Binance backs out of FTX deal, EIP-4844 updates - The Daily Gwei Refuel #485 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of The Daily gray refuel where I kept the latest news in ethereum ecosystem I'm your host the Anthony sassano in 2010 November 2022. all right everyone let's get into it so just a full warning here this episode is going to be yet again another uh FTX drama heavy episode because really that's all that happened over the last 24 hours from what I could see I don't think anyone wants to be announcing any project updates in the midst of all this drama because there is just so much noise so I'll be focusing on this again and of course tying it back to ethereum and and decentralization and all that good stuff I have a few tweets that I want to talk about later but let's start from the top so what happened over the last 24 hours well what happened is what

I guess I speculated on yesterday binance pulled out of the acquisition deal of FTX so they put out a tweet today saying as a result of corporate due diligence as well as the latest news reports regarding mishandled customer funds and alleged US agency investigations we have decided that we will not pursue the potential acquisition of ftx.com now I mean it's pretty obvious why they're not doing this FTX is a radioactive Wasteland I you know going near it means like certain death basically so binance is like this is not worth it at all you know yes okay the ecosystem may suffer because of this but it is really not worth our uh time energy reputation money to to save this thing let it die let someone else save it uh and you know

it's not not worth it to them and I can't blame them for this as I said yesterday uh I didn't really see any reason for them to acquire FTX it just seems like there was no positives uh for for the bit binance personally or binance as a company I should say and CZ personally of course uh and there was just a lot of downsides and as I speculated the only thing would be the long-term health of this ecosystem but no I don't think Cesar wants to take on all the baggage that comes with buying FTX because you not only uh inherit obviously the um the customer deposits that you have to make whole but you also inherit all the legal liabilities and all the legal uh stuff that's coming and they actually called it out here now there there's a U.S agency investigations that have already begun

so obviously they don't want to be involved in that [ __ ] storm there now of course this had big implications for the market uh whole Market dumped again BTC went to New lows eth hasn't gone back to Triple digits yet but you know who knows right at time of recording each is at about 11.75 so not doing to crash hot uh BTC is at what 16.2 K I went down to I believe what 15.5 K so yeah definitely new uh cycle lows there uh and you know we're basically in Max fear territory I mean one of the biggest exchanges blew up uh we had uh you know potential bailout coming but that's not happening there's a lot of other drama surrounding what's been happening uh uh and and I think the whole uh is estimated to be

about eight billion dollars from what I saw so I mean I estimated five to ten eight billion dollars is estimated by uh the industry and it seems to I guess be the the estimate that everyone is going with uh so yeah that's that's the big biggest news I think or the biggest FTX related news was that there's no bailout coming a lot of people have lost money and you know more and more people are coming out and saying that they've lost money on on FTX and that they that they uh their family has lost money because they said to their family hey you can use FTX you can trust that's a legit exchange run by legit operator uh when obviously it wasn't of and it seems that Sam or SPF scammed everyone it really does seem like a pretty much a full-blown scam and a lot of fraud

involved so I think that SBF if he is arrested is going to face prosecution for for a number of different laws that he has broken but I don't know when that's going to happen I mean dokwon and suzu are still free right uh three hours Capital allegedly uh committed Grand fraud by faking uh their assets under management in order to be able to borrow uh more funds from from different kinds of people via unsecured loans um and don't Quan I mean I've talked about him enough on the refill before so who knows was going to happen there but SBF from what I can tell has definitely broken our laws has definitely committed uh fraud uh from what I can tell now I'm not going obviously I can't I I don't

have all the information in front of me to prove that and I should preface this by saying you know in my opinion it's it's definite because just of what I'm seeing but there's still a lot of unknowns here it is alleged alleged still it's nothing that's been proven he hasn't been prosecuted or anything like that just don't want to get myself into trouble there by saying you know this is definitely happening I don't mean I don't mean that as like a objective fact I just say in my opinion it seems like he has definitely broken some some kind of laws there and committed some type of fraud but we're gonna have to wait and see what comes out now if FTX declares official bankruptcy here this is going to take a long long time to play out guys it could potentially take five plus years to play out because we can look at

