Altair now live, Photoshop NFT feature and more - The Daily Gwei Refuel #239 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the deadly way refuel where recap the latest news in ethereum ecosystem i'm your host anthony sosano and today is the 27th of october 2021 all right everyone let's get into it so the altair beacon chain upgrade successfully completed about an hour ago at time of recording probably less than that actually uh this is something that i've been talking about on the refuel for the last few months hopefully you've all updated your nodes if you are a solo staker if you haven't yet be sure to do so of course but the update uh scene or the upgrade i should say seems to have gone off without a hitch so if we go over to the kind of like beacon chain website here which is a a website that i use to track all kind of like different metrics around eth2 you can see here

that it's going it's going nicely the beacon chain is chugging along as it normally should be it's justifying it's finalizing there is you know a quarter million validators still actively validating i think 95 percent particip participation rate yeah about 95 creeping up to 96 percent so there's probably i think four or five percent of worth of validators right now that that either didn't upgrade or offline for for another reason so we should expect this to kind of creep up you can see here actually when it activated it went from 99.65 participation to 95 so we lost about 4.6 percent of validators um which is a pretty good turnout because it's funny like people were kind of um saying that there was only 70 that had updated but it turns out there was a lot

more than that so 95 had updated which is i mean that's quite amazing right i mean 95 of all kind of like validators on the network updated in time and are paying attention and actually across all this sort of stuff so really really cool to see that as i said that's going to keep trending up over time i expect within the next couple of days uh to get right back up to that 99 participation rate which is really cool and i guess like maybe maybe it's self-explanatory but just to give a bit of um explanation here the participation rate refers to the amount of validators actually um participating in validating the network i mean obviously that's that that's self-explanatory but just like making sure that you guys um i kind of know what i mean by that but yeah really really cool to see this now

i've gone through what altair brings to the network before so i'm not going to go over that now but um i think what's what's really awesome is the fact that the altair fork is going to enable light clients so light clients i'm not going to go through what they are now on on the refuel because to be honest um i don't totally understand them enough to kind of give an expand like i'm five explanation of it but from a higher level what um like clients want to enable is for people to kind of like be able to run uh uh kind of like i i guess a node a node for uh whether that be kind of like ethereum uh the consensus layer on the execution layer i should say they want to be able to run a node on kind of like super super low powered hardware or hardware

where you basically don't have to like validate the whole chain on so something like a mobile phone or a kind of like a really low powered device and basically from my understanding the way the light client would work is it essentially allows you to kind of like verify that everything um is well and good uh and kind of like do transactions using that like client instead of having to use something like um like infuriate for example now i need to do more research there of course i should have already done this it's been on my to-do list for a while now but i mean i suggest all of you kind of like re do a bit of research into light clients as well it's going to be more important going on um and you know as as kind of like lion says here as part of

lt it enables light clients and um you know there's a lot of work going into this as well a lot of work going on around stateless ethereum too which is kind of like a related topic which i've talked about before so yeah really really exciting and of course after alter as i've been saying for months now all eyes and all kind of efforts are on the merge so you know the funny thing is that there is actually another technical network upgrade happening uh which i'm going to talk about in in a sec actually i should move maybe tim's thread to here um there is another kind of like a network upgrade for eth1 just to push back the difficulty bomb which i'll talk about in a sec but other than that uh the merge is kind of like what everyone's focusing on right now so

very much looking forward to that uh and you i just wanted to kind of like show off this art here there was a a paint party that the the kind of like pop community did um i think with the apes taking community as well on their call uh where basically people were able to kind of like make this make this art and draw this eye and you can see i mean just looping through the video here it looks really cool bunch of eighth logos around there a bunch of different kind of like memes and a bunch of different references to ethereum and apps built on top right so i see the rocketpool logo um gmrpr you know i op optimism synthetics all all of this really cool stuff and apparently we are we should expect an nft soon which is really really cool so yeah i i just

thought i'd i kind of like give you guys a look at that and it says 8th 10k down the bottom as well i love that oh god you know it's it is 100k someone changed that this is kind of like one of those things you can keep staring at and finding little easter eggs and kind of like references to different things so that's why i love i love looking at this sort of stuff but anyway as i was just saying um tim bico put out another all-core devs update today now this all-core devs update um you should definitely give it a read would be linked to the youtube description is mostly about the merge so there's actually a lot of technical stuff about the merging here which i suggest reading if you're interested in how i like the merge is going to work under the hood but um 10 of it as he

