Arbitrum August, NFT valuation properties and more - The Daily Gwei Refuel #182 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the daily gray refuel where recap the latest news in the ethereum ecosystem i'm your host anthony sosano and today's the 9th of august 2021 all right everyone let's get into it so happy days happy weekend with the eighth price going up my beard's growing back too so tracking the 8th price nicely there uh you know it's been great and i'm going to talk about that in a sec but i just wanted to give a quick shout out here saying that we did the seventh ama in the daily grade discord channel over the weekend if you weren't able to attend there is a recording now live on youtube so you can go check that out on the channel um you know it was really great ama a lot of lots of good questions it's all timestamps so you can go check it out

there if you're interested in that all right so the first thing i wanted to talk about was all the regulation news that was going on over the weekend or guess like drama news you know whatever you want to call it um and i think it's funny because i've got a few different kind of views on this one i actually think that the ecosystem at large is freaking out about this a bit too much i don't think it's actually going to be like a death now for crypt or anything like that i'm going to kill crypto and i and you know a lot of people are missing the fact that this kind of regulation or this law won't actually go into effect until 2023 and that means we've got plenty of time to kind of like change it and mend it do whatever now obviously changing a law once it's

already in place is a lot harder than stopping it in the first place or at least amending it in the first place and that's what a lot of the lawyers in this space have been working on a lot of people in the us calling their senators all that good stuff but i think what's uh what's been funny to watch is like how much attention the crypto ecosystem has now been getting because of this infrastructure bill now you need to remember that this infrastructure bill is not it hasn't got really anything to do with crypto at all it's just some people trying to sneak in some regulations into this bill uh for crypto and we found out the other day that was actually jeanette yellen from the treasury basically saying uh basically trying to regulate crypto through a back door by this infrastructure bill but the core

of this bill is for infrastructure for the united states right it's a one trillion dollar bill around about that to fix kind of like or at least upgrade a lot of the infrastructure within the us so the fact that the crypto part of it is what's holding the bill up from passing and it's also what's getting the most attention is quite insane and i actually think it's quite bullish because it means that a lot of these publications that haven't covered crypto before such as politico that you can see in my tweet here are now covering it and basically saying wow okay we didn't realize crypto was such an active and vibrant industry and that's the same with all these politicians they thought that crypto was still this fringe thing that only a few people cared about but in reality a lot of people care about this like literally millions of

people care about crypto now and care about it you know how the regulation affects it and they're really rabid about it as well so i think that um at this point in time we've we've firmly entered you know the geopolitical arena i've been saying it for a couple months now on the refuel especially since the el salvador news saying that crypto has entered the geopolitical kind of sphere it is it's going to become much much bigger um in both kind of like uh i guess uh the price is obviously going up i believe that's going to happen um i also believe that it's going to become bigger in terms of like more people going to be involved here but also the more kind of like regulatory scrutiny we're going to get and all that sort of stuff and the more that people want to regulate us the more

the governments are going to want to regulate our industry um but on the flip side uh we basically get like all the extra attention as well which i always think is really bullish because like i i mean i come from a marketing background um obviously i worked in marketing for set a lot of you will know that uh so whenever i i kind of see something getting attention even if it's like quote unquote bad attention i still think it's good because i mean it's an old saying right no attention is is bad attention because you're still getting attention from uh you know on your kind of like project or kind of like what you're doing and that's why there's a lot of i guess like drama and outrage is because that garners attention even though it's quote unquote bad attention it's still uh good overall

because the way i like to think about about it is okay well say you know a thousand people see uh something you're talking about and and 900 of them think it's and move on well you just have a hundred people now that don't think it's you know buy into what you're selling and essentially check it out that you didn't have before so essentially that's why the saying goes you know no attention is bad attention and that's the same here with crypto where yes crypto is getting attention uh because of like these bad regulations that are going in or whatever and some people might think it's crap that the crypto's holding up the um the infrastructure bill and that our industry is like a joke or just like a fringe thing and we don't matter but at the end of the day we have shown that we matter we