Mt gox as precedent now I think that uh Mt Cox was based in Japan and Japanese bankruptcy proceedings are typically slow uh some of the slow lowest in the world so we can look at Mt gox I mean that went down in late 2013 so let's say it's been about eight years uh since then through all these proceedings and people still haven't got their funds back so I think it's safe to say that it's at least going to be a few years before anyone gets their money back from FTX if they declare bankruptcy because once you declare bankruptcy you basically hand everything over to uh you know third parties and they handle it all there's nothing more that you do as uh as a company you do what you're told basically uh once you do that so I I as I said yesterday if you have lost money

on FTX I really feel for you I really feel sad for you it should be a stark reminder uh to not keep money on centralized exchanges longer than you have to uh you know kind of do your business and get out so to speak someone had an analogy on Twitter a few days ago saying that centralized exchanges are like public you know restrooms you go into your business and get out as quickly as possible you don't want to linger around there for obvious reasons right um so yeah hopefully this has been a learning experience for you but if you were if you weren't on FTX I'm sure it was a learning experience for you as as well and there's already a lot of people taking their funds off centralized exchanges I'm seeing the um I'm seeing the flows myself and that makes total sense many people don't want to be stuck

just in case not to say that these other centralized exchanges such as binance and coinbase and Kraken are insolvent or anything like that but people want to be safe and you should be honestly if you're not actively trading on a centralized exchange then I I don't really see much of a reason to keep uh assets on there now it depends what asset it is obviously something like a centralized stablecoin doesn't really matter where you keep it because uh it's centralized right for example if you keep usdc on coinbase I mean it's the same thing really so the risk is basically the same there but if you keep eth on a centralized exchange well if there's a truly decentralized asset so you're much better off just self-custody in that self-custing any BTC you own or any of these other assets on truly decentralized blockchains so that you

retain full custody of your funds instead of relying on these uh these third parties here but that's enough on the on the binance thing uh and then actually after this a few hours after this Justin stun uh came out and said uh further to my announcement to stand behind all Tron token holders on FTX we are putting together a solution together with FTX to initiate a pathway forward and SPF retweeted this so it seems that SPF is so desperate that he's gone to the honorable a Justin sun right um which is hilarious to me considering that that's like Peak desperation uh for obvious reasons but there's not much more information about this from what I can see so we don't know if this is actually going forward but the fact that sbf3 tweeted it lends it obviously legitimacy and truthfulness there but

that's just something else something else of a development that that happened but I don't know if it's actually going to materialize into anything so I just wanted to to call out that one uh then uh yes I said FTX is facing a liquidity shortfall of up to eight billion dollars and seeking emergency funding to meet withdrawal requests I I don't know who wants to plug this hole like what are they getting out of it right um that's a big hole and obviously we would love for users to be made whole for their funds to be returned but it comes at the expense of another party like if you say okay I'm gonna acquire FTX and I'm going to plug this 8 billion dollar hole as I said before you don't just inherit that you inherit all the legal problems as well and you inherit and exchange it No One's Gonna trust

ever again uh probably all the stuff that could do with the ftt token it's just not worth touching it it's a it's radioactive right at this point in time um and then as I said uh us has uh has begun a probe on the FTX Empire over handling of client funds and lending uh and on top of that most of uh ftx's legal and compliance team just quit so I mean I I like guys like I mean I don't really see any path forward for FTX except bankruptcy if I'm being honest like what else is there for them if you really think about it like who wants to bail them out Justin's son I doubt has eight billion dollars to bail them out unless it's uh you know part of his

