Berlin live, Gitcoin raise, Ethereum culture & more - The Daily Gwei Refuel #100 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the daily gray refuel where i recap the latest news in the ethereum ecosystem i'm your host anthony sosano and today's the 15th of april 2021 all right everyone big day today so we had the berlin network upgrade go alive for ethereum but also a big day for the refuel it is episode number 100 so that's that's pretty cool got into 100 episodes here i started this just a few months ago been doing it pretty much every weekday since i think i missed only two weekdays uh and then made up for it on the weekend uh back you know back like i think it was a couple of months ago now but yeah so i just wanted to to give a quick thank you to to all of you that have been watching you know from either from the start or come along

to and join the journey um it's it means a lot to me it means a lot like i look at the analytics and i see that the the average viewer account keeps going up and getting more subscribers and you know i mean if you're following along some discussions in the discord i was talking about it the other day i was saying you know i don't want to do like click bait like thumbnails or titles or whatever i just really want this to be an informative show you know no ads no sponsors none of that stuff i just enjoy talking about you know ethereum and i enjoy like kind of teaching people about what's going on and keeping them up to date with the ecosystem so yeah no plans to kind of go anywhere i guess like i'll keep doing the refuel i have plans to to start a kind of new

series it might be called like the jerry can edition or um turbo boost or something i don't know i i want to kind of stay in that theme of like the gas kind of thing um and those videos would just be like not really kind of structured but just be like random videos that i do where i kind of discuss a topic that i see that needs kind of further discussion then i can get give it on the refuel and just put out like videos like that and i've also got the latest daily grade data pump going out this weekend i know i said it was going to be out last weekend but i ran out of time so i'll definitely do it this weekend and that will cover the month of march in on-chain analytics for both ethereum and d5 there so yeah once again thank you everyone for for

watching for these last kind of 100 episodes and here's to a hundred more all right on that note back to the berlin network upgrade here now this went through successfully but there is currently an issue now by the time you watch this the issue might have gotten resolved but essentially what ended up happening is the upgrade went fine on the go ethereum client or geth on base suit and on nethermind but there is an error with open ethereum so unfortunately open ethereum is having a consensus uh issue here um it's it's it's out of sync uh which means a bunch of services like etherscan and and i think coinbase are kind of not working right now because they use open ethereum um so yeah that's currently being worked on you can follow along in this thread

here you know by the time you watch this this may have um may have i guess like uh been fixed depending on when you watch it i don't expect this to take too long to fix but this is you know this just speaks to the benefits of having kind of like these multi-client architecture that we have in ethereum now you know a lot of you will be aware that in in kind of like bitcoin land there's just bitcoin core and then there's like i think there's like some other smaller clients so bitcoin coi is like 99 of the clients um whereas with ethereum i mean it used to be more distributed than this but now we have like four main clients i think or maybe more than that we have um geth open ethereum another minor basu but most of the people are just running

go ethereum is like 85 or something like that but the benefit of having multiple clients is that you know imagine if it was geth that was out of sync and and and open ethereum was fine and the other the other ones were fine right yes the majority of the network would probably go down and that'd be you know that that'd be pretty crappy but we'd still have like an in-sync chain and then get could kind of like re-sync to that once the issue was fixed if there was an issue there so that's kind of like the benefits of these multi-chain ecos uh multitude architecture that ethereum has um and you know this is kind of coming with eth2 as well right we have like four main eth2 clients right now being prism lighthouse uh baysu and nimbus uh and you know the majority is prism and

lighthouse and you know it's always gonna work out like that you're always gonna have like the top two and then the other ones are gonna have a smaller market share but i think that's fine i mean i think it's good just to have diversity no matter what even if it's not really diverse where it's like equally split up where you have like four clients and each of them have 25 of the network i think it's fine just from a pure kind of um development perspective getting more teams working on it getting more eyeballs working on it because we can kind of find these issues you know in any of these clients before they kind of go to mainnet here now i'm curious to see what went wrong here because obviously these things are kind of like put onto the test net before they're on main net and as far as

