Base live on Aug 9th, Arbitrum BOLD and more - The Daily Gwei Refuel #634 - Ethereum Updates

Transcript

hello everyone welcome to another episode of the alleyway refuel where he kept the latest news in your theme maker system I'm your host Anthony 4th of August 2023 alright everyone let's get into it so apologies for missing yesterday's episode unfortunately had a pretty bad headache that made it kind of impossible to do a refuel but I'm back today of course with a longer than usual episode to make up for it so let's kick off the news so first of all we have this interesting kind of uh scoop uh I guess like that um one of the media companies got I don't know exactly where this is from but Loom dart on Twitter shared this screenshot here that the US Department of Justice or the doj officials are considering fraud charges against crypto exchange binance but are concerned about the cost to Consumers according to people familiar with the

matter now I think it was already kind of common knowledge that the doj was targeting binance I think I mentioned it before on the refuel but the fact that they're they were considering these charges or still are considering these charges but are concerned about the cost to Consumers is something new and something a bit weird because it basically opens up a can of worms here of of different takes and I'm going to give a few of my own on this but essentially what they're worried about is spurring uh panic in the crypto markets or and or spurring a bank run on finance like for example if the OJ was to bring these charges against binance for sure people would withdraw from Finance right and then for sure the crypto markets would at least temporarily have a um you know one of their dumping events that they like to

have right so the fact that the Department of Justice is worried about this is pretty unusual right at least it's unusual for me I mean I'm not an expert on the doj right maybe this has been done in the past but essentially the only other thing that they would do if if they don't want to bring charges against binance is basically find them and I think a fine would be seen as bullish by the market because the Michael would basically say well the doj is fine you know he's fine with just finding binance getting them to admit that they did something wrong and allowing them to continue on you know operating just fine now the reason why this would be I guess like a negative thing or or something that would be good I guess for crypto in terms of like not

not you know not having a bank on binance and not having the market crash but what it would do is it would basically say that all the dodgy stuff and all the Shady stuff that binance has done in the past is okay and everyone following the rules uh like uh like coinbase for example in the US uh is basically on that same level so the coinbase as far as I know um they probably had one or two things I think they got fined for I think there was some insider trading stuff that happened with some of their employees but generally they've been okay right and Kraken and other us-based a lot of other us-based exchanges not all of them but but uh you know the the big name ones right so from that perspective how would you feel as Brian Armstrong seeing the US Department of Justice having

these charges to bring uh you know against binance but not bringing them against them because they are worried about you know such and such and then also basically saying to buy an answer what they did is Is Forgiven now I think that there's two ways you could go about this I don't know how Brian Armstrong and people and you know the executives at coinbase would think about this but there's two ways you could think about this one you can get really pissed off about it right and you could basically say hey we played by the rules the whole time and we still got sued by the SEC right um the SEC and do AJ are separate entities the SEC can't bring criminal charges against anyone um but that the OJ can just uh kind of um a um explanation there to give some more context but uh yeah they could be

pissed off about it or they could see it as a positive in that the doj actually cares about making sure that people aren't harmed in the crypto ecosystem and that the kind of I guess like uh the the fact that they're only finding binance uh and not bringing these charges against them means that this kind of overhang is is gone for now at least right and I doubt binance is going to continue to be dodgy and Shady uh going forward uh if they get away with this maybe they will I don't know right I mean I've I've not been you know you guys know I'm not a huge fan of of buying AIDS generally but it does seem like like they're trying to clean up their act somewhat right so it depends on how that at the end of the day it doesn't really matter how they feel

about it either like coinbase and Brian Armstrong I think that uh it like the doj's not gonna care but just from like being in crypto and kind of running through this all that's that's kind of what's running through my head and lumdad had some takes here that he screenshotted he goes you know he's confused by this because this sounds like they couldn't find anything and are scared of a battle so but are trying to negotiate or they're implying binance is insolvent if they press charges it'll implode no other situation makes sense uh I mean I kind of I guess I kind of see that the thing is is that they can still be a bank run even if something is not insolvent right because like binance could have all customer deposits be fully solved and let's just say they have 50 billion dollars of customer