have shown that we are much bigger than what they think we are and that is leading to all of this attention now and all of these politicians and everything around this like all of the reporters the mainstream media all of the people that work with these politicians like they're all realizing now that the crypto industry is not just some small thing that they could forget about and that they could ignore it is actually really really big and i think jeanette yellen uh she knows this and that's why she's trying to regulate it in that she sees like how disruptive this technology can actually be especially on the finance side um and obviously you know being in government they love they love control right they love getting control over things um so she's trying to kind of sneak these things through the back door through this infrastructure bill

but we've come along and we've said well no you know we're not going to just let you sneak this in we're much bigger than you thought we were we're a force to be reckoned with and i i just i'm really happy to see that playing out i'm sure there's going to be other countries that try to regulate crypto through through kind of like like this i'm pretty sure it's going to happen in australia it's going to happen in europe it's going to it's going to happen in pretty much every western like kind of democracy um and it's already happened in china right where they've cracked down in it in various ways and other parts of asia are also thinking about it too so you just kind of like uh and it's funny because like even like india had like their i guess like flirting with banning it but

they're not banning it and then you know i guess regulating it by the banks and stuff like that so each country is going to have its own approach to it but i think the more this ecosystem grows and and the more that crypto becomes ingrained in people's lives it's going to be much much harder for governments to just say okay well we're banning it or we're going to stop this from happening or we're going to regulate it heavily because what ends up happening is that the people that are in that country that are involved in crypto especially the builders they're going to be like well screw this i'm leaving right i'm taking all of the revenue all of the economic growth everything that i would have generated for this country i'm going to take it elsewhere and that is what the um you know for example the u.s does

not want like if anything they do not want that happening because they're already acutely aware that they have stiff competition from places like china and if you look at the geopolitical sphere there um the the you know china's economy from memory i think is already bigger than the us's and the us seems to be lagging so if they kick out um crypto from their economy and they force people to kind of move out they're going to lose a big chunk of what is the future of the financial system and that is just one part of it i mean you know there's there's gaming there's um you know obviously the nft stuff there's uh there's def defy um dows like all the kind of stuff web 3 all that sort of stuff if you kind of like regulated too hashi and you kick it out well then what ends up happening is that

you give the other countries the opportunity to kind of embrace that and become those hubs and i think that's what i guess like what's um what's funny with the us is that they didn't regulate the web uh you know too harshly back when when the internet was kind of coming to prominence and that's why you see all of these massive web-based companies internet-based companies are in the us because it wasn't regulated too heavily they didn't kill the golden you know golden goose before it laid the golden eggs now if they put this this kind of like regulation in and they stick to it and they keep heavily regulating it well they're just going to lose out on that economic growth and i i know you've heard this a million times but i think it's incredibly important to remember that that is something that we should be harping on about especially if

you're in the u.s and you're calling your senators you know you should be saying this to them you should be telling them you know this is going to be great for the american economy like why are you regulating this so heavily like there are ways to regulate it and then the ways there are they aren't and of course they always use the oh we're doing it because people are avoiding taxes or whatever and i always laugh at that because it's like yes okay people are avoiding taxes but you shouldn't regulate the entire industry to catch those people you have the tools to catch those people you should fund the irs if you want like give them more money to go catch these people if you want to do that everything is totally transparent on the blockchain you have regulations already at the fiat on-ramps and off-ramps like

the centralized exchanges and other services there is no reason to stifle the entire industry if your goal really is to uh you know catch the tax cheats at the end of the day so i'm going to end my little mini rant there for today but i just kind of like wanted to say how i think this is just insanely bullish for crypto overall because of all the attention that we're getting and crypto being in the kind of like geopolitical arena and being you know so prominent within politics now is actually really uh really great for this ecosystem i think it means that we've kind of like crossed over from being viewed as a toy to being viewed as something that should be taken seriously and more and more of these politicians will become convinced that this is going to be just as big if not bigger than the internet and they'll

be able to look back and say okay well what would have happened if we banned the internet or if we heavily regulated the internet back in the day would we be where we are today and the answer is a resounding no like there would not have been the googles there would not have been the apples and amazons and facebooks and twitters and all that in the us they would have those entrepreneurs and those builders would have gone elsewhere and they would have founded their companies in other countries and then those countries would have lost the econom the us would have lost their economic growth to those countries so as long as we keep hopping on about that and we keep showing that there's real kind of like merit to this technology it's not just all pump and dump scams everywhere like yes there is a lot of that but