i know all the testnet deployments went well nothing went wrong with any of the clients so i'm i'm really curious to see what went wrong here with open ethereum and i'm sure we'll get like a postmortem i'm sure we'll have some an answer as i said you may there may already be an answer by the time uh you watch this refill video but yeah i don't think it's anything to worry about that's for sure and there are alternatives to either scan as well i mean a few of the apps you use might not work as you expect it to because they might be using open ethereum as well as their backend infrastructure um but yeah i i wouldn't consider this like a huge kind of world-changing like world-ending kind of issue here it's definitely something that i think the the core devs definitely do expect anytime there's a network upgrade

that happens because you know you can do all the testing you want but i guess like there's always edge cases right there's always things that can happen that you just don't know are going to happen until you actually do the thing and you know i mean this is why it's actually so amazing that the eth2 beacon chain launch went off without a hitch i mean we did a lot of testing but the fact that it just it just went perfectly like beyond perfectly there was just no issues at all with it it went as well as you it actually i think it exceeded all the expectations that everyone had for even the core devs and researchers you know that's a testament to how difficult this stuff is to get right so but yeah anyway enough on that one uh in terms of like what's included with

berlin it doesn't include one five five nine um that's coming in london which is tentatively tentatively scheduled for london for july or possibly august but i think we can get it in by july but if you want to know what's in the berlin network upgrade there's a good thread here from georgios that i'll link in the youtube description that basically goes through you know all the eips that were included and what that means for end users a lot of it is technicals um but he gives a pretty great high level overview of what this means and things like that so yeah definitely go check that out if you want to learn more about this so the other biggest part of the last 24 hours was uh queen going live on uh the nasdaq so uh this was a pretty big launch i mean as i said

yesterday i slept i i slept through all of it i woke up and you know i looked at the chart and it looked exactly like um a listing that you would see of a new kind of coin on a on uni swap or something right or a centralized exchange where it kind of spikes up and then it goes like dumps really hard and then it just kind of like levels out that's kind of what happened with coinbase and the last time i checked it was trading at like 330 or something like that um so above kind of like what what people said it was gonna trade out and you know it's only the first day right like we're gonna see the second day play out now and i'm sure it's gonna balance itself out and you know if there's enough demand it'll go up if there's night

it'll go down but you know there was this interesting tweet here from an analyst at bloomberg and he said that ark and for those of you who don't know arc is basically a an i guess like an investment fund or a hedge fund whatever you want to call it that invest in in tech related companies specifically and they made a lot of money making big bets on tech companies like tesla for example and that's kind of what they're known for i think um but it's headed up by kathy wood who is um widely regarded as a legendary investor uh but basically what they did is that they as eric puts it he had bought the crap out of coin um today so they put it in three etfs they're arc k etf arc f and rw etfcr and i think they bought like hundreds of

millions of dollars worth of worth of coin here so you know huge buying huge selling of course like i'm sure like there's a lot of um people that you know early investors and and maybe like employees and things like that that we're selling but it's like anything i mean it's kind of like when you when you have like an airdrop happen remember the uni swap airdrop where basically there was a lot of selling right a lot of people sold their uni airdrop but and the price was extremely volatile but after the selling was was kind of done and after all those people got out there was still the demand there for uni right i mean i'm sure maybe some of those people even bought back uni because they're like oh i shouldn't have sold and then they bought back in sort of thing so you know people always think to

themselves oh you know how is there going to be how is it going to go up if all these kind of insiders and all these people that have stock are going to sell i'm like well i mean for starters not all of them are going to sell secondly you know you're just not considering the demand side at all like think about how many people want to buy a coin right um not just like coin the coinbase stock but like just coins and tokens in general so from that perspective that's the i mean that's the way the market works right balancing supply and demand so yeah i mean this is a huge vote of confidence from arc here putting hundreds of millions of dollars directly into coin i mean it seems that they didn't even care um what price they got you know and i think in the short term it really

doesn't matter i mean i know it fell from like 600 and something to 320 but i i kind of like i didn't look into it but i wonder how many people actually bought at 600 that's why it probably kind of fell so fast is because if there's not many buyers right the price is going to fall faster and faster and maybe you know i found buying support at around 300 plus dollars there which seems to be the case but yeah it was a big launch i mean i i discussed the implications of it yesterday for sure right i'm not going to not going to go through it again but actually one implication that i i kind of like i saw play out today was uh wall street bets is allowing crypto discussion on its subreddit for btc eth and doge i mean of course those