deposits that they're able to redeem but the thing is is that it doesn't just mean that they're scared about insolvency risk it's more of the fact that I'm scared about consumers being hurt and causing extreme volatility within the crypto ecosystem which I guess is a positive because I think the SEC has traditionally not been concerned about this like the the fact that they say they want to protect investors and then they try to label everything as security when uh obviously recently they had the um the judge in the Ripple case uh uh uh rule against them saying that these assets cannot be Securities their security is the investment contract basically that's my understanding of it so at least the doj seems to want to you know not harm everyday users whereas the SEC they're just going around slashing

you know they don't care who they hit right they're like just indiscriminately hurting everyone even though they're mandate is to protect investors which I guess like uh we all know that that's at this point but yeah so that's the latest there I don't think there's been an update since this came out I think yesterday but uh but yeah interesting times in the crypto kind of like legal worlds going on here and I'll keep you guys up to date on as that evolves all right onto the ethereum news so Andrew here has a screenshot of Tim baiko's recap from the latest all-core devs execution call here you can see a bunch of updates uh you can read this I'll link in the YouTube description below but I think one of the major updates I guess the ones that we've been tracking closely on the refuel is this

these test Nets and these devnets that are happening for eip4844 for dencoon you know the next ethereum upgrade happening here um and there's an update here saying that the EF devops team launched a devnet with 2.1 million validators with a similar client distribution to mainnet they ran into some finalization plus block gossip issues and we'll be working with client teams to diagnose and fix those in advance for the whole Sky launch which is the next test net that is being launched for ethereum on September 15th or I guess like is planned for September 15th which is planned to have 1.5 million validators now your astute observers among you will know that these validator numbers are way above what mainnet is right now so mainnet is what 600 000 or something

like that I mean I I am I butchering that no I think it's more than that I I yeah it's it's um 700 000 sorry plus 75 000 pending so you know almost 800 000 validators whereas this test net uh the whole Sky test net is going to launch with almost double that and of course the the recent devnet with 2.1 million validators is almost three times that so the reason they're doing this is because we know that if the current Pace continues of each being staked validate accounts are going to go up uh and then the validate account going up can lead to some issues around uh the you know the the chain stability and things like that and there are various proposals in the works I guess to curb that at least or at least to alleviate that but in the meantime they want to test for this

through to different test Nets that's why whole sky is launching with with you know almost double the amount of validators that are on mainnet right now but anyway you can read the full recap PR I'll link it in the YouTube description below all right speaking of upgrades that are coming to ethereum in the future PBS or epbs is something that has been talked about for quite a while now and I've talked about it on the refill for quite a while and there is an evolving kind of research um that's spun off of that around something called pep C so there is a new FAQ about Pepsi if you want to learn about it here uh which was linked by Barnaby uh which you can kind of um give a read it basically goes over everything you need to know about Pepsi but basically what it is and it's

pronounced Pepsi it stands for protocol enforced proposal commitment Pepsi was originally proposed in the post unbundling PBS published in October 2022 it is intended as an enshrined protocol Gadget allowing validators or proposers to enter into binding commitments over the blocks they produce so essentially this is an offshoot or I guess like a compliment to e PBS from my understanding uh there is a lot of stuff that goes into this it's kind of like I'm still digesting this and still trying to wrap my head around exactly how this kind of works and what the implications are of this sorts of stuff but but this FAQ does a really great job of breaking it all down so I just wanted to highlight it for you guys and you can go give this a read uh for yourself I'll link it in the YouTube description below