there was a lot of that in the internet and there still is where there's a lot of scams going on in any new industry there's always scams but i think just showing um kind of like these politicians that we're here and we're not going to lay down and take this and we're forced to be reckoned with is the path forward so i'm going to end that there for now a bit more uh i guess like talk about the eighth price and kind of what's happening now i think i think a lot of people kind of realized over the weekend that one five five nine was not priced in and i i kept hopping on about this like on the refuel and not just with one five five nine i've said many many times before that i think that nothing is ever priced in when it comes to crypto

because it is impossible for things to be priced in when it comes to crypto the amount of information asymmetry in this space is absolutely insane and what i mean by that is that if you're listening to me on the reef fuel every day you have more information about the ethereum ecosystem ecosystem than 99.99 of people in the world and more information about the ethereum ecosystem than most people doing crypto like they may not they've been already being crypto but they're not watching the refill every day i mean i get like what a couple thousand views per a video i think a few hundred on the podcast or whatever like really you'll you're the minority when it comes to this industry in terms of keeping up to date and realizing the impact of these things you know one five five nine for example i talked about for like months

months and months a month years on the on the internet ether podcast that we would be burning a lot of eat when it went live right because of the fact that if you do a 70 estimation on the fee on the the fear revenue being burnt based on the fees that we were generated over the last you know year or so this is how much ethically being burned and then i had people coming to me and i had people you know replying to my tweets and talking about on twitter saying wow i didn't realize this much either was going to get burned this is incredibly bullish i'm going to buy eth it's like it's like what this is so insane to me the fact that this had been public knowledge for so long like everyone saw the fees everyone felt the fees everyone knew the fees were high like i

don't understand what they thought was going to happen that they that we weren't going to burn those fees and and people you know knew about one five five nine it was talked about all the time and you still had people saying that uh i just i mean even some hardcore ethereums that i know said this and i was i'm just like wow like this is just so like crazy and i i wouldn't i'm going to go i'm going to talk about that point in a second another tweet that i've got here um but just on the 155 no note for a second i actually put out a similar tweet to this uh a few i think a few months ago maybe a year ago uh where i had like eight key value accrual pillars um you know to unlock and trustless sov i had a tick next to

because it was unlocked you know trustless story value collateral asset as part of d5 we had unlocked that because d5 was was big it was getting bigger and all that sort of stuff i had a clock countdown next to staking because we hadn't unlocked staking yet and then i had a countdown next to one five five nine as well now given that these two these things the other remaining two have gone live now obviously staking in december one five five nine last week we now have eighths three core value accrual pillars unlocked and that is so so stupidly bullish like i don't even think people realize like we have more heath going into staking every day there's all the 6.7 million locked there deep fry's growing all the time more it's being locked up in d5 and we have thousands of eth being burned each day

at current kind of like i guess fee levels and to be honest if the market keeps heating up and keeps getting bigger and bigger the fees are going to skyrocket again it's going to go to 100 grey plus and we're going to be burning so much either people won't know what the hell has hit them like we're going to be deflationary in a lot of the of a lot of the blocks on ethereum and then i and then i added on to my tweet here that we're going to soon bring all of these pillars together in what is the ultimate kind of um i guess value accrual i guess not pillar because i think there's only three pillars but like a valuable cruel um you know part of ethereum and that is what is called the triple harvening or the merge right the eighth one

to eth2 merge this is at least a hundred times more bullish than one five five nine and if you think that i've been about one five five nine just you like wait until the merge gets closer and closer i'm gonna be screaming it from the rooftops because the triple hardening refers to the fact that the new eth being issued as part of the um protocol issuing ether secure itself is going to drop instantly instantly by 90 as soon as we do the merge which is an instant thing like literally we're going to go from okay the ethereum chain is being secured for proof of work and then bam merge okay now the ethereum chain is being uh um secured by proof of stake so it's just literally one block difference and issuance instantly drops 90 percent uh cell pressure pretty much drops by that amount right