um his companies personally I don't think he has that much he's pretty rich maybe he does have that much but I doubt he's going to want to use most of his net worth to bail this out it seems like they're they're doing it uh to generate uh some kind of liquidity for the TRX token which seems to be trading at a much larger valuation on FTX so what could happen is that there could be an ARB opportunity there where they transfer funds from other exchanges or transfer X TRX from other exchanges to FTX and then sell it in FTX and and make money that way in order to plug some of the hole but again retail's just getting wrecked there and losing on on that as well so that's obviously not uh not an ideal outcome for for anyone there but I mean Justin's son is not a I I you know

not a person that you should trust then SBF is definitely not a person you should trust so I I don't put anything past these two but the fact that most of FTX legal and compliance teams just quit basically means that they took a look at what happened uh they were probably kept in the darker they took a look at what happened and said nah [ __ ] this [ __ ] I'm out like I'm not dealing with this because it's probably really really bad and honestly I don't think we know the extent of how bad it is because everyone's really confused right now they're like how the [ __ ] did they lose eight billion dollars or how is there an eight billion dollar hole here where they were making so much money like how did they screw this up so hard right uh and I I'm confused by this as well that

we don't have enough information to have a clear picture on this yet uh but you can chalk it up to just pure greed and as I said I'm pretty sure from what I've seen uh FTX Alameda SPF they blew up at the same time everyone else did back in uh in Q2 right with the terror clubs and three AC claps and they were just able to get away unscathed for a few months uh by uh by doing all the dodgy stuff that they've been doing now chickens come home to roost and Bruce they have that's for sure uh and we've and this has resulted in in this Fallout here which uh which obviously is Is Not Great uh now uh there was another tweet here from Ben Hunt who said it's so weird that cftc commissioner Caroline Pham has deleted this tweet along with every

other chummy reference to FTX apparently meanwhile somewhere a small Ria is being referred to enforcement for not captioning on a s p 500 chart as non-investable so you can see Caroline Caroline Pham here said yes if spf's hair is better than mine and yes Mark really is that tall thanks for coming to talk to me today so this is the cftc commissioner that like this is a commission of one of the biggest regulatory agencies in the US um and she has been deleting tweets about SPF now the reason why I bring up this tweet is because like Regulators as I've said before they're not going to protect anyone here like look The Regulators were I mean they weren't in bed with SBF uh so explicitly but SPF was there talking to them they were

trading him like a um like a legitimate actor like a leader of the space like someone to be trusted uh and now it's come out that he's obviously the complete opposite of that they're deleting tweets I don't understand why people delete tweets like they're they're documented there are there is a bot that actually follows a lot of accounts and if you delete a tweet it will archive that and say hey this person deleted this tweet so it never actually pays to delete a tweet especially if you're a very public invisible and visible person so and it actually makes it look so much worse so I don't understand why people do it honestly like there is literally no positive to it at all because people can always uh people it actually works um like a Streisand effect as well will you delete the Tweet people say that you

deleted the tweet and they bring it up again and they keep berating you about it's like why did you leave this tree bro why did you delete this tweet bro and not they obviously never reply and that keeps happening and happening and happening I think a perfect example of this uh besides uh this one from Caroline is this one from Kyle samani who is another uh in my opinion bad actor in this space and I've been calling him out for quite a while but he quote tweeted Caroline who works uh not Caroline fam uh Caroline who works at at Alameda uh and Caroline was saying a few notes on the balance sheet info that has been circulating recently and this was her thread uh reassuring people that if FTX and Alameda were fine this was two days ago and Kyle quote tweeted this and said haters take note right and then he

deleted this tweet of course because I mean what are we taking note of exactly that that you're wrecked uh multi-coin lost 10 or has 10 of their their AUM stuck on FTX but then there's also uh an article that came out that said before FTX halted withdrawals on Tuesday multi-coin Capital was able to withdraw around 24 of the funds assets that were held on the exchange so simultaneously while Kyle was saying haters take note as in saying that you know be reassured that everything's fine on FTX and El Anita there's no need to panic he was himself withdrawing funds from FTX like this is just I mean this should be illegal like there has to be a law against against them doing this and uh as far as I know multi-coin capital is registered or Incorporated in the US so

