BlackRock using Ethereum, Layer 2's on fire and more - The Daily Gwei Refuel #751 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the delway refuel where cup latest news in E theum ecosystem I'm your host and this sign the 22nd of March 2024 all right everyone let's get into it so apologies for not doing an episode yesterday like I said I was going to do I ended up skipping it because I was just too tired and as you can see from the amount of tabs I have open in front of me this episode requires my full bullish energy and attention because there is a lot to get through I'm going to guess this episode's going to go for about an hour or something like that even longer who cares I'm going to go until I'm out of things to talk about uh but first off I had a really fun time in Sydney over the last couple days attending that event

that I told you guys about had a couple of dinners that I attended and actually spoke on stage at the one on Wednesday night basically like an open AMA talked about ethereum talked about the markets a little bit basically a live daily gay refuel episode there so I had a lot of fun as you can see in my picture here hung out with a bunch of friends actually met up with a few friends between events as well that was really great so yeah I'm I mean I'm pumped I'm I'm charged I'm ready to get into everything and there was a lot to get through so without further Ado let's jump into the first thing which of course was the SEC once again Waging War against eth and ethereum now as we all know Gary gensa is no fan of crypto in particular he's no fan of basically

everything even uh you know except Bitcoin traditionally he's been a very hos everything except Bitcoin particularly eth but he did stop calling eth directly a security a while ago and stopped saying or stopped kind of hinting at that he thought eth was a security but over the last couple of days I think mostly yesterday news came out and this news is based on a lot of kind of different sources and Scoops it's not really something that we have uh kind of concrete evidence for but the news came out that the SEC is probing various different companies uh including the ethereum foundation for information about eth with regards to its status as a security now of course as we know this is one of the dumbest things that the SEC could be doing because not only would they lose any case that they

brought against I I don't know who they bring this case against but like Not only would they lose those cases there's just like chance in hell they would be able to get eth classified as a security and the statute of Li limitations is actually passed on the eth Ico so they wouldn't even be able to classify that as an investment contract uh AKA as security so it would basically be impossible but as we all know or can all assume they're probably doing this because they want to deny the eth ETFs on May 23rd uh and they want to find any reason they can to do this now there's been a lot of speculation around them denying it based on that future spot correlation that I've discussed before and about how that isn't actually a basis for denial uh and I guess like them going this path of trying to

basically deny based on eth being in security is even worse than denying it based on correlation would open open up an even worse can of worms so gendler seems to be picking the scorched Earth approach that I spoke about over the last couple of weeks about how they would deny the eth ETFs um now in saying all of that I do want to emphasize here that we don't have much information to go on it is just various kind of news sources reporting on this it is not uh coming from the SEC directly there has been no official kind of word from from the SEC on this there's been no lawsuits or anything from the SEC so right now we're working on limited information so I just wanted to stress that there but uh for a kind of overview of this Paul Grell the chief legal officer at

coinbase did a great Thread about this where he started off by saying again with the eth misinformation as we await a decision on eth etps or ETFs okay let's talk about some basic facts about ethereum millions of Americans hold eth it has been vital to crypto since this 2015 launch and eth is a commodity not a security and then in his following tweets he basically has a lot of supporting evidence to back up this claim here we all know this is true I mean ether's been trading as a commodity on the CME Futures exchange for a long time now it has been uh treated as a commodity by the cftc which is the other major Financial regulator in the US the commodity Futures Trading commission basically like the Ying to the sec's Yang here um but if the SEC wants to go after Ethan classified as as a security

they're going to have like a really uphill battle to do this now I'm speculating that they're not actually trying to classify eth as a security what they're trying to do is just find a reason to deny the E ETFs on May 23rd but again like this just seems really dumb to me because they would have less of a hard time denying based on the future spot correlation than they would going down this path like I just feel like this is even more scorched Earth and this is literally genla like lighting himself on fire it just makes zero sense from a logical and kind of factual perspective but as we know and as I've discussed before genla doesn't want to be logical and factual he's just doing his own thing now in saying that people have asked me you know do you still think the atfs are going to get

approved proved by May 23rd I understand like all of the be cases here I understand why people are saying that the odds are low I understand the Bloomberg guys are saying it's like 25% odds or something like that by May 23rd I I completely understand all that but in saying that maybe I'm crazy but I still think that the ETFs are going to get approved on May 23rd and I will only change my mind on this once we get to maybe like mid April and we haven't seen back and forth between the SEC and the issuers and the reason I say that is because getting these things uh kind of over line requires back and forth it doesn't require as much as it did with the BTC ETFs but it does require some communication here so until I see that uh uh back and forth not happen by mid

April I'm still going with the fact that I believe they're going to get approved by May 230 I know it sounds crazy for me to say that given all of the evidence to the contrary and I totally understand all that evidence and I'm not trying to be delusional here and and and and say and be hopium about it you know I was basically a very kind of like um a very strong supporter or a very strong believer in the BTC F getting approved uh based on the facts and circumstances uh back then and I was consistent with that position based on information so this isn't just about me you know obviously being I don't know you can call me an eth maxi or whatever and because it's eth I think it's going to happen it would be the same for any other asset I'm just looking at the

facts and circumstances here and all the facts and circumstances lead to them having having to approve the EFS on May 23rd but then obviously we have the wrench that gets thrown into that which is all of the the stuff that Gary gay is doing around basically the scorched Earth approach yeah so as I said we've still got like a few weeks until mid April but that's when I'll probably give up all hope on a May 23rd approval and I'll gladly own the fact that I was wrong on this like that's the thing you guys know that I'm one who sticks to facts and circumstances and that's the reason why I think like this but at the end of the day like you can stick to facts and circumstances as much as you want but someone can still punch you in the face for no reason and that's

exactly what gendler is trying to do here I believe but that whole discussion about if E's a security or not is completely irrelevant to this this is really just an SEC fishing expedition to try and deny these ETFs based on that basis it's it's going to go nowhere there is absolutely zero chance that eth is ever classified as a security like literally zero guys it's not going to happen um and of course I think the market knows this and that's why eth obviously went down on this news because there's some Bots trading it but it went straight back up and eth like there was already a kind of a General market sell off but eth has been relatively strong in in the face of that and it's because the market knows that this is literally a fishing Expedition the market knows that the ETFs are going to get approved