but this is the kind of stuff that again is on the bleeding edge of research when it comes to ethereum uh I don't know if it's gonna go live next year in a network upgrade it might be the year after it's hard to tell I if I had to put money on it I think I've said it before I I don't think it would go live next year I I don't know if PBS is at that point where it's ready yet I don't think Pepsi is Pepsi is ready yet to go in either and I think that there are other things that that the court of Albers want to prioritize next year such as vertical trees um and and statelessness uh and like clients over these sorts of things because these things I guess they are an immediate issue but not like an issue and that's that's critical to fix

because right now we do have Mev boost uh obviously as sidecar software and enshrining that as part of the protocol is something that we want to do but we don't want to rush it because rushing into it what that results in is basically a design that may need to be changed in the future and obviously with ethereum's roadmap being so so kind of like big right now and still so you know so long until we complete it at least 10 years away and the desire for I guess generally the ethereum community um to have that desire for the ethereum protocol 2 generally ossify over time when you put these upgrades in you want to do it right the first time you don't want to have to change it later on because you missed something that's why these things take quite a while to to get in not to say that we couldn't

change it if we had to but rather get it right the first time right so anyway you can go read this Pepsi FAQ I'll link it in the YouTube description below all right so I mentioned the other day that never mind and eigenlayer had had basically cemented a partnership together to build a bunch of different things now there is this new blog post out called um strategic partnership between leathermind and eigenlayer that dives deeper into exactly what they're going to be doing together the higher level uh kind of tldr is that they are going to be working on the alignment of a safety such as censorship attack resistant chains and creativity when bringing restaking to the ethereum ecosystem so there's more detail on the blog post for you to check out I'll link it in the YouTube description below but it's great to see that something like

eigenlayer which is poised to be a big player within the ethereum ecosystem partner with never mind who is obviously a big player in the ethereum ecosystem the second most used execution layer client but nevermind doesn't only develop uh or the nevermind team doesn't only develop the nevermind clients they also work on a bunch of other things within the ecosystem they do a bunch of work with starknet now they're working with eigenlayer I'm pretty sure they do things like security audits as well last time I checked their team was like 200 plus people so they're doing a lot of great work but yeah if you want to learn more about their partnership you can I'll link this in the YouTube description below alright so a big update from Peter today regarding Geth so he says here today we reduce the memory requirement of Geth during snapseink from 14 gig to 2 gig Benchmark

still running numbers might change a bit uh and their big change that made it possible I think was like four lines of code change which is always funny to see but yeah so basically what this means is that just during snap sync when you're syncing Geth with SNAP sync it only requires around two gigabytes of memory instead of four gigabytes at 14 gigabytes it doesn't mean that when Geth is fully synced it only requires two gigabytes to run the Geth client no it still requires I believe around the same same memory here but that is a pretty substantial Improvement uh the two lines uh that were removed were responsible for 12 gig of extra memory usage during snap sync which is just funny when you look at these things these are the kind

of things that get caught when clients are doing kind of like maintenance and improvements and efficient the improvements on their code base CR and this is the kind of stuff that gets caught during kind of like code reviews and stuff like that so it's great to see that this was caught here uh if you're using Geth I don't think this has been pushed to a production client just yet but yeah I'm sure it's coming in the near future all right so just a reminder here that the ceremony I guess like the kcg ceremony uh is still ongoing I believe that there is yeah there's almost 20 days left still here and the lobby is empty so you can go and get your contribution included if you would like uh Carl beaks he has said that the but he also cleared 8 000 addresses from the

black Blacklist so if you were accidents if your address was accidentally put on The Blacklist then it has been cleared and as I said you have about 20 days left to participate in this now there has been 133 000 total contributions over the life of the kcg ceremony so far which has far exceeded my expectations or at least my my most bullish expectations of a hundred thousand innate contributions so yeah kudos to the the team that worked on this for all the great promotion that they have done and all the great work they have done for making this available to everyone to participate in all right Terence from the prylabs team uh has talked about a tweet thread where he says a tweet thread on my teammate akaki's presentation on the latest

