AllCoreDevs updates, Rainbow Points and more - The Daily Gwei Refuel #704 - Ethereum Updates

Transcript

hello everyone welcome to another episode of the delway refuel where cup the latest news etherum ecosystem I'm your host anony s the 13th of December 2023 right everyone let's get into it so apologies for missing yesterday's episode everyone another rug fuel uh no pup uh this time I'm got to get around to finishing that up I do have the design finalized few community members uh had that done but I just need to sit down and get it done you know I know it's it seems like it should be a straightforward thing but I have like a long list of things that I need to do and it's just on that list and you know how sometimes you have like the long to-do list and you get to the point where you're just like oh my God like how am I ever going to get through this

and then you leave it for a few days and then it just keeps piling up yeah that kind of classic old thing has been happening here but I will prioritize this and hopefully have it live soon uh but I'm not going to bore you with the details on that there is plenty of stuff to get through today so let's jump right into it so the first thing I wanted to talk about was this new uh kind of digital asset anti-money laundering act or Bill that has been proposed in the US by our favorite person um and a bunch of other I guess like anti- crypto politicians but I guess the headline is Elizabeth Warren like obviously we know that Elizabeth Warren is not a fan of crypto at all I mean to the point where she wants to effectively ban it in the US now I saw a lot of chatter about this

bill and Naraj here from coin Center posted on Twitter that coin Center is going to be doing everything in its power to defeat this this bill or at least to I guess substantially change the wording in it because it is effectively a ban on crypto I mean it doesn't outright say that crypto is banned banned but it basically puts so much restrictions on everything you can do within crypto that it wouldn't even be worth doing it and essentially what happens is that I think that you'd be able to maybe just buy and sell on a centralized exchange and maybe only a few centralized exchanges but other than that you wouldn't be able to do anything or I mean you would still be able to do it technically but it would be illegal to do it and it would be very very hard to do it now of course when bills like

this come out I always like to to kind of uh say to you guys that when you're proposing a bill uh whether it's in the US or somewhere else you're proposing new legislation it's a negotiation kind of um tactic right where you basically go to the extreme end of the spectrum and say you know we want all of this stuff uh and you start there so that you can just keep walking things back and then eventually you'll get get to a place where you basically wanted to be in the first place but if you started from that place uh you would have been watered down even more so essentially by starting at the most extreme end of the Spectrum by uh by working through this with very people and and and by taking you know more of the extreme things off of this bill you start to look uh you

know I guess like to the outside and start to look to people like you're compromising right when in reality you never actually thought that this bill as it stands would go through or would have any chance but because you started at the extreme and now looks like you're compromising and now looks like you're the good guy it's a classic negotiation tactic it is not anything new it's been used for thousands of years by humans right this is nothing nothing new and on top of this as well like I know people have said that this bill has a lot of co-sponsors it's not just Warren it's a bunch of other politicians there is a it's still very hard to get legislation through like by Design right it's very hard to get legislation through especially when it's this divisive as well because obviously not everyone in Congress is going to be in favor of this

uh and I'm hoping a large majority of them are not in favor of this or at least they want to make sure that this is discussed and talked about a lot more than what it has been because as I said this is an effective ban on on crypto the the the language that's in here basically uh and essentially it puts like huge burden on on basically everyone it bans like from from from my reading it bans the ability to to basically self- custody uh it makes that so that anyone running like a node or or a I guess um or or a validator would have to register as a Money Services business stuff like that at least that's from what I saw in the comments but you can obviously go read this for yourself I'll link it in the YouTube description below but I do want to just kind of calm

people down by saying that the chances of the bill going through like this is basically 0% from my understanding obviously I'm not a lawyer and I'm not you know I'm not up to speed um with the politics of it all but from what I've read from the people that are up to speed on this sorts of stuff and from I guess like just past history and past bills that we've seen seen kind of be proposed here uh that's how it usually works where they start on the extreme end of the spectrum they walk back a lot of things that they say or they change a lot of things that they say and they arrive at a compromise and that's kind of where it eventually sits and even in that state it may not get past it may not be you know it may not go through

that the bill just might die um I mean bills Die For All sorts of reasons I mean I think like one of the the biggest reasons bills die is that it just doesn't get enough support right so it doesn't even make it to the point where it could actually be enacted into law there's just not enough support for it and it kind of works similarly to how we do eips or ethereum upgrades generally where if you have an EI that you propose and you want to get that into an ethereum Network upgrade if there's not enough support for it and if there's not enough people who want it it's not going to go into the network right it's just going to die and maybe it comes back later in some other form maybe you you know take the ideas from that AIP mix it with another one and then you get it

