Alexey Pertsev update, rETH on Maker and more - The Daily Gwei Refuel #493 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of The Daily way refuel where you got latest news in ethereum ecosystem I'm your hosting and this is Anna inside the 23rd of November 2022. all right everyone let's get into it so apologies if my voice sounds a bit coarse and tired today I just got home uh not too long ago from the nft Fest event in uh in Melbourne here I met a fair few of you uh loyal daily gray watches and listeners it was great to meet some of you there also gave my talk on uh censorship on ethereum I think it went quite well you know the first 10 to 15 minutes or I guess like 10-ish minutes I spent just giving background on what this uh censorship is and how it's a result of Mev and and going through all the uh the related

implications of that I don't know if it was recorded I think the talk was recorded I'll have to dig out the link if you guys want to check it out nothing new obviously I talk about it on the refill all the time but I don't know I felt like I gave a pretty concise summary that may be worth sharing just more broadly for people who don't have all the moving pieces and don't don't know all the Nuance to it but anyway uh as said it was awesome to meet people there but moving on from that so Frank Shapiro From the Block has some fresh news for us out about Genesis uh today so he's quoting a letter that was sent to shareholders from Barry silbert our shareholders in uh digital currency group or dcg so the quote reads dcg will continue to be a leading Builder we

weathered previous crypto Winters and while this one may feel more severe collectively we will come out of it stronger dcg has only raised 25 million dollars in primary capital and we are pacing uh we are pacing to do 800 million dollars in Revenue this year there's been a lot of those over the past week and I want to get in touch directly to clarify where we stand at dcg we appreciate the words of encouragement and support along with offers to invest in dcg we'll let you know if we decide to do a financing round despite the difficulty difficult industry conditions I'm excited as ever uh about the potential for cryptocurrency so a bit of words of I guess confidence and encouragement from Barry here and then he continued and gave us the meat by saying this engine DC currently has a liability to Genesis Global capital of 575 million dollars

which is due in May 2023 so this is kind of the hole that we've been seeing talked about uh this liability here but the funny thing is dcg owns Genesis and they uh they now have a liability to Genesis so and this isn't due till May 2023 so I mean that's not too far away but still it's not like it's due like tomorrow right or next week so what will end up happening here is either they're going to find the money without having to raise it through maybe another dcg portfolio company or they'll do some Creative Accounting in order to shift liabilities and shift assets around or they're going to raise that half a million dollars a half a billion dollars that I I talked about yesterday uh and that'll fill most of this whole and the

other 75 million I'm sure will be relatively easy for them to come up with yeah they could always negotiate uh I guess extensions on these liabilities as well I'm not sure if like how hard this date is for that but obviously they'd rather pay these like abilities back rather than keep extending it out so there are still people saying that they think there's a high chance Genesis is going to declare bankruptcy I'm not ruling that out of course but it seems like they're doing everything in their power to avoid this and they're being I guess much more communicative uh uh than a um FTX was I know Sam was putting out tweets during the whole FTX meltdown but you know when when comparing these things to each other as I've been saying I think it's really wrong to compare FTF

what happened with FTX to everything I know that FTX isn't the only example obviously Celsius and block fi had fallen out as well but just because there's been you know multiple instances of uh of these uh companies of these Founders saying everything was okay and it turns out everything's not okay doesn't mean that literally nothing's going to be okay or everything's going to die and everything's going to zero I don't believe that to be the case I think that's more Duma porn that people love to get off on these days especially in the depths of the bear market so I wouldn't put too much stock in that but that's seems to be the latest yeah honestly as I said like I still don't believe that they're going to file for for bankruptcy it seems they want to avoid that at all costs because as I've

mentioned before bankruptcy is not a process that you want to go down if you can avoid it is very lengthy it means that third parties get involved you lose complete control over the business and the business pretty much has to start from zero again it basically resets it uh which is not a great outcome adds a lot of overhead a lot of distractions and I would think that at this point in time dcg as a company uh wants to uh be Shoring up everything all their balance sheets showing up their operation and getting ready to or at least um actively investing in the vehicle system in the bear Market to profit from it in the bull market because that's the general rule of thumb not just for I guess like retail investors like you and I but institutions companies uh VCS funds whoever they are the bigger players