eventually anyway like even if they're denied on May 23rd they're going to get approved at some point anyway they're like it's it's it's not a denial on May 23rd it's it's in effect a delay really like and maybe it doesn't happen till next year because we have to restart the process again but really uh it's going to happen and I I you know I know that some people want it to happen later actually so that there's more infrastructure put in place to support the ETFs which would result in more inflows I personally would just love it to happen on May 23rd so we can get rid of this circus I hate this circus guys like I absolutely hate this I hated it for BTC I hated having to cover it I hated having to kind of learn about all these that's just so boring like

the SEC processes the processes around ETF like to me I mean I learned about it because U it's I guess like it is entertaining to an extent um and I I do want to cover it for you guys but really when you ball down to it it's just quite boring it's quite uh it's quite frustrating having to see the kind of like process of getting an ETF approved turn so political just because it's crypto uh so yeah that's that's I think like most of what I wanted to say about that uh as I said Paul grell's tweet thread here is probably the much better thing to to go read and pay attention to uh because he just breaks it down in a really nice fashion there was lot of takes from different people on this but again unless we see more information from the SEC directly on this I would

say that a lot of it is rumors and speculation right now so be please kind of like whatever you read just take it with a grain of salt because there's no kind of concrete evidence right now of what the SEC is doing um and it may just go nowhere it may just be the SEC literally as I said doing this fishing Expedition where they're casting a wide net trying to catch as much fish as possible but in reality like it's probably just going to fizzle out into nothing so until we get more information on that that's my current stance on it and as I said I still believe ETFs can get approved by May 23rd but I will change my stance on that over the next few weeks if we don't see back and forth just purely based on the fact that there just won't be enough time from mid April

to May 23rd at least from my understanding for them to work through all the intricacies to get these things uh approved here um and also before I finish up here there's one other thing so I believe black rock and maybe one other issue are added staking to their ETFs recently now people were speculating on why they did this I I give it like basically a 0% chance that these ETFs are going to be Stak ETFs out of the gate there's just no way that's going to happen uh you know I mean like the chances are low enough uh I guess if you take the bare case for a spot ETF let alone a stake spot ETF but the the reason why the issuers are doing this is that I believe they're trying to force the SEC to communicate with them and basically say to them hey you know you

need to remove this staking portion of it and then we'll approve it right it's like kind of a negotiation tactic here the same way that the issuers uh were fighting the SEC on an in kind versus cash uh generation for these ETFs and then the SEC basically said no you have to remove this part and we'll approve it the other part I can't remember which one they ended up approving in kind or cash I've forgotten that that at this point but that's what I think that they're doing here so yeah just there's a 0% chance it's going to be staked out of the gate but eventually it's going to be a staked ETF and that's when it gets really interesting obviously because it offers a yield and we all know the Boomers love their yield so that's when it gets really really interesting but that's another thing that that came out

over the last few days as well that I hadn't covered yet but yeah just keep in mind that is uh I guess like what the issuers are doing they're trying to get the SEC to engage and negotiate here in order to get this over the line there all right in much more bullish news for ethereum Black Rock has launched a yield bearing stable coin on ethereum like that's massive guys I I can't even like overstate how big of a deal that is black rock like let me read that again Black Rock has launched a yield bearing stable coin on ethereum and not just a small potatoes yield bearing stable coin they launched a 100 million worth of this stable coin on ethereum it's on ethereum Main it's not on an L2 it's not on some private test net it's on ethereum L1 main net and they paid I

think just under $5 to do this and even if they paid $100 or $1,000 to do this do you think they would care that they had to pay that fee in the face of what they're doing here in the face of their size their size is size it's Black Rock for God's sake right uh and they've done this in partnership with coinbase institutional and securitize here which is Rob lner's company I believe and Rob Lesner was the founder and CEO of um of uh of I believe that's his company if I'm wrong there someone correct me but guys like this is literally the vision of what ethereum is trying to be playing out I've said for a long time now that ethereum L1 is going to be forever the most robust decentralized sensorship resistant secure uh credibly neutral settlement layout for the world and the

way we scale this to the world is twofold L1 it was still going to be scaled over time but it's always naturally going to be much more expensive than the l2s so L1 will be relegated to basically being a settlement layer for l2s and being a settlement layer for the people who can afford these fees in particular large institutions so we basically keep L1 as this secure settlement layer for the institutions to use directly and then we have layer twos and higher like layer 3es and so on and so forth that scale to the world and I'm going to talk a lot about l2s later in the episode but that is really the ethereum kind of Grand Vision the ethereum settlement layer thesis playing out here and that is really a absolutely massive deal because we're proving out this thesis like for a

long time people were debating whether these large institutions like Black Rock would actually use eum main net or they would just use their own private kind of like L2 or their own private ethereum kind of fork or something like that and they have traditionally done this don't get me wrong JP Moran is famous for doing this they actually built uh they forked together I believe and built their own version it was kind of an internal thing here but I believe the reason why black rock and other big institutions are going to use the ethereum L1 is because the infrastructure already exists and they can have relative certainty that it is truly decentralized that it is censorship resistant that it is uh credibly neutral that is secure and reliable because ethereum L1 has 100% uptime ethereum L1 has a extremely strong uh client diversity uh ecosystem

extremely uh strong developer ecosystem with a an extremely uh strong and detailed road map and I think that they see this dur internal teams see this and they think you know what else are we going to use like none of these other l1s even come close to ethereum like not even close guys I don't think people realize that when it comes to the institutional needs none of the other l1s can serve this and the other proponents for the other l1s should be able to admit this to themselves as well because um it's just a fact it's not something up for debate it's just the fact that ethereum L1 is incredibly robust you know for example take away the high fees and the I guess like relatively slow transactions on on ethereum L1 let's just say if etherum L1 had you know low fees and faster

transactions because it had like 1 second block times or something like that then you wouldn't hear anyone kind of saying that ethereum wasn't a great ethereum L1 wasn't a great platform it really is because they don't understand that the high fees are there and the so block times are there to keep ethereum uh strongly decentralized to keep ethereum censorship resistant properties alive to keep ethereum's reliability alive and to keep ethereum up as as as you know 100% uptime and so on and so forth so these large institutions understand this very very deeply so that's why black rock has launched on the L1 on the public L1 here and it seems like from some other kind of tweets that I saw based on the functions of the contract that black rock launched they're going to be able to do a mint redeem with usdc uh of their own stable

so there a stable coin is called build it's actually called build which is pretty cool uh and then there's usdc obviously from Circle and circle is heavily involved with coinbase which obviously is heavily involved with black rock because they're custody black rocks ETFs uh like the BTC one and in the future the eth one so you have this relationship between all these big groups where Black Rock can do their institutional great stable coin and then offer a bridge between that and usdc and do like a mint burn of it uh where everything is still kind of above board everything is still regulated like it is I guess like on the on the US C side so that is massive because that means that everyday retail investors can get exposure to this can use this thing so I I I don't know what else to say guys