says here is about the difficulty bomb so as i said the next network upgrade is actually going to be called arrow glacier this is for the eth1 network and this is going to go um this is going to go into effect on december 8 2021 or is expected to go into effect on december 8th 2021 it includes only one eip which is erp 4345 which just simply pushes back the difficulty bomb until june 2022 now if the merge isn't ready by june 2022 then we'll have to have another um kind of like network upgrade to delay the bomb again but i think that uh we should be ready by june 2022 i think that's kind of like the goal so that we can just push the difficulty one back um and also kind of like do the merge at the same time but i

highly recommend giving this post a read here from tim it gives a lot of great information about the merge how it works under the hood i like how the merge is actually going to happen uh so as i've discussed before it's actually going to happen based on the difficulty of um of the eth1 network and the beacon a big beacon node i should say is going to be able to kind of like see that and work on that and then you've got like a few diagrams here which i i think i've showed on the refill before explaining these sorts of things so so yeah definitely go give this a read but i mean how exciting guys like there's so much happening on the eighth kind of like core protocol side uh and i just love the fact that we are witnessing as i've said before the golden age of

ethereum the ethereum network like core protocol development has never been this exciting in in terms of like all the years i've been in ethereum it may have been more exciting in the really early days like 2015 2016 because it was newar but i don't know i don't i don't think so i think the people that i've spoken to who have been around since then uh are kind of like feeling the same thing i am where we kind of look at this sort of stuff and we look at everything happening across like both networks obviously eighth one the execution layer and eth2 the consensus layer and we look at kind of like all the upgrades going on and all the all the really cool things happening on on either end there and obviously the merge is like the end goal uh and then beyond the merge with

sharding and statelessness and and everyone kind of like thinks to themselves this is this is so awesome like a the fact that ethereum is what six seven eight years old um now and it's still able to kind of like upgrade itself it's still able to to attract so many smart researchers and developers to continuously upgrade the network and make it better and and you know ensure that we can have like a healthy running uh network and that gets better functionality over time is is really really cool so i i really enjoy that but yeah as i said definitely recommend giving this post poster read from timbico for more kind of like information about that so adobe announced today that photoshop will be adding a prepare as nft option soon and the attribution data will be

hosted on ipfs so i kind of read about this in the verge today and this article goes into a bit more details here there's a few cool things to pick out of this actually so adobe said that um nft marketplaces like openc wearable known origin and super rare will be able to integrate with uh what they're calling content credentials to show adobe adobe's attribution information this is really cool like you you can imagine an artist basically making something in photoshop and then immediately say immediately kind of like picking the uh exporters nft option or basically um uh what is it that prepares nft option and being able to get this attribution data and then being able to feed that into one of these kind of like open market places because it's on ipfs it's on a on an open data

standard there which is really really cool i mean i didn't expect this to come this fast but it makes a lot of sense as i mentioned the other day i i feel like um there's a these platforms or these web 2 apps are a bit behind right now but they're definitely catching up in terms of integrating nfts into their into their platforms into their work i wouldn't be surprised to see um one of the big apps like instagram announce a kind of i guess uh nft integration sooner rather than later uh because when you think about it imagine instagram allowing all of their creators to basically say i tick a box that says do you want to create an nft out of this and then whatever platform they end up using you know i hope they end up using something based on ethereum whether that

be their own kind of roll up or they use something like immutable x but it would be really cool if uh if you basically had this option where you could just immediately mint this nft and it was um you know minted as an open standard uh one of the open standards on ethereum and then you could integrate integrate it with all the open marketplaces obviously instagram will probably have their own marketplace but i do hope they embrace kind of like the uh the open nature of ethereum rather than just like siloing themselves you know i i i mentioned the other day that ticktock is doing their nfts on immutable so maybe instagram is going to follow suit there because they'll see it and they'll be like oh well tick tock's huge right i mean i think tick tock's bigger than instagram at this point so uh i don't think you

know play place uh web apps like that or should i say apps like that are far away and i also think we're going to keep seeing more and more of this of like all these different kind of web 2 services integrating nft options into their products and services it just makes so much sense to me and it's a massive opportunity i mean there's a reason why these nft teams are raising so much money as well i mean i've gone through the races before so rare i think it was like a 600 million dollar raise and there's a bunch of other nft platforms just raising a ridiculous amount of money um and this is because people see or investors see the opportunity of nfts they see how big it can get um they see how big it already is and we really only scratched the surface

