Arbitrum One live, Set raises $14M and more - The Daily Gwei Refuel #132 - 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 sozano and today's the 31st of may 2021 all right everyone uh before we get into it i wanted to just give a quick shout here that i was on uh the rockstars of ethereum a kind of podcast here with uh the epns co-founders uh two of them here husband and wife duo um so if you want to go listen to this and go check this out i'll link in the youtube description we have the wide-ranging discussion from you know talking about my background in the industry and like what i did before hand and kind of like what i'm most focused on today and it was it was cool the interview flight was different to what i'm used to uh there

was there was at the end there was like a lightning round of questions and the questions were actually quite fun to answer so definitely go check that one one out if you've got some time um and on i guess like that note there's going to be an ethereum foundation eth2 ama on june 23rd at 1 pm utc on the ethereum subreddit so mark your calendars for that the last time they did this i think was a little while ago there's been multiple kind of ama's here over the years um but these are usually really really awesome they're packed full of information about eth2 directly from the kind of research and and kind of like development team as well so definitely going to be uh kind of checking that out i don't even know what time 1 pm utc is for me i think it's around this time or something

like that maybe maybe around midnight or something but i'll definitely be uh be checking that out i think there's going to be a ton of information in there that you may not see anywhere else you know maybe just very you know buried or whatever so uh they usually post the thread before they kind of answer questions so people can kind of put questions forward um and i guess speaking of ama's uh there wasn't the uh the daily gray ama um over the weekend then it went for about uh just over two hours this time so it's a great showing there but if you if you missed it and weren't able to attend uh there the uh recap is uploaded to youtube so you can go check that out under the ama series kind of playlist there uh the next they they will happen every two weeks i think from

now on unless i have the kind of scheduling issues or something like that and at the same time which is saturday night night time 11 p.m australian eastern standard time early morning us and kind of i guess like afternoon-ish europe there so if you can make it definitely look forward to the next one in a couple weeks there all right so on to the news from over the weekend we had arbitrage devnet finally go live remember i had been talking about this kind of all of last week and we've finally seen it go live here and they're calling it arbitrary one which is their mainnet beta for developers and you know in the post they go into details about kind of like everything that's uh that this mainnet kind of beta uh comes with uh what it comes with for developers they had over 250 teams request access

for this launch um and you know they only put the blog post out i think what was it back on may 13th so only a couple of weeks ago now where they asked teams to kind of submit via google form and they had over 250 teams already submit applications so you can see that i guess scaling people are hungry for scaling even though gas prices have been down lately i don't think that people uh kind of think to themselves well you know gas prices are low now why do we need layer 2 scaling it's more like okay well gas prices are down for now but what happens when uh you know i guess like the network gets more usage again when the market heats up again and that's what's going to happen like it's not going to stay like this forever there's going to be more usage that

comes along the market's going to get hot again and it's all just going to be you know i i can see gray or gas prices going back to 100 plus for kind of rapid transactions there so that's why the hunger is here for for things like arbitrary um and they said in this kind of post here that they're actually going to be uh hopefully opening this up to the public in maybe a couple of weeks i think they said that uh somewhere on in the in this post here or at least uh they're definitely um they're definitely kind of aiming for for some time this month hopefully if not kind of like you know uh sorry this uh not this month sometime in june if not july and they also detailed uh how that um it's not you know fully decentralized yet they're still gonna

have guard rails on arbitrary because it's main at beta uh they don't want you know something bad happening something catastrophic happening that they can't recover from so there's gonna be admin keys and all that sort of stuff there but i think that's fine i think i mean i think there's kind of guarded launches and launches and these slower launches are absolutely fine i have no issue with that myself so yeah but still very very cool to see that this has gone live here i think you know there were some people who are expecting this to be more than just like a devnet they were kind of expecting it to be something that users could use and that's coming in the next few weeks uh but i think in this industry we tend to have a a kind of like problem with the narratives getting away from us and i