they're in the same position that you or I are in right now they're looking at this ecosystem and they're saying okay well I have some money I want to pick up some pieces here because I think these pieces are going to be valuable going forward and I think that's what binance is trying to do as well CZ apparently spent some time in the Middle East trying to uh to raise some Capital there not for binance itself uh people took it the wrong way I think and thought that binance needed to raise money uh they wanted to raise money for what they're calling a crypto Recovery Fund which is basically a fund to pick up the pieces right pick up the pieces of these teams that are building great things but they may need some extra cash injection or a liquidity injection because maybe they lost money in the FTX Fallout maybe they

didn't manage their treasury as well as they could of um or maybe just generally they're running low on funds because they haven't raised in a while right there's there's always that uh kind of scenario as well so I think at this point in time if you are in a strong position to pick up the pieces then uh you want to remain in that position and even if you're not in a strong position you want to get yourself into that I don't think anyone uh I I wants to be declaring bankruptcy if they don't have to I just find a rule of thumb but if Genesis does uh does end up declaring bankruptcy then uh the way I see it is that I wouldn't be surprised even though I think it's unlikely I wouldn't be surprised considering that we know the position that they're in right now uh and but I I do think it

would it seems like it would be the wrong wrong course of action but obviously I don't know the inner workings of Genesis and how dcg thinks about these things uh but yeah I feel like they're trying everything they can to avoid it and I I don't think I've been saying I don't think they're going to struggle to raise at least some money maybe they won't hit their half a billion dollar goal but there is capital out there that would be willing to go into a a funding round here and whether that's done for Genesis itself or maybe that's done for a dcg and then because dcg has that liability they pay that to Genesis we'll see we'll see how that plays out there but yeah that's the latest on that one now speaking of insolvency and bankruptcy and all that that stuff um CZ actually put out a tweet that he

promptly deleted uh today basically saying that or asking you know where is coinbase storing all their BTC because all he can see uh According to some sites that he was looking at was that I think he said coinbase had six to eight hundred thousand BTC uh whereas they should have a lot more than that and then he uh deleted that tweet saying uh and he followed it up with something else I can't remember the exact tweet but that had Brian Armstrong replying uh with another tweet saying if you see fight out there remember our financials are public we're a public company uh uh our being coinbase that we hold 2 million BTC which is 39.9 billion dollars worth as of 30th of September which is the last time they had to uh

kind of um go through their financials so like when looking at these sorts of things you've got to pick your battles here I I think what CZ did there was was weird I I get like if he's trying to force coinbase to do a proof of reserves then fair enough but I think private reserves while I've been in favor of it in the past and I thought it was a pretty good thing in the past I think that it's not enough obviously you can't just have proof of reserves you need to have proof of liabilities and it's impossible to prove liabilities on chain if those liabilities are off chain like if they're Fiat liabilities for example or debt or anything like that like you can improve on-chain things easily because you can point to an address you can sign a message and it's cryptographically proved but when it

comes to things off chain you have to rely on on promises on on I guess like attestations from Real World entities now obviously Brian saying hey hey our financials are public and we publish these uh and and basically saying well these are truthful well we have to just trust him that this is truthful obviously him and coinbase could lie not that I think that they would I actually think if they even attempt if if they lied it would be the worst thing for them to do because they're a fully regulated U.S company that would suffer great consequences for lying because it would basically be defrauding people and uh and and breaking a ton of different regulations and laws and Brian you know if he did that may end up in prison and

coinbase will definitely be be finished as a as a company um and Brian would definitely be out so when you think of like worst case scenarios CR that's what it's like and people will say well SPF is still on the Run he's not arrested or anything like that well I mean SPF isn't in the US right now right he's in the Bahamas uh I mean like uh if SBF was in the us at the time of ftx's collapse he probably would have been arrested uh or at least his Mobility would have been severely limited because he would have a um a warrant out for his arrest right whereas in the Bahamas it's obviously very different so that's what why I said I think yesterday I was saying about like pick the rumors that you uh that to pick the rumors that sound plausible if you