like for sure he's broken some kind of law by doing this but again like why delete this tweet well I haven't put this tweet out in the first place for starters it's [ __ ] stupid like honestly especially when you're withdrawing like what like I I don't just ascribe much intelligence to to Carl Simone I never had of um and I you know I've always not I I've not respected him uh ever since he was Shilling EOS back in the day and deleted those tweets too mind you but to do this right this is just disgusting honestly this is absolutely disgusting Behavior I hope I hope there's consequences for this and if you're on Twitter you should call out people like this I'll back you up I'm honestly like I call out these people all the time I'll back you up on that like this shouldn't stand but you

need to get rid of these toxic people out of this ecosystem we need to to I mean I hate the term cancel then but we need to get rid of them like uh because they're not doing anything net positive for the ecosystem they're hurting the ecosystem they're leading to all the blobs that we've seen uh because Castle money he isn't he's he's also backed uh a lot of other projects that have um have not really gone anywhere uh and he also backed the entire FTX Empire including Solana and that's all Fallen apart uh he said plenty of stuff uh before that's that's false and I don't want to just pick on him because there's so many other actors that are just as bad if not worse than him but I think this is just a perfect example of like why delete this tweet or why even put

this [ __ ] out in the first place like especially juxtapose with the fact that you are withdrawing money from FTX while you were reassuring people that everything was okay obviously you didn't believe that yourself um which yeah I honestly like this is one of the most egregious things that I've seen during this Saga because it basically uh uh shows that these people really I mean they don't give a [ __ ] about you like I I mean I know they don't give a [ __ ] about you but I think they should be and I've known it for a while but I think this should be proof like stop thinking that these billionaires these fund managers that these um uh exchange operators give any shits about you at all at the end of the day they only care about themselves and their own pocket and their own uh funds

and they don't care about you at all so what you can do to protect yourself is of course self-custody right like self-custody using D5 using all the good stuff that we've built uh sticking to ecosystems that are legitimate and not going and venturing out into shitty ones if you want to make money on them and you understand the risks by all means be my guest but you need to understand the risks and a lot of people don't a lot of people don't understand the risks as well because a lot of people who do understand there is don't actually make the risk apparent to newer people which leads them down shitty rabbit holes and gets them wrecked as I mentioned yesterday like think about how people have gotten wrecked just constantly over the past uh 10 months on top of losing uh portfolio value like imagine someone

who was like oh yeah I'm down 80 to 90 on my um on my assets right now but you know I'll keep them on FTX it's fine I'll just keep them there till the next bull market uh it'll be safe there I won't have to worry about it and then bam it's gone right bam gone 100 loss like imagine how that person feels they probably they probably laugh right they're probably like well I was already down 80 to 90 like I just got a mega wrecked uh a hundred percent like it's gone everything's wiped out maybe I'll try again next time or they'll just leave the ecosystem and I laugh not as in a haha way but in uh that's a [ __ ] up way right like that's just and that's probably happened to a lot of people because FTX was a retail driven exchange

right and there was definitely a lot of people who lost a lot of money over the over the fact that a lot of crypto assets have dumped a lot over you know during this year uh and and like really I mean if if most of the people that entered uh you know end of last year are not down 80 to 90 they either sold uh direct you know during that kind of um I guess Q4 period of last year in q1 uh or or they basically um were able to uh trade the bear market and like short things there's very few few people who can do that profitably but the ones who can uh can make a bit of money there but anyway there's that and then I think the last thing on the FTX stuff was uh Kobe sharing a message from FTX from SPF on

ftx's slack that got linked to him by the telegram some telegram Anon and have he's verified it's real with another this was basically FBI SPF coming up with some hacky plan of what to do in this situation I mean I I replied saying it reads like this uh this he typed this after not sleeping for 48 hours because there's one part here where he said one could maybe say if they wanted to be optimistic that we have a lot theoretically in and or potentially for the Rays more than enough to cover all needs but at the end of the day the entire world lives between there and where we need to be and I mean reading like that as a sane person and trying to decipher that as a same person he's trying to say that they can raise enough money to cover the whole we I don't