because the fact that the the issuance going to minus needs to be sold all the time for electricity hardware maintenance cost all that sort of stuff so not only are we dropping issuance but we're also um uh removing that kind of like cell pressure immediately from the market which is going to cause like i think a south side liquidity crisis faith because a lot of the ethic it's brought up does belong to miners at the end of the day because they're the ones generating the new eth right it's not yes holders and speculators will be selling but um the float of eighth is actually quite low and i'll get into that in a sec as well but really like and i said here y'all aren't ready because i mean i don't think anyone is ready for this like i really still think that people don't

realize the fact that the triple hardening is coming and they actually thought that some people thought that the triple hardening was part of one five five nine which is even more bullish because if one five five nine has done this to the price already and if we keep going from here i'm gonna attribute it to one five five nine to be honest then imagine what the triple hardening is going to do it's just absolutely insane to me that so few people know about this and it's such a large impact on i guess like the the issuance and on top of that the the merge doesn't actually include withdrawals from the beacon chain so no one that has been staking is going to be able to withdraw their eighth at the merge it's probably going to take a little while i'm you know i'm seeing estimates from

anywhere from one to three months for um withdrawals to come in so we're gonna have like this one to three month um golden period where no each that's been issued or locked up in staking or fees being paid to stakers um the ones that aren't burnt none of that is being sold absolutely nothing so the only available supply on the market for eth is going to be speculators most of it is speculative traders and things like that and then any holders that are that are cashing out because either they've been uh you know they're long-term or short-term holders doesn't matter but that's a very small part of it so the free floating supply of eth on exchanges and just like available for sale or whatever is going to be absolutely tiny and that i think is

the reason why it is a hundred times more bullish than one five five nine but then the fact is we still have one five five nine right we have uh staking uh the trustless sov collateral asset and one five five nine all brought together with this triple harvening event man like i don't i don't know what to tell you guys like i really i mean i'm trying not to be too bullish here but holy crap like if people didn't if people um didn't realize how much was being burned with one five five nine they're not going to realize how much each is going how much um uh the issuance is dropping by once the merge goes through so yeah i'm gonna stop there on on that tweet because there's other tweets i wanted to go through um you know this is the one where i was

saying i put a tweet out saying you know some people had no idea that one five nine was going to burn this much eighth imagine what they're gonna um imagine how many people actually understand what's gonna happen with the triple harvening i'm gonna wager it is like a few thousand people at most and i wouldn't even say that they actually understand the implications of it they may understand that it's coming but the actual implications of it i don't believe that they actually understand that um and then the next tweet here um eric uh my uh my co-founder of ethiopia put out a great tweet where he said one five five nine has already cut the ethereal inflation rate from 4.2 percent to 2.6 percent once the merger happens in a few months and proof of stake is live this will be a negative number at current 8th burn

we will be deflation net deflationary um and ethereum will be secure while it is in that deflation area and this will be the best crypto monetary policy that exists and has ever existed which i think is just seriously i mean people really i mean as they see investor here people seriously aren't ready like this entire space is about to be appended uh by this like literally i i just i can't wait for this i mean this isn't even far away this is q1 2022 most likely this is like eight months away or you know if it goes longer than that maybe q2 but i'm pretty confident q a in q1 but you know you never know with these kind of things um and then the next thing here i'm talking about like the free floating supply on exchanges uh krugman here who's an active trader

said i think looking at eth burned as a percentage of the entire market cap misses the potential impact on price what drives pro price is float which is a much smaller number than the entire market cap the burn happening right now could impact the float 10 times more than realized assuming the float is 10 of the total each supply and what this means is basically that it's funny because a lot of the fee revenue that or at least the fees before one five five nine that were going to minors was probably being sold right so if you take away that fear revenue and burn most of it not only is it not being sold but it's also being removed from the eat supply like that's going gonna have a massive impact on the free float that's available for for for buying or selling on the market