like this is some of the biggest news that's ever happened in crypto not just within ethereum but within crypto generally it's bullish eth it's bullish ethereum and it's bullish the ethereum thesis and and The Grand Design that I've talked about uh before there so yeah anyway you can go check out more about this if you would like I will link this in the YouTube description below uh but yeah I mean that that is I guess like a counter bullish to the bearishness or I guess like perceived bearishness of the SEC going after ethereum there these institutions uh basically saying screw the SEC we're going full steam ahead with ethereum with eth we believe in ethereum and we want to use it that's just incredibly bullish to me all right another big bullish piece of news that came out just today

actually is that Max EB or EIP 7251 is going into Petra oh I can't even describe how happy this makes me because I have been a champion for this IP from literally day one I have been trying to get this EIP to be considered for inclusion and to be a priority for Petra for a long time now and we finally got confirmation today that the core devs are happy with including this in Petra so of course I put out a tweet about why Max EB is awesome so as you guys know already Max EB allows each validator to have a maximum of 248 eth Stak instead of 32 e which is the current Max maximum and this allows us to consolidate down the number of validators on the network while still keeping the same level of security this is because we can go down from a million validators to like

100,000 validators the same amount of eth stake the same amount of note operators are on the network which means we have the same level of security as we do at a million validators so by by combine and and also by consolidating down the number of validators we take a huge load off the network particularly on the peer to-peer layout which is uh obviously even uh got even more load on it post the denune upgrade because of blobs this is absolutely massive and now by taking this load off the network we can do we can then do things like increase the blob size and the blob count count in a safe manner which equals more scalability for l2s just again like ethereum scalability blob era engine is starting to chug really really fast now and then maxb also allows for constant compounding of steak for solo

validators so if you're a solo Staker there's no need for you to require another 32 e in order to stake it in order to earn rewards on it if every time you get rewards now you'll be able to basically compound that into your existing validator up to 2048 eth and immediately begin earning rewards on it huge unlock for solo stakers here guys Max EB reduces the operational overhead of managing many validators which is obviously good for staking pools and uh I I said I'm incredibly excited for Max EB to go live for the next Network upgrade which is Petra I am so excited for this guys like it's finally happening Petra timing at at this point in time it's like up in the air It Could Happen by the end of the year but I'm more kind of leaning towards early next year but if it does happen by November

I'd be very very pleased with that it's probably not going to happen in December but November if we can get to that that'll be really cool uh and there are other eips obviously as part of Petra the other major ones are pias and inclusion lists I think pias is probably going to get pushed out at this point to Osaka which is the upgrade after Petra um but inclusion list looks like it can still be uh included in Petra so I'm looking forward to seeing if they agree to include that as well but yeah good day to see that 7251 has been included here and I can't wait I mean I can't wait to consolidate my validators I have so many rewards that I have to wait to build up to 32th before I can restake them um or I guess like uh you know put

them on a on on a new validator I just can't wait to be able to just Auto compound my stake and not have to worry about doing it anymore and it actually has tax implications as well because you know if you are compounding or autonomously which means that the eth never hits your account or never hits your ownership and it's just being kind of uh uh restak within a validator does that mean you don't have to pay tax on that eth because it basically didn't come into your possession that is an open question that is not uh something that I can answer I'm not a tax expert I'm going to be asking my accountant about this because it is something new but I think that from I guess like a fairness perspective it should be that you shouldn't get taxed on that eat that you've earned in rewards uh if you're

Auto compounding the stake if if it's not actually coming into your possession if it's just going and being locked in your validator again but uh again like this is something for the tax experts out there there but yeah anyway 7251 is coming in uh in in Petra or Petra I'm super excited for that now related was a bit of a tweet uh that tweet thread that I saw between Dan crad Feist and a bunch of other core developers and researchers here all about what the actual load is on the network with uh you know the the fact that we have to do like many attestations across many different validators and apparently according to danrad nearly 40% of the node uh the node and validators is is traffic so basically he says yeah this seems like a

lot but with some networking improvements we can double the number of blobs which means that you know those networking improvements networking improvements aren't only just on the client side but also on the network side with maxb reducing the number of validators on the network so guys like this means that we can increase the the blobs even further like we can go increase the size of the blobs and then we can increase the count of the blobs and just offer so much like scalability on the data side for the l2s that we're probably not going to have to worry about it for for quite a while here by doing this um and I think this is like such a big deal that people are under indexing on here about how we can do this and I think this is something that we should definitely be full steam ahead

on because I know that and I'm going to talk about this a bit with the with the L2 discussion I'm going to have I know that um the L2 cost has now moved from data to execution side of things but that doesn't mean that we should stop scaling the data side the data side should stay as close to zero as we can get it because there is still like another 1,000x at least like growth ahead of us for these things so in the short term yeah okay it's going to be something that there's more capacity than there is demand for it but in the longer term we're expecting this demand to go up and if it doesn't we basically failed as an ecosystem like really I mean if we don't grow this thing a THX from here then crypto has no real kind of like use case but I have like a a

very um I give that very low odds we're going to scale this thing absolutely massively like a th000 10,000 x from are it's going to be just way more way bigger than what it is today there's going to be uh billions if not trillions of transactions per day happening across these networks guys I know that sounds like a crazy farfetch but that's what's going to happen here so you can go give this little thread a read about the kind of technical aspect of it here but I'll link that in the YouTube description below now this brings me to another point of discussion which is something that Eric Connor and Marian Conti launched over the last couple days which is an initiative called pump theeg gas.org now what this initiative wants to do is basically pump ethereum's gas limit from 30 million to 40 million now

you can go read the website for all the details around this which I'll link in the YouTube description below um but I did kind of quote tweet this and say that I was kind of against it but I I think maybe I used the wrong word there I'm not necessarily against this I'm kind of indifferent to it because I don't think it actually makes a difference at this point in time so essentially by increasing the gas limit this would this can result in a 15 to 33% reduction in L1 transaction fees now I'm going to discuss this in much more detail with Eric we're going to do another drive-through episode soon and we're going to discuss this in a lot of detail like I'm going to go we're going to go over like every part of it here but I just wanted to to quickly mention