kind of wrote a little bit about this in the newsletter today where you know you can't win a narrative war whatever people want to believe they're going to believe the best you can do is just like talk through the tech so the tech really is the ultimate kind of arbiter of what's true and what's not so you know people can say oh well layer twos are never going live and then when they go live people can't really say that anymore and if they do they become like this kind of fringe minority where people say to them well you know layer twos are live what are you talking about and they they laughed at and they're mocked for that but before these things go live you can of course like um you know you can get these people saying well this isn't gonna happen that's not

gonna happen blah blah we had this happen with d5 when d5 was very young there were a lot of kind of um haters out there who would say oh d5 is never going to work it's all just like a scam it's it's it's you know built on kind of like shaky foundations and now d5 is as big as it is and you know those people some of those people are still saying that but they're not listened to anymore like no one listens to them anymore except like the the most ardent and hardcore kind of like haters or detractors from this technology it's the same thing with everything that's gone on with ethereum over the years layer two you know the eth2 proof of stake rollout sharding until it happens people can always make up whatever narrative they want um and believe whatever they want but

then once the text out there and the text speaking for itself it's just very hard for people to kind of ignore that or at least most people to kind of ignore that and double down on that unless they want to be like you know called out for it sort of thing or or maybe they just want to create their own echo chamber or whatever but anyway still very very exciting launch from arbor trim here i am looking forward to the public launch because obviously that is going to be the place where we all get to play with layer 2 and finally get to experience um you know uh one one of these kind of like uh optimistic roll-ups that we've been hearing about for quite a while now not to say that you can't experience kind of like zk roll ups already which is kind of like similar um through

loopering and diversifying all that good stuff there but uh i think optimistic roll ups typically have you know the optimism is really just synthetics right now which which hasn't got much going on um and a lot and the zk roll ups aren't generalized so arbitrary i think will be the first generalized open to the public kind of mainnet um for like evm compatible kind of apps here so and the fact that over 250 teams have already signed up to to jump on board here is a huge vote of confidence you know i'm assuming that like every kind of major default app is going to be on there or at least most of them are going to be on there and as i've mentioned before because capital is so easy to move in this ecosystem you could have capital really quickly flow to arbitrary and algorithm could

get some some nice network effects very quickly from this so i'm definitely looking forward to that and on that note 0x mackie from sushi swap announced that uh they've deployed to arbitram already um and they're doing just ui polishing and things like that and i think mcv2 is is loading i'm not sure what what this uh what this is maybe i'm i'm being dumb here and missing the obvious but uh anyway they've already deployed which is really really awesome um and then just polishing up the ui now the reason why it's so easy to deploy for these existing projects is because it's um you know arbitrary promise is just like a one-to-one port over from ethereum mainnet because they're fully evm compatible they have their own kind of like i think um virtual machine called the avm the arbitrary virtual machine but it's 100 compatible with with the

evm as far as i know on the tech side of things so that's why you'll see a lot of these apps that you no one love from ethereum going live and everything like that and there won't be forks there won't be like bsc where there's kind of like forks happening um that you know pancake swap copying unisop venus copying the money markets on ethereum these are going to be the the protocols you know love and trust on ethereum just on arbitram with you know very cheap transactions and very fast transactions as well um and you've already seen kind of like this play out with polygon right like polygon has a has a number of top ethereum apps on there and there aren't really any of these kind of like scam forks that we saw on kind of bsc as well so that's really positive uh to kind of

view here but yeah the days i think of uh people having to deal with high gas fees on layer one ethereum are numbered as i've said plenty of times i think that sooner rather than later people are going to be experiencing layer two and they're not gonna have any reason to go back to to layer one here they're gonna be bridging between different layer twos i mean i showed last week how um hot protocol had already has like a bridge between polygon um and ethereum that only takes a minute and 30 seconds and i think the way they achieve this is they have basically a cross-chain decentralized exchange or a cross kind of l2 decentralized exchange where they have market makers that sit in the middle and take on that withdrawal kind of delay um for for you but you know for a fee of