into the network and that's a similar thing that happens with these bills you know if this bill dies then they'll come back again they'll try again with some other language and some other wording and always it's the kind of like anti-money laundering wording and the anti-terrorism financing wording and protecting the children they use this charge language on purpose you know it's it's it's it's it's actually very transparent what they do like they're not necessarily uh trying to hide anything here because I mean it's kind of impossible for them to hide anything these bills have to be public you know they can't just be enacted into law without anyone knowing what's in them but their hope is that they can jum up enough support that the people that want this to go through their hope is that they can jum up enough support based on not just the fact that they're saying

that it's anti-money laundering antiterrorism financing but essentially going after the people that don't have the time to essentially uh pay attention to this and don't and AR up to speed on everything and and obviously crypto has become like Public Enemy Number One for for a lot of politicians in the US uh which is is quite sad but at the same time uh it is very hard to pass legislation uh and the bill as it exists has practically 0% chance of of becoming LW here and there are a lot of people within the crypto ecosystem now fighting back against this you know as much as we you know FL we give to the VCS out there a lot of them are putting their weight behind uh uh basically uh players like coinbase that are fighting the regulatory front they're talking to politicians they're talking to

regulators and they're educating them because that's the number one thing here I think that uh the anyone can be educated I I I really don't think that age should be a factor here at all at all um it is a factor in that if you have age related diseases like your you have early onset dementia or you have cognitive dysfunction because of your age then obviously it can affect that but if you're just like a a you know an elderly person but you seem you know relatively healthy relatively fine then you should be able to at least learn the basics of what your legislating on now at and at the same time uh there are a lot of people out there who just don't want to learn you know they they don't want to learn new things they have this preconceived idea and preconceived notion of things and they just want to

ban it and they just want to control people and and unfortunately that's the world we live in but at the same time at least how it works in the US you have to have uh you know pretty big support for a bill before it becomes becomes law and I guess like I'll monitor this bill and and kind of keep you guys updated on it but really you should just follow coin Center they they do a lot of good work around this there's a few lawyers out there as well on crypto Twitter that I'm sure I'm s I'm sure you you've all seen before but yeah I just wanted to kind of like uh uh put to bed some of the concerns that I've seen people saying that oh my God this is going to ban crypto in the US these bills 100% guaranteed to go through and it's all

dead you know get out now while you can that's not how it works the amount of dorismar me to be honest cuz you guys know I hate dorismar uh and I'm definitely optimistic about the fact that there's a 0% chance this bill goes through as is and we'll have to see after revisions and how how it goes through uh but I'll keep you guys updated on that one there all right Tim Boo has posted his first all core devs update blog post in quite a while I remember I used to to cover these a lot on the refu because Tim was doing them more regularly but I mean he does the Tweet threads anyway right and there are other people that summarize the allore devs call so there's no there's not really a kind of um requirement for him to do these but

it is nice to have this in a blog post so I guess the tldr of this update is that we are currently in the phase of doing Den Denon test Nets so obviously as I mentioned to you guys before girly should be the um the first test net that gets forked in early January there's also going to be a bunch of Shadow Forks happening in par well as well of course uh because of the the the fact that we can do Shadow Forks alongside test net Forks um and we can just keep doing it right up until mainnet and it helps us test things a lot more thoroughly we did this obviously for chapella and and the merge and it helped us a lot there and there's a few things here about um about about what eips are included in denune not just 4844 there's actually many

other eips that are included in in Denon uh here that you can check out and there's a little explanation of what what each of these eips are this is probably the best place to get the information about each EIP like if you're interested in learning about what what each one does this this has all the information for you uh you know I'm sure you all already know what EIP 48 44 does and and I think that's the most anticipated upgrade but there's also a related EIP called EIP 7516 which is related to blobs uh and and introduces a new op op code called blab blab blob base fee here but yeah you can go give this a read I'll link it in the YouTube description below for you to do so uh and there's also a bit of um a bit of kind of talk about next steps as well

and how the cevs have begun work on the Prague Electra or Petra updates there's a discussion on The eth Magicians Forum which I've highlighted before in the refuel you can go check that out there but yeah guys we're getting really close now obviously it's the holiday period pretty much like I guess with in the next week A lot of people are going to be going on holidays and taking time off but the core devs I mean they they tend to work through these periods guys like not all of them but a a lot of them do tend to work through these periods uh but when it comes to test net Forks that definitely requires like all Hands-On deck sort of thing to make sure that everyone's kind of monitoring it and paying attention to it and it it goes through smoothly but Shadow I'm sure