think they can I think that's a straight lie and then he also has a a point on this where he says uh uh where where exactly does he say it I think that he said something about wanting to make himself whole uh and I was like okay like why are you even talking about yourself bro you're not made gonna be made whole at all you're probably going to end up in prison if you ever get arrested so I don't know what you're on about but yeah I mean it seems like he is done I mean he's finished like I was actually talking to some friends about this the other day it seems that these ego Maniacs it shares a common theme what ends up happening is that their mind breaks right once the Empire falls apart and we've seen this play out like dokwan he's still Tweeting just weird as

[ __ ] [ __ ] just like baiting The Regulators and the authorities to come after him basically acting like nothing happened suzu is now doing this um and he's being even weirder about it and it seems SPF is having a breakdown as well so these people that their mind just breaks because they will go they go from being regarded as gods of of the industry right being regarded as people who have uh who can do no wrong who are Sitting on Top of the World uh to basically nothing in a matter of less than a week basically right they lose all their loyal followers they lose everything that they ever wanted because that's they got everything they wanted for a short period of time and then they can't handle that they can't cope with that so their mind breaks and they go straight to just being weird as hell uh

and it really is a mental break I I believe so I mean I kind of uh some sometimes people say to me oh you know I kind of feel sorry for them I don't feel sorry for them at all because they got themselves into that spot um and they're you know some of them uh legitimately scammers and committed crimes committed fraud uh probably most of them um but you know I guess if they actually have had a mental break uh I hope they don't play that as like an insanity plea if they get arrested or anything like that but you know it's funny because you can actually see over time uh science here and there if things not going too well uh in spf's case you could see that he was putting on weight uh on the um on the podcast or on the debate he did with

Eric Voorhees on bankless he was shaking pretty uncontrollably and I know I mean I I I'm not I don't want to offend anyone here but people called SPF I quote unquote autistic because he was so good at what he did um and people say you know that shake is just part of his autism so to speak I I saw that I'm this isn't me saying this I just saw this set on Twitter I was like okay that's weird but whatever um but he was shaking like much more than he usually did uh and his ticks were like much more pronounced than they usually were on that bankless debate and that is a sign to me of of high stress right high anxiety and then as I said he put on weight that is another sign of high stress stress and high anxiety um he was tweeting uh things that didn't

really make sense towards the end uh and reassuring people uh when they didn't match with reality so there are definitely signs as time goes on of someone suffering from anxiety and stress and you begin to wonder okay like why are they suffering from this right especially someone like SPF who seemed like he had it all figured out he had all the money he was buying up other distressed companies well obviously we know that it was all a fast it was all you know don't look behind the curtain sort of thing so there is uh there is that there uh but you can read this full message I'll link Kobe's tweet in the YouTube description but shifting gears a little bit to a couple of tweets I put out today so the first one I said quote no one cares about decentralization we all heard this a lot

in 2021 now in 2022 not so much I think it's obvious why we don't hear about it so much in 2022 but I remember doing refills refuels in 2021 and talking about the importance of decentralization especially during the alt L1 Mania I was called an eighth Maxi for it I was [ __ ] on all over Twitter people were saying her no one wants to use your high gas fee chain a lot of Terror Army was saying that to me I was like okay or whatever um I blow a lot of this stuff off I mean I have to it's just Twitter's a Minefield especially during bull markets but there's a lot of that stuff happening right a lot of that stuff going on and then fast forward a year later no one's saying this anymore right no one's saying no one cares about decentralization because truly

decentralized products don't suffer from this defy on ethereum is ticking along just fine and I'm not talking about the ponzis and the D5 2.0 stuff and and the scams I'm talking about actual defy uni swap maker compound are there curve like a bunch of others protocols out there they're functioning just fine they're doing what they're supposed to be doing they're servicing users they're on multiple chains not just ethereum layer one now they're on multiple l2s right at least most of them are so we do care about decentralization because it saves you from all the [ __ ] that everyone else that's using C5 is going through right now right and I'm not saying don't use C5 uh as I said like it's the only way to do on and off ramp with Fiat but D5