course so there's going to be tons of these solutions going live and i mean it's that the error is kind of like i mean i know i've talked about layer 2 so much um but it's it's finally you know here um it's finally going to be getting these network effects and kind of like getting people to experience it which i think is the main point at the end of the day these things can be live in in developer main nets these things can be live for developers to build on but you know users uh are not you know most users aren't developers so they're only going to care about it if they can use it which they will be able to soon so i'm looking forward to using all my favorite apps on ethereum layer 1 uh on on kind of like roll ups like

arbitram of course i've been using them on on polygon as well and that's been really awesome too so i'm just really looking forward to using it across all these kind of solutions here so justin drake uh put out a kind of update today on his kind of i guess you could call it ultrasound money chart here where he basically charts like how much each will be burned under eip1559 and does that track to a deflationary eath now the really interesting thing here is that the fee volume for yesterday uh is a six month low so it's the lowest it's been in six months it was 2645 eth which i think is four million dollars or something like that or maybe is it four million dollars maybe more than that maybe i'm doing my math wrong in my head i think it's more than that i think it's

more like 40 million dollars or something like that um no no i'm i i actually don't know right now a thousand times two thousand five hundred would be uh yeah two yeah okay it'd be four and a half million or something like that um or about five million i'm not going to try and do my my head math right now i've probably butchered that but anyway it still was a six month low right because i've seen days of like 20 30 million dollars of of fees happening on the network but the current proof of stake issuance is only a thousand each per day which means that um we still have comfortable deflation even with only a 50 fee burn so if if only we've burned 50 of kind of like that that number there um we would still have a comfortable deflation now it's expected that we'll probably burn up to

70 of of the fees and the rest going to minors and eventually stakers so this is really cool to say that even in a lower a lower fee environment we're still getting this kind of deflation that we expect and the the meme that like we're burning more ethan we're issuing he's still alive and well um and you know i don't expect as i said before i don't expect layer one face to stay this low for very long honestly i think it's just a function of you know a bunch of different things right the market calmed down and cooled down a lot um people are moving to kind of like scalability solutions like polygon um you know we're going to have more people moving to layer twos but i think what's going to end up happening and actually went through this on the ama series but

i said that eventually layer one is just going to become a chain where roll up secure it secure itself so if you have enough roll up transactions on layer one they're comfortable paying the higher fees you're gonna get to a point where the layer one fees are going to be high but they're not going to be um something that the end users are paying it's just going to be what are the layer twos are paying and what what whales are paying the end users like me or you uh we're gonna be sitting at layer two and enjoying the kind of like i guess uh cheaper and faster transactions up there um we're still going to be able to get the deflationary eighth that everyone wants as well and you know during times of like really high volatility and really high gas prices we're going to be just burning even more

heat so you know the next time we have like a dog token mania that's not just going to be something that we all have to painfully deal with what's going to end up happening is that you know hopefully a lot of us will be on layer 2 we won't even feel that like we won't even feel the high fees but what will end up happening is that the layer 2 kind of operators will be paying uh to put their roll ups on ethereum and in doing so they're paying the high fees and they don't mind uh because they're kind of like i guess aggregating a lot of transactions together and earning the kind of fees that way um but like we still get the benefit as holders of eth being burned so how amazing is that it's like we don't have to feel the pain

of high fees but we still get to feel the benefits of high fees i think i don't i actually haven't thought of that before in in like an ideal world in the world that we're all working towards we will be able to get the the benefits without the pain because for a while after one five five nine is released i think you know it's still gonna take a while for people to go to layer two because one five five nine is coming in july um and all that sort of stuff there so i think uh you know once that kind of uh kind of rolls out and you know we probably still will have to deal with the higher fees but they'll be less painful because we'll be like oh well at least eighth is getting burned here but then once we're all at layer two

we'll be like wow i get to hold eth you know i get to stake ether get to kind of like get um you know the benefit of eat being burnt and i don't have to deal with the pain of the high fees that's awesome and that's what i call something uh like a symbiotic relationship where the network is really working for for all of the users and and kind of like working for the holders of it as well which i think is very important so um and on that note with eip1559 there was an all-called devs call that wrapped up um i think i think it was like friday morning uh it's it was it's usually friday night my time but friday morning last week they spoke a lot about 1559 and how an issue was found by one of the core developers uh martin

