Argent X Introduced, Foundry announced and much more - The Daily Gwei Refuel #269 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the daily great refuel worry capped latest news in the ethereum ecosystem i'm your host anthony sosano and today's the 8th of december 2021 all right everyone let's get into it so i mentioned yesterday about how openc had hired a new cfo formerly of lyft so cfo being chief financial officer brian roberts is his name and there was quite a bit of chatter about how this meant that um openc would be going to ipo and not doing a token now in response to that brian has put out a tweet today saying there was an accurate reporting about open seas plans let me set the record straight there is a big gap between thinking about what an ipo might eventually look like and actively planning one we are not planning an ipo and if we ever did we would we would

look to involve the community now i mean this reads like lawyer speak to me really and i kind of quote tweeted this tweet by saying easiest way to involve the communities with a token airdrop i actually think that if openc doesn't do a token airdrop to their community it will be an extremely grave error on their part and i do believe that they're kind like what'll end up happening is that over time especially as competitors come to the market there'll be lots of their early users who will feel kind of like i mean wronged i guess is the term you could use even though no one's entitled to a token air drop but they'll still feel wronged and also they'll feel like openc doesn't care about decentralizing uh doesn't care about kind of like being community owned and governed and to be honest open c is pretty

centralized as it exists already i mean their contracts aren't even open source so from that perspective them doing a token would actually be off-brand but uh you know and then doing an ipo would be on brand but i hope that they can come around to doing a token instead of an ipo i feel like ipoint as a crypto company is kind of like yeah i don't know it's kind of like meh right i feel like the only reason to do it would be to maybe because it's kind of like uh a friendlier for regulators but other than that i just don't really see the reason i feel like getting buying from your community getting direct gov centralized governance from your community getting the platform run by uh the community uh for the community is the best path forward i believe if not i mean opus is gonna get disrupted there's

gonna be competitors that do vampire attacks they're gonna have their own tokens they're gonna probably be better because they'll be able to innovate faster because they'll be more you know they'll be smaller and more nimble to start with uh open c has an enormous network effect don't get me wrong they're near monopoly as i was discussing i think yesterday or the day before but i don't think that they're safe from disruption nothing is really safe from disruption in crypto like you can't have a monopoly where it's kind of like a protection racket or a legalized monopoly where you've got like the government protecting you or you have regulators protecting you um within crypto you don't really have any protections uh you can get vampire attacked at any moment if you piss off enough people the community will basically come together and be like how do we kind of like um

how do we how do we kind of like usurp this platform how do we kill this platform uh obviously you know the quote-unquote killers if anything don't usually work but i think that's because they're done for the wrong reasons um you know just using open season example here if they just really just completely shunned their community and basically said we're just gonna ipo uh and and screw you guys like we just wanna exit for our investors and early 10 team members that would probably be like a pretty pretty uh pretty bad decision in my mind i feel like that would definitely get vampire attacked in that scenario and that would have some very stiff competition but maybe that's a good thing i don't as i said yesterday or the day before i can't remember i don't want open c to be a monopoly on nft trading

or a near monopoly i i you know and as i said like it's not like a a protection racket it's not a monopoly kind of like enforced by the state but it is a monopoly in that they have most of the market share right now so we need more entrance but i think that openc would do will do the entrance like a pretty big service by not doing a token because then the the um the new entrance would have some way to kind of like compete uh pretty pretty aggressively by doing a token we all know that vampire attacks can work really well if done right uh maybe not for kind of like long-term health of a product like if there's a vampire attack and the kind of like um the other nft marketplace is just like crappy right it's just a crappy product and a crappy service then obviously no

one is going to use it over the long term but uh you know i think that there definitely can be some contenders here so just some general thoughts about that uh i just yeah whenever i see and things about a crypto company doing an ipo i always kind of like cringe a little bit um you know there might be hybrid models in the future where the company that's building the tools ipos but they still have a token for their tools for example that could be a part that that some of these um these teams go down and i think that's actually fine because the centralized companies building these sorts of things they're not trying to decentralize themselves they're happy to be a centralized company they're happy to be just kind of like the core team or like at least a team that's part of i guess