of this seriously nfts can be embedded into like every almost every kind of like portion of of kind of like um the internet and of everything that's digitally native video games art collectibles like uh not even just that like nfts expand to all the web 3 stuff too like you mirror already does this with their with their blogging where you can basically mint an nft out of a blog post then you can have like music streaming things like that the possibilities really are endless and and nfts are going to definitely change everything and they're going to be a trillion dollar industry um no doubt about it so uh i think the sooner we see more of these integrations the better but i'm really glad to see that photoshop has done this uh oh sorry adobe i should say has done this with photoshop and i'm sure they'll probably

extend this to their other tools as well as as is relevant and i'm also sure that uh there's gonna be more integrations coming you know we saw the other day steam basically said oh we're kicking nft or blockchain games off our platform and then epic games came in and said well we're gonna be we're going to on board them we're going to let you have these kind of like games and nft stuff and blockchain stuff on our platform i think steam will reverse their stance eventually because the opportunity will be too big the money to be made will be too large but uh but yeah i mean don't be surprised to see more and more of this stuff uh coming out as time goes on all right so i read about this in the daily grade newsletter today but i was looking at the ultrasound dot money

website as i normally do and i looked at the 30 day burn leaderboard because i was just very curious because the ship token has been pumping really hard lately and for those of you who don't know it's an erc20 token a lot of these dog tokens actually live on bsc but shib is on ethereum as an erc20 now this token has obviously gone up a lot in value over the last few weeks if you've been paying attention to the markets but what i find really interesting is that it is in the top burn leaderboard which makes a lot of sense considering like how much how many trades are going on because every time like a ship token is moved whether that be for like a simple send from like one wall to the other or for an actual kind of decentralized exchange trade uh that is going to incur a gas

fee of course and that is obviously going to um that to burn you know there's going to be like 70 80 percent of that gas fee being burned now if you'll notice from this leaderboard at least from the top part of this leaderboard the only other tokens here are stable coins like tether and uh and usdc which makes total sense because stable coins are besides eighth i mean is at the top here um but um stable coins and eth are the most uh kind of like liquid tokens on ethereum and they're the ones with the most kind of velocity they move around like each paired with everything of course on like amms stable coins are as well um and then normal ether transfers i mean it makes a lot of sense too like is the reserve currency of ethereum everyone uses it for everything so it makes a ton

of sense but the fact that shibb uh is has burnt 3288 ethan 30 days alone just that token speaks to how popular it has been it speaks to how much activity and trading activity has happened on the network now what i what i spread about in the newsletter today was about the fact that pre-1559 this sort of stuff that people consider to be like a joke or or a scam or like a meme was was very parasitic to ethereum because what it would do is it would basically free ride on the ethereum network it wouldn't do anything really to add value to the network it may have um kind of like added value in terms of like metrics in terms of people saying oh well there's more activity on the ethereum network but really it didn't give any value back to eath

holders in a direct way well now it does right 70 to 80 of that is burned and going to indirectly to eat holders because obviously as more it gets burned we expect the eighth price to trend up over time which is which is very positive and you know i wrote about this back in june 2020 where i wrote a piece for the daily guy newsletter called uh creating a symbiotic relationship which talked about the fact that now i mean when one five five nine is it was implemented which it has been implemented now um the every single transaction on the network is going to pay its jews in burnt eight it can't freeride anymore now the thing is i only think that one five five nine fixed half of the issue the other half of the issue is that a lot of this stuff bloats the chain so

there there's something called the state and ethereum which basically keeps track of things like user uh a like user state in the state i mean at the state of the network really i'm not going to dig into the technical details there but it keeps track of that sort of stuff and it has to keep track of that forever now there is the stateless ethereum effort which basically um is trying to make it so that the network doesn't have to keep track of everything forever and keep the the active state forever and basically say well if this state hasn't been touched in a long long period of time put it into like a dormant state and then it can be reworked in the future if someone wants to access it but right now there's a lot of junk on the ethereum network that's just sitting there that makes no sense