swede here or swinder i don't know how to say his surname sorry about that martin um but essentially he found a critical bug within one five five nine that um that could essentially um i mean i won't go through the technical details but it could lead to a chain split i i believe so obviously that is not good but they're going to be able to fix that bug but due to this it might lead to a kind of like delay of one to two weeks from july 14th for one five five nine now in saying that i don't think delay is the right word here because there was never a like hard date july 14th was a tentative date and i every time i spoke about it i said it was tentatively scheduled and and i always kind of caveated that by saying if there is a bug especially if there's

a critical bug the um date can be pushed back because for security reasons and that's exactly what's happened here now i don't think we know whether this is going to be one to two weeks it depends on how fast the all the core developers can kind of get this fixed and how comfortable they are with it and everything like that once the tests are all done so we may see it just by the end of july um but it's still coming right it's not going to be delayed by that much but again delay is probably the wrong word here and i think uh you know based on on the kind of like narratives as well i don't know how many people actually realized that july 14th was a tentative date and i think there's going to be a lot of people who are shocked to learn that it has been kind of like

pushed back to the end of july i'm sure a lot of you maybe didn't even hear about that because unless you read this thread um or kind of saw this thread here or kind of like paid attention to the core debs call um you wouldn't have known this so i think uh just generally uh it's not something to worry about i don't think it's gonna affect the price of eighth or anything like that the markets are nowhere near that efficient um and i just think that you know there might be some fun from people being like haha 1.559 got delayed because apparently there's one five five nine haters out there these days as i explained last week but i do think that it is like a slight delay and who really cares i mean we've waited this long for it what's another couple of weeks right so we'll

see it sooner rather than later um but yeah just just be prepared for at least a one to two week maybe you know a low chance but maybe even longer than that maybe it pushes into august but as i've described before we need to hard fork because of the ice age which basically bricks the chain eventually so we need to be able we need to do it in august the latest so um from that point of view i kind of like c1559 not getting delayed very much because of that as well uh but it'll be in uh you know sooner rather than later as i said so interesting tweet here from hayden adams who is comparing i guess the volumes of uni swap to coinbase across different pairs so you can see here that the usdc 8th pair on unisop v2 and v3 has almost 800 million dollars

of volume coinbase only has 60 million dollars of volume and i assume this is over the last 24 hours which is pretty funny because usdc is coinbase's product or at least they're part of the the consortium that manages usdc um so to see that unisop is kind of like not just beating them but like slaughtering them on volume series uh is quite amazing at least on the eighth pair like i'm sure like coinbase on other pairs probably have more here but um a lot more volume here but even on the 8th btc pair unisop's winning with wbtc against 8th uh by about double and 8th usdt unisop also is winning um by a little bit less than double here now this is this is really awesome because of the fact that as you can see in the

comments here you know harry asked how many full-time employees does unisop currently have um and it's only 22 people and and the funny thing is is that unisop as it currently exists v2 and v3 doesn't require the uniswap team to maintain it it's already live and working there is no you know there is no maintenance needed for it they can it could continue forever with literally no one touching it so you could say that unisop protocol has zero employees because it doesn't it really i mean uniform doesn't technically employ anyone the protocol i mean there are other uni token holders who act as governors but generally if the government governors did nothing unisop v2 and v3 uh would and even v1 would continue into perpetuity and still keep going i think i i think that v3 is such a beautiful and elegant

design that people are still tinkering with but i think v2 is still amazing for a lot of passive lps who don't want to deal with the kind of like um the concentrated liquidity aspect so from that point of view i think coinbase has over like a thousand employees and i think a lot of them are both in customer support and compliance and regulatory and legal stuff um whereas unisop doesn't do any of that the the the customer support for a theater effort for unisop is like the discord channel um there is no kind of like notion of of customer support for a lot of these apps which i think is um you know there's good and bad aspects to it of course i i think you know unisop obviously isn't a fiat on ramp as well so there's a lot of compliance stuff that comes with that uni swap the protocol