because it's such a it's such a meme but uh yeah i mean this is this had always puzzled me about wall street bets right such a speculative subreddit that is just literally driven by dj stuff but they banned crypto talk that was always like super puzzling to me so they've taken the first step here to allowing it just by allowing btc ethan doge kind of talk here but this is a direct consequence of coinbase's listing right coinbase coinbase is direct listing here so that's just one of these auxiliary things that you'll kind of like see more of right um that there's kind of like i guess legitimizing of the asset class because of what happened with coinbase and then obviously kraken and gemini are thinking about going um public as well so you'll see that kind of stuff play out too but yeah i thought this was

really really cool to see there's gonna be you know it's gonna be funny when wall street bet types find like unisop for example right i mean are we going to get like a d5 season round two that's going to be even crazier than we had like during d5 summer last year maybe you know maybe we'll get like something just way crazier than we can even imagine because there's a ton of people who who visit the wall street suburb wall street bed subreddit i think there's millions of of of people that visit that now what happens when those people kind of like start getting into you know crypto and ethereum and d5 you know that's that's what i mean like when i mentioned yesterday that the coinbase thing is just so bullish right because it just it just brings in so many new people but anyway i'll leave it at that for now uh

i think that was just really cool to see that wall street that's finally is allowing crypto discussion on the subreddit so royal jordan from uh prismatic labs here is he's an east 2 core developer there put out this interesting tweet where he said bull signal the amount of talented engineers that have applied to join us in working on ethereum 2.0 core development since we started hiring prayer labs at pry labs especially people outside of crypto with a ton of experience we've been overwhelmed by quality of applicants now i wrote about this in the delegate newsletter today and essentially the theme was that i believe ethereum is kind of like a black hole for talent and so you can go read my thoughts in in the description sorry in the newsletter it's linked in the description um but essentially i wanted to talk

about kind of like a a a little bit of a kind of different thing here on the refuel about specifically people kind of applying to work on eth2 core development now there's a lot of debates within i guess like the crypto ecosystem in the ethereum ecosystem where people say you know why would someone work as a core developer on you know ethereum when they could go work for another chain or they could go work for a d5 app you know and get like a more lucrative outcome because they can get you know tokens early on obviously you can't get like tokens early on with ethereum because it's it's live it already has a quarter quarter of a trillion dollar market cap to that i say well i mean this is proof right from from raoul here um where he basically kind of like says that you know they've had like

a quality applicants right like amazing quality applicants for for eth2 core development and then i would also say i mean look at all the companies around the world that are worth hundreds of billions of dollars that still manage to to to recruit really great talent right um and you know they obviously have you know stock options and things like that and i don't know if the ethereum foundation has kind of like eighth stock options i guess for these teams but maybe they do i'm not sure there but in general right i think you know a lot of the times people will build something and work on something not for the money but for because they actually want to right they actually want to make a change here and you know i wrote about this in the newsletter the other day where i said that like believe it or not there are a lot

of people in this ecosystem that are in it for more than money and you can say oh well they already made their money and like well okay money is a means to an end if you've got you know as much money as you need just to survive if you're not someone who's materialistic if you don't care about lambos you just want you know you just need money so you can kind of like survive and have like a a you know a normal lifestyle then once you reach that point at point you just got like okay well now i can work on whatever i want to work on and i think that's the point that a lot of people in crypto have gotten to um at this stage right especially you know due to the growth over the last um you know a few months and things like that uh or i guess like

the last year um so from that point of view you know you might get people coming from outside the ecosystem as well who have maybe worked at tech companies made a lot of their tech stocks that they've got because tech stocks have gone crazy as well and may not care about the compensation they're like okay but they're probably thinking themselves you know what can i do to change the world right what can i do to make the most impact right now and eth2 is one area you know scaling is another area you can do it with d52 but you know you can join d5 teams later and you might not get as many tokens as the earlier members but that's just not how it works so i i kind of like i kind of like find it weird when people say you know why would someone work at