um the community and what's who's building out the product but the product itself can be decentralized like look at unisop for example uni swap labs is a centralized company they run a centralized front end that has got that has done censorship before um i've gone like tokens on their interface which i've talked about spoken about before but their smart contracts are completely decentralized governance is run by adele with uni tokens and all this other stuff so you can have i mean this is how most of these things work right it doesn't have to be like i do like the dow first kind of like um things that we're seeing pop up where there's no physical kind of like company registered there's no kind of physical location the location of the i guess like uh app is just the dow essentially

and the team is kind of part of that dow makers like that i mean maker started off pretty centralized with foundation and companies and different things now they're fully decentralized there's no more foundation they have working groups stuff like that i prefer that model personally but yeah we'll have to see which kind of path openc wants to go down i do hope they choose the right one so git coin announced today that they have been donated a million dollars which is going to be going to over the next four rounds of the git coin grant matching round from a group of nft collectors known as the moments collective hopefully i said that right on mama's collective um and uh they're deploying these kind of like uh funds to fight a society's biggest coordination failure climate

change and it's if infamous infamous deity moloch and you can kind of like read more more details about this in the um thread here but the amount of money going to public goods right now is amazing and i really do think that git coin is no i wouldn't say it's like the complete sole reason but it is the majority reason why we have such strong public goods funding bitcoin is a shelling point for public goods it lets more people kind of learn about it get more people involved with it more people kind of like donating um getting kind of like red pill on quadratic matching uh kind of learning about why funding public goods is uh uh is important all those sorts of things when you kind of look at it like that uh it just i mean really get coin has been the

the force yeah the the the extreme force that's kind of like pushing public goods funding forward uh and it's just great to see that the amount of money that's pouring into it as i mentioned yesterday there's over three million dollars of matching funds for this round so far i'm sure the other rounds are gonna you know the future rounds are gonna be just as big there's record levels of donations yes some people may be farming the airdrop on zk sync but who cares like you see this is the thing i think some people kind of like try to spin this negatively where they say oh the only reason people are donating on git coin is because they're farming an airdrop on zk sync uh they wouldn't donate otherwise it's like who cares like isn't this the whole point of what we're building here we're trying to turn

degeneracy into regeneracy which is what i tried to do with the nft drop recently where there was a person who minted 28 of the nfts because they wanted to resell them on the secondary markets well thanks to that person 28 times 0.078 went to core developers and uh or 80 of that i should say sorry um you went to core developers and all the secondary sales are also going uh 15 of it is also going to two core developers so we turned kind of like that that degeneracy into regeneracy and we kind of like um directed these funds to a greater good and that's exactly what git coin's doing yeah even if people are farming the airdrop on zk sync um that you know i mean i wouldn't call that

like like you know hardcore dj and behavior but it's still kind of like people just speculating gambling whatever you want to call it um we're turning that into a way to fund public goods so it doesn't matter if all they're doing it for is an airdrop like that's just the incentive that's just the kind of the carrot right and we're getting them to do uh to donate which is just amazing getting more people kind of like into bitcoin more people kind of involved with get coin and i i just truly feel like it's not a negative and people try to spin it as a negative and i don't understand why i just don't see that but yeah anyway mini rant there but uh great to see this momma's collective uh deploying over one million dollars to over four rounds yeah this is going to be pretty cool to watch play out

all right new update from the ethereum cat herders this is their 51st update going over all things ethereum core development if you want to know everything that's going on with ethereum core development across eth1 and eth2 this is probably your best resource i know that i talk about ben edgington's what's new in eth2 newsletter a lot that is like your number one source for eth2 stuff for sure but the ethereum cad headers updates come out less frequently but they are packed full of information packed full of links to follow like you you know if you want to keep up to date with ethereum core development this is the place to be so in this kind of update they go through all the major things you know arrow glacier which is happening today i believe yes today i know it hasn't really been talked about at all because