Shadow FKS can begin like pretty much immediately I mean I'm sure we're going to see some Shadow Forks in the in the near future maybe before the the first test net Forks happen but denune for all intents and purposes is is finished at this point in terms of like uh the clients um clients doing their thing the spec obviously is done the eips are all included in there and it's really just fixing any bugs that come up uh doing performance improvements you know client optimizations but really we're just running through the motions now we're doing the old Shadow forks and test Nets and then we'll get main net so barring any major issues or critical bugs or anything like that uh we should expect Denon mayet by March latest April you know I'm I'm still pretty pretty comfortable saying March but I think it's going to depend on when they do

Gurley like if they don't do girly's test net FK until mid January for some reason then it could could push us into April because I think that they want to give at least a month's notice uh before they do the main net upgrade so if if they give a month's notice they would have to give it in like I don't know the latest of late Feb uh for it to happen in March so it might get pushed out to April just depending on timelines there we'll have a clearer picture as the test Nets get forked but yeah at this point in time I'm pretty confident in saying that it's a 99% chance that it's going to be March or April and and and in January I think we're going to have a pretty much 100% certainty on on one of those months once we see all the testing

going through all right speaking of denune you can see here Terrence shared that he's sinking denb which is the consensus layer uh version of denune on devet 12 with prism and gu which is seems to be sinking all well and fine here as I said guys like we're just running through the motions now everything seems to be chugging along just fine there is no more changes happening to the IPS especially to things like 4844 uh and the clients are just running through all of this testing now so yeah I just wanted to highlight that one as well for you guys and the last thing on 4844 was an update on that blob sharing protocol that I talked about I think a few weeks ago so this is basically a service that allows uh the pricing of blobs to be split up because as you guys know blobs

can uh can currently be purchased if you scroll up the top here you see what it looks like uh blobs are kind of like just one thing so you have to buy a whole blob so if you don't if you want to share the blob or share the kind of like fee and and the load of buying that blob there has to be a protocol uh that is made to allow that and that's what this blob sharing protocol is doing where essentially you can trustless uh be able to bid on a you know on a part of a blob instead of the whole blob uh and that obviously creates a more efficient market for blobs now the latest update was basically that uh lion here who's a core davit chains safe iterated on this with Dan crra On A Primitive that unlocks building a trustless variant with features such as

payments conditional on inclusion and censorship resistance obviously this definitely needs to be trustless and it also needs to be a public good this should not be something that is monetizable at all to be honest this should be a public good that exists within the ethereum network and all the details can be found in this hack MD document which is a breathing document or living document they keep updating it over over time so yeah definitely go check this out if you haven't yet but this is definitely a big unlock as well for being able to let the smaller l2s or the smaller rollups play in Blob space because if you get priced out of blobs because the bigger players are pricing you out well then that's that's obviously not a great a great outcome or an ideal outcome so let's split up the blob and make it so that there's a

Marketplace for them and people can just bid on them and do it in a trustless and censorship resistant way so yeah you can go check this out I'll link it in the YouTube description below for you to do so all right so Diva has reached the 20,000 e staked milestone in their early Staker vaults and they said here this accomplishment marks a significant step towards a more decentralized ethereum staking ecosystem and you can obviously join them on their Journey here I'll link this in the YouTube description below diva is not live yet though guys like the current um tvl that's in there is uh is either vanilla eth or st e um but their vaults and their kind of like staking um infrastructure is not live yet it's just on the test net right now so you can see here that uh you know you

can try the test net app here which is which is live and you can also run a node as a as a diva operator here as well uh you can go check that that out I'll link it in the YouTube description below but the reason I'm highlighting this is not necessarily just you know just to highlight Diva but just more so to the fact that we have all these protocols that are live yes they're very these these new staking protocols that are live yes they're still relatively small but they they're cutting into other bigger players market share that's the whole point we want to keep growing these things we want to keep um opening up staking and making it more accessible to more people because I think that you know people have been going on about Lio for for for for months if not years at