eip4844 economic analysis so this is a really great thread I suggest reading it it's not too long I'll link it in the YouTube description below but the economics of blob transactions or at least eip4844 style transactions uh a bit different to uh I guess like cool data and general ethereum L1 uh uh kind of transactions here and you can see here uh the tldr is that erp484 gives a new market for blob space ethereum helps Roll-Ups with more data availability in exchange Roll-Ups L1 data posting cost becomes cheaper enabling scaling L1 data posting cost is the biggest part of the Roll-Ups cost IE sequencer cost now with 4844 pricing it's currently set to three Target blobs and six maximum blobs per

block it has Dynamic pricing similar to erp1559 and then you can see here uh what the dynamic pricing is and then Terence continues with explanations here but basically there is a threshold where smaller Roll-Ups with slower rates may prefer uh may prefer call data the call data market still and finally Roll-Ups can optimize their total cost by joining in blog posting posting cost sharing also doesn't have to be proportional so essentially with this new fee Market there is a cost sharing that can be had it depends on the size of the roll-up whether it's beneficial to basically go for blobs or go for call data I think the main I guess efficiency and the main cost saving with blobs comes from the fact that if there is sustained Feast spikes on layer 1 ethereum such as going

up to like 50 or 100 gray that Spike won't affect the blob transaction Market because blobs are separate to the normal L1 fee Mark and as I've discussed before so that really is the biggest kind of upgrade there in my mind rather than the I mean the cheaper fees obviously are a big upright as well but having that certainty over fees is a huge upgrade too but this thread was uh put together based on slides that or presentation that I can you gave that you can check out the End of This Thread which I'll link in the YouTube description below uh for you to do so there but yeah that's it on that one there moving on so some big layer 2 News over the last couple days so bass is now open for bridging so you can Bridge using the official base bridge now you don't have to I mean you

I think you could use it before but basically it's now open for for everyone and bass is officially going to launch on August 9th here which is great to see obviously they said early August so they are launching um on August 9th so they're calling this launch on chain summer now this is something that Jesse the lead of the base effort has been uh kind of meming into reality for a little while now you can connect your wallet here you can meet one of these um nfts and Bridge in uh to Mint for free uh at this website on chainsummer.xyz but Unchained summary is basically an initiative where they're working with 50 of the best Builders products artists and Brands to Showcase emerging on-chain culture every day in August will bring

you something fun to do on chain a first of its kind on chain Festival so this reminded me immediately of what arbitrim was doing with their I mean the name eludes me right now but you guys remember the the um the kind of thing arbitrim was doing that uh that basically ended up clogging the chain and causing fees to spike and they paused it uh because it was so successful it was the average from Odyssey that's what it was called and they never restarted The Odyssey uh from my knowledge but this seems similar to what they were doing there and obviously see it was super successful it got a lot of people to bridge in obviously people were doing like airdrop farming and stuff like that because it was before arbitrim did their token but it's going to be interesting to see with base what

happens because bass has multi you know multiple times set there's not going to be a coinbase has said this there's not going to be a token for bass but that's not going to stop airdrop Farmers because as I've said before the cost of farm airdrops is is you know very cheap it's not zero right there's a Time cost and there's also a gas cost involved depending on what you're doing and other and other such costs but the costs are very cheap and if it's even like a 0.1 chance of that paying off you're gonna do it it's not just one person doing it it's groups of people doing it it's uh it's it's many people around the world doing it uh it's anyone who can basically use a computer uh it's doing it uh because it's very easy to do you just Bridge into base with a bunch of

different addresses right maybe you pay the ethl1 gas fee to do that but I'm sure there's going to be ways to bridge into base from coinbase for relatively free as well so there's multiple different ways to farm a potential airdrop even no they've said that there's not going to be a token because technically I guess you could say the token for base is just coin stock that doesn't really make much sense but bass is also built on the op stack and people are speculating on op because they can't basically speculate or anything else right now and that's why the op price is slowly crept up over time but you know it's that still doesn't convince people that there's not going to be a token so I'm very curious to see what kind of activity we see on base through this on chain summer thing of people just