doesn't hold uh uh uh i mean sorry you can trade uh non-custodily with uni swap and the unit swap protocol doesn't have an admin care anything so there's no custodial risk there's no kind of money manager risk there's no legal kind of like you know the your protocol doesn't need to obtain money transmitter licenses or anything like that so from that point of view the the legal and regulatory and kind of like compliance overhead is is just like non-existent um so this is i mean just a broader point here this is why d5 wins because think about how i guess like inefficient and how much kind of baggage there is in these kind of like centralized companies because at the end of the day and this is something that that eric connor my co-founder of ethub told me a long time ago that the reason why there's a lot of

regulations around things like banks and financial institutions in general is because they usually custody the assets for people so to make sure that they don't do the wrong thing with customer deposits and to make sure they keep it safe they have to be regulated right and regulated very strictly and they need to do compliance stuff they need to do kyc aml all that sort of stuff d5 doesn't need to do that like if you're a truly decentralized protocol and you don't need to do that and especially because it's non-custodial where users hold their assets in their own wallet be that a hardware wallet or metamask or wherever right so it's all the same thing from the ethereum network's point of view but from that point of view it means that the there's no kyc in aml because it doesn't need to be there's no kind of compliance

here there's no legal and regulatory here for for the protocols themselves because they aren't managing users assets the people don't have direct control over users assets now you could say that some of the protocols that have admin keys do have control over users assets and sure that's that's that's fine to argue but i would say that the truly decentralized kind of protocols like uni swap um you know uh basically you know will never come under scrutiny because if the government's gonna take one look at it or any government is gonna take one look at uni swap and be like go to the unisop team and be like hey can you like you know do something here can you do compliance on this can you do kyc and the uniform team can be like well no we can't because it's truly decentralized and basically explain to these regulators why that's

the case there's no admin key there's no control it's literally autonomous code and i think you know there are going to be some regulators that understand that there are going to be some that act dumb about it there are going to be some that try to push back on it but at the end of the day the technology speaks for itself there is literally nothing unisop to the unisop team or anyone can do for that matter to kind of control the uniswap protocol absolutely nothing and the uni token holders i mean if they want to do something to the protocol they're a diverse bunch of people all around the world and if you if you wanted to actually change it yourself like as a regulator you would have to purchase uni tokens or convince the the people with uni tokens to delegate to you which just wouldn't happen i don't think

because a lot of the people in this industry especially the ones involved in governance really don't like centralized governments or nation states or regulators telling them what to do uh so yeah it's a bit of a tangent there but i think it's something interesting to think about when you when you kind of think about d5's advantage and there are many advantages but i think this is the key one the the kind of like self-custody um of your own assets means that a lot of these regulatory stuff just goes out the window you don't need to do any of this stuff you don't need to do kyc aml and all that good stuff um so yeah but still cool to see union saw beaten coin based on volumes that's what we want we want a decentralized future not to say that coinbase doesn't serve its role but i've said in the past

centralized exchanges are going to be relegated to fiat on-ramps i believe once you know ethereum scales more and we get uh kind of more people on board with centralized exchanges um these centralized parties are gonna be uh actually they're gonna be two things they're gonna be fiat on ramps and they're also gonna be maybe three things actually okay fiat on-ramps layer two on-ramps and also they're gonna tap into d5 protocols as like a front end so i can see that happening too but um yeah i'll leave it at that for now uh i think generally you know i've spoken about this before but it's just something to keep in mind is why d5 has such a major advantage over its centralized counterparts so uh the block or at least frank shapiro from the block announced that circle the company behind usdc