which is absolutely huge i don't know if the float is ten percent i did have a look at some on chain data and i saw that in the last six months i think it was um i may have tweeted it in reply to krugman here i said 13 um uh is is what's on centralized exchanges but in the in the last uh three months only 16 of supplies actually moved on chain so if you count like in the last three months of movement as the free float supply only 16 of the 8 supplies actually moved on chain and probably actually available for sale at this point in time because even if um exchanges move eighth out of cold storage because they need more for market makers or whatever or that l people are withdrawing to sell or whatever that is uh realized on chain so there's an

on-chain movement of eighth and that'll be reflected in the data i looked at so that i mean again is is incredibly bullish there um and on the phone i think this is the final note about one five five nine oh i got a couple other things but i know uh uh one of the last notes here is from justin drake who updated his uh spreadsheet here on for his projections on each supply so he's still projecting 120 million eighth supply peak uh 11 years to reach 100 million each so that means that at current like fee revenue will burn uh 20 million each in 11 years i mean i know that seems like a long time but 20 million eats being burned like that's a massive amount of the supply right um 12 temporary apr at the merge uh six percent long-term apr with 45

million eight staked uh and seven million a year cell pressure reduction so i mean as i was just saying the free flow is is a very small percentage and a free float a lot of it comes from the miners right because they have to sell to cover costs and all that sorts of stuff so once the merge happens and everything like that we're going to reduce the issuance by 90 this the costs are going to be reduced by 99 for stakers and the only reasons that stakers are going to be selling is one just pure profit taking if they want to i guess uh take the profits of what they've earned in rewards or maybe the price has gone up a lot and they're profit-taking uh two is taxes of course like they're going to be selling a portion for taxes because uh the income

generated by staking is taxed as taxable income um and third to cover the limited cost that they have like really it's a very small cost like maybe i don't know how much it is for every person in the world it depends on a variety of factors but maybe a couple hundred dollars um you know over a year or something like that it's something really low compared to proof of work so there's that and you can check out this spreadsheet i'll be linked in the youtube description um and there's also this kind of like a leaderboard i love to look at on the ultrasound money website where it shows you kind of like the leaders in 8th being burned over the last 24 hours 7 days 30 days etc and a lot of these random nft projects that are kind of launching these days uh um are accounting for a lot of the

fee burn you can see here that space poggers accounted for 578 burned over the last 24 hours when i from when i tweeted this which was i think earlier in the day today uh and then crypto zonks another one here you know 200 ethburned uh obviously you've got your usual suspects in here like open c and uni swap and axe infinity and stuff like that um but the fact that we have this leaderboard now is really cool because no longer do we you know have to no longer is like i guess one of these things clogging the ethereum chain like all bad now we actually get something out of it which is being burned uh and finally on token terminal i love this kind of um chart they have here where you can see how much each is being burned as protocol revenue and how much is going

to miners in terms of um in terms of fee revenue and you can see here that about 75 is being burned whereas uh 25 is going to miners which was basically the projections that justin drake had come up with before when 559 went live so he was pretty accurate there that's pretty cool to see that as well but i think that is it for 1559 stuff yes it is i'm going to move on to some other updates i think this is going to be a long refuel a lot happened over the weekend it was crazy but anyway i put out this tweet where i said it was very nice to see this continued trend of growth from optimism now this is measuring optimism's daily fee revenue so the actual fees being paid on the optimism network by people using it mainly to trade on unison v3 and to use the synthetic

exchange or to do staking on synthetics and things like that because those are the only two major apps live right now um but you can see here the the steady growth up i mean it was kind of like until they launched uni top v3 and the synthetic exchange it was kind of you know growing a little bit in july but still a bit flat and then we had like this explosion of growth recently especially because the market heated up as well right like that's going to account for a lot of this but you can see here just how crazy it is i mean on the other day i think uh optimism generated what fifty thousand dollars in fear revenue that was more than most of the ethereum killers um you know on on the sheet if you go to crypto fees.info on the website sorry

