default protocols uh really it's like it it the risk is contained right the the the damage is contained it doesn't affect like everything so that's kind of like the key difference there that i like to explain to people as well but yeah anyway alcomix isn't live yet but this is just like an introduction here i spoke about them last week on the refill as well but definitely go check out the blog post here and read read about them learn some

learn a bit more follow the i guess follow the twitter account as well and i'm sure they'll be they'll be out with their live products soon so alpha finance has announced that they're teaming up with saffron finance uh with alfa homora v1 uh they're going to be powering higher lending interest rates on 8th for saffron finances v2 uh which means more assets will be lent on alpha hemorrha and leveraged yield farmers will have more eighth to take leverage on with saffron finance so for those who don't know what saffron finance is basically a way to trench risk it's like barnbridge if you've heard of that project uh for different kind of things in d5 uh so yeah i thought this was like a really cool little partnership here and the funny thing is you know uh saffron v2 was introduced over the

weekend as well and they're actually deploying to both binance smart chain and ethereum at the same time which i thought was interesting i think what we're going to see happen is with a lot of this stuff especially while layer 2 still being built out is that on binance marching it becomes like a testing ground for developers right because you can imagine that there's already ethereum test nets but they're not like great a lot of the test nets suffer from the fact that they don't actually have a lot of d5 apps on top of them for people to kind of test their protocols uh like you know in a really great way and this is why andre actually tests uh his stuff on ethereum's main net you know he's he's famous kind of quote-unquote test in prod because testing on a test that there's not much there for them to do

they can't really play with all the d5 protocols on there so they kind of have to test on mainnet and do things on mainnet now with binance smart chain actually having like capital on there and apps on there because binance is just bankrolling the whole thing right and it's like a more scalable way to do stuff i guess because of the centralization i guess it doesn't really matter if you're just using it as a testing ground which maybe that's like just the benefit of it right and then on on the ethereum main net you're you know you you can kind of go back there and you can use bsc or other kind of centralized things or chains as a stop gap until ethereum's layer 2 ecosystem is ready so i thought that was interesting as well but yeah definitely a big fan of both of

these projects i hold both of these tokens alpha and sfi just a disclaimer there but this is more of this cross-team collaboration going on that i was talking about i think a few weeks ago and i've been talking about it for a while now actually where the teams now within d5 within ethereum have to work much closer together to kind of grow the pie together because i think if they're working in isolation it's just not going to work right you need to kind of like not only be open source on the protocol level but you need to be open source on the kind of human level as well which i really like seeing play out so rocket pool actually put out part two of their kind of staking uh i guess like explaining series here so for those who don't know what rocket pool is

it's a decentralized staking service uh for eth2 uh they're not live just yet but they're going alive pretty soon i think and this part two basically explains the protocol and how the trusted node dows will work here so part one went over kind of like the protocol itself and the users of the protocol part three will be about rpl and the tokenomics and part four will be the launch details and the audit reports now i'm not going to go through the whole blog post obviously you can read it it'll be linked in the youtube description but basically i think it's really important to keep an eye on this project if you're someone who either doesn't want to kind of like stake on your your own but doesn't want to use a centralized provider or you don't have the 32 eth necessary to stake

rockapool is going to be the solution for you because it is going to be a decentralized staking service where you can kind of like be you know be sure be relatively sure and feel better about using this than a centralized service because of the fact that you know it's not centralized right it's aiming to be decentralized then i think you know this this post basically explains how it all works so definitely go read that but i think there's a lot of people now who don't have 32 eth right i mean 328th is now worth a lot of money i think like 50 000 last time i checked it's not like you know a year ago when it was worth 3 200 or something when ethan's 100 bucks uh it's it's worth a lot more now so if we want to keep e3 staking open and democratized

across like many different people many different actors we need to be able to give people the ability to stake with like a very low amount of eighth now obviously if you're doing this from the ethereum mainnet uh you know with rocketpool the gas fees are going to kind of put like a a kind of like um a floor on how much you're going to be out you know like like a minimum on how much you're going to be able to stake but like that minimum is going to be like what 0.18 or something like that so you know even if you only have like one eighth and you want to stake with it um it's still going to be worth your while to use rocket ball so definitely go check this out i'll i'll link it in the youtube description below for all of you

all right that's it for today's episode everyone thank you again for listening and watching don't forget to give that video a thumbs up and subscribe to the channel if you haven't already join the daily grade discord channel and subscribe to the newsletter both linked in the description and i'll catch you all tomorrow thanks everyone