this point and about Lido's market share but it's not it's not just about Lio guys as I mentioned last time coinbase also has a large market share so we need to Target both both of those markets the ones that use Li and the ones that use coinbase I think coinbase definitely caters to the ultra noobs like Lio caters to a various different people it's not just noobs but if you're staking with coinbase like I would I mean besides the institutional stakers and I would even consider them to be noobs right like when I say noobs here I mean people that have absolutely no idea when it what um what choices they have when it comes to e staking they buy their ethor coinbase and then they see a staking button on there and they just click the button right that's what I'm talking about here and it doesn't matter

if you're regular ret user or an Institutional user like you're still considered a noob in that regard if you don't know any better if you don't have any knowledge about other Solutions you're just going to go with coinbase because they manage it all for you they make it super easy to do um and then you don't have to worry about anything yes you pay a higher fee but that's the fee for convenience right whereas with something like Lio it caters to more than just that audience obviously there's a lot of new noobs that love using Lio because it's easy as well and it's integrated with things like Ledger live and and other other applications out there but at the same time I know plenty of experienced people in crypto that use l as well because St has deep liquidity right it has different Integrations people like like using it

because of that um and and to compete on that front you have to compete in the onchain ecosystem the the you know the the kind of like more advanced ecosystem because at the end of the day the the noobs are definitely going to go with the path of least resistance so if we can tap into the people that are just a little bit better uh at at at knowing what to knowing how to stake their eth bit bit better than noobs then that will chip into that market share for um and and in coinbase I think that when it comes to competing with them the bigger players need to be competing with them on the institutional front to be honest and and and targeting those users there which I think they have been doing but at the same time I wish the ones that act as the front door like um for

example the liquid Collective uh uh or um or they called um I forgotten the name right now the liquid Collective is is a group of people a group of um I guess like staging providers but one of them is pretty big uh I I forgotten the name right now but they Target institutional clients but the problem with what they're doing is that they're just staking with coinbase so they need to be staking with more than just coinbase at least from from my knowledge they're just staking with coinbase right now and I think figment as well um but they need to be staking with other providers too and I think the only way they do that is if the other providers actually Target these oh it's called a Lal that's right and they they target these kind of services and say hey stti with us you know we've got lower fees

we've got you know we got we we've got an LST as well so on and so forth right but anyway won't won't continue on with that one there you can just go check out D.A if you haven't yet I'll link it in the YouTube description below uh and another thing on eaking was something that I came across from from E Staker today which I thought was a really good acknowledgement of the issue and a really good way to solve this issue or at least attempt to solve it so they said here in a tweet DBT or distributed validator technology enables lower Bond validators but it doesn't address the fact that Hardware is still too expensive to justify buying a computer to earn rewards on a 1 E DVT validator and I've talked about this on the ref plenty of times and I actually spoke about this recently in depth where I

basically said that if you have one eth right today it's like what $2,100 you buy some Hardware say you spend like $500 $600 on hardware and then you've only got that one eth and you're running the hardware you're not going to make anywhere near enough money to cover the hardware cost from just staking one eth this is just simple economics right so what e Staker has done they've teamed up with Diva and and steakasaurus here they're running a 10-e pilot program to subsidize hardware for 20 brand new node operators and you can apply for the program beginning this Friday the 15th of December uh this blog post has all the details and the goal is obviously to create new nerde operators around the world now this of course addresses that big kind of up upfront cost of Hardware but the ongoing costs also need to be

addressed here because it it it varies wildly because like the ongoing costs obviously include uh electricity and um an internet I think electricity is not really that much of a concern because it just gets baked into your entire electricity Bill and uh it depends where you are in the world um and if you you know if you have solar power stuff like that but when it comes to bandwidth and internet usage like I I guess like it's a bit different because you pretty much need to have unlimited unlimited bandwidth because of the fact that um running a node takes up a lot of bandwidth it uses a lot of data so I don't know what that cost is everywhere in the world I know what I pay for it in and I pay for uh you know the fastest speed I can get at my address I pay uh

what is it $150 Australian dollar a month right now I know that Australia has some of the most expensive internet um out there out of the developed countries I believe or even the developing countries um so that's probably on the higher end of stuff but it just depends like where you are and this is the thing like this is why it's hard to design around this because the hardware is pretty much like the same for for everywhere right like everyone can use the same Hardware you just plug it in and and Away you go with it right there's no difference in Hardware depending where you are in the world but when it comes to costs around electricity and costs around internet and also reliability of those two things it's very different and that's something that I don't think can be solved by programs like this um but and at the