you'll be able to see this so i'm just loving this continued growth here and on the note of layer twos arbitrary put out an update uh i guess like over the weekend as well where they said that over 400 projects have now been approved to deploy to their arbitrary one main net here with dozens of them have successfully completed the deployments and arbitrary is going to be open to the public in august and unfortunately it wasn't in july i have to eat my hat but i'm not going to eat my hat like for obvious reasons but anyway um i don't know if this is going to be august 31st how many days are actually in august is it 30 or 31 i don't even know it's 31 days to check my calendar so there's 31 days is it going to be august 31st is it going to be this week is

going to be next week who knows it's they said that it's coming in august now arbitrary has actually been pretty good with their dates and meeting their deadlines they met their deadline for uh the developer main net which is end of june um and for them to say that they're confident they're going to be able to deploy in august i think that you can basically take this as as gospel like i really do think they're going to launch in august i don't think they're going to be like oh well we have to delay to october or something like that so don't know when in august they've left that open of course but you know this is going to be awesome i just cannot wait for this to go live because optimism is awesome and i love using unison v3 on there and i've played around the

synthetic exchange but i uh but arbitrary is going to have much more apps available than optimism does uh from the get-go so that's going to be really awesome to see like how fast an ecosystem can spin up on there because we've seen it happen on like a bsc and then even more on poly on the polygons pos chain when you have a vibrant ecosystem of all these apps working together the users come very quickly and they also uh a lot of liquidity comes very quickly as well so and there's going to be exchanges that support arbitrary as well okay x already announced it i'm sure coinbase is going to support them and things like that so having direct bridges into arbitrary room is just going to be absolutely amazing and i just honestly can't wait to see their kind of ecosystem go live and to have people playing in there and

see all the liquidity happen it's it could be dfi summer 2.0 right like you have like layer two summer defy summer i mean it's almost the end of summer in the northern hemisphere right now but maybe it's like summer every every time right like now it's just forever summer every every kind of like days somehow if you try just for the narrative right um but yeah really really cool to see that uh from avatar and i just cannot wait to see them go live so zappa is teasing uh that they're gonna you're going to be able to show off your nfts as your wallet avatar so if you use zapper you'll know that you get little wallet avatar on there it's like a default thing on the um on on the kind of like the next to your like exp bar next to address and

everything like that uh seb from from zappos teasing that you'll be able to kind of like choose any in nft that you own you have to own it so you know he says here right click save won't bring you far on zappa because you won't be able to change your avatar to anything that you don't own so obviously everyone with crypto punks is going to be flexing their crypto punks as their avatar on on zappa and things like that which i think is just really cool and you'll be able to uh kind of like um you won't be able to show it off just yet but like i'm sure they've got other plans here zappa for kind of i guess making the whole process more social and things like that but i'm sure you'll be able to take screenshots and stuff like that and whatever but

yeah i just thought this was really cool and i just can't wait to to be able to set my uh my avatar as one of the nfts i own i think that's just a really awesome way to get people more involved with things and uh you know get them coming back to zappa as well so speaking of nfts christie's announced another auction here uh of crypto punks so they have i think there's about maybe how many crypto punks are for sale maybe six right now um i don't i don't actually know um uh how many there are but yeah they're auctioning off a bunch of crypto punks again i think there's a zombie punk in there which i guess would be the rarest one in there i think it's this one here as you can see in the picture um but yeah i mean this is just another

i guess like oh big christie's auction that's happening actually i'm gonna there we go that's the six there on the screen if you can see that oh sorry guys there you go you can see it on the screen now so those are six uh uh punks that are being auctioned off here um there's a hoodie one as well hoodies are actually very expensive they go for more than half a million dollars zombies go for millions of dollars right and then a bunch of top hats and 3d glasses which are pretty rare but you know this is a pretty varied and nice collection here i mean this is going to go for millions of dollars of course um but yeah just more attention from i guess the traditional art world with christie's pretty cool to see that um this is something that i missed actually a week

ago from prismatic labs where they detailed in this blog post a bunch of changes coming to uh prylab's v2 so uh sorry prism v2 so this is the first major version bump to uh the prism client since they released the mainnet ready version there's a few things that people will need to be aware of um you know you'll need to update your nodes in preparation for the altair hard fork which is going live live soon as part of i guess um uh the beacon chain kind of like forking to upgrade uh the v2 will be available at least a week in advance so if you're running the pro the prism client you should definitely upgrade um you know there's some stuff for developers in here uh there uh if you're using the slasher feature which is a feature for basic which is a piece of software that you