want to actually dig deeper into them and and potentially believe them and don't pick just any rumor I think that the rumors around coinbase being uh insolvent are completely false and we have a relative certainty that they are false because of um coinbase being a publicly uh a public traded company here also obviously in the US and I I do see the other side of things where people are also like well coinbase doesn't actually do proof of Reserves at all we don't know what addresses they own we have to guess and look that's always been the case with coinbase they have never publicly disclosed which addresses they have they have a very complex setup uh from from what I can tell in terms of cold storage and even their hot hot wallets so I don't think they're going to disclose that for their own reasons

does that mean that they don't have the the crypto that they say they do no not at all I I don't believe that for a second uh and as I said you have to pick your battles when it comes to these things so I just wanted to touch on that because I I obviously CZ uh gets a bit of credit because he called the FTX Fallout right he um basically uh saw that coming but I I think that this isn't the first time he's made a mistake with the Tweet there's been two others that I can remember the first one was when he suggested that uh Bitcoin B rolled back in order to reverse a hack on binance uh on binance user accounts and the second was when and he he uh assumed or kind of put out the news that uni swap smart contracts had been hacked

when it had nothing to do with the unisaw smart contract so I believe it was a phishing scam or something like that so he's not infallible right he doesn't uh pick everything he puts out things that are wrong uh you know semi-regularly just like we all do and I think the Leading Edge is kind of weird he could have could have just followed up the Tweet saying you know this is this was a wrong tweet to say you know this is spreading unnecessary fud uh blah blah you know he's a he's a tweet from Brian if you delete it people still see it they screenshot it it's it's never gone right it's once you put it out there it's out there so yeah anyway moving on from that one on to some news about uh Alexi perceive the tornado cash Dev that was arrested in the Netherlands

we finally got some news here so they kept him locked up for three months and what do they charge him with well they charged him with money laundering for riding tornado for writing some code basically right and there's more info in this thread that I link I in my tweet here from Aaron van Wyden here sorry wodum here uh basically the tldr of uh what they're charging him with and the reasoning for it so the charger charging him with money laundering and their reasoning is that because Alexa and a few of the other tornado cash devs owned the enough tokens to control or sway votes as part of the Dow it de facto means that tornado cash was a centralized uh thing that was in the control of Alexei and these other

developers so the useless governance token that we all meme about actually is not so useless after all and prosecutors look at this and are like okay well you know this token gives them control over things in saying that the torn token does not give uh from from my understanding does not give anyone control over the tornado cache protocol itself in terms of its functionality and its usage you can't de-anonymize anyone it can't be used to change the rules of the protocol because it's of smart contracts because they're immutable so it can't be argued that he was logically argued that him and his teammates were in control of tornado cash which means it was a centralized mixing service and not a decentralized one and then by extension argue that because he was in

control of it he was enabling money laundering and knowingly so doing that uh so this is going to be a pretty long and drawn out case I believe because now that they've charged you with something they're going to go into Discovery uh you know and digging up evidence and trying to build a case against him so that they can win uh uh whether it be a plea deal I'm not sure how it works in the Netherlands I'm sure they have plea deals but whether it be in a plea deal or in court and there's going to be precedents set here um now I know the Netherlands obviously is it the US it's it's relatively small to to the US but the Netherlands is in the EU and this has implications for the EU and the EU is huge right and Europe in general is very big as well obviously

not all of Europe is in the EU but you get what I'm saying so some of the implications here one is that it's got implications for daos if a court sides with the prosecutor and says if the you know if a certain number of people it doesn't matter if it's the team or other whales own uh enough of the the tokens in order to collude as a small group then de facto then by by default the protocol is is actually centralized it's not decentralized now the thing is I actually agree with that I I don't disagree with that right because we've been saying that for a while that if the token distribution is so bad that it's concentrated into just a few hands and those hands can sway votes to whatever