airdrop Farming versus people actually bridging there because it's cheaper it's faster there's a lot more to do on there I think it's going to be an exciting time as I said before I expect bass to onboard a lot of new people that haven't used unchain products before from coinbase to base uh but yeah still in its early stages here and it's not even officially live yet I mean still about five days out from being officially live but we have an official date and we have an announcement of this initiative that they're doing so you can go check this out at onchangesummer.xyz I'll link this in the YouTube description below for you to do so all right the second major announcement over the last two days in the layer 2 space is off-chain Labs the developers behind arbitrim are announcing something called bold so not bold as in b-a-l-d

not the meme coin but bold as in b-o-l-d which stands for bounded liquidity delay which is a new dispute protocol that enables permissionless validation for arbitrim change chains potentially removing the need for permission validation and dramatically improving decentralization so I guess plain English expand like I'm five this basically means that arbitrim uh chains not just arbitrine one but arbitrim Nova and other chains out there are going to be uh is going to be the most decentralized l2s out there very very soon because uh as far as I know they're going to be the only L2 chain with permissionless validation uh and that means permissionless validators uh and permissionless fraud proofs from from my reading of uh of these things here so

there are full details for this is in the um is in the uh in the blog post here which I'll link in the YouTube description below but this is how they summarize it they say here every layer 2 system has to cope with the problems of delays when settling their state to ethereum bold is an evolution of arbitrim's dispute system culminating in a much more robust approach to our knowledge bold is the first practical challenge protocol that supports efficient all versus old disputes it guarantees fixed upper bounds on confirmation times for optimistic well-up settlements and ensures a single honest party in the world can win against any number of malicious claims claims disputes in bold are tied to deterministic execution of an L2 State not to a particular Staker or entity that means this means anyone who agrees with the state can defend it until a

single point of disagreement is found because the honest L2 state is deterministic honest parties will always win if participating as evil ones cannot fake proofs of execution so not only is this going to enable permissionless validation this is a you know built from I guess like the ground up dispute mechanism here that is going to be integrated within arbitrim chains and the code is now available for you to check out if that interests you but that's really interesting because you know people are very quick to ride off optimistic Roll-Ups right they're very quick to write them off for a bunch of different reasons but I think that arbitrim stands kind of alone in terms of uh Innovation when it comes to optimistic roles because like right now technically op chains optimism mainnet

base other op chains they're not optimistic with us because they don't have fraud proofs because the op stack does not have fraud proofs right now and as I've said before or as I've speculated before I kind of feel like they're gonna just LeapFrog that and go straight to validity proofs because they have uh this you know open op stack they have proposals already been submitted by uh validity proof teams or teams building validity proofs to integrate that into the op stack so it feels like that they're not even going to bother with with fraud proofs whereas the offtrend labs team they seem to have said no you know what we can make a really cool system for uh for fraud proofs and we can do it in a positionless way and we can innovate here so they may stand alone as the only

optimistic roll-up going forward now it remains to be seen if they integrate validity proofs and if that actually better serves the arbitrim ecosystem eventually I'm not sure that's uh that's definitely getting in the technical weeds there but it's great to see that they haven't just abandoned fraud proofs right I mean arbitrim1 has fraud proofs right now it's permissioned but with this new uh kind of like bold um mechanism here they're not only going to be uh permissionless but it's going to be a whole new mechanism and people will often bring up like the seven day delay with optimistic Roll-Ups in order to withdraw from the chain the seven day delay is not something that I mean it's not arbitrary but it's not something that is set in stone it was chosen because that was kind of like the safety

margin of how long it would take to submit a you know to detect fraud but with a with this new approach with bold they say here we have invented a new approach to that validation that gives us a fixed upper bound seven days of additional delay on confirmations without suffering from delayed attacks so from this kind of reading it seems like they could reduce that seven day delay if they wanted to or if governance are kind of like uh agreed on it but at the same time it's also proven not to be an issue I remember how much fun there was about this like back when optimistic wolves are coming onto the scene and going live everyone was going it's Dead on Arrival because of that seven day withdrawal period that didn't materialize because we have Bridges