of the fact that it's literally just kind of like pushing back to the difficulty bomb it's nothing special for us right um talking about the the consuege merge test net uh 4488 and 4444 eips which are the state expiry eips or the history expiry and the roll-up um the the making volumes cheaper eip uh and then just like a bunch more in details here like a vitalix roadmap of course and so many more things here it's just absolutely crazy to see how much they pack into these updates so definitely go check this out if you want to be on the bleeding edge of ethereum core development and they also have videos too i've spoken about this before but they have a video series called peep and eip which basically uh goes through each eip in great detail uh and kind of

like gives you a breakdown of exactly what it is what it does and get you know has a guest on that kind of like does a deep dive into it so yeah the ethereum categories are doing amazing work so kudos to them for for for all of that work and yeah great to see another update out of them so some big news out of argent today they have introduced their arjun x wallet which is the first wallet for stark nets uh it's now available on the chrome store but caveat here it's a developer tool for now like i mean as i've said before starting that is on main in an alpha fashion but there's really not much for end users to do on there i don't think there's anything for end users to do on there right now because the devs are still getting used

to building on it they're kind of like checking out the tooling um more tooling is being built around it like the argent x wallet and everything like that so if you do want to try it out you can go to the chrome web store and kind of like play around with it there's also a video here showing you it i mean it looks like your standard kind of like crypto wallet right but it it talks to stark net in the ethereum main net um and they make a note here that argent x shouldn't be confused with their mobile layer 2 wallet which is built on zk sync and rolling out in stages now which some of you may have gotten access to i spoke about this the other day but great to see argent just like being all in on ethereum scaling like i can't wait for them to announce

their optimism and arbitrary integration as well but they're really kind of like all in here and obviously any team that is all in on ethereum all in on ethereum scaling is going to be amazing in my books and i'm sure sure your books as well um but the thing with arjun is that i feel like they've been building for quite a while and i've explained before how the high gas fees basically made their wallet unusable because to create a smart contract wallet on argent was like a few hundred dollars of gas fees in the early days they were subsidizing this and covering it themselves but it just got too expensive for them which is you know understandable but on layer two we collapse those those kind of like costs right down like completely right down obviously so it's great to see them just continuing to build this

infrastructure out so everyone can experience argent and all the features that they have to offer without the really high gas cost obviously we want users to all the users to migrate to layer 2 as fast as possible and this is just kind of like one way to do that so definitely go check this out if you want to as i said it is a developer tool for now not much you can do as an end user but if you are a dev then yeah go check it out so uh this new pr d5 protocol called primitive was introduced today and they're billing themselves as derivatives without oracles and they're going to be launching this month now there are a few gigabrains behind this uh alex evans giuliano angeris tarun chitra and a person called experience here uh they're pretty smart

mathematicians from what i've seen cryptographers so you know that that's why i'm kind of like paying attention to this but as i said this is uh a primitive is a uh well they describe themselves derivatives without you know offering derivatives without oracles um it's it and they're calling it a replicating market maker or rmm-01 um and they're gonna have a spot exchange and a derivative protocol now i'm not gonna try and break this down for you guys just in the short time that i have here definitely go check it out um check out the blog post for more details here but it's really cool to see that uh they're going to be launching on ethereum l1 mainnet arbitrim l2 and optimism l2 so they're launching at all three at once so that's that's amazing i mean i know i've said to you guys before

that i really like how we're seeing a lot more kind of like uh layer two native deployments but i mean there's no reason why you can't deploy on layer one as well as layer two like you know to put on layer one for the whales and the liquidity that's still there and people that wanna use it aren't that still there but then also deploy to layer two is for all the people who just want to use the layer too so like uh i i do think that a lot of protocols just aren't gonna bother with layer one because just doesn't make sense for them but if you you know if it doesn't add too much overhead to your product life cycle if you've got the bandwidth to do it and you're happy paying the deployment costs which probably is tens of thousands of dollars for

for these sorts of protocols at least one ethereum then why not do it so really cool to see them launching on on all of that and the features on launch will include concentrated fungible liquidity and liquidity pool tokens that replicate replicate covered call options uh options derivatives these are very exotic exotic products guys definitely not for the faint of heart definitely not for people who don't understand them i always kind of like caution people not to play around with options unless they really understand what they're doing because you can lose money pretty quickly um so definitely kind of like understand them before before you dive into it and same with derivatives and stuff like that and and um and leverage and all that sort of stuff definitely uh playing with fire if you don't know what you're doing there uh but yeah in this blog