direction that they want the vote to go in well it's not decentralized then right so that's the first implication that funny enough I actually agree with right but but it has to so I agree with it to the extent that the Dow could actually change things on the protocol and and change how the protocol functions there are dowels that can't actually change a lot if anything about protocols even though they have token holders and and token holder voting if it can't change the functionality of the core protocol well then you can't argue that the core protocol centralized because it can't be changed it's immutable right so there's Nuance there and that's the Nuance that's going to have to get uh I guess explained in court to a judge of course and and and and everyone else that's that's um that's involved in this whole process

but that that's the first thing the second thing is is the implication of having a token at all really like is a token a liability I think honestly for some projects it is and one of those projects obviously is tornado cash and then by extension is governance in general a liability for a project should we be aiming for token less minimally government uh governance um protocols or completely avoid of governance protocols yeah in something senses we should I honestly think tornado cash should not have a token it should be completely and decentralized with no doubt attached to it and it should just be a public good that way there is no one to go after but because they issued the token because they

created a deal they've opened a day being the tornado cash team they open themselves up to this and I'm not saying whether it's right or wrong or anything like that and obviously I believe it's wrong to charge someone with money laundering for for for writing code but you know they're not just doing it for writing code they're justifying it by saying that he wrote the code but he also enabled uh uh sorry he was also in control of the platform that enabled the money laundering to happen so because you can't just charge someone for for writing some code because that wouldn't fly I don't think they'd be able to win that case so they had to find other ways to do it and like keeping him locked up for three months they had a lot of time to think about what they wanted to actually charge him with which is just

the way it works in the Netherlands I find it insane that you can be locked up for three months without charge and then he's also going to be sending another three months in prison because he didn't get bail because he's considered a Flight Risk and and and on all that I mean obviously there's a lot of political stuff going on too because Alexa is Russian I don't have to explain why that's political it's obvious reasons but there's all that place that plays into it as well so are we going to see you know I guess like one of two things happening are we going to see more protocols launching without tokens and without Dows and without any form of governance I think so it's not going to work for every protocol of course but the things that may be uh I guess like or may run a foul of regulators and

nation states more such as privacy mixes we'll probably fall into that camp um and and two I think we're going to see people take it more take the the um the concept of like jurisdictional Arbitrage maybe more more seriously and what I mean by that is that people say well just go outside of the US and go to another country and and do everything there and you you don't have to worry about it as much as you do in the U.S well the US is not the only place that you have to worry about these things uh when it comes to cryptography in general uh or kind of privacy preserving technology in general from what I've read uh the Netherlands isn't actually very good for that they're they're prosecuted people in the past in in

different cases for uh for enabling privacy for enabling uh mixing and things like that from from what I've seen so it's not just the US it's very uh it's it's probably a lot of different jurisdictions around the world so if you can't play jurisdiction or Arbitrage with everything then you have to default to one where if you want to develop these things well you put them out there on chain completely immutable and decentralized no doubt no token no way for you to profit from it just pure code with incentives to make it work of course so obviously if you provide liquidity you'll get fees for it that's fine uh but yeah no token no governance none of that stuff I think we're going to see more of that coming out and honestly like with tornado cash I'm

surprised no one has forked tornado cash and redeployed it on ethereum uh and and and kind of use that and I would it'd be funny to see if someone did that if the ofak would go ahead and sanction the new set of contracts because you could just rename it right you could rename it to something else maybe you rename it to Hurricane cash or something right but then it would ofat come along and say well these contracts are pretty much like the same as tornado cash we're going to sanction these and it becomes a game of like like whack-a-mole so to speak um and I'm surprised people haven't done that but what if they Fork it uh and and deploy it and then have no governance no token no doubt uh and and and then it's just out there it's just the public good

for people to use well the same that doesn't help at the sanction side of things obviously because the sanctions would still exist but it does help on the I guess plausible deniability side of well no one actually controls it there is no profit motive here it is a public good anyone can use it and it's uh it's decentralized and immutable but you can argue both sides of the coin here I think when it comes to this stuff but uh but yeah this this I guess is the latest on on Alex say I don't want to ramble too much here it's sad I'm personally really disappointed to say this I'm not shocked at all because I mean they weren't going to just let him go right they're trying to set an example here they're definitely trying to Cozy up to the us as well um given