right we have I mean I know I've said before that Bridges can be dangerous in their own right but at the end of the day if you are putting like large sums of money on these l2s and you want to go back to ethereum mainnet well you're gonna probably wait the seven days right you're gonna be comfortable waiting the seven days um or you can just use the bridge and take on the extra risk now the extra risk from Bridges I think is overstated a lot of the time depending on the bridge that you use like if you're just using something that's basically an amm you know hop or something like that that basically allows you to swap in and out the risk is passed on to the liquidity providers in that sense so you don't really hold the risk anymore once that that is complete obviously during the

transition there is a risk there but I I just generally think that it was so overblown that risk around that seven day withdrawal period being uh being a you know something that would kill optimistic roles because obviously it hasn't Arboretum is still the leading optimistic well-up op stack uh it's not technically optimistic roll up yet but it's still obviously um trying to be that or at least um building in that ethos there has a lot of activity on it so yeah I think those those concerns were completely unfounded but anyway you can go check out this new uh thing from from off-chan Labs new bold thing I'll link it in the usual description below for you to do so all right so something interesting that bar Tech from the L2 beat uh tweeted out he said since launching uh Stark net on November 2021 from the point of view of

L1 uh we are running version number 11 of it it got upgraded on average every two months and so bartek says you know he's thinking about introducing an ossification factor for Roll-Ups that would measure the time since last upgrade times the tvl this is actually pretty interesting because it's not really something that people think about when it comes to any chat on chain contracts right because for example say you have a contract because at the end of the day these l2s are just contracts on on layer one but let's just say for example at least the bridge is right I'm not going to get into the semantic argument here but let's just say for example there is a smart contract that exists on ethereum L1 for two years and then the community or developers they say we're going to

upgrade this and we're going to add a bunch of functionality to it like a and not redeploy the contracts basically upgrade the existing contracts well then those contracts aren't the same thing anymore right they they've changed they're not the same thing that they were for those two years so the security assumptions have changed on it because now there is additional security risks that weren't present in those two years it basically resets your Lindy effect to zero and it introduces more risk essentially right so I think that this metric would be good not just only for l2s but for all smart contracts obviously the dream is for all the contracts to be immutable and the only way upgrades could be done is by deploying the you know a new set of contracts that would also reset the security of course but the existing contracts would exist in their current

state and that's what uni swap does with their different versions V1 still exists V2 still exists V3 still exists and when V4 gets enabled they're all separate systems they weren't upgraded to replace the existing system so from that point of view most contracts aren't like that they're upgradable especially l2s for now at least so having that metric on L2 beat I think would be really great from a safety perspective you could see like how long it's been out there for how long uh you know since its last upgrade uh and and things like that so I'm hoping that L2 beats definitely adds this metric to their website all right uh I talked a lot about shared sequences on the refuel over the last few months especially now Sanjay here has a great thread out explaining how he believes shared sequences may be more

way more powerful than we thought and he says the espresso team recently laid out how shared sequences could enable Atomic composability even flash loans and here's how a flash loan would work he has a nice graphic here uh describing this now this requires a read of this thread and to go through the graphics yourself so I'll link this in the YouTube description below but there is a lot of work being done on the sequence of front guys I know that a lot of the people who are clueless about l2s on Twitter and elsewhere like to say that oh sequences are this huge you know are the centralized point of failure for l2s and all the signatures are centralized that means the l2's are centralized and uh you know it's never gonna it's never gonna be decentralized or permissionless or anything like that that's not true at

all uh there are going to be waste uh in the future for a lot of these l2s to be a decentralized sequencer and at the end of the day the sequences risk and the centralization risk around them is far overblown as I've said before a sequencer just basically orders and submits transactions and processes transactions the biggest risk is censorship so say you have like one sequencer that one sequencer is responsible for ordering and and sensitive resistance well you don't really have much good you don't have a lot of guarantees around censorship resistance there but if the L2 is constructed correctly you could still submit your transaction on L1 right and uh you know forced withdrawal funds if the L2 was censoring you now let's just