same time you know you have to kind of factor in okay if you're earning let's say 4% on that one eth right let's say 4% of 2100 is $84 a year that's probably not going to be enough to cover the internet and electricity costs right so this is what why I go go back to I mean at the same time like I think that subsidizing the hardware um is is a great initiative and obviously if eth goes up uh in in dollar terms it's going to be better rewards for people right if eth goes 5x from here it becomes you know $500 a year but this is why I always kind of go on about the fact that yes it's expensive to be a a validator but the thing is is that even if the cost to be a um even if the cost of vaa

validator was was was uh was was basically 0 right um and and and and you get the hardware for free electricity and ongoing cost are still going to cost you and it's it's more like is it worth your while as well and that's why people go with these easier staking Solutions right and that's why I think that running a validator uh for any network and running a full node for any network there needs to be a cost uh a benefit analysis done on this and there needs to be justification for that as well because I typically see people from other camps saying oh you can run a you know a such and such validator for as low as uh basically one of the Native token I think um nosis lets you on nosis chain let you run a validator for one gno which I'm currently looking up the

price is 27 $ right I don't know what the yield is on there but it's $217 okay cool but you're going to need the similar Hardware to to ethereum to run that right and it's not expensive Hardware but you've already spent more on Hardware running the the nosis validator okay so so why does it matter that you only need one gno to do it if that's not even going to let you break even um for a long time so I'm not trying to say here that we shouldn't break the barriers down for for staking and for solo validating and to get people to run more nodes but there is definitely a a cost there that is born by the node operators and it needs to be worth their while that's why there will never be as many solo stakers no matter what the I guess like um the eth

requirement is dropped to there will never be as many solo stakers as there will be people staking with lsts it just does not make economic sense for that to be a thing and we've seen that I mean there's already what 5 6% of the network is solo stakers the rest is lsts or big staking providers it's just pure economics guys and I think that that's what people a lot of people miss when they say when they see oh wow it cost 32 e to to spin up a validator that's a huge amount of money yes it is a huge amount of money but then as I just explained we can lower it right but but the the point is that you lower it I don't think that's necessarily going to increase the amount of people um the amount of people staking past a certain point because you know rocker pool has

lowered it a lot right and they've done a lot of great work there uh obviously with DVT we're lowering it even more and other Protocols are lowering it even more but then there is a kind of flaw on on that because as I said it has to be worth both the hardware cost and the ongoing costs and if it's not then people aren't going to do it because it's it's also not a monetary cost it's a Time cost as well getting it all set up and Mon and monitoring it uh and and stuff like that so so yeah anyway I'm I'm I'm rambling a little bit here but it's something that I get frustrated with seeing because people think that there's a magic solution here people think there's a silver bullet to this and people think and people don't think about the economics which is freaking

insane to me because this whole ecosystem is about money and economics and uh you know and profitability and stuff like that but people don't think about that they just remove their brains when it comes to that for some reason and this is the stuff that I think about all the time like honestly guys I think about this stuff every single day because I I I think that not enough people talk about it not enough people think about it and it frustrates me when people say oh who cares if eth is deflationary we should um you know it it doesn't mean anything for the network what do you mean it doesn't mean anything for the network of course it means everything for the network it means ethereum is a profitable Network like how is that not something that should be celebrated right we celebrate profitable companies why wouldn't we

celebrate a profit aable Network a network that is self- sustaining you know even if it was at zero Fe Revenue it would still be self-sustaining because it has the Perpetual issuance but because we have the fee burn and because ethereum is a widely used Network we can offset that issuance and now we're net deflationary and we're not just saying we net deflationary to pump bags like that's not the main thing here the main thing is that ethereum is a profitable Network it Returns the value back to its holders as well through the burn so and not just it's holders but it's the people staking their eth as well because if you're staking your eth you're obviously a holder of eth too so it it just it puzzles me that people don't make this connection and they just fud eth about like oh eth high gas speed

blah blah blah it's like but but it you you guys are going to get me into another rant if I keep I say you guys like you're forcing me to do this but I'm going to go into another rant if I keep going on about this but my main point here is that like you can't get around the reality of of of the economics when it comes to this stuff you you just can't right and people who try to meme that you can and say that it's self-sustaining these are the people that bought into the Terra Ponzi right right these are the people who thought that you could create an unbacked un uncollateralized algorithmic stable coin that and it wouldn't go to zero in a death spiral and it did go to zero in a death spir all the people that read the white paper and understood it

deeply knew that was going to happen and had called it out for years but everyone was ignoring it because oh look it seems to be working and the price is going up who cares right we've new paradigm we've invented the you know revolutionary technology here no you haven't all you've done is masked a lot of this stuff and because it was a bull market the demand masked the weakness of the model and then as soon as the bare Market really got going right the thing fell apart completely I mean it only took a few months and it fell apart in 3 days right so when people gasl like you about economics not mattering and uh you know and the kind of financials of this stuff not mattering you can just basically ignore them because they don't know what they're talking about reality sets in one way or another you cannot