the the nature of the of the case uh we're gonna I'm Gonna Keep tubs in it of course but I don't think we're gonna get any more answers for a little while now so yeah I guess if there's a fund that spins up to to fund Alexa's legal defense I'll share it with you guys I haven't seen anything yet if you've seen it please share it with me I'll definitely be sending some money his way because I believe this is a great Injustice and I hope I hope he can pull through all right so a fresh update from flashbots today all about censorship resistance uh using I guess like censoring relayers this is really really cool so basically the blog post is titled the cost of resilience uh and it's co-authored by Elaine who Elijah celez I probably butchered that name

sorry uh and hazu so the tldr is that there has there is a new Mev boost feature that has been produced which allows validators to maximize ethereum censorship resistance by building low Mev blocks locally while still Outsourcing the building of high Mev blocks using this feature carries an opportunity cost the price of resilience as most blocks are actually low Mev however forfeiting a little profit goes a long way in increasing resilience resilience is just another word for censorship resistance here right this is a breakthrough in the trade-off between maximizing Meb extraction and maximizing censorship resistance so what does that mean in practice well it means that if you're running Mev boost and you're using a censoring relayer uh or any relayer really you can set a minimum uh profit threshold here uh and and it's

been suggested to set a minimum profit threshold of 0.05 eighth and that's a minimum Mev profit threshold so that because most blocks uh low Mev profit blocks uh you can process those locally you can build them locally there's no need to build them through the the relays censoring or non-censoring which means that the fact over building them locally it's non-censoring and the only thing you're giving up from the calculations that flashbots has run is point two percent APR per year uh so 0.2 APR per year if you want to do it weren't to do it so if you are going to make five percent API on the ER you would instead make 4.8 by enabling this which I actually think is a pretty

amazing trade-off because not only do you still get to profit from Mev by using censoring relayers you also improve the censorship resistance of the ethereum network uh basically instantly and and by doing so you improve ethereum's credible neutrality and logically you would add value to either as a token so what you lose in APR you potentially make up for in an increasing eat value so I actually think this is a genius as a genius solution I mean it's it's not a permanent solution obviously it's something just another tool in our toolkit to to have censorship resistance or to improve censorship resistance here but this coupled with the open source Builder I really do think that I mean I I don't want to call it but like it

really feels like we've peaked in terms of the amount of censorship that's sorry the percentage of blocks that are engaging in uh censorship or I guess they call it o5 compliance on the network I really do think we've peaked between 70 and 75 percent we're gonna need to wait probably a few months to see how it shake it how it shapes up but if a lot of uh the validators enable this as part of the Mev boost that they're running right uh and on top of that if we get more non-censoring relayers which uh which are very profitable I really do see that percentage coming down a lot of of censoring uh blocks here and this is before the protocol level things like uh PBS and CR lists so what an amazing thing that we're doing in the ethereum

ecosystem right now like as I said when the I think I said this the first time I saw it spoke about the ofax sanctions right that I I think they lit a fire under the ethereum ecosystems asked to take sensitive resistance much more seriously and by doing that it's it's going to have a lot of uh positive externalities that are going to play out that otherwise wouldn't off and some of those include flashbots open sourcing their entire kit you know the entire Mev boost kit much earlier than they were going than they uh were originally going to do and that enabled more Builders to come online and made the Builder Network a lot healthier and it made it so that we have uh you know a censorship resistance uh uh Builders or relayers I should say and the sensor ring run so we

have a a Choice there for users to to choose and now we have this new thing from from flashbots where they basically they've come to this conclusion after doing research on it so this is not just something that they came up with randomly they did research on it they put numbers to it and they basically said to people hey if you uh put a 0.05 minimum Mev profit threshold here yeah you'll lose a little bit of APR but you'll increase ethereum censorship resistance as a network and they didn't imply that this would increase the value of each or anything like that that's the the connection that I'm making but I think it's an important one because I really do think a lot of each value comes from its sustainability it's trustworthiness it's credible neutrality and all that and all the other stuff surrounding it that I've spoken about