this when they'll do that well not everyone's the same like it's just so bizarre it should be so obvious like not everyone's the same there's a lot of people who don't care about money at all i mean look at vitalik he doesn't care at all yes he has a lot of it but the thing is money is a means to an end for him and he he owns like a very a little percentage of the eave supply he donates a lot of it right he gives a lot of it away he he funds a lot of um different kind of developments uh inside and outside of crypto with it and you know he doesn't go on he's not living lavishly he doesn't have a mansion doesn't have like lambos everywhere he you know i mean i didn't have to explain this to you guys you've seen the

way vitalik is right and he's still working harder than ever on on ethereum protocol development specifically within the eth2 domain so from that point of view you know you can just look at that and i think that sets the culture as well which i'm going to talk about because um duncan he had a good tweet about this um it sets the culture of ethereum too but anyway i just wanted to to kind of talk about a quick note there and whenever you see people saying you know why would someone work on on a protocol development they can make more money elsewhere simple answer they don't care about money right and that's not to say that their work shouldn't be valued and they shouldn't be paid fairly with what they're doing but you know it's not it's like not like anyone's forcing people to to go work in certain areas right if you

want to work on eth2 protocol development you know that there's no like early tokens you're going to get right you know that ethereum is a quarter of a trillion dollar network or more than that now um and you know that you know you you're going to make less money than if you were to go work at a an earlier stage startup but it's not about that right at the end of the day so yeah just a note there i'll i'll i'll stop there but i thought it was just a cool signal from from raul here saying that they're getting quality applicants as well to work on these two core developments uh pretty bullish signal for sure so uh i'm going to say his name wrong yule uh yeah i hope i said that said that right probably not but anyway um the point is he had a really really

great tweet thread today about um the merge so the eighth one to e3 merge basically breaking down exactly what it is in 21 tweets with nice animations here how it all works how it's going to work timelines you know rough timelines at least and all that sort of stuff um so yeah if you're interested in learning exactly how the merge is going to play out and what the current kind of state of play is go check this thread out i mean it's it's crazy like this this guy has like under a thousand followers right but he's put out one of the best threads i've seen on pr protocol development in a you know core protocol development in a while and you know i just love this right finding these like hidden gem accounts of people who just like i didn't even know who this person was until uh you know until they

put out this thread so yeah really really awesome to see this uh and you know i i think it gives a really great context of people who aren't like you know super plugged in right now because the merge is moving pretty quickly across the ecosystem right now um and it's happening much quicker than people kind of anticipated i think uh and he also goes in and i guess like um discusses the implications of the merge as well like what that means for kind of different ecosystem participants so definitely go check this out i'll be linked in the description for you to give it a read so git coin announced today uh that they have uh raised 11.3 million dollars from a bunch of investors here i mean this is absolutely awesome to see right like git coin has been one of the i mean best non-d5

apps or i guess you could probably say it's the best non-d5 app right now on ethereum right um and one of the best apps in general i mean i'm sure you've all used it to donate during the grants matching rounds i'm sure you've you know some of you have used it for posting bounties finding work all that all that kind of good stuff there but essentially they raised this money it was led by paradigm which if for those of you who don't know i think i spoke about it on the other day's refuel paradigm is one of the best funds and investors in this space early uni swap of course um you know early a bunch of different kind of teams here and they've invested in a bunch of different things and then uh there was an additional investment from ideo uh 1kx electric capital

naval bellagi the lao meta cartel ventures and and many others here that remain unnamed so yeah i guess congrats to the get coin team here this is super awesome to see i mean 11.3 million dollars gives them plenty of runway to keep kind of i guess you know focusing on their vision i mean they have a few different things they want to do obviously growing open source is at the core of it but they also really want to help to kind of like solve civil resistant uh kind of issues here decentralized identity kind of like making it so that anyone can work for the internet and work for the open internet itself so really really awesome awesome to see this and i mean really awesome to see paradigm backing them they're an amazing kind of um team there they're not just investors who throw money into something