it today because obviously it's important but my stance on this can basically be summarized as I don't think we should we should be promising this as something that can fix L1 transaction fees because it cannot even a 15 to 33% reduction does nothing for the end user in my mind so let me put some numbers to this let's say that you currently are doing a transaction on L1 and it's costing you $10 okay that's obviously very expensive so let's do the gas limit increase and now it reduces it by 33% and now that transaction costs whatever it is $7 or something like that is that really going to make a difference for the end user like material difference because to put in context here we just reduced L2 fees from like a dollar to less than a cent that is an absolutely massive material difference compared to

something like this now I understand that that may not be a strong argument for people but what I am kind of concerned about is making sure that we don't promise to people that by getting pumping the gas limit we can actually reduce our one transaction fees in a in a material way in order to materially affect users and on top of this by reducing it what's going to happen is that most of the space is just going to get immediately eaten up by MAV Bots like that is the the problem that we have with when we do these things and if we're doing it on L1 there's a bunch of other consequences as well uh like increased load on nodes and so on and so forth so I think that while the initiative itself is obviously rooted in uh the desire to do something for end

users I think that it doesn't really have that much of an impact and that's why I'm kind of indifferent to it like I fine like I you know if if the community wants it like I'll want it as well well let's go to 40 million right I have no issue with that but what I have issue with is that I don't want us promising the community that this is going to have a material impact on their L1 transactions because ethereum has a rup Centric road map we shouldn't really be caring that much about L1 being you know in at least in the short to medium term scalable for end users because that's just not how ethereum is is being designed to be and of course like as I've discussed before the whole Verge road map and and the statelessness part of it is trying to basically make it so

that we can increase the gas limit in a safe way but not increase it by from 30 million to 40 million but increase it from 30 million to 300 million right or to 3,000 uh million here right so when you think about like that S 3 billion 3,000 million but when you think about it like that that is the kind of order of magnitude increase that we can do safely once we have these other upgrades in so as I said I'm not against this I'm indifferent to it and if the community wants it I'll set it up on my nodes as well I'll change it from 30 million to 40 million million on my validators and go with the flow here but there is much more information on the pump theeg gas.org website and as I said Eric and I are going to walk through this step

bystep on next drive-thru in great detail so I'm not going to spoil it on the refi today and there is so much more to get through I'm already at 25 minutes and there's so much more to get through so I'm going to leave that one at that for today all right so coinbase has announced that they are now running 50% of their validators on nethermind so as you guys know uh coinbase has been running 100% % gu for quite a while now but recently they said they would switch to 50% never mind and 50% gu and in the longer run they're going to be 33% on nethermind 33% on gu and 33% on Aragon I believe or or Basu I actually can't remember exactly which which one the other yeah Aragon so they're going to be 33 33 33 but right now they're 50% never

mind 50% gu guys I think that we're actually below the super majority threshold now I think we're below 66% G on the network given that coinbase is such a large share of the network now uh as well as all the other efforts made by other players in the ecosystem to reduce their gu reliability here and if you go to client divers unity.org this's also supports what I'm saying we're they're now listing it at 66% now obviously this is not uh something that's totally accurate but I think that we are finally below that 66% threshold so a huge huge kudos to coinbase for doing this and doing this relatively quickly honestly I think that you it may have felt like felt like a while but they've done they've done this relatively quickly for the fact that they're such a big uh kind of operator here and and the fact that

they're running running 50% uh nethermind and gu is is already awesome but the fact that they're going to be 33 33 33 is even better because that's the ideal kind of ratio for client diversity across the the kind of ecosystem and if you're running kind of three clients obviously it's an equal share between them uh there now and then hopefully in the far future I guess or maybe not maybe not the far future but hopefully sometime in the future they add other clients that like based to in W when those clients become more stable and reliable for uh for coinbase to be able to run them there so just awesome to see this guys I'm super pumped for it uh but yeah you can go check out this tweet for yourself there's a bunch of replies in there just sharing the Good Vibes uh that happened

here all right so the rated. network uh kind of website has a new page all about reaking so it's it's a it's n it's a native reaking page where you can see the total amount of eth that has been natively restak um the network percentage that has been restake the total igen pods and total validators restak here as long as as well as all the operators that are uh that that has a percentage of their Fleet that is currently reaking so I actually wanted to use this as a springboard for a deeper discussion around node operators so as I've disc discussed with you guys before we shouldn't really be looking at pools for for a network percentage kind of I guess um penetration here we should be looking at node operators because multiple pools can have the same node

operator so for example if you go to the node operator here uh all nodes or P2P is probably a better example as far as I know like a lot of these bigger node operators they operate across multiple different pools like they'll be part of Lio they'll be operating nodes on rocker pool they'll be operating nodes for like ethery so when you look at it from that perspective they still the same node operator so again as I've discussed before node operator share is the most important uh thing on the network not pool share because when it comes to node operators they can be part of multiple pool here which means they can exert exert multiple uh percentages of of influence on the network because if you look at lier you know you'll see that headline number 30.9% but then you go into the entities and this is the node

operators and no node operator has over 1% uh share here of of the network and then but but then when you look at the node operators you can look at this and be like okay well you know here is P2P at 0.9% with Lio but then if you go to the pools tab you can see that um that P2P uh sorry not the pools tab the note operators tab here you can see that pp. actually has 2.5% of the network because they not just part of Lio they are part of multiple different pools so the no again the node operator percentage is much more important than the pool percentage in my eyes but you can also take the argument that Lio is obviously not just the independent node operators it's also the fact that Lio sits above it as a governance entity which is

correct as well same with something like coinbase so I think that there is a lot of nuance to discuss here but still I think that note operators are the most critical part of it like how many individual node operators does ethereum have and of course rad not network is not going to be able to list all of them but if we just list the known ones we have a lot of note operators on the network guys like you can see here and and none of them have over 5% market share by the way most of them have actually less than 1% but you can see here there are there are a bunch of them I don't know the exact number of how many node operators they they're counting here but there are a lot I think there's over a hundred at least uh here and these are known node operators

these are not uh all of the individual other ones that we have uh like solo validators and rocker pool node operators right there are potentially thousands of those so we have thousands of node operators on the network thousands of individual kind of like full nodes on the network with validators attached to them and that is still the most important uh part of ethereum that is what we should be looking at there so that's my kind of take on that but you can go check out the native reaking page for yourself I'll link it in the YouTube description below for you to do so all right Tony is out today or yesterday or the other day before it's kind of all blurring together here with a new website called call dat. piix this website uh provides live data on call data and blob usage furthermore it comes