plenty of times of course um but yeah so if you are running Mev boost on your validators right now and you are running multiple relays you're not just talking to an uncensoring one you're also talking to censoring ones because you're trying to maximize your your profit I would suggest setting this minimum kind of bid threshold here of 0.05 as I said you will lose a little bit of APR on average I think 2.2 percent a year but I mean that's negligible guys like at least that's negligible to me I don't think it's something that people should be concerned about I think the censorship resistant properties that you get is well worth that sacrifice there but anyway check out this blog post I'll link it in the YouTube description below

but this was really great I loved seeing this announcement today all right so moving on to just a tweet from Mario's here from Geth he said just started looking at uh as Z salt oh man or assault maybe there there's a silent there I I stuffed up the name and caiman's work on Beacon Light clients and like client stick sync and I'm very excited like clients are the biggest zero to one change on ethereum's roadmap Beacon Light clients are the first step enabling trustless light clients on the consensus layer vocal trees will enable trustless light clients on the execution layer just imagine every browser wallet being able to follow and verify the blockchain no need to rely on trusted intermediaries to construct your transactions no private autoflow 100 000 more nodes verifying that'd be amazing I

mean I've talked about like clients before and about how they're a bit of a holy grail for the ethereum uh ecosystem and it is on the roadmap it is something that's being actively developed it is something that there are clients for Helios from a16z and a client from I believe chain safe or or Nimbus one of the two that brought out something on the consensus layer side obvious Slate's not complete until we have like client on the execution layer side but that's coming with vertical trees which I'm not going to say vocal trees are coming next year but maybe the year after uh we'll have to see how that shakes out but great to see the uh the progress being made on the light client front here now I just realized I'm already at 27 minutes so I'm going to try and get through the rest of these updates as

quickly as possible uh so uh coffee here introduced something today called roll-up economics which is a dashboard that they've been working on to track the economic health of arbitrim optimism Loop ring stock net and more by examining their revenues operating costs and raw materials such as core data usage Dev activity and more uh they can come to conclusion about the activity of these networks now this is something that I've talked about a lot on the refuel and in the Discord Channel that I don't just looking like looking at one metric such as tvl I like looking at a bunch of different metrics to see and and visualize the growth of uh various uh L2 ecosystems and this is an amazing dashboard so it's got sections where it's got uh you know roll-up economics optimism V2 economics

arbitrim economics such as the profit that these l2s are making so basically you can see here the The Profit that these um l2s are making on a uh I guess there's a per month basis uh in terms of like pure profit from from fees uh as measured in ethia then you have a profit uh split up between optimism and arbitrim uh publishing call data to L1 so how much they're actually spending for L1 security cost in eth uh cost publishing uh to L1 on on both optimism and arbitrim there and then a bunch of other metrics and charts here so I'd definitely recommend checking this out because it's got things like monthly contract creators as well you can see uh and and actually the one thing I did

want to mention here as well is that the theme is that this is all pretty much growing even though we're in a deep bear Market it's all actually growing uh and and the trend is up I mean obviously it peaked in May and June because of the the massive crash and the massive amount of volumes we saw but since it came down a lot from there it's actually been trending up again which is really amazing to see so the l2s are growing by any measure of the imagination L2 such as arbitrum and optimism are definitely growing but you can check out this dashboard for yourself I'll link it in the YouTube description below right another resource I came across today was something from Muse they are called a Rolodex for ethereum uh they've introduced roller death an open source database of ethereum addresses with names Tags and More now out with over