they actually help the teams as much as they can wherever they can sort of thing here so yeah definitely uh really cool to see this and congrats to the git coin again so immutable x here uh for those of you who have been paying attention lately is the nft layer 2 exchange that went live at the other day with gods unchained but that's just the first project that they're going live with there's a massive lineup here of projects so you can see they've got open c they've got tokentro which is a godsend chain marketplace uh lucidcy ball is going on there i mean you know a bunch of different games like uh guild of guardians and and and you know things like that as well so i mean this is like super cool to see right

i mean elluvium 2 um you know that's a very popular game right now uh being made by um kane warwick from synthetic's brother so i mean yeah you can see here like uh basically this is coming in phase two and you know phase one was just getting the marketplace up for god's unchained um and this is like a true layer two on ethereum right using starkware zk roll up technology uh i mean i've talked about immutable so many times before i don't think i have to rehash why they're so awesome but i think i mean i've said it before right where i think the winners of the kind of scalability race is going to be the ones that actually get the apps on them right because at the end of the day no one cares how good your layer 2 is unless it actually has apps for them to

use so i think you know immutable x is going to be the nft layer i think they're going to absolutely kill it here but on that note i also think that polygon is doing a lot of great work with um kind of nfts right they've got a bunch of projects on there doing amazing things i know avogadro's on there and there's a few other stuff so i wouldn't say there's gonna just be one winner but immutable x is definitely on boarding a lot of um great projects here uh and on that and on that note i don't think any other kind of like layouts are focusing on nft specifically right now obviously uh optimism and arbitrary focusing on on kind of like arbitrary smart contracts so you could do nfts on there um and like evm compatible stuff but i would imagine d5 is going to sit at those things and

obviously start where's technology is also powering things like diversify and um and uh stock uh dydx sorry and obviously loop ring has a standalone thing too so yeah at the end of the day it's all about the apps it always has been about the apps i think um you know but also we want to make sure that the technology that people are adopting here are super secure and everything like that and you know people kind of get to enjoy the security of ethereum while also getting the scalability uh kind of gains here so yeah really cool to see this from immutable so lucas from into the block here put out this interesting chart today where he says the number of transactions on a given day it just hit an alt a new all-time high of 1.342 million now you know this is kind of um i guess like

capped in a way where because we can only fit so many transactions in a block um it kind of like caps it but i think there's a reason why this is happening so um i think because of flashbots right because what we're seeing with flashbots a lot of the bulky transactions that we're kind of taking up a lot of gas are actually moving kind of like off chain not off chamber like off the mempool so you know how to describe the other day how there's like now two streams of how transactions can get into blocks it's either through the mempool uh the normal ethereum mempool or through flashbots which is kind of like considered what's called a dark pool um so i think because of that we're now at we're now we're now able to get more transactions per second out of an ethereum block because so i

actually i need to give some context here so ethereum blocks are defined by a block size which is called the gas limit right so the gas limit is currently 12 and a half million uh uh every every kind of 15 seconds per block sort of thing now if that block was only full of ethereum transactions sorry of eth kind of like transactions where you know um eth was sent to one address or one address or another address or whatever right and there was no other transactions in there there was no d5 transactions there was no token transfers it was all just eighth transfer transactions in that block we could probably get to like i think the last time i ran the numbers was like 50 or 60 transactions per second probably more than that actually since i last ran maybe maybe something like 70 transactions per second

if the only transactions were heat transfers because an eat transfer only costs 21 000 gas to do so you basically do 12 and a half million divided by 21 000 right and then you get like um how many each transactions could fit into a block and then you divide that by 15 15 to get transactions per second because obviously ethereum block is 15 seconds that's why i think that we've seen an all-time high here is because we're having less of those complex transactions and more of just like the simple transactions which is balancing out the gas which means that we've got a slight increase in in kind of transactions per second here so yeah and and lucas also notes here that this this also excludes transactions on layer twos of course and of course side chains and

things like that and you know ethereum fees are 12 times greater than when they were at the previous all-time high on jan 2018 but again i think as i just explained to you the real context here is what the gas is being used for at the end of the day in january 2018 there was like no d5 there was essentially just like i mean there was d5 but it wasn't d5 let's put it that way so um you know because of that i do think that uh we're going to higher transactions here because of what i just explained uh and that's something that i i don't i think is not really well understood so i hope i explained it well there but if you have any more questions you can just leave a comment and i'll answer them in the in the in the comments section below uh but