has raised 450 million dollars in a new funding round uh with participation from fidelity valor capital dcg and a bunch of others here so the valuation target is four billion and this comes as no surprise to me circle um with the usdc product is absolutely killing it i mean i'm sure you've all seen usdc's kind of um supply going up a lot i think usdc is viewed as like a safe version of tether because there's a lot of people who don't want to hold tether because of the the risks i mean i know it got significantly de-risked recently with a bunch of the the cases being closed against them and they're doing more transparency reports now and things like that but i think still people are like iffy about it like i personally if i want to use a centralized stablecoin

i'm not going to use usdt i'm going to use usdc um and that's i think a major reason why it's been growing so much uh the the market cap of usdc it's obviously been used within d5 a lot as well and it's become like the centralized stable coin of choice within d5 i think from what i've seen at least um rather than usdt i think that's a lot to do with the risk reasons as well here um but yeah this is a massive fundraiser obviously obviously and you can see uh yeah so frank shapiro put out a a kind of like tweet with usdc's market capia you can see it's at like 23 22 billion here um which is absolutely massive i mean i think usdt is is bigger than it but usdc is definitely second place yeah and the growth has been absolutely explosive i mean

look at this may 2020 it was at like what a billion dollars or something like that so 22 billion dollars about a a year later uh that's 22x growth on on kind of this stablecoin and it's just literally just going up like just moving as hard as you you can see yeah this is a linear chart of course but still really cool to see that and congrats to the circle for this race here and in other news about razer's set labs my old employer has raised the 14 million series a which i am incredibly excited and proud for uh this was led by 1kx and capital here with participation from a bunch of d5 native investors like defiance capital mechanism capital spartan group and a bunch of others and also a bunch of angels as well now i

disclaimed here i participated in this round obviously because i am so bullish on set um i'm still an advisor to set as well so and you can see you know a lot of familiar names as well uh participated in this round which is really cool to see this is going to give the team a lot of runway i'm really excited to see what they build out here they've got a bunch of killer products right now they've got the dpi the d5 pulse index the flies that you know um the index co-op the whole kind of thing going on there they've got a bunch of people managing their own funds using sets infrastructure kind of like a bit of social trading going on it's really really cool to kind of see that there um see i'm i'm i'm really excited to see that that set was able to raise this

money here um to continue building out what they've been trying to build out for for a while now i mean set is one of the earliest d5 projects i think they uh 2017 i think end of 2017 at a hackathon it was born and then early 2018 they raised some money and have been building ever since and you know they they've been building since i guess like d5 wasn't even a thing i you know one of the co-founders nj actually was part of the original cohort that came up with the decentralized finance term the term defy there's actually a screenshot floating around that i've posted before on twitter so yeah they're definitely one of the oldest um that i've been building for quite a while uh one of the big uh uh you know it's one of the biggest these days as well with index co-op

and a bunch of other things they've been doing with along with treasury management and stuff like that uh and of course like with this with this capital they're gonna continue you know on their mission to decentralizing their protocol um and furthering community ownership and things like that i think you can read between the lines there um i don't have any special knowledge here even though i'm close to the team but as i've said plenty of times in the past you know decentralizing the protocol usually comes with with the token so maybe that maybe that happens uh you know at some point in the future uh but i you know i think they're one of the only uh set is one of the only d5 protocols left that hasn't issued a token yet i think diy dx um and a couple of others out there like dharma i don't know if dom is gonna

do one i suspect they will but dydx is definitely gonna do one i mean it's kind of like stupid to think that they wouldn't do one uh but yeah i i think that's really cool there um and you know they're gonna be building it on on index co-op as well and doing more kind of stuff like l2 and kind of stuff like that so yeah congrats again to set here on the raise very happy to have been part of it obviously very happy to still be an advisor to the team and watching them grow as time goes on here so for scans has put out this really interesting meme that i thought i just wanted to talk to for a little bit here uh so basically the meme is like the for those of you listening to the podcast the memories like the buff doge on the left and on top it's got