Escape reality right it is inevitable and it will come for everything in this ecosystem and it has over years uh and the narratives can only get you so far right but anyway as I said you I'm going to go into a rant if I keep going so I'm going to leave that one at that for now all right speaking of DVT just wanted to quickly shout out that Obel Labs have continued their how DVT helps educational uh series here so you can read this one it's it's titled staking as a service providers so it basically goes over how DVT can help staking as a service providers you can go give this a read I'll link it in the YouTube description below but yeah I just wanted to put it on you your radar for you to do that all right polygon has announced a new kind of refresh of their polygon

polygon wallet Suite called the polygon portal so this is their improved gateway to the polygon chain so you can go to portal. polygon.net you know access to third party Bridges refueling your gas developer tools and much more so if I go here uh and I'm on uh I'm currently logged in on sassle 0x but I'm on optimism right now so if I go to polygon it'll kind of refresh and show me and show me my or if I click here it will show me my assets right so you can see s. e my assets across all chains listed here you got the bridge kind of uh interface here for you to easily Bridge easily swap right uh and you can you know swap your network to uh either

polygon ZK evm or the polygon POS chain as you can see here uh transactions ecosystem and much more the reason I'm bringing this up today guys is because this again is just speaking to a lot of what I've been saying for a little while now about how the abstraction of everything crypto is going to continue we're going to continue abstracting away all of the complexities we're going to continue making uh better portals better interfaces for people to interact with and we're going to abstract away the bridging it's just going to be two clicks like this is obviously the start you know this is not the end game of polygon portal but this is how we get to that end state of basically no one having to worry about what chain they're on what network they're on the you know

people complaining about the fragmentation of liquidity and fragmentation of of um of of different apps and stuff like that none of that is going to matter none of that is going to be a thing for the everyday user and I'm glad to see polygon doing this with their polygon portal because it just helps a lot of people to be able to easily use this stuff and it increases adoption so 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 coinbase has announced that they're looking to bring tradire assets on chain using something they've called I think project diamond so what this project is is it's going to basically be them bringing uh uh uh I guess like assets from The Real World so real world assets onto base uh and

they're doing it in Abu Dhabi right now so they're working with uh Financial Services uh regulated uh sorry they're working with the ab Abu Dhabi Global Market to do this and we'll enter the agency's regulatory lab sandbox uh and do this on on Bas uh this is really cool I think that obviously bringing real world assets on chain is going to be the big Trend over the next few years years coinbase is well positioned for this because they're a trusted brand they know how to do the custody uh uh you know they know how to do the custody um already and they have a really great security background uh and they're it's funny because like they're doing this outside of the US right now because you can say see here the platform is available to registered institutional users outside the US which is just insane to me because this is the US

fumbling the ball again on this like bringing this Reed assets on chain like and I'm talking of things like you know uh uh uh uh all types of financial instruments such as they they're starting off with debt but doing like stocks and bonds and other forms of financial products in theal World bringing that stuff on chain it's going to increase liquidity it's going to increase interoperability it's going to increase the um the efficiency and the effectiveness of the market and it's how crypto replaces the traditional Financial rails and the fact that the US is is dropping the ball here on this just makes me angry if I'm being honest uh guys but still great to see that coinbase is doing this outside of the US they're not waiting for the us to give them the green light they're basically saying well we're going to do this

overseas now if you want to lose you lose which is yeah I guess a sad sad outcome but it is what it is all right so starnet or starkware and starnet has announced today that they've introduced something called Devon omics which is a new program specifically for Stark net devs so Devon nomics gives uh Stark net devs uh over, 1600 e which is $3.5 million which is 10% of all Stark net fees from launch until November 30th so the three goals of this program is to reward devs for building Stark net as a public good facilitate devs influence in starkness evolution through governance and voting and Empower devs for future Stark token based proof of stake protocol so I lately I've seen Stark net and starkware become a lot more talked