yeah hopefully that gives some good context for you on on why that's kind of occurring so i put out this tweet today discussing ethereum's infinity stones so for those of you who have watched the avengers movies you'll know exactly what i mean by this but for those of you who haven't uh the avengers is basically uh following the story of of thanos who's the bad guy who's collecting these five infinity stones which essentially gives him the power to um wipe out like half of humanity um if he wanted to by the snap of his fingers not half of humanity sorry half of all life in the universe so that's the context i'm sure a lot of you have seen avengers but anyway i i kind of like put out this tweet saying ethereum's infinity stones and i came up with these five things we have defy

which we already have we have layer two which we kind of like we have but we don't write we're still waiting on more layer two so that's why i put like a tick and a timer here then we have eip one five five nine which is coming right slated for july eighth one to eat to merge slated for later this year early next year and then shouting hopefully next year now the reason why i consider these five things to be the infinity stones is because this is what makes ethereum ethereum these are the core things at the end of the day defy is ethereum's killer use case it is the biggest use case it is what i believe drives the most value to eth layer two is critical we need to scale right and that we do that through layer two eip1559 is also critical uh for

for the user experience improvements for the other improvements that i went through yesterday uh around kind of like mav and and and providing like an on-chain gas oracle to smart contracts and things like that and also the fee burn which i believe aligns uh the entire ecosystem in terms of like where the value flows obviously the eighth one to eth2 merge is critical too right because we need to get off proof of work we need to just get onto a pure proof of stake chain and then obviously um sharding is is critical for for layer 2 scalability to to kind of go and a 64 x if we deploy 64 shards here and you know i didn't put a comment here about like what happens when you know ethereum has these infinity zones and it snaps its finger so to speak and i was going to make a joke where i said

you know it snaps its fingers and and um half of all value of all the ethereum killers just evaporates overnight or something like that um but i didn't do that because i didn't want to turn this into like a a fight where people were like just you wait my favorite ethereum killer is gonna come and eat ethereum's lunch it's like okay whatever um so yeah that's kind of why i put this tweet out here and i i think this is it like i i was kind of thinking am i missing something is there anything more critical here i was thinking maybe nfts but i don't think so because nfts to me are great and they're bringing a lot of new people in but they're not like i wouldn't consider them core and i would actually consider a lot of the nft activity to just fall into d5 in general

um but i do think that d5 is you know i mean finance is bigger than nfts let's put it that way at the end of the day so i was just thinking of like the biggest things that are gonna you know propel ethereum to becoming like the most powerful being in the universe because that's what the um the infinity stones give you um uh and yeah i guess like ethereum is the is the glove because he he puts the infinity stones on his glove um in the movies but yeah anyway i'll leave it at that for now but i just thought like um you know this this kind of like just made a lot of sense to me and that's why i tweeted it out here and it seems you know the tweet kind of like got a got a bit of attention so it seems to be

resonating with people and one person asked what comes after eth2 so after shouting is done and it reminded me of this road map from vitalik uh that he put out i think he updated it in december so it's probably changed by now but he basically kind of like shows what's coming after eth2 um what you know i mean what's coming before eth2 you know what's happening the progress of it you can see the progress bars on the on the chart here but then what's coming after kind of eth2 and there is actually an effort called e3 which is not really um uh i mean it's not really a thing it's just it's just e3 is just like an umbrella for things that they want to do like after the e3 road map is finished like the researchers and developers but it's not like we would have another

separate network we'll be moved to sort of thing i don't think that's going to happen i think it's just going to be a series of upgrades to e3 that are nice to have but like aren't critical for the for the main e3 roadmap to happen and then we can add them over time just like we have with like eth1 right now where we're adding more stuff over time optimizing things and all that sort of stuff so yeah definitely go check that roadmap out if you haven't yet it'll be linked in the youtube description of course so stephen from the block here has put together a really great kind of reading materials and kind of like resources on mev here so uh if you want to check this out i'll be linked in the in the description but essentially there is a lot of research and writing and everything