with visualizations on roll up data block sizes blob inclusion and more this is still V1 and Tony plans to add more graphs in the near future so you can see here what it looks like in real time uh it's you know it's pretty basic right now it's a V1 it's it's kind of a little bit a bit little bit clunky but has all the relevant data that you need but he also posted out a tweet with uh with relates that was related to this that he basically um got the data from his own dashboard here which is daily call data usage per entity so as you guys know before blobs went live the heaviest users of core data were the l2s and as you can see from this chart basically only one L2 or one known L2 right now is using core data in any meaningful

capacity and that's scroll but scroll is obviously going to go to blobs after this so basically all the other l2s have moved to blobs which means they're not using Coe data anymore which means that core data usage is down a lot and there are other transactions that use core data as you can see they've creeped up a little bit but but it's it's come down substantially I think there's been like an on average maybe 50% drop here in call data usage because of the fact that blobs have gone from cold data it's more I think it's like 60% or even more than that because of the fact that l2s have gone to blobs instead of C data so just a really nice way of visualizing the uh I guess like upgrade going very smoothly here and the fact that the l2s immediately went to blobs because why

wouldn't you like if you're not on blobs that means that you're um you're basically overpaying for uh for for data essentially so just been great to see that there and you can go get check out Tony's website for yourself I'll link it in the YouTube description below for you to do so all right I think this is the last thing before I move on to some L2 stuff or second last thing here so on February 6th uh Tony and paraos sent the transaction on sepolia which uncovered a bug that could have happened on mainnet and this was related to gu the bug was quickly fixed in the client and now after all noes updated to denune we can finally disclose this issue so I think that this issue was a critical bug within gu that if exploited on mainnet would have resulted in that worst case

scenario that we've talked about where we've get still had a super majority of the network then it would result in uh the network finalizing on a bugged chain that's that's my understanding here and this again speaks to how important client diversity is like critically important to the network and again the fact that we're now I mean from what we can measure below that super majority threshold makes I think like everyone breathe a bit of a side of relief or a bit of a kind of okay well now that isn't really an issue right now it's going to keep getting better gu is going to keep get coming down from that 6 % threshold and uh we've kind of I wouldn't say solved client diversity but we've made it so that client diversity actually means something now because because before gu was down from 66% it

actually didn't really mean much but now that they are down below that threshold it means a lot and as you guys know I've discussed this at length before client diversity is at the heart of ethereum ethereum's kind of core protocol development here so it's great to see that but if you want to see what this incident actually was and read the postmortem here you can I'll link it in the YouTube description below uh for you to do so there all right last thing here before I move on to the L2 discussion so Brantley uh posted that you can now search for your eth address as an as your ens name on Google and it will return your ethereum balance as well as your hexadecimal address now uh this is I think being gradually rolled out it didn't work for me when I searched for sassle e on on my

end in in Australia here I haven't tried it with a VPN or anything um and as far as I know Brantley lives in the US so it may just be on the US side of things but essentially you can search for your own ens name on Google and it will display your ethereum balance as well as your hexadecimal address here this is just huge guys like you could already search for your ethereum address and it would it would resolve um and basically show you your your your ethereum balance here or your eth balance here um but it's great to see Google continuing to iterate on that and basically enable ens integration now and I hope that they even uh even go further than this and basically show not only your eth balance but your token balance and your nft balance and then even further than that

they could potentially show your balance across different chains but I guess like they linked it ether scan here has the top link so you can just click that and and find all all that information anyway uh but yeah I mean just another another little piece of adoption here that's happening for ethereum that because of ens and ens is so awesome you guys know I love ens so much and I basically go by my ens name right su. e sule's my nickname from when I was like 12 years old um but yeah I mean if this is rolled out for you you should be able to just Google your ens name or anyone's enss name and see their eth balance on Google there all right so it's been about a week or more than a week now actually I've lost track of time here it's been

like 9 days since uh denune went live since blobs went live and l2s have gone crazy you can see here from the grow the P website the layer 2 user base is at an all-time high right now as well as as activity so if I go to L2 beat I don't think I've got this up right now so I'll just go to the L2 be website to show you uh so yeah go the pie shows that layer 2 user base activity uh is at alltime high and then if you go to the L2 beat activity page you can see here that the scaling factor is at all-time high as well with massive growth across pretty much all of the l2s you can see here that base has base arbitrum 1 linaa uh op mayet so on and so forth have grown uh hugely over the last over the last uh

uh past day and 7 days and 30 days really since the since Denon went live here so just absolutely massive growth across the ecosystem because obviously we made it cheaper uh for you to be able to use these l2s and as you guys know there is that great website that was made by coffee called gas fees. which I'll bring up here for you guys and you can see what the costs look like across the network now in saying this there has been a uptick in costs on Bas in particular because there's been a lot of people using bass now I want to explain why this is this there's a nice little tweet here from Michael silbering who shows that bass saw a rush of activity from transactions that were similarly not fee sensitive so when L2 congestion pricing kicked in activity didn't start to decline until gas fees hit for gay

this is the same as it works on L1 guys once capacity is reached on the L2 side on the execution side the fees will start to go up again because of the fact that there is a priority fee mechanism just like there is on L1 ethereum so now the bottleneck is no longer the data pricing uh because we have blobs now instead of Co data the bottleneck is now on the execution side of things and what this means is that you can see here Jesse poak basically shared a tweet thread talking about how they're going to be scaling base uh bases evm or uh to 100 times where it is now or a thousand times where it is now and the way they do this is very similar to how it's done on eth L1 but in a much more I guess like uh a much quicker fashion so

essentially they raise their gas limit that's like the first easy thing to do you raise the gas limit of your L2 of your evm L2 uh much more than what it is and right now B's gas limit is actually very conservative they can from from what I see raise it 5 to 10x from where it is now and be and be safe doing so but they want to raise it a lot higher than that but it's not just the gas limit it's also optimized the evm across basically everything and there are multiple projects doing this obviously monad is an L1 that's doing this there's the Mega E L2 that's also doing this arbitrum is doing this with their stylus uh things um and and the op ecosystem is also doing this so everyone's kind of working on increasing the execution side of things here in order to scale that

out because while data is not the bottleneck there is always going to be a bottleneck on on the execution side or the data side and right now we're at the execution side so what's going to end up happening is that we're going to have a basically a balancing effect happening over the next couple years at least we're essentially we're going to have data that's cheap and then the data is going to get expensive and then uh the it shifts to like data being more expensive so we introduce more data by increasing the size sorry more data capacity by increasing the size and count of blobs um and and also I guess like the l2s can increase their efficient use of of data by compressing more and so on and so forth but then when data is uh you know cheap and execution is not the execution side