post they detail the derivatives uh tokens that they're kind of issuing the spot exchange all the all the stuff around liquidity management how they're using t-op oracles uh to uh to kind of like power the the protocol tier stands for time weighted average price which is basically taking the average price from a liquidity source or kind of like an exchange source such as uniswap for the oracle here um and they've had four audits as well so this yeah these guys aren't screwing around they've had a lot of uh four audits from chain security abdk d uh uh d-dorb and sherlock and they're also having an open bug bounty of 250 thousand dollars here so if you're a dev or if you're a kind of like hacker and you want to try and hack this and earn some money definitely

do so and then they've got the the full launch details um so uh they're they're launching their test net to i mean this week like during the week of december 7th and yeah i'm guessing their maintenance deployment's going to go live in in the next couple weeks so definitely go check out the blog post for more details on this so another protocol that was kind of like announced today or at least they announced their seed round is jellyfi which is a capital efficient d5 lending protocol that enables uncollateralized crypto loans that's really cool i mean uncollateralized crypto loans are like the holy grail right we no one likes having to over collateralize their entire position just to get access to some some borrowing capacity but um anyway the seed round was led by a limnuscap here with participation from

other top investors like parify clap capital uh tioga capital um a bunch of others here you can see all the names defiance capital things like that uh if i click on their blog post there will be more details about this as well uh yeah a bunch of kind of like angels and stuff too so yeah because it's a money market you'll be able to kind of like borrow and land on here but as i said they're trying to trying to kind of do under collateralized kind of like defy instead of kind of like uh you know the over clara lies which is always good i i love kind of like seeing those kind of uh those sorts of protocols of course um but yeah i mean if you want to i mean this is just a press release okay you can go kind of like check this out and learn more here

but they i guess they also have like their website here where you can sign up and be first to know when they're going live i really like the website the arts really quiet check this out just before looks really really cool here um but yeah definitely go go check this out if you're interested in learning more about it um you know there's documentation here there's plenty of details about it so there's no need to kind of like listen to me rant on about it you can go check it out for yourself now i haven't seen any information about where they're launching like is it going to be ethereum layer 1 is it going to be layer 2 um maybe it's on their blog post somewhere i haven't really kind of like read through it to too kind of closely yet um all that's on their blog post is

the is the kind of like announcement of the of the raise here but yeah i'm curious to see if they're going to deploy on you know multi kind of like layer deployment or just on layer one who knows we'll see we'll see what happens there so georgios from paradigm announced today something called foundry and he describes foundry as a portable fast and modular toolkit for ethereum application development so developers out there this one's for you uh and if you follow giorgios on twitter you'll know he's obsessed with the rust programming language and that's exactly what this is kind of like doing it's kind of bringing his obsession with rust into kind of like this development toolbox so that uh that you essentially kind of like uh learn rust and kind of like play around with this that's what he wants you to do so all the details are in this blog post

i'm not gonna go you know into too much detail because obviously i'm not a developer so i don't understand half of this half of this stuff but if you are a developer definitely go check it out because georgios has been i mean he's been doing ethereum development for so long he used to be part of the loom network team which was building kind of like plasma back in 20s i want to say 2017-2018 they also have one of the best solidity guides called crypto zombies and then he moved and moved on to kind of like paradigm from there and he's been doing a bunch of really really great work there as well and this is kind of his latest release so definitely go check this out if you're a developer i'm sure it'll be interesting for you guys so mean finance uh which i've talked

about before on the refuel have announced their beta launch of mean v2 which they're calling the state-of-the-art dollar cost average or dca protocol v2 is completely decentralized permissionless composable and optimistic by nature which means i didn't get a chance to read this before i kind of like added it to today's list of things to talk about i guess by using the term optimistic they're going to be deploying to optimism yeah there it is um they that we've decided to go full l2 native protocol with the first chain supported being optimism now i remember i think i spoke about mean finance uh the first time and i said that i don't think this works at layer one at all it doesn't make any sense for it to be on layer one because when your dollar cost averaging in say