um it just makes no sense for it to be sitting there clogging the network and making it harder to sync a full uh full ethereum node because of the fact that it's just useless to people now like you know for people who who are around in 2016 there was the shanghai dos attacks which added a lot of state bloat and that's still there like when you sink in ethereum node you'll notice that when you get to the blocks around the shanghai dos attacks which i think happened in october of 2016 the sinking will actually become slower because it has to process all of these kind of um all this um state which is just dead weight it really is on the chain at the end of the day and you know people often say well i mean ethereum is decentralized and permissionless so uh really you shouldn't be moralizing

people about what people can put on the um the state or on the network and what they can't and that's not what i'm doing at all i'm not moralizing about this at all i i'm glad that anyone can do whatever they want in ethereum but i think that there is letting people do whatever they want on the network and keeping the network healthy so the first half of that equation is making sure that value that people are getting out of the ethereum network flows back to eighth we've done that with eip1559 um and kind of like some other ways around that as well and then the second uh the second thing is making sure that if there is something that no one has actually interacted with there's some state that no one's interacted with and no one cares about uh then let's just put it into a dormant state let's

not keep it uh you know in the active state forever because why would we if no one cares enough about it to actually interact with it well then we can safely say that it can go to sleep it can stay dormant and then if someone wants to resurrect it sometime in the future they can present um basically i remember the exact term uh the term for what it's called it's not a fraud proof but they i think it's called a witness they can present a witness to basically say yes okay well i wanna i wanna activate this state again and then they're able to kind of um do that to do whatever they want with it so from that point of view it's not like uh the network is taking a a kind of like favoritism to to anything it's basically saying that anything that

isn't part of the so it hasn't been like um touched or hasn't been interacted with in say a year's time move it to the inactive state and then just continue on and that makes it much easier to sync a full node make sure it makes it much easier to do things um uh to do things like like clients and stuff like that i believe so uh yeah that's what we want from it but again um i i i think this definitely needs to be done in a way that doesn't kind of like uh do favoritism for any type of types of transactions because we do want the ethereum network to be fair for everyone but at the same time there has to be a balance there's always always has to be a balance between kind of like making the ethereum network kind of like fair

for everyone to use but also making it so the network doesn't fall over in the future you know so that it keeps it keeps chugging along keeps it 100 uptime um keeps staying healthy and sustainable over time and i think that's what what we're doing with uh sorry what we've done with one five five nine and what we will do with stateless ethereum as well which in terms of timelines i wouldn't expect stateless ethereum to be integrated until after sharing which is probably 2023 but it's not like that urgent of an upgrade we can still live with you know this sort of stuff for for another couple years um and it is not a huge kind of like a critical thing but it is definitely something that we need for the longer term health of the ethereum network so i'm glad people are working on that

that's for sure so the bankless dow has submitted a new index a proposal for a new index product to the index co-op called the gmi or the bankless d5 growth index and i guess the ticker being gmi stands for gonna make it which is which is pretty which is a pretty cool ticker there but basically this seems to be like a quote-unquote defy 2.0 index which basically has all the tokens that aren't included or at least a lot of the tokens that aren't included in the dpi or the default pulse index you can see here some fan favorites like om spell dydx perp cvx rjt tribe toke dpx rbn mpl visor and flx now there is a foreign post about this

that you can go check out here if you want to kind of give your feedback on that but i think this is cool i mean i'm kind of like in two minds about it i think it's cool because i want to see more indexed products i spun up with the index card but at the same time index products i mean we actually had a discussion about this in the daily grade discord channel today index products in within crypto i feel like uh um and you know it's kind of like hard to get them right sometimes especially products like this like i mean as you guys know i'm a big fan of the index cop i'm involved in it indirectly through set because i'm an advisor to set um and i like i i really like their products like the flexible leverage index and i kind of like

metaverse index and and dpi and things like that uh and all the other other products but the problem becomes is that when you're constructing an index you need to make sure that you don't you know over rebalance it you don't have like dead weight in it you don't have the waiting wrong and it actually becomes quite difficult over time now if the goal of the index is just to give people broad exposure to a a kind of like sector then that's fine but i mean i'm sure a lot of you have seen the d5 pulse index unfortunately has like greatly underperformed each or you know since since since inception basically and you know maybe that'll change over time and maybe kind of like there'll be an index that outperforms eighth over the long term but for me i use my benchmark asset as if maybe maybe some

of you don't use your benchmark asset as ethan you're happy being able to kind of like buy an index product a product to get exposure to all these tokens and even if it underperforms if you don't really care too much but i mean this is the kind of discussion that we had in discord channel today and i had some people pushing back on me about it and it just depends what position you're in for me i'm of the kind of like conservative mindset now where i'm just like happy buying eth and happy kind of like sitting in eath but there are a lot of people and i totally understand that there are a lot of people who want to do more of the djen stuff or want to get more involved and want to hold different things and want to basically make plays in in smaller