say you had permissionless sequencing and there was 10 sequences uh you know 10 different sequences run by 10 different entities the chances of them censoring you of all of them censoring you is zero and that's you need all of them to censor you for your transaction to not go in it's a a one of entrust assumption where basically even if nine of them were censoring you that one will pick up the transaction and process that for you and even if all 10 of them are censoring you you could still use L1 so I think that the risks around sequences are vast overblown and people's kind of concerns around them are vastly overblown in saying that the sequence of tech is in its infancy right now shared sequencing looks very promising because as Sanjay says here it could enable this composability in interoperability

between the different l2s if they're part of the same shared sequencer Network that allows them to basically act like one big monolithic chain but in a modular kind of sense and that has been the main criticism of the modular roadmap people saying oh it breaks composability it breaks into operability no it doesn't it just changes how we do composability and interoperability uh and we can do it it's not something that that can't be done we're at the beginning stages of this it's definitely going to evolve over time there's a lot of teams working on this uh and if you want to learn more about how it's going to all work you can go read this tweet thread which I'll link in the YouTube description below all right our push V2 has been uh uh launched so they said yeah today we're officially launching push V2 and an

array of exciting new features a new yield farming rewards via push fee pool staking incentivized chats push spaces and customized profiles now for those of you who don't know what push protocol is they're a communication layer for web3 basically trying to be a decentralized layout where different people can do different things such as have like push notifications for different on-chain activities you can have uh peer-to-peer chats you know decentralized chatting um you could uh have uh have yield farming and things like that as well which is obviously all detailed um in in this kind of like blog post on medium it's it's a video but it's also a blog post um so you can give this a read all about what push V2 is and what they're

kind of aiming to do here and you can also uh check out more detailed information in articles that are linked here so you can go check that out for yourself I'll link it in the YouTube description below um for those of you who may not have heard to push protocol before push is the rebranding of uh epns which is ethereum push notification service and it's a project that I invested in quite quite a while ago they've been building for quite a while but that may be have that might be the reason why you hadn't heard of it before because they did do a Rebrand a few months ago to push protocol and now they have V2 out there which is a very exciting time uh for them there all right uh Nocturne uh which is building a uh on chain privacy for ethereum has put out a new blog post all

about stealth addresses and shielded pools so this was published yesterday and they said in our last thread we introduced Anonymous payments erp5564 and some some outstanding ux challenges and I think I covered that thread on the refuel um and they describe here how Nocturne addresses these challenges black and combining a contract internal stealth address scheme with a shielded pool and in this Twitter thread they jump into this design which you can read I'll link in the YouTube description below and they also have a blog post jumping into this as well so for those of you who thought that privacy was dead on ethereum because of the tornado cache sanctions it's not there are so many teams working on privacy right now Nocturne is one of them there's Umbra protocol uh there is uh different versions of tornado cache mixes on l2s I

remember I covered it back in um I think around East Denver I mean solomani put out one on optimism uh that was uh there was a difference to Toyota cash in the same Spirits there is obviously Aztec building their encrypted layer 2 or they're fully um privacy by default L2 there are so many things being worked on in the Privacy front that uh yeah I mean I'm up I'm more bullish on on-chain privacy than I've ever been before so yeah you can go check out nocturne's thread and blog post I'll link that in the YouTube description below all right last up here is the tweet that I put out over uh a couple of days ago and now uh that I wanted to talk about and I I know I'm over time here but I'll I'll I'll make this quick or relatively quick so I said I know many people I