for most people is more than liquid enough for them to use for their day-to-day trading investing activities uh and it has a lot a lot more benefits because of that decentralization nature but also the self-custody nature as well and and the fact that you control everything on your own and I don't think it's as daunting as people say it is honestly and I know people say oh well normies can never do this and I'm like okay but it's not just normies that were affected by something like the FTX for that it was people who were in crypto like why are they storing funds on FTX uh why are they trusting their net worth on FTX a lot of their money on FTX I I don't understand that obviously I feel really bad that I lost their money but I mean how many times people said not your

keys not your crypto and people just didn't take that seriously enough I I think I mean me personally I never ever keep coins uh or any money in exchanges longer than 24 hours uh unless I absolutely need to right uh and and usually it's only on there to do things that I can't deal with in D5 otherwise everything is self-custed everything is is um is done through defy uh I even you know run all my own Heath validators right I am very paranoid about this and I think I have good reason to be considering how many C5 things we've seen blow up over the years and I also hate the false equivalents that some people make uh or a lot of people make especially outside the ecosystem between D5 and C5 they basically say oh look you know all these things aren't gonna aren't working this uh these D5 things

all are fast it's like guys like FTX isn't D5 right Tara wasn't D5 I mean they marketed themselves as D5 but they were not they weren't decentralized right uh the mechanism was a complete Ponzi uh it was it was completely flawed everyone was calling it out Celsius not D5 right block fight Jesus Christ going through the list of things that are blown up this year is going to make me depressed I'm going to stop there holy [ __ ] I forgot about Celsius and and block fire and um block five was actually I guess like acquired by um by FTX or something Voyager oh my God I gotta stop I'm making myself really depressed right now because that's just holy and that's only happened this year um anyway I'm gonna move on from that but my point is that like I think if

you've been around the last 10 months and 10 months and you've soaked this all in I think you understand the critical importance of decentralization you understand what we're building here with ethereum and D5 and you're understanding ending why uh people keep advocating for this stuff and why they're not just doing it because they're eat Maxis or whatever else Maxes you want to call them they're doing it because it's true it makes sense it it it's it's a reality of the situation so I just wanted to reiterate that I know I'm preaching to the choir a bit here on the refill because a lot of you definitely or I I think pretty much all of you definitely care about decentralization um and ethereum values but maybe your friends don't maybe people you know don't and it's always good to to uh kind of reflect on that talk to them about it

point to the last 10 months and then basically say to them hey you know true Defy is unaffected by this uh so you know look into Trudeau if you're looking to self-custody make sure that uh you uh you know you know what you're doing of course so you keep yourself safe but it's better than just defaulting to C5 in in my opinion um but yeah that's that's that one the other tweet that I put out which I think is also very relevant I said just because Bitcoin survived 2014 and 2015 and ethereum survived 2018 and 2019 doesn't mean that your favorite project will survive this bear Market don't make the mistake of comparing your favorite projects to the exceptions when the rule is that 99 of crypto projects fail I'm seeing a lot of people do this right now and it's kind of scary

there is no guarantee that your favorite project will survive at all just like there was no guarantee that Bitcoin or ethereum would survive during their brutal bear markets uh back back in those dates that I mentioned if you think that your favorite project is going to be like ethereum basically what you're saying is that you think that that it's not a one percent chance you think it's 100 chance when in reality it's actually a one percent chance the chance of your favorite project surviving is very very low now obviously not all projects are the same there is app layout there is middleware there is layer ones I think with this tweet I'm probably talking about layer ones more because I see the layer ones compared to obviously ethereum and Bitcoin and I've seen a lot of people say oh you know ethereum went through this it went