smaller kind of like tokens to to kind of like get that those big multiples that just either probably won't give you i mean like as much as bullish as i am on 8th eve isn't going to give you 100x like uh we you know we anytime soon like 100 x from here is 400 000 i mean here look maybe that happens in like 20 30 years or something like that or something crazy maybe it happens if the usd does actually hyperinflate which i which i highly doubt um but you know you can still get 100x from some of these newer projects right for example i don't know which ones are going to do that it's also very hard to get 100x you not only have to buy at the right time you have to hold for the 100x you can't just like sell one to 10x once it's down to

10x and then look back in six months and say well i should have held it's done 100x right um but like with eighth it's not going to give you 100x anytime soon even at 10x from from here for eighth to get to 40k it could happen the next few years but i mean there are a lot of other things that are obviously out on the risk curve where it's much riskier to buy them the chances of success are much lower and the chances of wealth preservation is much lower but if you pick the right one you can write it up i mean recently something like spell if you had bought that a couple of months ago you're up a lot on spell i think it's up 100x or something like that even more than that same with om from olympus dow uh some of the few of

these other other ones around here i think cvx is up maybe 15x over the last past couple of months um i think what else is here mpl has been doing quite well disclosure i'm an i'm an investor in npl that's why i know it's been doing quite well um but i mean rgt as well was like a dollar a few months ago it's like done over 30 x so when you kind of look at it from that perspective in that time eth hasn't done like a 10x or a 30x or whatever eve has basically i mean either has been i mean flat over the last six months right technically because six months ago in may it was like at all-time high around four thousand four thousand four hundred now it's pretty much like ping-ponging between the two uh i kind of like time of recording so during that time you

could have gone out on the risk curve with these kind of like smaller cap defy tokens put some money into them and made and made a 10 to 100x but the thing is you're taking on a lot more risk you're taking on uh you're taking on uh not only a lot more risk but you're also basically saying to yourself well i believe in this product enough to hold it for a long period of time which i mean is is probably even more difficult to do than picking the product in the first place so the index product something like this just makes that easy and i think it just makes it so you don't have to think about those sorts of things but at the same time index products depending on how they're weighted depending on i guess uh you know uh uh when they're rebalanced then depending on what kind

of like time and how long you spend in them it's going to give you different results but still i mean if you want to discuss this further with me definitely jump into the discord channel there's a lot of smart people in there and we've been discussing it over the last kind of like few hours uh earlier in the day i should say but uh it's an interesting discussion because as i said like i'm in a very different position personally than someone else like i am not chasing these things anymore like if you kind of rewind maybe a year ago and during d5 summer the first d5 summer in uh in 2020 i was doing all of this i was chasing all the low cap things i was djing into things i was dj and yield farming but personally i don't need to do that anymore i'm not

i'm at a point where i just i'm happy stacking eighth but there are plenty of people that um are new to the ecosystem and uh and those kind and a lot of you may be maybe in the same position here where you realize that if you want to uh make a you know a 10 to 100 x return in you know relatively short period of time let's say one to two years you're gonna have to go way out on the risk curve and there's plenty of opportunities to do that but the way what i like to tell people is just like to understand the risks because even though i did my like d-draining a year ago i i still kind of like lost money on things and i still underperformed eighth on a few things that i bought because i held it for too long so it can definitely be something

where um you know you may be confident at the time and then over the long term your kind of like thesis changes or the product doesn't go anywhere kind of like fails to gain traction so definitely something to to think about but again that is not investment advice that is just general kind of like views on the market i'm not telling you what you should do or what you shouldn't do but as someone who's been in both shoes of kind of like being in the dj mindset and being in the conservative mindset i can tell you that uh being a djinn is is fun while you're writing it up but um you know if you if you do hold it for too long it kind of like feels shitty especially if you underperform eighth and i've done that with a couple of things where i've held it for way too

long i've underperformed eighth and then you know factoring in taxes it gets even worse because taxes are dominated in in uh dollars in fiat so if i've even though i'm up in in fiat uh i'm down in eighth and then i'm down even more in eighth because i've had to pay taxes on the fiat that i made and then i buy back even less ethan than i was down on so you know for me it's just like a different scenario but i think for for anyone that's just starting out it definitely makes sense to go down the risk curve and see what you enjoy but it also definitely makes sense to check out the index products too as something of a safer bet than just going and you know putting all your money into one thing i think all right so lyra finance have announced