640 000 addresses already tagged roller death enables Builders researchers and apps to quickly get metadata for a given address the job of the database is to transform ethereum addresses into something more human for EJ 8th cmd.com uses it on their hot contract page you can see a list of things here so this is for developers and researchers out there I just wanted to highlight that for you guys you can go check this out I'll link it in the YouTube description of course uh but just moving through quickly here there was a bit of drama around Ave and CRV uh and someone trying to short CRV uh over the last 24 48 hours there's a thread here from arvo that you can check out I'll link it in the YouTube description below I just wanted to highlight that because it does a good job explaining

things and also a thread here from Michael Bentley describing how Euler actually uh uh can be used to prevent bad debt scenarios that arose on Ave from from this uh this CRV mess so uh Michael explains this in his thread to the two factors are sorry to Innovations are borrow factors and protected collateral you can read the thread I'll link it in the YouTube description below um and another thing that curve uh that's got to do with curve is that they released something called uh curb stable today and here's an explained like I'm five from alinaro who said now curb stable is an old-fashioned cdps that have a liquidation price if your collateral goes below the price then boom sorry he's explaining the difference between old-fashioned cdps

with hat which have a liquidation price and if your collateral goes below that price then obviously you get liquidated but but llama which is the new curve stable uh Innovation is a loan that constantly rebalances your collateral such that if your collateral price dips your collateral gets swapped for what you borrowed so instead of a Big Bam Boom when you're dead your collateral slowly gets liquidated continuously so that as your lone nears liquidation price your collateral is also enough to cover your death a debt cover your death cover your debt uh and now this is a personal guess but if you take a loan at one thousand dollar each and eight weeks from one thousand to three thirty dollars back to one thousand you probably won't be liquidated so um it's basically as Ali says here makers see AP uh design with D5 saver

baked into it so it's pretty cool I think it's a it's a pretty cool little Innovation here I like the name of course love uh love all the Llama ecosystem stuff that's um that that that's kind of formed around the curb ecosystem and uh yeah kudos to them for bringing out some some new D5 innovation in a bear Market but I'll link this in the YouTube description below there's a bunch of comments that you can read through to get more information about this um of course polygons out with another big BD related announcement today so magic Eden which is a nft Marketplace that first deployed to Solana then to ethereum mainnet is now on polygon so magic Eden from what I saw was really the one of the only things on Solana that managed to gain some sort of

organic traction uh especially during the nft Mania uh because that's nft stuff right like people love nfts interliner nft seem to have done a okay-ish uh you know relatively to to other things on their Network well uh now you know polygon has landed the magic marker place on a magic Eden Marketplace I should say on its POS Network here so congrats to them for landing this another big BD win for them I'm sure magic Eden will be deployed to other networks such as arbitrary optimism in the future but the fact that they went from Solana to ethereum to the polygon POS chain it's pretty funny to me right because usually projects don't like obviously start on ethereum and then go elsewhere but this time they

started on Solana but they still deployed to ethereum and still deployed to polygon POS and as I said I think they're still going to deploy to l2s so it's great to see that there's still that I guess like redeployment or cross deployment going on uh even if the ecosystem isn't evm compatible because magic Eden on Solana is had to be billed for built for Solana it's not an evm compatible network so they had to actually build it again for ethereum but obviously they didn't have to build it again for the polling on POS chain and it's much easier for them to redeploy but the fact that they've put effort into doing this is really cool so yeah great to see this deployed to the POS chain and finally here an announcement from maker so rockapool staked ethor has been deployed as a new collateral type on the

maker Pro protocol through the new r8-a Vault type users can now generate dive from Ari the minimum colorization ratio is 170 percent a stability fee of 1.5 percent and a debt ceiling of 5 million die obviously that debt ceiling is quite small right now but this is typical with new assets that are added and then over time the debt ceiling increases and you can borrow more but this is huge for uh rocker pool uh I have discussed I actually discussed this a while ago when this was going through the voting uh process on maker but it's going to increase demand for our eth which will increase demand for rockapool uh mini pools and and and generating obviously more ra through the spinning up of of all these new new Mini pools and obviously increase rocketpool's share of the beacon of the validators on the

beacon chain which is always a positive and but I think on that note that's going to be it for today so thank everyone for listening and watching be sure to subscribe to the channel if you haven't yet give that video a thumbs up subscribe to newsletter join the Disco Channel and I'll catch you all tomorrow thanks everyone