can run to uh basically slash people on eth2 uh it's going to be deleted and instead will become a feature enabled by a flag in your beacon node uh and they'll be deleting deprecated flags and code as well so i mean the bunch there's a bunch more info in this post here prolabs is generally a very a very uh thorough with their updates which i really really enjoy because there's just like a ton of info in here so if you're running the prism client definitely check out this blog post to get all the information you need about the v2 change uh and like what it means for you at the end of the day and speaking of eth2 and staking colfax here put out a great little tweet through where he said stumps some steps to increasing the beacon chain client diversity in no particular order now you remember

i talked about beacon chain client diversity i think last week and maybe even like before that on a refuel and what this means is basically there's four five major clients right now um that work with e2 and unfortunately prism accounts for 70 80 of the entire network when in reality we would want that to be much lower and we want the other clients to be a better percentage of the network so corvax has given a few steps here where he says you know good get good data on the distribution and educate people about it like i guess that's what i've been doing right i've been trying to educate people to switch off prism if you're using it and switch to another um another validated client because it's better for network health and decentralization uh the clients need uis right they need good uis to encourage people to switch

um all clients should be added to dap note and nevado there should be multi-client uis built standardized key management across all the clients client switching tools so it becomes much easier for people to switch and client packages through ppa which is a linux thing here now he has a three thread going through each of these points uh and breaking them down a bit further and giving more detail i won't read out this whole thing but you can check it out in the youtube description but yeah my call again is that if you're re if you're running the prism client please please please if you are able to change to something else just lighthouse you know whatever it is lighthouse nimbus teku uh even like um load style which is now available change to anything else because it's not that the prism client is bad

it's not that um you know you changing over will uh will kind of hurt that team or whatever it's just that they want that as well like the pro labs team wants um uh the uh i guess like client diversity to be much healthier too because at the end of the day uh if right now if the uh i guess like pr prism client had a bug in it the e3 network would stop because there's just too much of these prism clients uh you know holding up the network so we do need um that client diversity for that reason but also to improve decentralization so that the prism team doesn't just become the de facto when it comes to to eth2 so yeah just i'll link this in the youtube description you can go check that out um an interesting tweet from dc investor over the weekend where he went through a

few points about what gives art nfts their value now a bit of background on dc investor for those who don't know he is pretty much i would consider one of the best if not the best nft investors in the space right now he has called pretty much everything he has so many of the most valuable nfts you can actually see them if you go to his gallery profile here gallery.so slash dc investor he has if i just took a skimmer and i worked out the value off top of my head literally millions and millions of dollars worth of nfts but he did not buy them for millions and millions of dollars he bought them back at the start of the year when everyone was saying you know i don't get this right especially when it comes to art and i was saying this too i'm like i

don't get this at all because i don't really get art and i'm just gonna have fun staying poor because like i didn't buy any of them and things like that even though i was talking to dc about this at the time uh he was just very convinced at the time he was just laser focused being like dude like this is gonna be they're gonna be worth a lot i know i know they're going to be relevant um you know i love the art of it as well because he always says that you should buy them if you like the art and for me i took that advice quite literally i'm like well i don't like the art i don't get it i don't understand why anyone would buy this for a much higher price so i'm just not gonna buy them now they see in this tweet he basically says

well here's a few of the reasons why uh artist reputation slash potential that's a big reason why people value these things relevance in the oh man i don't even know how to say this word i don't even know what it means oh god someone's going to correct me in the youtube comments i know it but i don't know what this word means so sorry about that i'm sure it's probably got something to do with art um community collector-based quality as well so if you have like a a core group of of collectors that really understand the value of this thing it ironically makes it ironically makes it more valuable uh scarcity exclusivity that's crypto punks in a nutshell basically memetic quality as well i mean again i think crypto punks falls into that but there's a lot of other nfts as well groundbreaking nature things like uh euler beats if you you