2013 to 2019 crypto investors and then underneath it it's got diamond handed through mt gox the dow hack bitcoin block size wars countless china fudd and then on the right side it's got like the sad doge um with uh the at the top it's got 2021 crypto investors and it says i don't like this price dump based on generic china fud i mean 97 in fiat fundamentals are all reflected and i am tired of triple digit yields we are going down now the reason why i found this really funny is because it speaks to my experience during the especially during the bear market 2018 2019 people would complain of course that the price was doing whatever but there are a lot of people who kind of like survived and kept kind of adding during that period

i'm obviously one of them that uh you know weren't kind of saying this stuff like i don't remember ever saying kind of things like that i've been seeing over the last two weeks after this crash like people are really just saying some stupid stuff like i think what ended up happening was that people got really maybe used to the gains and kind of like they they kind of went to their head and they kind of thought to themselves well it's all over now that was too easy you know it's all gone i mean what what's all gone like the fundamentals haven't changed at all like the yields are still high like yes the yields come down because prices come down but the yields in general are still very high compared to you know if you're comparing it to traditional finance they're much higher than that um you know and what like

i just i just really want to know and meet these people and kind of ask them what do you think has changed in the last two weeks the prize has halfed okay cool now tell me what changed fundamentally did the ethereum network stop working no did dfi stop working and growing no defy actually handled the crash very very well it's amazing test of d5 is adoption slowed down no i mean this is in the context of ethereum maybe for other things it did maybe for the casino coins have washed out a lot of that um that's that's actually healthy maybe the leverage what got washed out again healthy but has any of the like all those fundamental drivers that we always look at all the things that i go over in the daily grade data pump series where i go over the on-chain fundamentals and things like that

nothing's changed there people are still building people are still raising money to build i mean i am so busy still like i i mean most of the weekend i was like pretty quiet on twitter because i was just so busy going through um so much stuff uh happening within the industry i just i mean i'm getting to a point where i can't even keep up anymore um and and you know the funny thing is this is exactly what happened in 18 and 19 as well where there was a bear market but the amount of building going on was insane like people were building like crazy and the fruits of that building through the bear market kind of reared their head in 2020 and kind of came really came into it in 2020 because without all that building we wouldn't have defy summer like i'm telling you

that right now without the the core building blocks like stable coins that were deployed during the bear market especially something like die without the decentralized exchanges like uni swap there would never have been anything like a d5 summer ethereum as a network would have probably been relegated to still being considered like just useless and and you know people kind of like uh you know hating all over it and the eighth price probably would have been in a really crappy place um and then you know you look at the layer two stuff happening i mean i just spoke about how arbitrary went live on friday that hasn't stopped layer two rollout hasn't stopped polygon is doing so much amazing work on the scaling front i mean they released the sdk last week um all the kind of like work on the core protocol hasn't stopped you know uh on eth1 and eth2 i mean

as i just said there's going to be an east 2 ama they're going to go through a bunch of stuff there there was an update from last week from danny ryan um one of his quick updates going through what's happening with the merge nothing fundamentally has changed so why are people just complaining like this like i just i mean i get it i understand that they might be new they might not know what this is like they might be scared they might have bought the top i understand that but really when you're in these kind of markets you need to make a decision i think when you enter these markets are you a long-term investor or are you a short-term investor and are you in it for the tech or you're here just to make money if you're here just to make money well losing money is part of the game you're

not always going to make money on every trade you do but if you're here to make money and you're in it for the tech but you want to do it over the long term well this industry is going to be very kind to you you look at the long term for ethereum from 2015 to now i mean if you had bought in any of those kind of like years besides buy if you besides buying it maybe over the last month if you had bought any other time you would be up on your investment and that's just eighth you had plenty of opportunities to invest in other things like defy and and kind of like l2 stuff and scaling stuff i mean i i looked at thematic price the other day i was like uh the the historical price of matic it was like two two cents or like lower than

that for such a long time and it went up to like 2.60 at its peak i think at the moment it's like almost two dollars again when you look at that sort of stuff all these opportunities were available in the bear market and if you had taken um hold of them and kind of like taken the opportunity and seized the opportunity you'd be doing very well right now but also from the technology side of things you know do you want to work in this industry well if you want to work in this industry there's always people hiring no matter if it's a bear or bull i mean i yes there was less positions open in a bear market because there was less money going around but i joined um a set in mid-2019 you know d5 back then i've as i've explained you know numerous