about on crypto Twitter I know a lot of it's probably got to do with people trying to farm an air drop and because they've been teasing the Stark Tok and things like that but I'm really loving just the activity that's happening around starnet right now I'm really loving the excitement that's happening even if it is excitement around the token I mean that's usually how you get the attention on these projects right but the reason I'm loving it is because Stark net is not an evm right it is not something that is built like a zkm it is something distinctly different it is their own technology that they've built from the ground up their own Tech stack um using a different programming language to solidity called Cairo and they've been building it for quite a while now and they've been building it uh from first principles basically using

stocks right using these these really awesome technology and it's been live for a while it works people are building on it uh and it just seems to be gaining more and more momentum here and I think they've actually played it pretty well strategically in not launching their token too soon I think they're launching their token probably at the perfect time here because they're they're basically ready to open this up to to everyone and get people building on it um and and get the kind of flywheel going with this and I really like how that they they're rewarding the devs here that build on here with uh the the the stockk net fees that have been aced or at least 10% of all the stock net fees that have been acred um uh from launch until uh November 30th yeah and you know that November 30th date is funny because that

might be the um the snapshot date for the airdrop because people have been speculating about when they're going to do their airdrop obviously it's coming soon but then you kind of have to ask the question of okay well when did they do the snapshot you know am I eligible for the airdrop if I've done activity over the last couple days for example and they're never going to say when they did the airdrop until this token's actually live right um because people obviously still trying to farm it but I did mention the other day that I think I thought that the snapshot had already been taken and if it was taken on November 30th then uh I guess like this is the alpha here they've kind of teased this out here so we'll have to see I expect the token to launch over the next few months or the next couple months

even maybe you know January February or something like that but it's definitely going to be a big launch and one of the biggest token launches I think of uh of 2024 that's for sure I mean I said in the Dadu Discord channel the other day there were a few tokens that um that I I thought uh were going to be big launchers it was going to be IG layer uh stocket scroll and I think there was one other um in that list I think um there was another Layer Two in that list I believe uh what was it uh ZK sync I think yeah and then then a wild card that is metamask I have no idea if metamask is going to do a token to be honest I don't even know if they really need to do a token um it doesn't seem like they do but that's always a wild

card because I think that would be an absolutely massive token launch obviously because like everyone knows metam mask everyone's used metam mask right but that's a wild card as I said but uh yeah we have an airdrop hunting channel in the daily way Discord Channel if you want to go check that out uh there's a lot of uh great information in there if you are into airdrop hunting because I mean really if you want to be making a lot of money for the least amount of effort to put in air drops are probably the way to do that because and it's not just on ethereum it's obviously on other chains as well but usually the air drops are pretty pretty good especially in a bull market so and you don't have to do much to qualify for them so if you want to kind of share

Alpha with people and and kind of farm air drops together there's an airdrop hunting channel in the deade Discord Channel you can find a link to that in the YouTube description below uh but that's it on that one so Lyra continues to tease their V2 here so starting on December 15th which is this week they have something they're calling the BTC ETF PVP and you can join the weit list at L l.f Finance slv2 here cool little website that you can kind of Click through looks like the Matrix a little bit but you can get Early Access by signing up here I just wanted to highlight this for you guys you can go check it out I'll link it in the YouTube description below for you to do so and I'll of course talk about what this is once it's revealed in a couple of

days all right some big news out of the r row wallet ecosystem today so they've introduced something called rainbow points which they're calling the first step towards including our community in the future success of rainbow every ethereum user has been air dropped points you can claim your points and start earning more by doing things you already do on chain within the rainbow wallet now rainbow is definitely one of my favorite ethereum wallets out there uh and I've Loved using it um and uh you know it's it's it's just a really nice friendly user interface it works really well it's uh it's got a really great bridging bridging interface uh obviously if you're going to be spending a lot of time doing stuff on various l2s and air drop fun air drop farming and stuff like that but the thing that I want to talk about in particular around this was that

this recent trend of projects doing points instead of doing tokens right now frch did this and there's a few other projects that have done this and obviously rainbow is the latest one to do this and I think people don't realize that there are a few reasons why teams are doing this and I think that the number one reason is regulatory like if you say points and you don't say tokens or you don't say crypto asset it seems less likely that the SEC or Gary gendler would come after you whether that's true or not it remains to be seen but that seems to be like the main reason they're doing this um but there are other reasons as well I mean another reason is that it can J Jump a lot of hype around your product people can Farm points with the assumption that these points are