that their ignition token distribution has begun so you can basically trade stake and provide liquidity on lyra as options protocol to earn the lyra token now um some of you remember that lyra is on the optimism network so it's on later too no need to spend a lot of money on gasps to interact with liar which is always uh which is always awesome you can read the full announcement post here it'll be linked in the youtube description but essentially this is um i definitely this is something that happens over a various rounds and phases and essentially uh it's giving people an opportunity to earn lyra tokens and uh over a period of time all on optimism so definitely go check this out it'll be linked in the youtube description um and you know speaking of optimism actually

there's was another update today from them about evm equivalent so you'll you'll i remember that i talked about how the ovm 2.0 upgrade which is going live in a couple of weeks now is going to introduce evm equivalence where the optimism network is seriously is literally just ethereum running on a roll-up it's not just evm compatible it's evm equivalent which is really really awesome now this blog post goes into great detail about what this means what why evm equivalence is actually desirable why it's needed why it's good for users why it's good for developers what the future of ethereum looks like all the good stuff i mean there's so much meat packed in here you should definitely go check this out and read the whole blog post highly recommend doing so but i'm super excited for this

i mean between this and arbitrary nitro on the optimistic roll-up side there are some really really cool upgrades coming that are not only going to reduce transaction fees but also increase kind of like um transaction speeds which are already near instant right like you know i've had people say when arbitrage was saying you know we're going to do 20 to 50 x faster transactions well the transactions are pretty much near instant like you you know most is probably taking one or two seconds to to come up with a transaction confirmed kind of window so if it's 20 to 50 x more faster than that it's a sub second uh kind of like transaction confirmation and now as i've explained before it's a confirmation it's not a finalization your transaction isn't actually finalized until it's posted as a batch on ethereum

but still for the end user that's a great kind of like user experience there so so very very exciting things happening in the optimistic rollout space and of course in the zk roll up space as well with uh stock net going live next month in an alpha fashion but the race is really on for these layer twos as i said before the fact that all these layer twos are kind of coming out at the same time and they're all kind of like in competition with each other to get apps on board and onto there to get users on there they're going to be working overtime and really really hard to get all this stuff out to market and that says end users are going to benefit from it the most so i'm super excited about this and i can't wait to see this go live in a couple of weeks

but as i said recommend checking out the blog post here all right finally there's a new feature on optimism's gateway you can now select hop exchange from the drop down menu to make your withdrawal using hot protocol straight from the optimism official gateway this is awesome like i mean i love the bridges right you guys know i love bridges i talk about bridges every bloody episode at this point bridges is contending with polynei for how much i talk about them um but this is really awesome that it's natively kind of like inbuilt into the main optimism gateway because a lot of users will be using the um the native gateway and they'll be kind of like seeing that seven day withdrawal period and kind of like get turned off but then if they change uh their bridge to something like hop and then top says

to them well no you could have your funds a lot faster whatever kind of like the processing time is it's less than 30 minutes i think uh or sometimes even instant depending on kind of like uh what you're doing um and kind of like how the system is running uh of course users are going to select that which i think is is really really awesome but i mean of course you should all remember the golden rule of bridges not all the bridges are created equal there are risks and trade-offs of all of them but i think that uh it's just awesome that users already have this option instead of having to kind of like wait that seven days like if i'm being honest no user i mean 99 of users aren't going to want to wait seven days to withdraw their their kind of like funds out to

layer one but at the same time there's gonna be less and less users who will ever actually want to withdraw their funds to layer one the only reason to to withdraw your funds from i guess like a a layer 2 or from ethereum in general is to get it to a centralized exchange once the centralized exchanges have bridges you're not going to have to leave layer 1 i mean layer 2 at all you could just go straight to the the centralized exchange with your with your funds from the layer 2. so super super cool to see this uh and i'm really really glad to see that that hop has been selected as well because i i like hobbits one of my one of my favorite kind of bridging protocols but i'm sure they'll be integrating others like connext and seller and synapse and stuff like that as well going forward

but on that note i think 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 the video a thumbs up subscribe to the newsletter join the discord channel and i'll catch you all tomorrow thanks everyone