times on the refuel was like a niche within a niche within a niche it was so so small these teams did not have you know more than maybe a year runway and that was you know most of the d5 teams out there it was very hard to get funding for d5 um but these days you know people still have you know a lot of money there's still a lot of money in this ecosystem there's still a lot of people hiring i mean so many people are hiring i've had so many teams ask me um to for people lately and things like that across like all types of roles and you know just generally uh if you're looking for a job you can go to cryptocurrencyjobs.co it's a it's a website um they've got a lot of great kind of like jobs on there as well

uh but yeah i guess like that's how i kind of view this is like if if you're if you're new to the industry stop focusing so much on the price um i know it feels good to make money like i'm not gonna say that doesn't feel good to make money but if you're if you actually are in it for the tech and here for the long term then the short term swings or even medium term swing shouldn't really affect you unless you're over invested if you put all your money in and now you're down a lot because and you know you needed that money for something well i mean it's a different story but if you're slowly putting money in trying to be a long-term investor trying to you know create a nest egg for yourself then don't worry about the short-term moves i truly believe that over the long term

ethic is just going to go up forever because it's been designed to go up forever as long as ethereum the network um you know has usage and and and kind of like um maybe even remains number one which i strongly believe it will but i think there's more chance that eth goes up forever than it then it goes down forever like a much more chance i mean what am i even saying i don't think he's going to go down forever at all like there's no just just the way these kind of things work i think that um you know the eighth i mean it went to like a half a trillion dollar cap or more at peak when i think about all that i'm just like it already went there and we haven't even um you know gotten to the point where we have like mass adoption yet

like can you imagine what happens with mass adoption like you know what i would actually be sympathetic towards you being bearish if ethereum had already taken over the world if there was already in everyone's kind of like um lives and maybe the growth potential wasn't as big but the growth potential from here i'm not even kidding it's still another 10 000 you know plus times across every metric because we haven't even scratched the surface of adoption yet i'd explained this last week there are less less than one million people who have touched d5 before um and you know when you kind of like think about that in the context of the total population of the world which is the total adjustable market of d5 um you know 0.013 or something like that um so yeah we've still got a long way to go here

do not become one of those people who get disenfranchised over the short term exit the ecosystem and then come back two years later and regret not sticking around i did that i'm speaking from personal experience i was into bitcoin in 2013 uh i kind of bought something i didn't have much money so i bought a little bit then when the price crashed i was like oh well you know the party's over whatever sold my bitcoin i missed ethereum by a month one month and by mr theorem i mean investing in the ico by just one month then i didn't look at crypto again to early 2017 yes i got to buy some eighth like really early on uh you know in 2017 and a really nice price but if i had just hung around for even just a month longer i i'm not going to say i would have a

hundred percent but there would have been like a pretty strong chance that i would have been able to invest in the eighth ico so take it from me you do not want that regret like i've been trying to come back from that for a while like i got over it a while ago but it took me a little while to get there because i was like wow if i just stuck around it would have been better off and that's actually the major reason why i stuck around during the last bear market um one because like ethereum just like had me you know hooked on it i was i was obsessed with it but i also had flashbacks to when i kind of stepped away and how bad that was you know for me both like you know i guess like from a money point of view on

a social point of view um and like kind of my career as well because obviously i made my career at ethereum now um so yeah if you're the kind of person who like wants to stick around for the long term and really sees the potential here don't don't be kind of like swayed by this by the short term movement just stick around and this ecosystem will be kind to you as long as you don't over trade too you don't play with leverage i always suggest against that but again none of that is investment advice that's just my general thoughts on kind of like how the market works how kind of like ecosystem works and you know whether you should be feeling bullish or bearish doesn't really matter in the long term i think long term is always bullish and i'm a permabull so of course i'm going to say that but

you should all be permeables at this stage in in kind of like the adoption cycle of this technology i'll leave it at that for now so thank you everyone again 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