going into mav right now and i talk about it you know a lot on the refuel lately with with you know the flashbot stuff and just in general so if you want to to kind of like learn about it you can go here and and kind of like read all these things there's tons of reading material on it right now you can kind of look at the projects that are helping with this uh you know i've mentioned flashbots a lot but there's also things like keeper down and shutter network and a bunch of others here and then you can kind of look at these applications as well which allow you to do different things and um you know i mean i spoke about block native simulation platform the other day there's also mev explore which allows you to basically see how much value is being kind of

extracted um through mev and it's just an estimate but it still gives you a kind of good overview there so yeah definitely go check out this resource list uh if you're interested in that all right the last thing to think about to think about to talk about was this really really great tweet from duncan here and he basically said to compete with if you don't need a technical solution you need a cultural solution the magic lies in the inspired population of builders and compounding collective mind share tps plus gas cost is secondary i mean this tweets just preaching to the choir in me like i you know i talk about this all the time uh you know on on the refuel and on twitter and everywhere that i ever talk about this sort of stuff if technology was the primary thing that

allowed these systems to grow and to be popular and to get communities then bitcoin and ethereum would not be one and two that's as simple as that bitcoin is the least scalable blockchain ethereum is the second least scalable blockchain right and it's still there one and two and they're one and two by a pretty large margin especially bitcoin being a trillion dollars right so from that point of view then you have to think yourself okay well what really gives value to these systems what really makes them special and it is the culture at the end of the day ethereum has an incredible culture that supports builders supports innovation experimentation new ideas whatever you want to do right um you know and you can do anything on ethereum and and you'll be supported you

can build anything you want that is what inspires people it has it has cultural values that no none of the other chains uh seem to have at this point in time right except maybe bitcoin i've spoken about ethereum's credible neutrality before where ethereum as a platform doesn't serve any one person it serves a collective community and from that point of view it makes it credibly neutral so anyone can build on it without kind of benefiting any one party it's like it benefits everyone so that's a big big kind of like a thing about it it's cultural values are also um cemented with decentralization right we've cared deeply about decentralization um we care we can deeply about preserving it we don't want to take shortcuts we don't want to um you know give it up just for for short-term scalability gains

we care deeply about kind of like respecting um the fact that we're building a system that is meant to be as decentralized as possible so that's why we've kind of like worked hard to do that there and then on top of that we we value censorship resistance right um which falls into this centralization so without decentralization you can't really have censorship resistance and we also value uh security you know obviously there's been a lot of hiccups along the way but we learn from it and we don't repeat it right we kind of make the systems um as secure as we can going forward there's still going to be hacks along the way for different defy apps there's still going to be exploits there's still going to be things that go wrong right i mean as i'm talking about this the open ethereum kind of like

syncing issues are playing out but the pro the thing is if you have a culture that is welcome and and welcoming and not like you know toxic and is fine with this sort of stuff happening because they know that the the builders have their you know their hearts and minds in the right place then you basically just work together to fix this sort of stuff so from that point of view ethereum's culture is absolutely unrivalled right it's builders unrivaled it's brain power is unrivaled i would say i would say a lot of the bitcoin you know brain powers actually kind of drained into ethereum at this point so yeah i thought this was just a great tweet from duncan kind of like really encapsulating really what makes ethereum special at the end of the day and you know what technology matters for sure but the

thing is we have a good base to start from like a culture is basically like the base of a house once you've got that you can build whatever you want on top of it that's what we're doing we're building the technology it's not like ethereum is lagging on technolon technological progress either we have so much going on right we have uh the eth2 effect we have scaling we have eight one improvements uh we have layer two scaling right and all the other stuff like antifa and ft's dowels like all the buzzwords you always hear about that stuff's real and it's it's being built out every single day so yeah i'll leave it at that for now i don't want to ramble too much there i think i've gone over time on today's episode uh so yeah thank you everyone for tuning in to the 100th episode uh

thank you uh for listening if you're listening on the um the podcast as well uh be sure to subscribe to the youtube channel if you haven't yet give the video a thumbs up join the discord uh channel uh subscribe to the newsletter and i'll catch you all tomorrow thanks everyone