you want to put fifty dollars in you're not going to be able to do a trade on layer one most of the time for less than fifty dollars right like it's gonna cost you i mean it could cost you thirty to fifty dollars or something like that but it doesn't make any economical sense so the fact that they're going you know and then deploying natively on on optimism and then they said they're going to deploy to other kind of chains as well whether they be kind of like side chains or l2s is the best path forward for them so i'm really really happy to see that uh this is a protocol that i would definitely use if it was on layer two like if i'm dca in like if i want to do my kind of like um a dca buys in and it's only a few

hundred dollars like even at a thousand dollars um doing it doing a trade and it costing fifty dollars in gas fees plus the zero point three percent uni swap kind of like fee um that just is not economical even at a thousand dollars so you know if you're doing a dca of of each week or however much however much out there most people aren't even doing a dca of a thousand dollars each week so it's definitely not economical for them to do it at layer one so really really excited to see that and and they did mention that v2 is going to be decentralized which i guess means the token is coming right maybe there's an airdrop so for all you airdrop hunters out there might be a good idea to interact with the protocol use it i mean use it as well because it's a good project a good

protocol automated dca's is definitely something that i find really interesting especially in a decentral in kind of like defy in in the default context rather than being on a centralized exchange um but yeah i mean if they're going the path of being fully decentralized then yeah a token is definitely coming because then they're going to have a dow you have a token all that good stuff there so another one for you airdrop hunters out there i know that you guys are very active i see it in the channel on the discord channel all the time for those who don't know we actually have an airdrop hunting channel in the discord channel so there's a lot of alpha happening in there a lot of kind of like things to do so yeah if you're interested in any future air drops definitely go check that out um but yeah

as i said really really cool to see that they're going to layer two yeah i think it makes a ton of sense and speaking of layer two uh ramp network has kind of um kind of detailed how layer two on ramping is here so i think they have layer two on-ramps to optimism arbitram and zk sync right now or at least all of them i mean i think uh what what are they saying here okay over the next few months ramp network plans to provide universal global on-ramping to all the major l2s that's really really cool i mean uh little cohen says here when arbitrarily optimism and then ramp uh ramp network provided before the snow ends now i hate when we use when people use seasons to refer to times of the year because there's

snow winter is like june july august for melbourne so i'm gonna assume they're talking about like the northern hemisphere uh which means that by the end of uh january if i'm getting my seasons right or like february is when they're going to have support here so this is i mean as i've said before to you guys this is the holy grail fiat on and off ramping the holy grail is like centralized exchanges because they have much more users than something like ramp network but ramp network so kind of like i think from what i know they don't require kyc you can just basically go directly from their service to um layer one or layer two using fiat to crypto so that's like a benefit there but i guess the reason why they can do that is because you're technically already kind of like kyc because you either go to like your bank

or your credit card or i don't have to have paypal support or anything like that so technically you're not doing it anonymously i mean it's very hard if not impossible to do anonymous transactions in the digital fiat world you can do it with cash but i mean you can't like you can't on board with cash to kind of like layer twos yeah you could do like local meetups and local kind of like buying but i mean that's really risky but um you know you still don't have to do kyc again right like you do with centralized exchanges i don't believe so really really cool to see that and it just makes sense right i mean i've said to you guys there's three major ways we get people onto um onto onto layer twos centralized exchange on offboarding direct fiat on ramps um and batched onboarding as well

which are all being worked on in tandem they're all coming just gonna take a little bit longer to get out there because the infrastructure needs to be built but once it's there we're gonna have such a seamless and amazing time kind of like you know especially with the bridges as well like going from layer two to layer two going from side chains as well to other side chains going through ethereum you know the ideal the ideal scenario for end users is not having to touch ethereum layer one but still getting the benefit of the decentralization and security of ethereum layer one of course because obviously these um layer twos kind of like uh tap into that as i've mentioned plenty of times before but uh yeah cool to see ramp network committing to supporting all the major layer twos here and speaking of bridges um there was a