may have seen that or euler beats i say eula but i think it's euler oiler beats uh where it was basically um uh music embedded into an nft and there was a few other kind of like uh properties to it as well uh the degree to which it serves as a basis for derivative works uh so basically being able to take say a crypto punk and turn it into something else as well and historic relevance too so these are just some other reasons i think i i would say that there's more reasons out there but really whenever they see an investor talks about nfts i listen now he is just like so on the money with a lot of this stuff and he really deeply understands it i think he spends way more time in the nft ecosystem than he does in the d5 ecosystem these

days and he used to be really big into d5 as well so yeah just a really great follow if you're not following him yet and you're interested even if you're not interested in nfts just a general really great follow when it comes to anything ethereum so uh nadav from dharma is teasing and integration here with polygon so you'll be able to go directly from your bank account to polygon their pos chain using darma so for those who don't know dom is a mobile app that you can download and they basically sell themselves as the ethereum wallet that connects to your bank so essentially i mean this is i think only in the us you can basically go straight from your bank account to d5 and that's kind of like the selling point here with using a nice little app on the app store so if that's something

you're interested in definitely go check down right out but it's good to see them supporting polygon because i'm assuming they're going to be supporting other kind of like scalability solutions uh later on like optimism and albatro and all that sort of stuff as well so it's just great to see them kind of like supporting this uh relatively early on as well so uh connects here network introduced nxtp which is a simple x-chain transfer protocol and what that means is basically nxtp uh is a generalized protocol for cross-train transactions now the testnet uh sorry now this as of today it is on testnet and fully fully ready for developer integrations um uh you can kind of like see how it works in this blog post here uh see how like uh vector works as which is their other feature and everything

like that i won't read through the entire blog post tr but essentially i mean this is connex is a bridging protocol but again i've i've said many times that i think bridges today even though they're out there and they're maturing rapidly they're still not what we want them to be and this is what connexx is trying to do with this nxtp thing is they're trying to make it better more efficient more effective for their bridge to be able to kind of like talk to different layer twos talk to different side chains and other chains and all that sort of stuff so really great to see this release from them of course you can go check out the entire blog post to get like a better look at kind of how this all works you know what's going on under the hood and stuff like that

and speaking of kind of bridges starkware has also announced their uh i guess like bridge here which they're calling a trustless side chain to stockx stockx bridge secured by ethereum so you can basically transfer uh funds i guess from the polygon pos chain to uh starkx which and being secured by ethereum the tldr is that i mean as i've been saying transferring funds between sidechains and l2s is a growing need current methods include going via layer 1 ethereum which is so slow and expensive of course but it's trustless or via an app or an lp requires tr trust yet fast and inexpensive um so uh starcraft's proposing a trustless secure and inspect inexpensive side chain to stockx bridge which relies on ethereum security this

is really important i think um you know again you can read this post for seeing how this works but i've been saying for a long time that if we if if you have to touch ethereum layer one to bridge between different things or be on board to layer two it's gonna lock a lot of people out because at the end of the day i do believe fees are gonna be high forever on layer one um even you know what's funny even at the lowest point when um fees were back at like 10 way or five grey in like july that was still not cheap enough that it was still too expensive for most people so we need to be able to get people onto layer twos onto side chains without having to touch ethereum but we do wanna see if we can get them to inherit ethereum security as

well while doing that and that's what starkwear is proposing here with this kind of i guess um uh this blog blog post which you can go read and check out uh i'm not gonna run through the whole thing obviously i mean there's a bunch of nice images here they're very thorough as well with their updates and and covering these sorts of stuff but uh generally they they really do care about the trustlessness and the decentralization and making sure people get ethereum security without the trade-offs uh so uh again ethereum security with the benefits as well off for bridges uh otherwise if you're bridging and you don't get ethereum security uh you know you're basically i guess losing out on that trustlessness and and you're getting a bit of a weaker security there so yeah definitely go check this out but i think i'm gonna end it there for

today it's been a long refuel but thank you everyone for listening and watching be sure to subscribe to the youtube channel if you haven't yet give that video a thumbs up subscribe to the newsletter join the discord channel and i'll catch you all tomorrow thanks everyone