needs to be scaled again so we incre you know increase gas limit we we we do optimizations to the evm um and we kind of like can do even higher scaling on on l3s and such and that will bring bring fees down again so currently the bottleneck for for base at least is on the execution side of things because blobs are still underutilized I don't even think we're using the um the target of three blobs yet I think we're using like one or two blobs uh per block there so when you look at it from that perspective you can see or per slot I should say you can see that uh essentially we've scaled ethereum so much that there is just more capacity on the data side now than there is to fill it uh but there is a lot of demand now on the execution side which fees go up

so that's why you've seen fees go up and I I I think I warned about this and talked about this that fees wouldn't be as low as they were because there's going to be a lot of demand coming in now all the demand that wasn't there when fees were a dollar and now that fees are a cent or sub a cent they're in now right and then I'm not even talking about me with regards to this because M isn't really happening in a real way on the l2s just yet but it will and that again is going to be a driver of of of fees going up here so we're in the Great scalability era of ethereum now that we have blobs but the fact that we have blobs now means that the l2s don't have to worry so much about data and they worry about the execution side now

what's really cool about this is that we now get to basically see what the other uh execution environments look like and how much improvements they can make because there's not just the evm there is the svm with Eclipse there is zkw with fluent there is move with movement there is stockk Net's own uh VM that they've had live for a while right and there are a bunch of other projects working on VMS that aren't the evm and uh as you guys know I think right now at least because the svm has been around for a while it is the best execution environment right now the most most scalable it doesn't work very well as a monolith as we've seen you know and that's what I've always been bearish on is that the monolithic blockchains but as a pure execution environment as an L2 with eclipse going live soon we're going

to see just how well it works and just how much we can push the load on it like right now I think that salana L1 does around on average maybe like 800 to 1,000 TPS last last time I checked and TPS is an imperfect measure but if we're using that as The Benchmark here can Eclipse do more than that eclipse is not going to be using uh blobs by the way it's going to be using offchain da so it's not really a one toone comparison you can't really compare the rollups to to the l2s or to the validum because it's not really a fair comparison here um but it's going to be interesting to see just like how much execution can be uh can be kind of uh sorry execution scaling can be done on these l2s that aren't EVMS and then also seeing what

can be done on the evm side as well here but you can go read Jesse Po's tweet Thread about this it has more information as well as Roberto B's blog post which also has more information uh or warp cast I should say cast uh I'll link that in the YouTube description uh below for you to do so there all right so optimism has announced that the first fully permissionless fraud proofs are now live on opolar this is a huge deal guys you guys know that fault proofs or fraud proofs have been coming for a long time for the op stack they've been you know a long time coming and it's it's kind of been a while and people are asking you know when fault proofs because right now all the op stack chains are very very centralized because of of this and the fact that we've now finally got the this

live on the op on opoa which is the op test net is huge news and what's even bigger news is that these are going to be permissionless fraud proofs so as you guys know right now Arbitron one has fraud proofs but it is permissioned you have to be on a white list in order to submit them op is basically going for the jugular here and saying we're not going to do permission we're going to do permissionless right out of the gate which means that anyone anywhere in the world can submit fault proofs or fraud proofs and be part of that mechanism there which is obviously arbitrum is working towards but I think that op actually going to get there before arbitrum does which is funny but this is where the competition kicks in and where competition is really good for the end user here so uh yeah this is live on on

test net right now not sure when it's going to be live on mainnet but once it is it means that automatically op mainnet base Zora all the op stack mode all the op stack chains are going to be able to take advantage of this and be very much more secure than they are today so big news here guys like I know I've said before that I thought that optimism may end up just skipping over fa proofs and going to ZK proofs that that can still happen at some point in the future because of the fact that op stack uh is an open stack here it could just get to a point where they basically say okay well it makes a lot more sense for us to do ZK proofs instead of fraud proofs now so let's just change to that and maybe some op stack chains uh will

do that first and then others will join as far as I know for the op stack uh to be part of the super chain you basically have to be on the shared proving layer so um for the ZK proofs so that's going to be interesting to see how it plays out there but anyway this is coming much sooner I think than um than anyone thought because it had just taken so long for it to come here so yeah I can't wait to see this live on mayet because it's going to be a big deal for all of the op stack chains particularly bass which is obviously just running away right now with usage so I can't wait to see that go live there all right so speaking of uh L2 scaling uh on both kind of I guess like the execution and data front Steven

goldfeder had a good tweet with regards to this where he said L2 scaling requires Innovation at both L1 and L2 blobs was a huge step forward on the L1 front but arbitrum stylist will do the same on the L2 front reducing the cost of compute or execution by 10x AR arbitrum stylist will be available in all orbit chains study arbitrum study sty stylus Y and then someone asked um you know when stylus mayet and Steven said that we relatively close to a main net ready release uh and and obviously it needs to be decided by the Dow if they want to uh use it on arbitrum 1 and arbitrum Nova here this is huge guys I think that I've talked about Styles a lot before and about how Stylus is enabling Arbitron 1 to do not just evm stuff but also uh compile down things

like WM to the evm and that's going to result in huge cost savings on the execution side of things which is what I was talking about before how we have this Balancing Act between data and execution now and compute and scaling and on those different aises so that's that's really great to see so just wanted to highlight that tweet there from Steven uh since he's talking on speaking on behalf of arbitrum here all right so as I mentioned before fluent zkm L2 which I'm an adviser to just to disclose you here uh is coming and they've introduced their road to main net uh for fluent so you can see here that they're starting with a private test net then they're going to a public test net and then main net there are no dates here on this but this is basically the high level road map of how

they get to mainnet uh and Main net is obviously the last step in this uh in this road map here and then once they're on Main they're going to have a separate main net road map not sure on timelines here but they have different phases of when they're doing all of this and they detailed this in their tweet thread I think that they're going to aim to get mainnet out hopefully this year I think think um but yeah this will be I believe one of the first zkm main uh l2s if not the first to go live on mainnet I did mention before that arbitrum is going to be doing some WM stuff with stylus but that's I think distinctly different because one arbit one is an optimistic rollup zkm is a ZK roll up here and also it's kind of like different architecture where this is a fully ZK WM it's not