going to be converted into a token at a later date right whether that happens or not is up to the project of course but it is a pretty fair assumption to make so it obviously kicks off that flywheel without having to actually do a token yet you've got people farming the token using these points using your product right and if your product's good enough they're going to stay there and use it anyway regardless of farming points or farming an airdrop right and I I do think rainbow is one of those products as I said it is my probably my favorite Mobile Wallet if I'm being honest and they have a desktop extension as well but rainbow so far is my favorite favorite Mobile Wallet app um for for ethereum uh but and I think there's one other reason uh on top of that as well

it it it also allows people to delay their to people allows teams to to delay their token launch um as much as possible and by delaying the token launch if they are going to do a token what they get to do is in the background they get to raise more money uh as well because they're teasing out a token but they haven't launched it yet and then they can show uh better user metrics because of the air drop farming via points right now I I don't necessarily think this is nefari this is just like a growth hack um and at the same time when they do the actual token they can reward uh the the the people who have actually brought users on onto the app because there's a referral program as well and they can reward People based on various different actions not just on points as

well because I think the points can act as a misdirection because you can basically uh let people assume that the more points they have the more tokens they're going to get but then in reality maybe you do it differently where you don't do it based on points you do it based on other things like organic organic traction referrals stuff like that right so it remains to be seen how teams handle this but I expect this points thing to be something that continues I even expect some teams to just do points and not tokens at all and the maybe the points get wrapped up and people can trade them on chain and stuff like that but it reminds me of like things like credit card points right and and and stuff like that where you can actually use these points for benefits and it's not necessarily an asset that

you that you trade on chain or anything like that and it takes the regulatory pressure off um but I'm sure someone will find a way to wrap these things up and people can trade them and then really it becomes a game of well we didn't actually create a token the users just created the market themselves and then really the or any Securities regulator has absolutely no leg to stand on in that regard because the token the the points aren weren't sold right the points were were just points and if someone's trading these things on a secondary Market that the team didn't create themselves then I don't see how you could argue that points are securities I mean I mean okay fair enough you could argue it but I don't see how you could win that argument right um but yeah anyway if you haven't tried out rainbow yet you can I don't

have a referral link I don't want to be that guy who shows a referral link I mean I don't really care about that but there are some in the daily way Discord Channel if you want to support people there but uh yeah you don't need a referral link you can just go download rainbow from the app store if you haven't yet right speaking of mobile wallets uh my second favorite wallet is coinbase wallet on on mobile right now uh I've been using rainbow and coinbase wallet a little bit just testing them out I mean I don't do anything serious on there because um I I'm more of a desktop user in that regard uh and I obviously have my Hardware wallets and stuff like that but uh in terms of mobile wallets I've been using coinbase wallet a lot and over the weekend or over the weekend I

should say yesterday it feels like the weekend because I skipped yesterday's episode uh uh Brian Armstrong shared on Twitter that coinbase wallet now has a simple mode that focuses on payments and it lets you send usdc on base for free instantly and globally this is the path to mass adoption guys like as I said to you I to you guys a few months ago I I figured that they would do this they would allow free usdc transfers on base for Mobile Wallet users and that's exactly what they've done here and this is what they should do because for them the cost is basically uh eaten by this whatever it cost them to run the sequencer and whatever it cost them to post data down to ethereum L1 right as a as a roll up and that cost is going to come down with 4844 of course uh but

they just bake it into it's just a line item for them as part of their company because obviously coinbase is is behind base and coinbase is behind coinbase wallet and stuff like that as well uh and then the simple mode is just simplifying things down for the end user I tried this out it's still pretty complex and I think that um Mike in the ear gr Discord channel uh gave feedback to them on on Twitter and they're actually going to take that feedback on board and change things around but yeah this is great I I I really do love the fact that you can now send usdc on base free instantly and globally on the mobile wallet this should take payments uh uh I guess like um usage away from things like Tron and bring it back into the ethereum family you know back into

the layer 2 family so crudos to coinbase for doing this but I think on that note that's going to be it for today's extra long episode so thank everyone for listening and watching be sure to subscribe to the channel if you haven't yet give it a thumbs up give that video a thumbs up subscribe to newsletter join the Discord Channel and I'll catch you all tomorrow thanks everyone