through a massive drawdown in price and it went through its uh its disillusionment period uh we're gonna bounce back stronger it's like yeah ethereum went through that but so did all the other old old layer ones from 2017 and pretty much none of them are relevant today right so what makes people so confident that their favorite L1 is going to be relevant in the next cycle like maybe maybe one of them is out of the crop that we saw over the last 18 months right maybe one of them but and that's like a big maybe but the rest of them I I'm pretty confident they're all gonna just like go by the way so they're all gonna die they're going to be completely irrelevant uh and not just because I believe layer twos will overtake them but because they're just not going to be able to foster a

lasting Community especially one that is not making any money from the tokens there are a lot of layer ones that didn't even get anywhere near their old all-time high at the peak of uh the 2021 bull market and these layer ones were from 2017 and they were just being speculated on they're dead projects so I think that it's very very dangerous to think that your favorite L1 is going to emulate Bitcoin and ethereum from its its its Darkest Days I don't think that's that's a way to think about this I think if you want to think about things you should look at the ecosystem that you're a part of look at who's left as how many missionaries are left what do they care about what are their values what are they doing to drive value to the network you know where what are the builders doing

um you know what's the competitive landscape look like is ethereum and that's alter ecosystem gonna eat this chain right I think that's a very real thing to look at um you know can this chain survive for two three years with like no price appreciation at all right uh does it have a community that cares about making the the chain better on the technology side but also making sure that the social air gets stronger and stronger over time all these things you have to ask yourself do your due diligence and then uh kind of look at it and see uh what what the outcome is because I don't believe 99 of projects not just our ones or projects have that and they're all going to go by the way so you're not going to hear about them ever again there'll be a new crop next bull market

and we'll do this all again but yeah I think just taking that on board I I think is very important and that's why I wanted to I wanted to point that out for you guys but I'm coming up on time here I wanted to get through the last couple of tweets so uh so this is actually like ethereum related update ATR something that I missed yet a couple a couple of days ago there was an EIP 4844 implementer's call that happened and this Implement is called notesia that basically go through what what happened on the call it seems that we're headed towards devnet 3 a lot of work is being done or has been done uh so I don't know when devnet 3 will be spun up maybe over the over the next week or so but as I said we're still waiting for the end of

November date to see if we're going to be able to get 4844 into the Shanghai update but progress is being made and it's being made really really quickly but you can go check out the implementers call notes for yourself I actually don't have to I don't have a link to this actually it wasn't linked by this Twitter and Ang's guy he actually had a um a uh uh how do I say this a um I tweet sorry where he said I have to say I've had more productive days but I think the sentiment sentiment is very much on point when markets are euphoric ethereum gets criticized for our slow slow pace but if you're in progress is steady and we keep advancing the roadmap no matter the noise in the broader crypto space totally I mean this this makes total sense to me uh and this is exactly

what's happening within the ethereum ecosystem and lastly here I'll walk you from Bitcoin she had a tweet where he said no one absolutely no one and me web3 is an evolutionary ecosystem in abundant times hundreds of experiments will blossom in scarce times 97 will fail but three percent that survive will be the keystone species of the next boom innovate iterate evolve repeat it's elegant even beautiful and then he's got a nice uh image here that I think I've shared on the refill before showing the evolution of our ecosystem and all the little things that are sprouting uh off of it so I'll link this in the YouTube description for you to check out I definitely uh think it's important to check this out because I and go through what he's done here because uh it definitely speaks to the longer term view of our ecosystem

um but on that note that's going to be it for today just a reminder that there will be no refuel tomorrow I actually I think I should shout that out uh sorry uh I will come back and be back on Monday with a much longer refill I'm sure there's going to be some stuff that happens it's probably going to be another hour-long Refuel on on Monday but yeah just to know there will be no refill tomorrow tomorrow being Friday uh so yeah I'll see you all next week but yeah thanks everyone for listening and watching be sure to subscribe to the channel if you haven't yet give it a thumbs up subscribe to the newsletter join the Discord Channel and as I said I'll see you all next week thanks everyone