just compiling down WM WM is web assembly by the way guys so just compiling that down to the evm here I mean both approaches are sound both approaches are going to lead to more scalability but I'm excited to see fluent go live here to see what apps are built on it and and kind of uh see what the cost savings are like in building in a non-m environment here all right so grow the pies native EIP 4844 gas tracker is now alive so you can see the median transaction cost the average transaction cost and Native trans transfer costs across all of the l2s updated every 2 minute uh every 10 minutes I should say so I'll link this in the YouTube description below but I really like this I'm going to look at the last s days and you can see what the cost is like over the last kind of seven

days um you know on on every kind of um every hour intervals on the U on the graph here for the different l2s so you can kind of Select which l2s you want to track and which ones you don't if I remove scroll because they're not using blobs right now um and polygon zkm uh and L I don't think are using blobs if I just keep the ones that are using blobs you can see that bass has had some spikes in fees and that's due to the compute side of things that I've been talking about um but really most of the other ones have been relatively uh flat as well so you can see here it's basically tracking Zora arbitrum one Stark net op main net and bass bass is still quite expensive compared to the others because of the fact that they've just had a rush of activity because

you've seen on Twitter everyone kind of Shilling some some Basse meme coins and so on and so forth but as I said like we're going to be able to scale this out even further on the compute side of things so that should just go back to being flat once we do that uh there but anyway you can go check this out for yourself I'll link it in the YouTube description below uh for you to do so all right so speaking of gas savings and blobs arbitrum uh basically enabled blobs the other day but there were two phases to reducing fees on the arbitrum 1 Network here and they actually did put out phase two on March 19th here which means that arbitrum joins the the low fee party as you can see on gases. iio where a unop trade currently costs uh 1 cent on arbitrum 1 uh and a transfer of

usdc cost half a Cent and a transfer of eth cost a third of a cent so they joined the party with blobs and with their own optimization SI which was uh which was absolutely great to see but you can read the little tweet thread they have here for more information about that but yeah if you are an Aran one user I'm sure you've already felt the lower fees on the network there all right so something I came across on Twitter that I'm not going to say I know much about and I'm going to say I'm a little bit skeptical about because it's just a project that I've seen uh come up recently but there was a project the project name is light and this is what what they're kind of calling a new approach to tackle evm ux fragmentation light and enables users to seamlessly interact with any evm chain

including l2s and l3s as if you're on a single Network the goal is to make ethereum using ethereum a smooth experience everywhere now you can see that they've got a demo here of what this kind of looks like uh light enables you to instantly interact across chain seamlessly and pay gas in any asset you hold across chains and here's a quick demo of how it works sending usdc on arbitr and optimism while paying gas with usdt on polygon all in one transaction that is pretty amazing guys and speaks to what I've been talking about for years now about how this uh I guess like fragmentation is just going to be abstracted away completely at the user interface level and it seems like that's what light is doing here so if this actually materializes as their demo shows this is a massive unlock and basically solves most of the pain points

around fragmentation already without you know the use of shared sequences without the use of based sequencing and all that sorts of stuff there um this is basically a way to do all of the kind of cross-chain asset management on on the ux side of things with and on the user inter like the user interface side of things without having to to to kind of like I guess like do that all that other stuff that I spoke about so you can go read this Twitter Twitter thread for yourself to get to get um I guess like a grasp on what this is but as I said I'm still a bit skeptical of this because whenever I see something come out that just like has such a like I hadn't heard of this project before and whenever I see some stuff like this come out and and and see kind of what's going on here

and see how like it solves a lot of issues at once I get a bit skeptical because of that like I I I don't know I've just grown to be skeptical not saying that this isn't legit or anything like that but I'm going to do more research into it and I suggest you guys do your own research into this to see how this all works um especially in the back end but if work if it works as the demo shows on on mainnet here this is a huge unlock guys and this as I said basically solves all of the issues that people have been bringing up around ux fragmentation so you should go check this out for yourself I'll link it in the YouTube description below uh for you to do so all right so speaking of aggregation nebra has uh excited uh is excited to

announce the nebra UPA which is the first universal proof aggregation protocol in production so nebra bring UPA brings 10x plus gas cost reduction and composability for zero knowledge proof verification now I the disclosure here I'm an investor in nebra um and the reason I invested in them was because I think proof aggregation is going to be a massive unlock for ZK proofs because right now the main blocker for ZK proofs being uh you know as cheap as they can be is the the proving cost and the proving cost are still quite high and I've talked about this a lot in the past about about how they're going to keep coming down over time but not only can you bring them down with optimizing your Prov uh your Prov stack but you can actually aggregate these proofs together which is what I think that polygon wants

to do with their aggregation layer and essentially uh I guess like amortize the cost across multiple kind of uh proof si in order to bring that cost even further down and once that cost gets to a point where it's like as cheap as we can possibly get it or as close to that then ZK proofs are going to be way cheaper than optimistic uh rollups I believe ZK are going to be way cheaper than optimistic rollups from what I can tell here uh and the optimizations are really just getting started guys this is this is not just um NE UPA as I said there are optimizations on the provs themselves and we're going to get those costs down like so low and this has got to do with the compute side of things like so this is doesn't really have much to do with the data side of things or

anything really it's more on the compute side because the way a ZK rollup works is basically that it'll essentially do the computation um and then and then generate a proof on that computation and then post that proof down to mainnet uh along with the comping data of course but the the proof cost is the the the the thing that makes them more expensive because with optimistic rollups they don't do a a Prov they don't have a pro that runs basically they have um you know the fraud proof mechanisms where if you detect fraud based on the data you can submit a fraud proof and then there's like a challenge game that happens around that whereas with ZK proofs or with ZK rollups they basically prove it uh uh prove that it's it's all consistent on their side which increases computation costs of course and then

post that proof down to main it so if we can bring those computation costs down a lot that uh for for the proving then obviously that flows down to the network and we bring cost down for users on the on the user fee side of things there but anyway you can go check this out for yourself I'll link in the YouTube description below for you to do so all right so I think this is going to be the last thing I talk about before giving a couple of quick shoutouts here and actually I've made it to about the 50- minute Mark right now so I've been very efficient uh I'm glad that I'm not going to go over an hour because I know that uh if I go over an hour it just starts I start getting like um uh starts getting me just rambling on about things