know many people that blew themselves up in the covert dump of March 2020 after holding and accumulating all throughout the BET of 2018-2019 some people recovered others never made it back and some left crypto altogether best to keep this in mind when future High volatility events come around so people some people took this tweet to mean that I thought that we would be having like one of these future High volatility events really soon that we dump and then everyone would blow themselves up no that that's not what I was saying at all the point of this tweet is to basically say that the worst thing that can happen to you is blowing yourself up in this ecosystem whether that's blowing yourself up on Leverage whether that's over trading whether that's basically leaving the ecosystem after you know basically uh losing money and losing

faith because the market hasn't done what you wanted to do you know making the wrong Investments there are many different ways to blow yourself up getting rugged right losing funds in a hack uh losing funds to on a centralized exchange going offline like FTX stuff like that right so there are many different ways to blow yourself up and the worst thing is the people that I saw blow themselves up in March 2020 over that massive cover dump that we have now of course no one saw that dump coming because it was a Black Swan it was a true Black Swan this covered thing knowing what was going on the Market's all panicked dumped and then obviously after that it recovered took took a little while to recover after that if you look at the charts everyone kind of seems to block that out that oh we just

recovered straight after the covert dump no there was a very uh scary period for the few weeks following that dump of people kind of questioning are we actually bottomed again because they went to 90 again right everyone was questioning hey have we actually bottomed again you know what's this covered thing this seems really serious there's this lockdowns happening blah blah you know what what's what's gonna happen here no one knew right it was very very scary so people blew themselves up because they were on Leverage or they were you know they out they they um they thought they could out trade the market they thought that it was going to be really bearish so they sold all their crypto they stayed in cash and then the market got ahead of them and they tried to buy back in but they've obviously bought a lot less than

what they had so I saw many people do this now the reason why I tweeted this out was because I do believe that there's going to be more of these high volatility events probably not as bad as the covert dump that was that was really bad but in Bull and Bear markets you have these events and we had one recently with a lot of the non-ethan BTC coins um tanking really hard and this was I think people like to attribute it to the SEC case board against coinbase and binance but I think a lot of coins were already just heading for that if you look at the chart they were already bleeding out but if you want to look at some of the ones that kind of you know what what where they went from what they what they moved in a day they were like 20 to 30 dumps

on these coins in a single day that is what I consider a high volatility event and I'm sure there are some people out there that tried to trade this or blew themselves up because they're on Leverage or maybe they thought to themselves wow this is really bearish I'm going to sell here and it's going to go down even further and then of course some of these things recovered pretty violently especially once Ripple won their case and getting chopped up in this crab market is essentially what people are doing right now so that not only do these high volatility events stand to wreck you but trying to out trade the market especially in a crab market just chops you up and I've seen it happen time and time again so the main point of this tweet is to basically say be on your toes in these events you

know focus on the long term I know a lot of you guys out there are long-term investors you don't really care to trade I know some of you out there are Traders at the end of the day if you're a Trader you're taking on that additional risk you should understand that risk you should understand the fact that you have more of a chance of blowing up than others but even if you're not a Trader you can blow yourself up uh very easily as well even not just being on Leverage as I said you could get rugged because you put all your money you'll put a lot of your money into a new smart contract because you're trying to chase gains like like what was happening in D5 summer ride or what happened recently with the Bold thing I'm so I'm sure some of you probably put some money into that

bold token and got rugged basically right this can happen whenever where you least expect it or where you most expected it can happen so the moral of the story is be on your toes always in markets if you blow yourself up probably the worst thing that can happen is leaving the ecosystem all together because then you have no chance of recovery um but some people will just never recover no matter how hard they try they won't learn the lessons that they should have learned and they won't recover but others will they'll recover and go on to you know make more money than they ever have because they learn from their past mistakes I think that's the key to life I learning from your past mistakes but in markets it's especially true but yeah I think on that note that's where I'm going to end today's episode so thank

you everyone for listening and watching be sure to subscribe to the channel if you haven't yet video a thumbs up subscribe to newsletter join the Discord Channel and I'll catch you all tomorrow no not tomorrow tomorrow Saturday next week thanks everyone