little update here from hot protocol that i just wanted to shout out but this is also going to segue me into something i want to talk about bridges again um they uh they kind of added dark mode to their bridge kind of like interface here so pretty cool to see that i mean dark mode is like i guess like a requirement these days of pretty much every website so they've added dark mode here but this segues me into bridges again now i've talked about bridges before i've talked about how there are centralized points of failure how there's different bridges how they aren't really bridges it's not even a good term for it because you're literally not really like i mean hot protocol is more of kind of like a kind of like a cross-chain swap kind of thing uh rather than you know rather than a bridge i mean

they're still kind of like tokens that get locked up but like you know for example i'm talking if you talk about something like the uh the polygon pos chain bridge right where you go from ethereum to the pos chain while those funds are locked in a smart contract and then you're issued an iou on the pos chain you're not bridging across right so it's inaccurate to kind of like say that and i've spoken about how um people are making real strides at actually doing a proper bridge um makers doing it with their dye portal where they would actually burn um die on layer one ethereum and issue it on a layer 2 and it would only ever exist on that layer 2 as a native asset it wouldn't actually be able to exist um kind of like in that i guess like smart contract locked in that smart contract

so it's actually a true bridge but what i what i wanted to kind of like just caution about there's a lot of bridges coming online right now guys and i actually think because bridges um uh are kind of like you know that their usage is growing um the bridges are going to be the way that people interact with a lot of these kind of like protocols how they get in and out of them we're going to see a pretty major bridge hack one day and it's going to be bigger than the poly network or whatever hack it was because they're massive honey pops their pots their new they some a lot of them have multi-sigs attached to them or admin keys attached to them and there a lot of them are coming out really quickly because it's a lucrative kind of industry right now or it's a lucrative

product because everyone wants to use these bridges so in i just want to caution and say to you guys be careful with the bridges that you use be very careful with it not just because of the centralization concerns but also the security concerns um use the more reputable ones the ones have been around for a while um if you're using the ones that are new are out there like i've spoken about a lot of them before if you're using them in the hopes of getting an airdrop that's fine you're just kind of like going to brun you know just you're taking the risk there with doing that um but just be sure that you're well aware of the fact that these things have major risks associated with them especially the more complex ones that are doing a bunch of complex smart contract logic in the

background in order to kind of like issue tokens here and debit them here and do it there and do it there there's a lot of this stuff going on so i i just wanted to caution against that because i as i've said i've seen an explosion in bridge bridge protocols coming out recently and it's whenever i see that happening it obviously increases the chances of one of them being exploited you know if you have like one product one bridge protocol then the chance of that being exploited is quite low um in terms of kind of like uh i mean it could still be exploited because it could be coded badly but there's only one of them right but if you have 10 different ones well then the chance goes way out because i mean it's a very low chance that all 10 of them are like super secure i don't

have any bugs in them um you know it's all well and good because if you actually look at the history of all of d5 uh you know um the hacks started getting kind of like more frequent the more projects that were out there just like simple maths guys um so from that point of view uh i just wanted to yeah kind of caution against that um in terms of like bridges that i mean i i don't kind of like try to endorse any one project or kind of like recommend any one project but in terms of bridges that i've used in the past and that i actually think are kind of like um you know been around for a while and trustworthy hop definitely uh connects uh lee dot finance which is the bridge aggregator which just kind of like routes through these those sorts of

things but again they could still be hacked or exploited too guys so don't take my word for it don't take that as me saying go use these things and you'll be safe forever everything comes with smart contract risks like any smart contract that you interact with has a risk associated with it you just need to understand that and the more complex it is the more risky it is because there's more uh margin for kind of like error there so yeah anyway i'm gonna i'm gonna end it there for today i just wanted to kind of like let you guys uh kind of like know my thoughts on that uh just to keep you guys safe because i would hate to see you guys get like you know your funds stolen out of one of these bridges because i know that a lot of you are using it to get into the

layer two is to actually use them so uh yeah just wanted to kind of caution that there but anyway that's it for today so thank you 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