but anyway way there is a really great tweet here from sham basically justifying why you would build an ethereum L2 and he says here some argue that ethereum is a great settlement layer and that's why l2s should settle there and I I mean obviously I argue that I talk about this all the time but uh shir's Theory and I guess like Anan Le's theory is that anyone who wants to use and transact with eth the asset needs to settle on ethereum which is the final Ledger of record of eth the less trust assumptions that are imposed in the settlement process the better it is hence change that want to use eth become l2s and settle on ethereum other chains that want to interop interoperate trust trustless with existing ethereum l2s now have to build as an ethereum L2 as well and then he expands on this in his tweet

which I'll link in the YouTube description below but this paragraph here speaks to what I've been saying for years that as long as you have the money the money being eth you have everything because eth is the most powerful thing about ethereum it is ethereum's main economic export it is the thing that everyone wants to tap into not only with staking but also using eth as collateral using eth as money using eth as a unit of accounts and how do you do this in as trustless a way as possible you build on ethereum as an L2 asum outlines here because you want to have those ultimate settlement guarantees e on another L1 does not settle on that L1 because it is an IOU so if you bridge eth from ethereum to another L1 what you have on

that L1 is an IOU based on what's in the bridge and based what's locked up in the bridge it is not real eth you only have real eth If It ultimately settles down to ethereum L1 because that is where eth is issued and that is what that that is where the real eth is maintained and that means that if you want to maintain that at a you know when you when you bridge you have to do it as an L2 you cannot do it as an L1 and this is the superpower of l2s is the fact that we can keep everything on the ultimate cement layer that is ethereum we can keep eth on and because you're using eth we can keep those settlement guarantees in check now of course this does apply to other assets that are issued on L1 ethereum but then that you can have

natively issued assets on the L2 and obviously other l1s have their own natively issued assets but any assets Bridge from ethereum L1 to other l1s are not their assets are not the native assets you have an IOU and the same is true for assets bridged from the L1 uh the other l1s to ethereum L1 and the same is true for Native assets bridged from an L2 to ethereum L1 at least from my understanding there are different ways to kind of issue these assets here but then there are also Al ways to do like approvable mint and burn as well um but I think that that's what the AG layer the polygon AG layer is trying to do but when it comes to eth the ultimate Ledger of record for eth is L1 it is not anything else you cannot do it anywhere else because eth is only issued and

maintained by the ethereum core protocol and that is the superpower here so that's why I've been saying for so long guys that e is the thing if we can keep increasing E's value it has an onflow effect to the rest of the ecosystem and it strengthens ethereum's Network effect eth is our main export we should keep exporting that to l2s to l1s to wherever but when we export it to l2s they get to uh basically get the settlement guarantees of L1 in a properly constructed way of course uh specifically rollups I guess uh because uh I guess with validium you have an extra trust assumption there of the data being offchain instead of being on eth L1 um but that is the the biggest deal I guess with an ethereum is eth the asset that is everything I mean that is a lifeblood of ethereum and as long as we

can keep getting that value up and that's why I'm so bullish on eth uh and and and and and and kind of like uh uh Shilling eth as like the best asset to invest in um in in crypto basically I believe it is the best asset to invest in crypto not investment advice but you know you guys know why I believe that uh yeah that is ethereum superpower there but you can read the rest of Shams tweet for yourself I'll link it in the YouTube description below uh for you guys to do so uh but yeah guys like I mean I think sham really really understands ethereum like on a very deep level um and I couldn't think of anyone better to be heading up I layer which is obviously an incredibly powerful primitive on ethereum with reaking um he gets it and he is someone that I consider to be a

true etherion within the ecosystem so I'm incredibly excited to have him at the helm of uh the reaking movement uh here all right last up just a couple of quick shoutouts so that L2 episode that I did with bankless finally went live so if you're interested in checking that out you can go do so I'll link it in the YouTube description for you to do so as I said last time I talked about this it was a really great episode where we talked about the Bull and Bear cases of L2 tokens I think I was more on the bearish side than others but more so over the longer term than the shorter term here and of course you guys know I'm an investor in a lot of these L2 so I was basically fighting my own bags but you can go check out that episode it was

a really great discussion with Mike uto here and um Jordi Alexander as long as well as the bankless host David and Ryan of course uh and now last up here before I finish up for today there was another podcast I did with show me the crypto this is my third appearance on there we talked about all things ethereum basically what ethereum is going to look like post denum you know what blobs are what you know what might what the EF looks like so on and so forth so definitely go check that one out as well I'll link it in the YouTube description below uh for you to do so there now I think I am coming up on the hour mark here I just wanted to finish off today's episode with uh something with regards to to to the markets um and just very very quick on the market side of things

the the markets are weird guys like someone asked me at the event that I went to in Sydney is like you know what what's your current take on the markets and I'm like this is the weirdest bull market that we've ever had it is so weird guys um but it is also kind of rhyming with the last bull market because people will look at what's happening with the market right now and look and say oh well BTC you know went to New all-time highs and then sold off I'm like yeah that's what happened every time that it's done it in previous Cycles like that's that's still the same so the weirdness comes from like the accelerated of the bull market where essentially BTC never went to all-time highs before the harving and we're like 9 months ahead of the general kind of cycle that's why I said that the foure

cycle is dead and that's why I said that it's a weird buk market and and someone asked me you know what's a 3-month window for when we're going to top in this market cycle and I couldn't answer that there's no I couldn't even give you a six-month window I I I I just don't know it's very very hard on the timing side of things I can probably say on on on the asset price side of things that I think that eth is going to top between 15 and 20K um before going into another like bare kind of crab market um but I couldn't tell you what time on that it could actually be until September 2025 which is when Eric thinks it's going to happen or it could uh happen end of this year we just don't know there's just too many variables at play the 4year cycle

is dead so we can't really go off of that so that's my general view on things and I know the market came down a lot you know e went from 4K to almost 3K bounc back back up to like 3500 that's all just general uh kind of volatility that's all kind of normal volatility I guess I'm talking about the longer term macro kind of uh crypto cycle here which is just impossible to to tell at this point like I got no idea I can't give you guys any insights here I do still think we're like midh bull market uh to be fair because of all the craziness going on but I haven't really seen like new retail investors show up in a really big way yet they they're here and there obviously mem coins have taken off a bit and the meme coin pre-sale is like

just brain dead and attracting a lot of uh newbies to it and they're losing money but in terms of like a real big push of retail coming in I haven't really seen much signs of that yet and I think they'll come in once BTC and E are persistently above their all-time Highs but they're not really here uh just yet in my opinion but anyway I think on that note I'm going to end it there for today so thank you everyone for listening and watching be subscribe to the channel if you haven't yet give it a thumbs up subscribe to newsletter join the Discord Channel and I'll catch you all next week thanks everyone